Smile By Design Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05479912 (England and Wales)

Unaudited Financial Statements For The Year Ended 31 October 2018

for

Smile By Design Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P Williams

REGISTERED OFFICE:

12 - 14 Percy Street

Rotherham

South Yorkshire

S65 1ED

REGISTERED NUMBER:

05479912 (England and Wales)

ACCOUNTANTS:

Andertons Liversidge & Co

Chartered Accountants

12-14 Percy Street

Rotherham

South Yorkshire

S65 1ED

FIXED ASSETS

Intangible assets

4

1,211,538

1,332,692

Tangible assets

5

587,995

568,475

1,799,533

1,901,167

CURRENT ASSETS

Stocks

15,590

15,590

Debtors

6

116,697

103,438

Cash at bank

13,342

22,502

145,629

141,530

CREDITORS

Amounts falling due within one year

7

360,212

734,045

NET CURRENT LIABILITIES

(214,583

)

(592,515

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,584,950

1,308,652

CREDITORS

Amounts falling due after more than one year

8

(615,572

)

(683,771

)

PROVISIONS FOR LIABILITIES

(5,276

)

(4,983

)

NET ASSETS

964,102

619,898

CAPITAL AND RESERVES

Called up share capital

1

1

Revaluation reserve

9

19,400

19,600

Capital redemption reserve

1

1

Retained earnings

944,700

600,296

SHAREHOLDERS' FUNDS

964,102

619,898

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 25 March 2019 and were signed by:

P Williams - Director

1.	STATUTORY INFORMATION

Smile By Design 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents the value of goods and services supplied. NHS income is recognised based on the levels of

orthodontic activity delivered. Where there is under-delivery against target activity levels, a potential clawback

arises and a creditor is established. Private treatment is recognised based on the stage of completion.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, was previously

amortised evenly over its remaining estimated useful life of 20 years.The company's contract with the NHS runs

until October 2028 and in the light of this the director has reassessed the remaining useful life as 13 years from

31 October 2015 and goodwill is now being amortised evenly over this period. The director expects that the

contract will be renewed beyond 2028.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Buildings - 2% on cost

Land is not depreciated.

Stocks

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

moving items.

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.

Hire purchase and leasing commitments

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.

Government grants

Grants received to assist with the purchase of tangible fixed assets are amortised over a period to match the life

of the asset acquired. Revenue grants are recognised in the profit and loss account in the period in which they are

received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2017 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2017

and 31 October 2018

1,750,000

AMORTISATION

At 1 November 2017

417,308

Charge for year

121,154

At 31 October 2018

538,462

NET BOOK VALUE

At 31 October 2018

1,211,538

At 31 October 2017

1,332,692

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 November 2017

546,415

68,136

614,551

Additions

30,532

3,071

33,603

At 31 October 2018

576,947

71,207

648,154

DEPRECIATION

At 1 November 2017

11,149

34,927

46,076

Charge for year

7,699

6,384

14,083

At 31 October 2018

18,848

41,311

60,159

NET BOOK VALUE

At 31 October 2018

558,099

29,896

587,995

At 31 October 2017

535,266

33,209

568,475

Cost or valuation at 31 October 2018 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2014

395,000

-

395,000

Cost

181,947

71,207

253,154

576,947

71,207

648,154

If freehold land and buildings had not been revalued they would have been included at the following historical

cost:

2018

2017

£

£

Cost

556,947

526,415

Aggregate depreciation

18,249

10,749

Freehold land and buildings were valued on an open market basis on 31 October 2014 by an independent valuer .

This value has been adopted as deemed cost of the assets concerned on transition to FRS 102.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

116,697

103,438

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

65,847

64,816

Trade creditors

80,325

71,742

Tax

122,455

76,003

Social security and other taxes

6,760

9,621

Other creditors

6,569

7,864

Directors' current accounts

66,934

191,162

Accruals and deferred income

9,228

310,683

Deferred government grants

2,094

2,154

360,212

734,045

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 1-2 years

67,721

66,582

Bank loans - 2-5 years

208,938

205,188

Bank loans more 5 yr by instal

271,488

342,482

Deferred government grants

67,425

69,519

615,572

683,771

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

271,488

342,482

9.

RESERVES

Revaluation

reserve

£

At 1 November 2017

19,600

Transfer excess depreciation

(200

)

At 31 October 2018

19,400