Registered number
SC468153
Smile Transformations Ltd
Filleted Accounts
31 March 2023
Smile Transformations Ltd
Registered number: SC468153
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 210,071 182,850
Investments 4 994,360 994,360
1,204,431 1,177,210
Current assets
Debtors 5 352,999 123,217
Cash at bank and in hand 47,540 120,549
400,539 243,766
Creditors: amounts falling due within one year 6 (97,246) (43,646)
Net current assets 303,293 200,120
Total assets less current liabilities 1,507,724 1,377,330
Creditors: amounts falling due after more than one year 7 (846,800) (923,445)
Net assets 660,924 453,885
Capital and reserves
Called up share capital 100 100
Profit and loss account 660,824 453,785
Shareholders' funds 660,924 453,885
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jamie Kinnell
Director
Approved by the board on 25 March 2024
Smile Transformations Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 25% Straight line
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Office Equipments Motor vehicles Total
£ £ £
Cost
At 1 April 2022 16,438 226,792 243,230
Additions 31,455 160,936 192,391
Disposals - (147,050) (147,050)
At 31 March 2023 47,893 240,678 288,571
Depreciation
At 1 April 2022 9,809 50,571 60,380
Charge for the year 3,627 45,128 48,755
On disposals - (30,635) (30,635)
At 31 March 2023 13,436 65,064 78,500
Net book value
At 31 March 2023 34,457 175,614 210,071
At 31 March 2022 6,629 176,221 182,850
4 Investments
Unlisted
£
Cost
At 1 April 2022 994,360
At 31 March 2023 994,360
Smile Transformations Ltd holds 15% of the share capital of Cosmetic Transformations Ltd (SC379228).
Smile Transformations Ltd holds 10% of the Ordinary A share capital of Links Cosmetic Ltd (SC680718).
Smile Transformations Ltd holds 10% of the A Ordinary share capital of Carlisle Cosmetic Ltd (SC710789).
5 Debtors 2023 2022
£ £
Other debtors 352,999 123,217
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 30,000 30,000
Obligations under finance lease and hire purchase contracts 37,102 -
Trade creditors 21,600 -
Accrued charges 3,250 2,755
Taxation and social security costs 5,294 10,891
Other creditors - -
97,246 43,646
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 682,975 733,601
Obligations under finance lease and hire purchase contracts 163,825 189,844
846,800 923,445
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 881,531 911,069
A bond and floating charge is held by Bank of Scotland over the assets of the company. There are also Hire Purchase creditor balances which is secured over the vehicle acquisitions.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Jamie Kinnell 56,289 210,071 (56,289) 210,071
56,289 210,071 (56,289) 210,071
The director's loan was fully repaid within 9 months of the company's year end by way of a series of multiple repayments.
10 Related party transactions
An investment dividend of £227,557 was received from Cosmetic Transformations Ltd (SC379228), in which Smile Transformations holds 15% of the company's share capital.
A debtor balance of £63,212 (2022: 63,212 remains with Equinell Ltd (SC712962). The director of the company and controlling party is Lucinda Clark, who is also an employee of Smile Transformations Ltd.
11 Controlling party
The director, Jamie Kinnell, held a 100% beneficial interest in the share capital of the company.
12 Other information
Smile Transformations Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
4 Glen Doll Road
Neilston
Glasgow
G78 3QP
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