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Registered number: 07445814
Smile Transformation & Cosmetic Services Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Ortu Advisors Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07445814
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 490,834 538,334
Tangible Assets 5 196,491 180,766
687,325 719,100
CURRENT ASSETS
Stocks 6 2,877 2,877
Debtors 7 478,906 293,746
Cash at bank and in hand 65,754 41,565
547,537 338,188
Creditors: Amounts Falling Due Within One Year 8 (318,283 ) (313,251 )
NET CURRENT ASSETS (LIABILITIES) 229,254 24,937
TOTAL ASSETS LESS CURRENT LIABILITIES 916,579 744,037
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,074 ) (1,074 )
NET ASSETS 915,505 742,963
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 915,503 742,961
SHAREHOLDERS' FUNDS 915,505 742,963
Page 1
Page 2
For the year ending 31 March 2024 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
Dr MARIA MAKIN
Director
Dr Joseph Brown
Director
24/06/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Smile Transformation & Cosmetic Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07445814 . The registered office is Tottington Dental Surgery 5 Back Chapel Street, Tottington, Bury, Lancashire, BL8 4AH.
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from 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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Leasehold 0
Plant & Machinery 20%
Fixtures & Fittings 10%
Computer Equipment 25%
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.
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 years 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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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 assets reflect 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 year was: 2 (2023: 4)
2 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 950,000
As at 31 March 2024 950,000
Amortisation
As at 1 April 2023 411,666
Provided during the period 47,500
As at 31 March 2024 459,166
Net Book Value
As at 31 March 2024 490,834
As at 1 April 2023 538,334
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 162,035 68,858 18,040 248,933
Additions 34,533 20,839 - 55,372
As at 31 March 2024 196,568 89,697 18,040 304,305
Depreciation
As at 1 April 2023 47,080 6,886 14,201 68,167
Provided during the period 35,645 3,528 474 39,647
As at 31 March 2024 82,725 10,414 14,675 107,814
Net Book Value
As at 31 March 2024 113,843 79,283 3,365 196,491
As at 1 April 2023 114,955 61,972 3,839 180,766
6. Stocks
2024 2023
£ £
Stock 2,877 2,877
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Intercompany 445,237 260,077
Due after more than one year
Trade debtors 33,669 33,669
478,906 293,746
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 63,178 63,178
Other loans 97,440 127,500
Corporation tax 29,262 -
Other creditors 19,102 19,086
Hire Purchase Loan-9346 29,923 38,680
Hire Purchase Loan-8211 29,775 39,178
Directors' loan accounts 49,603 25,629
318,283 313,251
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5