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Registered number: 09088182









LIGHT SMILES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
LIGHT SMILES LIMITED
REGISTERED NUMBER: 09088182

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
20,830
40,992

Investments
 5 
38,670
38,670

  
59,500
79,662

Current assets
  

Debtors: amounts falling due within one year
  
27,279
-

Cash at bank and in hand
 7 
1,450
1,481

  
28,729
1,481

Creditors: amounts falling due within one year
 8 
(66,109)
(84,354)

Net current liabilities
  
 
 
(37,380)
 
 
(82,873)

Total assets less current liabilities
  
22,120
(3,211)

Creditors: amounts falling due after more than one year
 9 
(63,673)
(78,451)

  

Net liabilities
  
(41,553)
(81,662)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(41,653)
(81,762)

  
(41,553)
(81,662)


Page 1

 
LIGHT SMILES LIMITED
REGISTERED NUMBER: 09088182
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 February 2025.




................................................
Lindsey Leggett
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
LIGHT SMILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Light Smiles Limited is a private company limited by shares, incorporated in England and Wales. The principal activity throughout the year was that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis. This assumes the continuing support of its director, which she has pledged for the foreseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
LIGHT SMILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
LIGHT SMILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

2024
2023
£
£

Wages and salaries
7,330
8,796

7,330
8,796


The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 June 2023
100,812



At 31 May 2024

100,812



Depreciation


At 1 June 2023
59,820


Charge for the year on owned assets
20,162



At 31 May 2024

79,982



Net book value



At 31 May 2024
20,830



At 31 May 2023
40,992

Page 5

 
LIGHT SMILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 June 2023
38,670



At 31 May 2024
38,670





6.


Debtors

2024
2023
£
£


Amounts owed by joint ventures and associated undertakings
27,279
-

27,279
-



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,450
1,481

1,450
1,481


Page 6

 
LIGHT SMILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
20,712
20,853

Corporation tax
209
2,741

Other taxation and social security
-
79

Obligations under finance lease and hire purchase contracts
1,900
5,729

Other creditors
41,628
53,137

Accruals and deferred income
1,660
1,815

66,109
84,354


The following liabilities were secured:

2024
2023
£
£



Bank loans
10,712
9,004

Net obligations under finance leases and hire purchase contracts
1,900
5,729

12,612
14,733

Details of security provided:

The bank loan is secured. The hire purchase contracts are secured on the asset concerned.

Page 7

 
LIGHT SMILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
60,889
76,534

Net obligations under finance leases and hire purchase contracts
2,784
1,917

63,673
78,451


The following liabilities were secured:

2024
2023
£
£



Bank loans
35,822
43,316

Net obligations under finance leases and hire purchase contracts
2,784
1,917

38,606
45,233

Details of security provided:

The bank loan is secured. The hire purchase contracts are secured on the asset concerned.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
20,712
20,853


Amounts falling due 2-5 years

Bank loans
60,889
76,534


81,601
97,387


Page 8

 
LIGHT SMILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
1,900
5,729

Between 1-5 years
2,784
1,917

4,684
7,646


12.


Controlling party

The Company is controlled by the director, Lindsey Leggett, by virtue of her shareholding as described in the Director's report.

 
Page 9