Company registration number 14454968 (England and Wales)
HONEYFIELDS SMILE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HONEYFIELDS SMILE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HONEYFIELDS SMILE LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investments
3
448,023
Current assets
Debtors
4
128,002
Cash at bank and in hand
148
128,150
Creditors: amounts falling due within one year
5
(16,141)
Net current assets
112,009
Total assets less current liabilities
560,032
Creditors: amounts falling due after more than one year
6
(606,048)
Provisions for liabilities
11,529
Net liabilities
(34,487)
Capital and reserves
Called up share capital
100
Profit and loss reserves
(34,587)
Total equity
(34,487)
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 30 November 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.
HONEYFIELDS SMILE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 June 2024 and are signed on its behalf by:
Mr S Rupra
Director
Company registration number 14454968 (England and Wales)
HONEYFIELDS SMILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Honeyfields Smile Limited is a private company limited by shares incorporated in England and Wales. The registered office is 94 West Street, Hoole, Chester,, United Kingdom, CH2 3PT.
1.1
Reporting period
These are the first set of financial statements prepared by the company after the incorporation. Therefore, there are no comparatives included and the financial statements are prepared for the period of one year and 30 days.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Going concern
At the end of the financial year, the company reported net liabilities amounting to £34,487. However, projections and forecasts from the company's wholly-owned subsidiary indicate a satisfactory trading performance, which is expected to adequately support and meet the holding company's liabilities and obligations over the next 12 months from the date of approval of these financial statements. The directors have confirmed that the company possesses sufficient resources to maintain its operational existence for the forthcoming 12 months following the approval of these financial statements. Therefore, the directors are continuing to prepare the financial statements on a going concern basis
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
HONEYFIELDS SMILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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.
1.7
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102,' The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
3
Fixed asset investments
2023
£
Shares in group undertakings and participating interests
448,023
HONEYFIELDS SMILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022
-
Additions
448,023
At 30 November 2023
448,023
Carrying amount
At 30 November 2023
448,023
The company's investment represents 100% ownership of the issued share capital of Mobile Diary Ltd, a company incorporated and registered in the UK.
4
Debtors
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings
119,100
Prepayments and accrued income
8,902
128,002
5
Creditors: amounts falling due within one year
2023
£
Bank loans
14,700
Accruals and deferred income
1,441
16,141
6
Creditors: amounts falling due after more than one year
2023
Notes
£
Bank loans and overdrafts
606,048
The bank loans falling due within one year and those due after more than one year, are secured by a fixed and floating charge over the company's assets. Additionally, the director, Mr Sandeep Rupra has provided a personal guarantee for the sum of £634,223 and has assigned life policies to cover the amount of the loan.
HONEYFIELDS SMILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
513,661