REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SMILE EVERYDAY LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SMILE EVERYDAY LTD |
SMILE EVERYDAY LTD (REGISTERED NUMBER: 08914903) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SMILE EVERYDAY LTD |
COMPANY INFORMATION |
for the year ended 31 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
SMILE EVERYDAY LTD (REGISTERED NUMBER: 08914903) |
ABRIDGED BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SMILE EVERYDAY LTD (REGISTERED NUMBER: 08914903) |
ABRIDGED BALANCE SHEET - continued |
31 March 2024 |
The financial statements were approved by the director and authorised for issue on |
SMILE EVERYDAY LTD (REGISTERED NUMBER: 08914903) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Smile Everyday Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
SMILE EVERYDAY LTD (REGISTERED NUMBER: 08914903) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Investments |
Current asset investments are recognised at costs less provision for impairment. |
Loans and borrowings: |
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
Intangible assets |
Intangible assets are composed of cryptocurrencies held by the company and goodwill, being the amount paid in connection with the acquisition of a business in 2014. |
The useful life of intangible assets is assessed as either finite or infinite. |
Intangible assets with finite lives are amortised over their useful economic life and assets assessed for impairment whenever there is an indication the intangible assets may be impaired. The amortised period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. |
The intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually or at the cash-generating unit level. The company recognises its own cryptocurrencies as intangible assets with indefinite useful life as the company determined that they do not have an expiry date nor have a foreseeable limit to the period of which they will be exchanged with a willing counterparty for cash or goods and services. |
Gains and losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset are recognised in the profit and loss account when the asset is derecognised. |
Amorisation is charged so as to write off the cost of the asset over their estimated useful lives, as follows: |
Asset class Amorisation method and rate |
Cryptocurrencies Indefinite (no amortisation) |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
SMILE EVERYDAY LTD (REGISTERED NUMBER: 08914903) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2023 |
Revaluations |
At 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | RELATED PARTY DISCLOSURES |
During the year, the company paid management charges of £171,387 (2023 - £148,885) to a business owned by Dr M Jaffari. |
At the balance sheet date, the company was owed £563,012 (2023 - £231,012) by M.R.T Developments Limited. a company in which Dr M Jaffari is a director. |
At the balance sheet date the company owed £280,147 (2023 - £145,034) to Dr M Jaffari, the sole director. |