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Smiles by Design Limited

Registration number : 09346266



















Annual Report and Unaudited Financial Statements

for the year ended 31 March 2023

 

Smiles by Design Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Smiles by Design Limited

Company Information

Director

Dr Taylor Lee Pope

Registered office

9 St. John Street
Chester
Cheshire
CH1 1DA

Accountants

McParland Williams Limited
Accountants and Tax Practitioners
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

Smiles by Design Limited

(Registration number: 09346266)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

261,256

253,302

Cash at bank and in hand

 

1,333

18,016

 

262,589

271,318

Creditors: Amounts falling due within one year

6

(3,238)

(4,132)

Total assets less current liabilities

 

259,351

267,186

Creditors: Amounts falling due after more than one year

6

(33,161)

(42,843)

Net assets

 

226,190

224,343

Capital and reserves

 

Called up share capital

289,953

289,953

Profit and loss account

(63,763)

(65,610)

Total equity

 

226,190

224,343

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 March 2024
 

.........................................
Dr Taylor Lee Pope
Director

   
     
 

Smiles by Design Limited

Notes to the Unaudited Financial Statements for the year ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
9 St. John Street
Chester
Cheshire
CH1 1DA

These financial statements were authorised for issue by the director on 15 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Smiles by Design Limited

Notes to the Unaudited Financial Statements for the year ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Equipment

25% reducing balance

Office Equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Smiles by Design Limited

Notes to the Unaudited Financial Statements for the year ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 5).

4

Taxation

Tax charged/(credited) in the income statement

 

Smiles by Design Limited

Notes to the Unaudited Financial Statements for the year ended 31 March 2023

2023
 £

2022
 £

Current taxation

UK corporation tax

433

-

UK corporation tax adjustment to prior periods

-

(1,694)

433

(1,694)

5

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

8

42,905

50,250

Other debtors

 

217,090

201,358

Income tax asset

1,261

1,694

 

261,256

253,302

 

Smiles by Design Limited

Notes to the Unaudited Financial Statements for the year ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

-

894

Accruals and deferred income

3,283

3,283

Other creditors

(45)

(45)

3,238

4,132

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

33,161

42,843

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

289,953

289,953

289,953

289,953

         

8

Related party transactions

Summary of transactions with entities with joint control or significant interest

PJ Beard and Associates Limited, Taylor Pope Associates Limited, Advanced Facial Aesthetics Limited and Parry Clulow Limited
 Companies under common control
 

Expenditure with and payables to related parties

 

Smiles by Design Limited

Notes to the Unaudited Financial Statements for the year ended 31 March 2023

2023

2022

Entities with joint control or significant influence
£

Rendering of services

2,099

Amounts payable to related party

67

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

50,250

50,250

Repaid

(7,345)

(7,345)

At end of period

42,905

42,905

2022

Entities with joint control or significant influence
£

Total
£

At start of period

9,533

9,533

Advanced

40,717

40,717

At end of period

50,250

50,250

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,161

42,843