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REGISTERED NUMBER: 12352919 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31st March 2023

for

Inter Face IP Ltd

Inter Face IP Ltd (Registered number: 12352919)

Contents of the Financial Statements
for the Year Ended 31st March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Inter Face IP Ltd

Company Information
for the Year Ended 31st March 2023







DIRECTOR: Mr S I Warrington





REGISTERED OFFICE: C/O Towers + Gornall Ltd
River View, 96 High Street
Garstang
Preston
Lancashire
PR3 1WZ





REGISTERED NUMBER: 12352919 (England and Wales)





ACCOUNTANTS: Towers + Gornall Ltd
Chartered Certified Accountants
River View
96 High Street
Garstang
Preston
Lancashire
PR3 1WZ

Inter Face IP Ltd (Registered number: 12352919)

Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 226,016 41,866
Investments 5 100 100
226,116 41,966

CURRENT ASSETS
Debtors 6 7,960 7,841
Cash in hand - 119
7,960 7,960
CREDITORS
Amounts falling due within one year 7 81,190 49,022
NET CURRENT LIABILITIES (73,230 ) (41,062 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

152,886

904

CAPITAL AND RESERVES
Called up share capital 200 200
Revaluation reserve 8 184,000 -
Retained earnings (31,314 ) 704
SHAREHOLDERS' FUNDS 152,886 904

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 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 30th September 2023 and were signed by:





Mr S I Warrington - Director


Inter Face IP Ltd (Registered number: 12352919)

Notes to the Financial Statements
for the Year Ended 31st March 2023


1. STATUTORY INFORMATION

Inter Face IP Ltd 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 as modified by the revaluation of certain assets.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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 loses.

Patents and licences are being amortised evenly over their estimated useful life of ten years but none in the year of revaluation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Inter Face IP Ltd (Registered number: 12352919)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST OR VALUATION
At 1st April 2022 49,800
Additions 5,700
Revaluations 184,000
At 31st March 2023 239,500
AMORTISATION
At 1st April 2022 7,934
Charge for year 5,550
At 31st March 2023 13,484
NET BOOK VALUE
At 31st March 2023 226,016
At 31st March 2022 41,866

Cost or valuation at 31st March 2023 is represented by:

Other
intangible
assets
£   
Valuation in 2023 184,000
Cost 55,500
239,500

The revaluation of IP was undertaken by a professional firm specialising in this area, who have no connection to the directors.

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st April 2022
and 31st March 2023 100
NET BOOK VALUE
At 31st March 2023 100
At 31st March 2022 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 2
Other debtors 7,960 7,839
7,960 7,841

Inter Face IP Ltd (Registered number: 12352919)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 71,190 48,422
Other creditors 10,000 600
81,190 49,022

8. RESERVES
Revaluation
reserve
£   
Cash share issue 184,000

At 31st March 2023 184,000

9. RELATED PARTY DISCLOSURES

An inter company loan loan exists in current liabilities of £71,190. This is between Inter Face IP Ltd and Demo Face Ltd. Demo Face Ltd is wholly owned by Inter Face IP Ltd, whose shareholders include Mr S Warrington and Ms H Gray.