Global Smiles Ltd Filleted accounts for Companies House (small and micro)

GLOBAL SMILES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08809487

Global Smiles Ltd

Filleted Unaudited Financial Statements

26 July 2019

Global Smiles Ltd

Statement of Financial Position

26 July 2019

	26 Jul 19		31 Mar 18
Note	£	£	£

Fixed assets

Tangible assets	5		32,541	41,271

Current assets

Debtors	6	52,908	23,145
Cash at bank and in hand		13,570	4,277
		--------	--------
		66,478	27,422

Creditors: amounts falling due within one year	7	38,424		248,721
		--------		---------
Net current assets/(liabilities)			28,054	( 221,299)
			--------	---------
Total assets less current liabilities			60,595	( 180,028)

Creditors: amounts falling due after more than one year	8	12,740	19,974
		--------	---------
Net assets/(liabilities)		47,855	( 200,002)
		--------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	47,755	( 200,102)
	--------	---------
Shareholders funds/(deficit)	47,855	( 200,002)
	--------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the period ending 26 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Global Smiles Ltd

Statement of Financial Position (continued)

26 July 2019

These financial statements were approved by the board of directors and authorised for issue on 22 July 2020 , and are signed on behalf of the board by:

Mr M Carter

Director

Company registration number: 08809487

Global Smiles Ltd

Notes to the Financial Statements

Period from 1 April 2018 to 26 July 2019

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Easton Manor, Easton Royal, Pewsey, SN9 5LZ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and Fittings	-	15% reducing balance
Equipment	-	25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 4 (2018: 2 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 April 2018	1,474	85,748	87,222
Additions	3,075	5,477	8,552
Disposals	( 1,474)	( 4,237)	( 5,711)
	-------	--------	--------
At 26 July 2019	3,075	86,988	90,063
	-------	--------	--------
Depreciation
At 1 April 2018	287	45,664	45,951
Charge for the period	339	14,415	14,754
Disposals	( 287)	( 2,896)	( 3,183)
	-------	--------	--------
At 26 July 2019	339	57,183	57,522
	-------	--------	--------
Carrying amount
At 26 July 2019	2,736	29,805	32,541
	-------	--------	--------
At 31 March 2018	1,187	40,084	41,271
	-------	--------	--------

6. Debtors

	26 Jul 19	31 Mar 18
	£	£
Trade debtors	36,177	13,736
Other debtors	16,731	9,409
	--------	--------
	52,908	23,145
	--------	--------

7. Creditors: amounts falling due within one year

	26 Jul 19	31 Mar 18
	£	£
Trade creditors	13,127	3,999
Corporation tax	4,627	–
Social security and other taxes	3,352	549
Other creditors	17,318	244,173
	--------	---------
	38,424	248,721
	--------	---------

8. Creditors: amounts falling due after more than one year

	26 Jul 19	31 Mar 18
	£	£
Other creditors	12,740	19,974
	--------	--------

9. Directors' advances, credits and guarantees

During the period the directors entered into the following advances and credits with the company:

	26 Jul 19
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J Parkinson	( 32,457)	55,080	( 20,403)	2,220
	--------	--------	--------	-------

	31 Mar 18
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J Parkinson	–	9,000	( 41,457)	( 32,457)
	----	-------	--------	--------