SMILE BY DESIGN LIMITED

SMILE BY DESIGN LIMITED - Company Information

2021-04-012022-03-312022-03-31false05479912SMILE BY DESIGN LIMITED2022-07-27iso4217:GBPxbrli:pure054799122021-04-01054799122022-03-31054799122021-04-012022-03-31054799122019-11-01054799122021-03-31054799122019-11-012021-03-3105479912bus:SmallEntities2021-04-012022-03-3105479912bus:AuditExempt-NoAccountantsReport2021-04-012022-03-3105479912bus:AbridgedAccounts2021-04-012022-03-3105479912bus:PrivateLimitedCompanyLtd2021-04-012022-03-3105479912core:WithinOneYear2022-03-3105479912core:AfterOneYear2022-03-3105479912core:WithinOneYear2021-03-3105479912core:AfterOneYear2021-03-3105479912core:ShareCapital2022-03-3105479912core:SharePremium2022-03-3105479912core:RevaluationReserve2022-03-3105479912core:OtherReservesSubtotal2022-03-3105479912core:RetainedEarningsAccumulatedLosses2022-03-3105479912core:ShareCapital2021-03-3105479912core:SharePremium2021-03-3105479912core:RevaluationReserve2021-03-3105479912core:OtherReservesSubtotal2021-03-3105479912core:RetainedEarningsAccumulatedLosses2021-03-3105479912core:LandBuildings2022-03-3105479912core:PlantMachinery2022-03-3105479912core:Vehicles2022-03-3105479912core:FurnitureFittings2022-03-3105479912core:OfficeEquipment2022-03-3105479912core:NetGoodwill2022-03-3105479912core:IntangibleAssetsOtherThanGoodwill2022-03-3105479912core:ListedExchangeTraded2022-03-3105479912core:UnlistedNon-exchangeTraded2022-03-3105479912core:LandBuildings2021-03-3105479912core:PlantMachinery2021-03-3105479912core:Vehicles2021-03-3105479912core:FurnitureFittings2021-03-3105479912core:OfficeEquipment2021-03-3105479912core:NetGoodwill2021-03-3105479912core:IntangibleAssetsOtherThanGoodwill2021-03-3105479912core:ListedExchangeTraded2021-03-3105479912core:UnlistedNon-exchangeTraded2021-03-3105479912core:LandBuildings2021-04-012022-03-3105479912core:PlantMachinery2021-04-012022-03-3105479912core:Vehicles2021-04-012022-03-3105479912core:FurnitureFittings2021-04-012022-03-3105479912core:OfficeEquipment2021-04-012022-03-3105479912core:NetGoodwill2021-04-012022-03-3105479912core:IntangibleAssetsOtherThanGoodwill2021-04-012022-03-3105479912core:ListedExchangeTraded2021-04-012022-03-3105479912core:UnlistedNon-exchangeTraded2021-04-012022-03-3105479912core:MoreThanFiveYears2021-04-012022-03-3105479912core:Non-currentFinancialInstruments2022-03-3105479912core:Non-currentFinancialInstruments2021-03-3105479912dpl:CostSales2021-04-012022-03-3105479912dpl:DistributionCosts2021-04-012022-03-3105479912dpl:AdministrativeExpenses2021-04-012022-03-3105479912core:LandBuildings2021-04-012022-03-3105479912core:PlantMachinery2021-04-012022-03-3105479912core:Vehicles2021-04-012022-03-3105479912core:FurnitureFittings2021-04-012022-03-3105479912core:OfficeEquipment2021-04-012022-03-3105479912core:NetGoodwill2021-04-012022-03-3105479912core:IntangibleAssetsOtherThanGoodwill2021-04-012022-03-3105479912dpl:GroupUndertakings2021-04-012022-03-3105479912dpl:ParticipatingInterests2021-04-012022-03-3105479912dpl:GroupUndertakingscore:ListedExchangeTraded2021-04-012022-03-3105479912core:ListedExchangeTraded2021-04-012022-03-3105479912dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-04-012022-03-3105479912core:UnlistedNon-exchangeTraded2021-04-012022-03-3105479912dpl:CostSales2019-11-012021-03-3105479912dpl:DistributionCosts2019-11-012021-03-3105479912dpl:AdministrativeExpenses2019-11-012021-03-3105479912core:LandBuildings2019-11-012021-03-3105479912core:PlantMachinery2019-11-012021-03-3105479912core:Vehicles2019-11-012021-03-3105479912core:FurnitureFittings2019-11-012021-03-3105479912core:OfficeEquipment2019-11-012021-03-3105479912core:NetGoodwill2019-11-012021-03-3105479912core:IntangibleAssetsOtherThanGoodwill2019-11-012021-03-3105479912dpl:GroupUndertakings2019-11-012021-03-3105479912dpl:ParticipatingInterests2019-11-012021-03-3105479912dpl:GroupUndertakingscore:ListedExchangeTraded2019-11-012021-03-3105479912core:ListedExchangeTraded2019-11-012021-03-3105479912dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2019-11-012021-03-3105479912core:UnlistedNon-exchangeTraded2019-11-012021-03-3105479912core:NetGoodwill2022-03-3105479912core:IntangibleAssetsOtherThanGoodwill2022-03-3105479912core:LandBuildings2022-03-3105479912core:PlantMachinery2022-03-3105479912core:Vehicles2022-03-3105479912core:FurnitureFittings2022-03-3105479912core:OfficeEquipment2022-03-3105479912core:AfterOneYear2022-03-3105479912core:WithinOneYear2022-03-3105479912core:ListedExchangeTraded2022-03-3105479912core:UnlistedNon-exchangeTraded2022-03-3105479912core:ShareCapital2022-03-3105479912core:SharePremium2022-03-3105479912core:RevaluationReserve2022-03-3105479912core:OtherReservesSubtotal2022-03-3105479912core:RetainedEarningsAccumulatedLosses2022-03-3105479912core:NetGoodwill2021-03-3105479912core:IntangibleAssetsOtherThanGoodwill2021-03-3105479912core:LandBuildings2021-03-3105479912core:PlantMachinery2021-03-3105479912core:Vehicles2021-03-3105479912core:FurnitureFittings2021-03-3105479912core:OfficeEquipment2021-03-3105479912core:AfterOneYear2021-03-3105479912core:WithinOneYear2021-03-3105479912core:Listed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Registered Number
05479912
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2022

