Smile By Design Limited Filleted accounts for Companies House (small and micro)

SMILE BY DESIGN LIMITED - Company Information

22 false false false false false false false false false true false false false false false false No description of principal activity 2019-11-01 Sage Accounts Production Advanced 2020 - FRS102_2019 1,750,000 659,616 171,635 831,251 918,749 1,090,384 xbrli:pure xbrli:shares iso4217:GBP 05479912 2019-11-01 2021-03-31 05479912 2021-03-31 05479912 2019-10-31 05479912 2018-11-01 2019-10-31 05479912 2019-10-31 05479912 core:NetGoodwill 2019-11-01 2021-03-31 05479912 core:LandBuildings core:OwnedOrFreeholdAssets 2019-11-01 2021-03-31 05479912 core:FurnitureFittings 2019-11-01 2021-03-31 05479912 bus:Director1 2019-11-01 2021-03-31 05479912 bus:Director2 2019-11-01 2021-03-31 05479912 core:NetGoodwill 2019-10-31 05479912 core:NetGoodwill 2021-03-31 05479912 core:LandBuildings core:OwnedOrFreeholdAssets 2019-10-31 05479912 core:FurnitureFittings 2019-10-31 05479912 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 05479912 core:FurnitureFittings 2021-03-31 05479912 core:WithinOneYear 2021-03-31 05479912 core:WithinOneYear 2019-10-31 05479912 core:AfterOneYear 2021-03-31 05479912 core:AfterOneYear 2019-10-31 05479912 core:ShareCapital 2021-03-31 05479912 core:ShareCapital 2019-10-31 05479912 core:RevaluationReserve 2021-03-31 05479912 core:RevaluationReserve 2019-10-31 05479912 core:CapitalRedemptionReserve 2021-03-31 05479912 core:CapitalRedemptionReserve 2019-10-31 05479912 core:RetainedEarningsAccumulatedLosses 2021-03-31 05479912 core:RetainedEarningsAccumulatedLosses 2019-10-31 05479912 core:NetGoodwill 2019-10-31 05479912 core:LandBuildings core:OwnedOrFreeholdAssets 2019-10-31 05479912 core:FurnitureFittings 2019-10-31 05479912 bus:SmallEntities 2019-11-01 2021-03-31 05479912 bus:AuditExemptWithAccountantsReport 2019-11-01 2021-03-31 05479912 bus:FullAccounts 2019-11-01 2021-03-31 05479912 bus:SmallCompaniesRegimeForAccounts 2019-11-01 2021-03-31 05479912 bus:PrivateLimitedCompanyLtd 2019-11-01 2021-03-31 05479912 core:OfficeEquipment 2019-11-01 2021-03-31 05479912 core:OfficeEquipment 2019-10-31 05479912 core:OfficeEquipment 2021-03-31 05479912 core:KeyManagementPersonnel 2019-11-01 2021-03-31

COMPANY REGISTRATION NUMBER: 05479912

SMILE BY DESIGN LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31 March 2021

SMILE BY DESIGN LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2021

	31 Mar 21		31 Oct 19
Note	£	£	£	£

FIXED ASSETS

Intangible assets	5	918,749	1,090,384
Tangible assets	6	746,031	575,886
		-------------	-------------
		1,664,780	1,666,270

CURRENT ASSETS

Stocks		109,068	15,000
Debtors	7	480,362	128,493
Cash at bank and in hand		129,761	1,676
		----------	----------
		719,191	145,169

CREDITORS: amounts falling due within one year	8	298,233		120,693
		----------		----------
NET CURRENT ASSETS			420,958		24,476
			-------------		-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			2,085,738		1,690,746

CREDITORS: amounts falling due after more than one year	9		111,167		65,383

PROVISIONS	7,269	5,043
	-------------	-------------
NET ASSETS	1,967,302	1,620,320
	-------------	-------------

CAPITAL AND RESERVES

Called up share capital	1	1
Revaluation reserve	18,917	19,200
Capital redemption reserve	1	1
Profit and loss account	1,948,383	1,601,118
	-------------	-------------
SHAREHOLDERS FUNDS	1,967,302	1,620,320
	-------------	-------------

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 Section 1A of 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 comprehensive income has not been delivered.

SMILE BY DESIGN LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2021

For the period ending 31 March 2021 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 .

These financial statements were approved by the board of directors and authorised for issue on 28 October 2021 , and are signed on behalf of the board by:

Dr J O'Dwyer	Dr D Tinsley
Director	Director

Company registration number: 05479912

SMILE BY DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

PERIOD FROM 1 NOVEMBER 2019 TO 31 MARCH 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chesterfield Orthodontics, South place, Chesterfield, Derbyshire, S40 1SZ.

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

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.

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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

(d) Goodwill

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 its 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.

(e) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	7% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(g) 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:

Freehold property	-	2% straight line
Fixtures and fittings	-	15% reducing balance
Equipment	-	25% reducing balance

(h) Impairment of fixed assets

R review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

(i) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(j) 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.

(k) Government grants

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 to 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 have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

(l) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(m) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(n) 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 22 (2019: 16 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 November 2019 and 31 March 2021	1,750,000
	-------------
Amortisation
At 1 November 2019	659,616
Charge for the period	171,635
	-------------
At 31 March 2021	831,251
	-------------
Carrying amount
At 31 March 2021	918,749
	-------------
At 31 October 2019	1,090,384
	-------------

6. TANGIBLE ASSETS

	Freehold property	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 November 2019	576,947	50,126	22,098	649,171
Additions	75,153	158,905	5,169	239,227
Disposals	–	( 36,338)	( 20,177)	( 56,515)
	----------	----------	--------	----------
At 31 March 2021	652,100	172,693	7,090	831,883
	----------	----------	--------	----------
Depreciation
At 1 November 2019	26,547	30,461	16,277	73,285
Charge for the period	13,036	35,034	2,019	50,089
Disposals	–	( 22,636)	( 14,886)	( 37,522)
	----------	----------	--------	----------
At 31 March 2021	39,583	42,859	3,410	85,852
	----------	----------	--------	----------
Carrying amount
At 31 March 2021	612,517	129,834	3,680	746,031
	----------	----------	--------	----------
At 31 October 2019	550,400	19,665	5,821	575,886
	----------	----------	--------	----------

7. DEBTORS

	31 Mar 21	31 Oct 19
	£	£
Trade debtors	160,350	122,033
Other debtors	320,012	6,460
	----------	----------
	480,362	128,493
	----------	----------

8. CREDITORS: amounts falling due within one year

	31 Mar 21	31 Oct 19
	£	£
Bank loans and overdrafts	–	4,541
Trade creditors	97,376	19,210
Corporation tax	145,531	83,574
Social security and other taxes	11,521	–
Directors current account	1,791	( 1)
Other creditors	42,014	13,369
	----------	----------
	298,233	120,693
	----------	----------

9. CREDITORS: amounts falling due after more than one year

	31 Mar 21	31 Oct 19
	£	£
Trade creditors	36,583	–
Other creditors	74,584	65,383
	----------	--------
	111,167	65,383
	----------	--------

10. COVID-19 NOTE

In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. Despite all of this, the company has traded profitably in the period to date.

11. RELATED PARTY TRANSACTIONS

During the year the Directors loaned the company £ 1,791 (2020: £ 1 ). This loan was interest free and repayable upon demand.