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REGISTERED NUMBER: 04224950 (England and Wales)















SMILING FACES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024






SMILING FACES LIMITED (REGISTERED NUMBER: 04224950)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024










Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


SMILING FACES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: Mr. A.P. Osborne
Mrs. S.J. Osborne





SECRETARY: Mr. A.P. Osborne





REGISTERED OFFICE: 15-17 Church Street
Stourbridge
West Midlands
DY8 1LU





REGISTERED NUMBER: 04224950 (England and Wales)





ACCOUNTANTS: Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SMILING FACES LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Smiling Faces Limited for the year ended 30 November 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Smiling Faces Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Smiling Faces Limited and state those matters that we have agreed to state to the Board of Directors of Smiling Faces Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Smiling Faces Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Smiling Faces Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Smiling Faces Limited. You consider that Smiling Faces Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Smiling Faces Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU


21 July 2025

SMILING FACES LIMITED (REGISTERED NUMBER: 04224950)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 90 174
Tangible assets 5 29,749 38,546
29,839 38,720

CURRENT ASSETS
Stocks 73,699 70,473
Debtors 6 120,072 122,399
Cash at bank and in hand 16,153 12,468
209,924 205,340
CREDITORS
Amounts falling due within one year 7 225,704 194,842
NET CURRENT (LIABILITIES)/ASSETS (15,780 ) 10,498
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,059

49,218

CREDITORS
Amounts falling due after more than one
year

8

(62,352

)

(96,471

)

PROVISIONS FOR LIABILITIES (7,437 ) (9,680 )
NET LIABILITIES (55,730 ) (56,933 )

CAPITAL AND RESERVES
Called up share capital 250 250
Share premium 132,457 132,457
Retained earnings (188,437 ) (189,640 )
SHAREHOLDERS' FUNDS (55,730 ) (56,933 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

SMILING FACES LIMITED (REGISTERED NUMBER: 04224950)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2025 and were signed on its behalf by:





Mr. A.P. Osborne - Director


SMILING FACES LIMITED (REGISTERED NUMBER: 04224950)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024


1. STATUTORY INFORMATION

Smiling Faces Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of value added tax. The fair value of consideration takes into account trade discounts.

Revenue from the sale of goods is recognised when:
- the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods;
- the amount of the revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business, has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property-5% on reducing balance
Motor vehicles-25% on reducing balance
Computer equipment-15% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying value of the asset and is credited or charged to the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


SMILING FACES LIMITED (REGISTERED NUMBER: 04224950)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

SMILING FACES LIMITED (REGISTERED NUMBER: 04224950)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 December 2023
and 30 November 2024 10,000 14,087 24,087
AMORTISATION
At 1 December 2023 10,000 13,913 23,913
Charge for year - 84 84
At 30 November 2024 10,000 13,997 23,997
NET BOOK VALUE
At 30 November 2024 - 90 90
At 30 November 2023 - 174 174

5. TANGIBLE FIXED ASSETS
Improvements
to Motor Computer
property vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2023 10,778 58,703 19,313 88,794
Additions - - 532 532
At 30 November 2024 10,778 58,703 19,845 89,326
DEPRECIATION
At 1 December 2023 10,179 24,050 16,019 50,248
Charge for year 90 8,665 574 9,329
At 30 November 2024 10,269 32,715 16,593 59,577
NET BOOK VALUE
At 30 November 2024 509 25,988 3,252 29,749
At 30 November 2023 599 34,653 3,294 38,546

SMILING FACES LIMITED (REGISTERED NUMBER: 04224950)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2023
and 30 November 2024 49,995
DEPRECIATION
At 1 December 2023 21,873
Charge for year 7,031
At 30 November 2024 28,904
NET BOOK VALUE
At 30 November 2024 21,091
At 30 November 2023 28,122

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 48,807 52,649
Amounts owed by group undertakings 21,865 21,865
Other debtors 49,400 47,885
120,072 122,399

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 33,249 25,290
Hire purchase contracts 7,571 6,983
Trade creditors 65,461 48,739
Taxation and social security 14,919 21,737
Other creditors 104,504 92,093
225,704 194,842

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 33,468 40,406
Hire purchase contracts 28,884 36,456
Other creditors - 19,609
62,352 96,471

SMILING FACES LIMITED (REGISTERED NUMBER: 04224950)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans 3,906 11,572
Hire purchase - 2,641
3,906 14,213

9. ULTIMATE CONTROLLING PARTY

Control over the company was exercised by FW Incorp 2 Limited, the ultimate parent company. The shareholdings in FW Incorp 2 Limited are such that no individual is able to exercise sole control over that company or the group.