SMILE BY DESIGN LIMITED

Company Information
for the year from 1 April 2021 to 31 March 2022


Directors	Jonathan O'Dwyer
	David Tinsley


Registered Address	Chesterfield Orthodontics
	South Place
	Chesterfield
	S40 1SZ


Registered Number	05479912 (England and Wales)

SMILE BY DESIGN LIMITED

Statement of Financial Position
31 March 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Intangible assets	7		797,595		918,749
Tangible assets	8		712,736		746,031
			1,510,331		1,664,780
Current assets
Stocks	10	52,627		109,068
Debtors	11	249,854		480,362
Cash at bank and on hand		50,501		129,761
		352,982		719,191
Creditors amounts falling due within one year	12	(357,757)		(298,233)
Net current assets (liabilities)			(4,775)		420,958
Total assets less current liabilities			1,505,556		2,085,738
Creditors amounts falling due after one year	13		(68,423)		(111,167)
Provisions for liabilities	14		(19,373)		(7,269)
Net assets			1,417,760		1,967,302
Capital and reserves
Called up share capital			1		1
Revaluation reserve			18,917		19,200
Profit and loss account			1,398,842		1,948,101
Shareholders' funds			1,417,760		1,967,302

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 27 July 2022, and are signed on its behalf by:

David Tinsley
Director

Jonathan O'Dwyer
Director

Registered Company No. 05479912

SMILE BY DESIGN LIMITED

Notes to the Financial Statements
for the year ended 31 March 2022

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Principal activities
	The principal activity of the company during the year was dental practice activities.

4.	Basis of measurement used in financial statements
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

5.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Land and buildings	2
	Plant and machinery	15
	Fixtures and fittings	15
	Office Equipment	25

	Intangible assets policy
	Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over it's useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets policy

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. 

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over it's useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

	Stocks policy
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	The revenue shown in the profit and loss account represents income receivable from dental treatments carried out during the period. Revenue in respect of dental treatment uncompleted at the year-end date is recognised by reference to the stage of completion.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Government grants and other government assistance policy
	Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions on the recipient have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Government grants and other government assistance policy

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching them and the grants will be received. 

Government grants are recognised using the accrual model and the performance model. 

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. 

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. 

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions on the recipient have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

	Leases policy
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

6.	Employee information


		2022		2021
	Average number of employees during the year	27		21

7.	Intangible assets

		Total
		£
	Cost or valuation
	At 01 April 21	1,750,000
	At 31 March 22	1,750,000
	Amortisation and impairment
	At 01 April 21	831,251
	Charge for year	121,154
	At 31 March 22	952,405
	Net book value
	At 31 March 22	797,595
	At 31 March 21	918,749

8.	Property, plant and equipment

		Total
		£
	Cost or valuation
	At 01 April 21	831,883
	Additions	11,247
	At 31 March 22	843,130
	Depreciation and impairment
	At 01 April 21	85,852
	Charge for year	44,542
	At 31 March 22	130,394
	Net book value
	At 31 March 22	712,736
	At 31 March 21	746,031

9.	Description of nature of transactions and balances with related parties
	During the year the Directors loaned the company £705 (2021: £1,791). This loan was interest free and repayable upon demand.

10.	Stocks

	2022	2021
	£	£
Raw materials and consumables	52,627	109,068
Total	52,627	109,068

11.	Debtors

	2022	2021
	£	£
Trade debtors / trade receivables	231,873	160,350
Amounts owed by group undertakings	17,480	316,987
Prepayments and accrued income	501	3,025
Total	249,854	480,362


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

12.	Creditors within one year

	2022	2021
	£	£
Trade creditors / trade payables	79,866	97,377
Taxation and social security	231,069	157,051
Finance lease and HP contracts	4,200	4,200
Other creditors	35,069	33,625
Accrued liabilities and deferred income	7,553	5,980
Total	357,757	298,233


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

13.	Creditors after one year

	2022	2021
	£	£
Trade creditors / trade payables	-	36,583
Other creditors	68,423	74,584
Total	68,423	111,167

14.	Provisions for liabilities

	2022	2021
	£	£
Net deferred tax liability (asset)	19,373	7,269
Total	19,373	7,269