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Registered number: 07270640
Sharing Smiles Orthodontics Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Hanberry and Co
Chartered Certified Accountants
20 Peterborough Road
Harrow
Middlesex
HA1 2BQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07270640
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 57,595 62,277
57,595 62,277
CURRENT ASSETS
Debtors 6 645,943 124,397
Cash at bank and in hand 60,579 693,531
706,522 817,928
Creditors: Amounts Falling Due Within One Year 7 (186,577 ) (220,813 )
NET CURRENT ASSETS (LIABILITIES) 519,945 597,115
TOTAL ASSETS LESS CURRENT LIABILITIES 577,540 659,392
NET ASSETS 577,540 659,392
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 577,440 659,292
SHAREHOLDERS' FUNDS 577,540 659,392
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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 Moira Wong
Director
27/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Sharing Smiles Orthodontics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07270640 . The registered office is 1st Floor, 54 Alma Street, Luton, Beds., LU1 2PL.
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 10 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:
Plant & Machinery 15% written down value
Motor Vehicles No Depreciation
2.5. 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 year 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.
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 asset reflects 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 14 12
14 12
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 1,675,000
As at 31 March 2024 1,675,000
Amortisation
As at 1 April 2023 1,675,000
As at 31 March 2024 1,675,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2023 171,440 6,995 178,435
Additions 4,469 - 4,469
As at 31 March 2024 175,909 6,995 182,904
Depreciation
As at 1 April 2023 114,899 1,259 116,158
Provided during the period 9,151 - 9,151
As at 31 March 2024 124,050 1,259 125,309
Net Book Value
As at 31 March 2024 51,859 5,736 57,595
As at 1 April 2023 56,541 5,736 62,277
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 112,086 106,860
Prepayments and accrued income 24,983 15,237
Other debtors 2,300 2,300
Director's loan account 506,574 -
645,943 124,397
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 74,011 133,450
Other taxes and social security 18,131 9,538
Other creditors 13,975 2,737
Accruals and deferred income 80,460 21,913
Director's loan account - 53,175
186,577 220,813
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Dr Moira Wong - 506,574 - - 506,574
The above loan is unsecured and repayable on demand. The loan was fully repaid by30/09/2024. Statutory interest was paid on this loan during the year.
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