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COMPANY REGISTRATION NUMBER: 12936415
Smiles By Gurms Ltd
Filleted Unaudited Financial Statements
31 October 2023
Smiles By Gurms Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
189,297
204,219
Current assets
Debtors
6
351,745
207,451
Cash at bank and in hand
381
318
---------
---------
352,126
207,769
Creditors: amounts falling due within one year
7
433,170
241,796
---------
---------
Net current liabilities
81,044
34,027
---------
---------
Total assets less current liabilities
108,253
170,192
Creditors: amounts falling due after more than one year
8
37,030
72,390
Provisions
47,324
34,345
---------
---------
Net assets
23,899
63,457
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
23,799
63,357
--------
--------
Shareholders funds
23,899
63,457
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Smiles By Gurms Ltd
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
Dr GS Raja
Director
Company registration number: 12936415
Smiles By Gurms Ltd
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Portsdown Road, Leicester, LE2 3RB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
10% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
59,476
176,902
34,614
15,140
286,132
Additions
6,974
27,612
698
4,128
39,412
--------
---------
--------
--------
---------
At 31 October 2023
66,450
204,514
35,312
19,268
325,544
--------
---------
--------
--------
---------
Depreciation
At 1 November 2022
8,636
55,319
12,186
5,772
81,913
Charge for the year
6,331
37,084
6,978
3,941
54,334
--------
---------
--------
--------
---------
At 31 October 2023
14,967
92,403
19,164
9,713
136,247
--------
---------
--------
--------
---------
Carrying amount
At 31 October 2023
51,483
112,111
16,148
9,555
189,297
--------
---------
--------
--------
---------
At 31 October 2022
50,840
121,583
22,428
9,368
204,219
--------
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Other debtors
351,745
207,451
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20,986
21,091
Trade creditors
197,864
129,662
Corporation tax
118,174
42,843
Social security and other taxes
5,655
6,183
Other creditors
90,491
42,017
---------
---------
433,170
241,796
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
37,030
72,390
--------
--------
9. Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 5 years
189,689
212,189
---------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Dr GS Raja
192,879
542,121
( 398,566)
336,434
---------
---------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Dr GS Raja
9,755
679,082
( 495,958)
192,879
-------
---------
---------
---------