REGISTERED NUMBER: 04224950 (England and Wales)

SMILING FACES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr. A.P. Osborne

Mrs. S.J. Osborne

SECRETARY:

Mr. A.P. Osborne

REGISTERED OFFICE:

Unit 1B

Hillmans Farm and Business Centre

Bolney Chapel Road

Twineham

West Sussex

RH17 5NN

REGISTERED NUMBER:

04224950 (England and Wales)

ACCOUNTANTS:

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and

certain other primary statements and the Report of the Directors are not required to be filed with the Registrar

of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Smiling Faces Limited for the year ended 30 November 2017 which comprise the Income

Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Smiling Faces Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Smiling Faces Limited and state those matters that we have agreed to state to the Board of Directors of Smiling Faces Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Smiling Faces Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Smiling Faces Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Smiling Faces Limited. You consider that Smiling Faces Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Smiling Faces Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

16 July 2018

FIXED ASSETS

Intangible assets

4

1,709

-

Tangible assets

5

16,568

26,552

18,277

26,552

CURRENT ASSETS

Stocks

64,242

66,378

Debtors

6

170,522

246,333

Cash at bank and in hand

14,151

54,912

248,915

367,623

CREDITORS

Amounts falling due within one year

7

131,844

249,808

NET CURRENT ASSETS

117,071

117,815

TOTAL ASSETS LESS CURRENT LIABILITIES

135,348

144,367

CREDITORS

Amounts falling due after more than one year

8

(14,059

)

(15,220

)

PROVISIONS FOR LIABILITIES

(2,846

)

(4,750

)

NET ASSETS

118,443

124,397

CAPITAL AND RESERVES

Called up share capital

250

250

Share premium

132,457

132,457

Retained earnings

(14,264

)

(8,310

)

SHAREHOLDERS' FUNDS

118,443

124,397

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 16 July 2018 and were signed on its behalf by:

Mr. A.P. Osborne - Director

1.	STATUTORY INFORMATION

Smiling Faces 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 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.

Turnover

Turnover represents net sales of goods/services, excluding value added tax

Goodwill

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

Patents and licences are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

5% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% 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.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 December 2016

10,000

11,316

21,316

Additions

-

2,136

2,136

At 30 November 2017

10,000

13,452

23,452

AMORTISATION

At 1 December 2016

10,000

11,316

21,316

Charge for year

-

427

427

At 30 November 2017

10,000

11,743

21,743

NET BOOK VALUE

At 30 November 2017

-

1,709

1,709

At 30 November 2016

-

-

-

5.	TANGIBLE FIXED ASSETS

Improvements

to

Motor

Computer

property

vehicles

equipment

Totals

£

£

£

£

COST

At 1 December 2016

10,778

31,861

17,066

59,705

Additions

-

6,533

1,608

8,141

Disposals

-

(25,075

)

-

(25,075

)

At 30 November 2017

10,778

13,319

18,674

42,771

DEPRECIATION

At 1 December 2016

8,911

14,968

9,274

33,153

Charge for year

280

2,330

1,411

4,021

Eliminated on disposal

-

(10,971

)

-

(10,971

)

At 30 November 2017

9,191

6,327

10,685

26,203

NET BOOK VALUE

At 30 November 2017

1,587

6,992

7,989

16,568

At 30 November 2016

1,867

16,893

7,792

26,552

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 December 2016

30,034

Additions

6,533

Disposals

(25,075

)

Transfer to ownership

(4,959

)

At 30 November 2017

6,533

DEPRECIATION

At 1 December 2016

13,141

Charge for year

2,330

Eliminated on disposal

(10,971

)

Transfer to ownership

(2,867

)

At 30 November 2017

1,633

NET BOOK VALUE

At 30 November 2017

4,900

At 30 November 2016

16,893

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

100,745

209,065

Amounts owed by group undertakings

21,865

-

Other debtors

47,912

37,268

170,522

246,333

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

6,042

5,939

Trade creditors

30,851

46,530

Amounts owed to group undertakings

-

18,133

Taxation and social security

39,301

58,069

Other creditors

55,650

121,137

131,844

249,808

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

14,059

15,220

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2017 and

30 November 2016:

2017

2016

£

£

Mr. A.P. Osborne and Mrs. S.J. Osborne

Balance outstanding at start of year

-

-

Amounts advanced

47,115

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

47,115

-

10.	ULTIMATE CONTROLLING PARTY

The control of the company is exercised by FW Incorp 2 Limited by virtue of its shareholdings.