Company registration number 14230137 (England and Wales)
SMMMILE NEWCASTLE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SMMMILE NEWCASTLE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Current assets
Debtors
3
70,889
Creditors: amounts falling due within one year
4
(7,239)
Net current assets
63,650
Capital and reserves
Called up share capital
5
10
Share premium account
39,999
Profit and loss reserves
23,641
Total equity
63,650
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 April 2024 and are signed on its behalf by:
R Pascaud
Director
Company Registration No. 14230137
SMMMILE NEWCASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Smmmile Newcastle Limited is a private company limited by shares and incorporated in England and Wales, registered number 14230137. The registered office is C/O Mazars LLP, 3 Wellington Place, Leeds, West Yorkshire, LS1 4AP.
The principal activity of the company is that of dental practice services.
1.1
Reporting period
The company was incorporated on 12 July 2022. The financial statements reflect the trade of the company from 1 October 2022 to 31 December 2023, to align to the Accounting Reference Date of the parent company, SRKP Limited.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
SMMMILE NEWCASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
2
SMMMILE NEWCASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
3
Debtors
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings
70,889
4
Creditors: amounts falling due within one year
2023
£
Amounts owed to group undertakings
7,239
5
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A shares of 1p each
900
9
Ordinary B shares of 1p each
100
1
1,000
10
900 Ordinary A shares of £0.01 each were issued for cash consideration of £9 on incorporation of the Company on 12 July 2022. 100 Ordinary B shares of £0.01 each were issued for cash consideration of £40,000 on 30 November 2022, giving rise to a share premium account of £39,999.
SMMMILE NEWCASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
6
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
Amounts due to related parties
£
Smmmile Leeds Limited
7,239
2023
Amounts due from related parties
£
SRKP Limited
70,888
Other information
SRKP Limited maintains all the balance sheet assets and liabilities relating to itself and the subsidiary companies. All bank receipts in respect of turnover for each subsidiary is reflected within the bank balance of SRKP Limited.
During the year the Company recharged operating costs to the subsidiary companies which had a Principal dentist in place as at 31 December 2023. Management charges of £418,997 were charged by SRKP Limited, relating to the recharge of overhead costs incurred within SRKP Limited.
Where turnover is greater than the costs within the subsidiary companies an amount due to the subsidiary from SRKP Limited arises.
Where turnover is less than the costs within the subsidiary companies an amount due from the subsidiary to SRKP Limited arises.
7
Parent company
The ultimate and immediate parent undertaking is SRKP Limited, a company incorporated in England and Wales. The address of it's registered office is C/O Mazars LLP, 3 Wellington Place, Leeds, LS1 4AP.