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Smile Together Commercial Limited

Annual Report and Financial Statements
Year Ended 31 March 2024

Registration number: 10751601

 

Smile Together Commercial Limited

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 7

 

Smile Together Commercial Limited

Company Information

Director

Victoria Johnson

Registered office

Truro Health Park
Infirmary Hill
Truro
Cornwall
TR1 2JA

Accountants

Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Smile Together Commercial Limited

Director's Report for the Year Ended 31 March 2024

The director presents her report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

John Burchill (ceased 31 January 2024)

Victoria Johnson

Principal activity

The principal activity of the company is the rental of commercial property.

Going concern

The directors acknowledge the company’s net current liability position of £-332,592 (2023: £-279,414) at the balance sheet date together with its result for the year. The result and position seen reflect the nature of the company – which is an asset holding company that generates little income.

Assurances have been obtained from the parent company, Smile Together Dental CIC, that financial support can and will be provided, as needed, including not calling the intercompany debts in until the company is in a position to afford it. With these assurances, the directors have been able to satisfy themselves that the company is able to continue in operational existence and remain financially viable.

Not withstanding the above comments, the directors are currently considering various options for the property and site. In the opinion of the directors, the property value is deemed to represent the expected recoverable amount.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 30 September 2024
 

.........................................
Victoria Johnson
Director

 

Smile Together Commercial Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

420,000

280,000

Current assets

 

Debtors

5

28,966

29,476

Cash at bank and in hand

 

10,702

6,313

 

39,668

35,789

Creditors: Amounts falling due within one year

6

(372,260)

(315,203)

Net current liabilities

 

(332,592)

(279,414)

Total assets less current liabilities

 

87,408

586

Provisions for liabilities

(586)

(586)

Net assets

 

86,822

-

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

86,722

(100)

Shareholders' funds

 

86,822

-

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 September 2024
 

.........................................
Victoria Johnson
Director

Company Registration Number: 10751601

 

Smile Together Commercial Limited

Notes to the Financial Statements

Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Truro Health Park
Infirmary Hill
Truro
Cornwall
TR1 2JA

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 were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 directors acknowledge the company’s net current liability position of £-332,592 (2023: £-279,414) at the balance sheet date together with its result for the year. The result and position seen reflect the nature of the company – which is an asset holding company that generates little income.

Assurances have been obtained from the parent company, Smile Together Dental CIC, that financial support can and will be provided, as needed, including not calling the intercompany debts in until the company is in a position to afford it. With these assurances, the directors have been able to satisfy themselves that the company is able to continue in operational existence and remain financially viable.

Not withstanding the above comments, the directors are currently considering various options for the property and site. In the opinion of the directors, the property value is deemed to represent the expected recoverable amount.

 

Smile Together Commercial Limited

Notes to the Financial Statements

Year Ended 31 March 2024

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 April

280,000

Fair value adjustments

140,000

At 31 March

420,000


A valuation was carried out by Vickery Holman during March 2024 and this has been used as a basis of determining the fair value of the investment property as at 31 March 2024.


 

 

Smile Together Commercial Limited

Notes to the Financial Statements

Year Ended 31 March 2024

5

Debtors

2024
£

2023
£

Trade debtors

2,036

1,500

Prepayments

25,574

25,707

Other debtors

1,356

2,269

28,966

29,476

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
 £

Due within one year

 

Trade creditors

 

29,313

24,168

Amounts due to group undertakings

8

337,377

285,585

Accrued expenses

 

4,320

4,200

Deferred income

 

1,250

1,250

 

372,260

315,203

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Related party transactions

The company has taken advantage of the exemption in FRS 102 “Related Party Disclosures” from disclosing transactions with other wholly owned members of the Smile Together Dental CIC Group.

9

Parent and ultimate parent undertaking

The company is a 100% subsidiary of Smile Together Dental CIC. The registered office of the parent is Truro Health Park, Infirmary Hill, Cornwall, TR1 2JA. The principal place of business is Stephenson House, Calenick Street, Truro, Cornwall TR1 2SF.

 

 

 

Smile Together Commercial Limited

Notes to the Financial Statements

Year Ended 31 March 2024

10

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Katie Skea ACA, who signed for and on behalf of PKF Francis Clark on 30 September 2024.