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Registered number: 04188134
Smile Design Ltd
Unaudited Financial Statements
For the Period 1 April 2022 to 30 June 2023
Reynolds
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04188134
30 June 2023 31 March 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 86,632 114,731
86,632 114,731
CURRENT ASSETS
Stocks 5 3,500 3,500
Debtors 6 363,750 265,028
Cash at bank and in hand 35,871 58,374
403,121 326,902
Creditors: Amounts Falling Due Within One Year 7 (303,597 ) (271,617 )
NET CURRENT ASSETS (LIABILITIES) 99,524 55,285
TOTAL ASSETS LESS CURRENT LIABILITIES 186,156 170,016
Creditors: Amounts Falling Due After More Than One Year 8 (30,408 ) (75,316 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (14,896 ) (20,062 )
NET ASSETS 140,852 74,638
CAPITAL AND RESERVES
Called up share capital 11 10 10
Profit and Loss Account 140,842 74,628
SHAREHOLDERS' FUNDS 140,852 74,638
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For the period ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Dumpleton
Director
29/03/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Smile Design Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04188134 . The registered office is Ground Floor Windmill House, 127-128 Windmill Street, Gravesend, Kent, DA12 1BL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 12 (2022: 10)
12 10
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2022 365,321 32,743 51,818 449,882
As at 30 June 2023 365,321 32,743 51,818 449,882
Depreciation
As at 1 April 2022 268,058 27,062 40,031 335,151
Provided during the period 23,731 1,421 2,947 28,099
As at 30 June 2023 291,789 28,483 42,978 363,250
Net Book Value
As at 30 June 2023 73,532 4,260 8,840 86,632
As at 1 April 2022 97,263 5,681 11,787 114,731
5. Stocks
30 June 2023 31 March 2022
£ £
Materials 3,500 3,500
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6. Debtors
30 June 2023 31 March 2022
£ £
Due within one year
Trade debtors 291,596 168,613
Prepayments and accrued income 9,639 -
Other debtors 500 500
Corporation tax recoverable assets 15,649 23,526
Directors' loan accounts 46,366 72,389
363,750 265,028
7. Creditors: Amounts Falling Due Within One Year
30 June 2023 31 March 2022
£ £
Net obligations under finance lease and hire purchase contracts 25,373 28,221
Trade creditors 73,587 90,380
Bank loans and overdrafts 10,015 9,707
Corporation tax 164,517 100,697
Other taxes and social security 22,599 35,025
Pension 2,718 2,944
Credit card 2,836 2,694
Accruals and deferred income 1,950 1,949
Directors' loan accounts 2 -
303,597 271,617
8. Creditors: Amounts Falling Due After More Than One Year
30 June 2023 31 March 2022
£ £
Net obligations under finance lease and hire purchase contracts 10,500 42,929
Bank loans 19,908 32,387
30,408 75,316
9. Obligations Under Finance Leases and Hire Purchase
30 June 2023 31 March 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 25,373 28,221
Later than one year and not later than five years 10,500 42,929
35,873 71,150
35,873 71,150
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10. Deferred Taxation
The provision for deferred tax is made up as follows:
30 June 2023 31 March 2022
£ £
Other timing differences 14,896 20,062
11. Share Capital
30 June 2023 31 March 2022
£ £
Allotted, Called up and fully paid 10 10
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2022 Amounts advanced Amounts repaid Amounts written off As at 30 June 2023
£ £ £ £ £
Mr Paul Dumpleton 72,388 - 26,022 - 46,366
The above loan is unsecured, interest free and repayable on demand.
13. Ultimate Controlling Party
The company's ultimate controlling party is P Dumpleton by virtue of his ownership of 70% of the issued share capital in the company.
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