The Whiter Smile Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04287842 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

THE WHITER SMILE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Dr S P Boulis

SECRETARY:

Dr S P Boulis

REGISTERED OFFICE:

Langley House

Park Road

London

N2 8EY

REGISTERED NUMBER:

04287842 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House

Park Road

East Finchley

London

N2 8EY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,721,831

2,830,832

2,721,831

2,830,832

CURRENT ASSETS

Stocks

3,000

30,000

Debtors

6

2,439,813

2,675,530

Cash at bank and in hand

46,459

41,641

2,489,272

2,747,171

CREDITORS

Amounts falling due within one year

7

3,962,174

3,275,873

NET CURRENT LIABILITIES

(1,472,902

)

(528,702

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,248,929

2,302,130

CREDITORS

Amounts falling due after more than one year

8

(525,643

)

(1,535,463

)

PROVISIONS FOR LIABILITIES

(7,664

)

(28,374

)

NET ASSETS

715,622

738,293

CAPITAL AND RESERVES

Called up share capital

6

6

Share premium

153,998

153,998

Retained earnings

561,618

584,289

715,622

738,293

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 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 director and authorised for issue on 27 July 2023 and were signed by:

Dr S P Boulis - Director

1.	STATUTORY INFORMATION

The Whiter Smile 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover and revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods and supply of services is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods and delivery of services); 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 measure reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a 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.

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

-

20% on cost and 20% on reducing balance

Stocks

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

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

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.

Impairment of assets

A 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.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2021 - 42 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2021

and 31 October 2022

449,999

AMORTISATION

At 1 November 2021

and 31 October 2022

449,999

NET BOOK VALUE

At 31 October 2022

-

At 31 October 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 November 2021

2,728,363

632,749

3,361,112

Disposals

-

(154,558

)

(154,558

)

At 31 October 2022

2,728,363

478,191

3,206,554

DEPRECIATION

At 1 November 2021

46,867

483,413

530,280

Charge for year

-

10,084

10,084

Eliminated on disposal

-

(55,641

)

(55,641

)

At 31 October 2022

46,867

437,856

484,723

NET BOOK VALUE

At 31 October 2022

2,681,496

40,335

2,721,831

At 31 October 2021

2,681,496

149,336

2,830,832

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Amounts owed by participating interests

2,039,180

2,384,530

Other debtors

400,633

291,000

2,439,813

2,675,530

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Bank loans and overdrafts

282,066

282,066

Trade creditors

18,118

-

Amounts owed to group undertakings

2,636,516

2,613,216

Taxation and social security

254,921

166,301

Other creditors

770,553

214,290

3,962,174

3,275,873

Included within other creditors are accrued expenses of £738,873 (2021: £177,110) and deferred income of £30,000 (2021: £30,000).

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.22

31.10.21

£

£

Bank loans

525,643

1,470,544

Hire purchase contracts

-

64,919

525,643

1,535,463

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.22

31.10.21

£

£

Bank loans

807,709

1,752,610

Bank loans are secured by way of fixed and floating charge with negative pledge against company's leasehold property.

10.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking, who held 100% of the share capital of the company during this period is Pheechool Holdings Ltd, a company registered in England and Wales, registration number 09199349 and registered office address is at Langley House, Park Road, London N2 8EY, England.