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REGISTERED NUMBER: 07209931 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

FACEWATCH LIMITED

FACEWATCH LIMITED (REGISTERED NUMBER: 07209931)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FACEWATCH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S Gordon
N P Fisher
J E Macpherson
G Iles
D Sumner
Professor F Sampson
S C Jones FRICS





REGISTERED OFFICE: 89 High Street
Hadleigh
Ipswich
Suffolk
IP7 5EA





BUSINESS ADDRESS: 13/14 Buckingham Street
London
WC2N 6DF





REGISTERED NUMBER: 07209931 (England and Wales)





ACCOUNTANTS: Walter Wright
Chartered Accountants
89 High Street
Hadleigh
Ipswich
Suffolk
IP7 5EA

FACEWATCH LIMITED (REGISTERED NUMBER: 07209931)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 820,293 120,202
Investments 5 280 280
820,573 120,482

CURRENT ASSETS
Stocks 233,634 108,000
Debtors 6 631,890 449,413
Cash at bank 223,309 377,350
1,088,833 934,763
CREDITORS
Amounts falling due within one year 7 1,700,721 778,183
NET CURRENT (LIABILITIES)/ASSETS (611,888 ) 156,580
TOTAL ASSETS LESS CURRENT
LIABILITIES

208,685

277,062

PROVISIONS FOR LIABILITIES 465,614 440,097
NET LIABILITIES (256,929 ) (163,035 )

CAPITAL AND RESERVES
Called up share capital 627 624
Share premium 9,356,275 9,246,278
Share option reserve 15,539 15,539
Retained earnings (9,629,370 ) (9,425,476 )
SHAREHOLDERS' FUNDS (256,929 ) (163,035 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

FACEWATCH LIMITED (REGISTERED NUMBER: 07209931)

BALANCE SHEET - continued
31 MARCH 2024


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 Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





S Gordon - Director


FACEWATCH LIMITED (REGISTERED NUMBER: 07209931)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Facewatch 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents the sales of goods and services, is recognised on dispatch of the goods or provision of the service and excludes value added tax.

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 - 33% on cost
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 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.

FACEWATCH LIMITED (REGISTERED NUMBER: 07209931)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Going concern
The company's business model is one which requires significant initial investment regarding the development of the company's intellectual property whilst the client company's user base is built up. Whilst recurring and increasing revenues are forecasted as the user base expands, this may lead to significant and unpredictable timing of cashflows The company is currently financed by equity share capital. The directors have prepared cash flow forecasts for the forthcoming 12 month period and based on these forecasts believe that sufficient funds are available to support the company's cash flow requirements for the forthcoming 12 months. On this basis the directors have prepared the accounts on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 April 2023 4,811 - 203,536 208,347
Additions - 743,400 103,316 846,716
At 31 March 2024 4,811 743,400 306,852 1,055,063
DEPRECIATION
At 1 April 2023 4,811 - 83,334 88,145
Charge for year - 71,808 74,817 146,625
At 31 March 2024 4,811 71,808 158,151 234,770
NET BOOK VALUE
At 31 March 2024 - 671,592 148,701 820,293
At 31 March 2023 - - 120,202 120,202

FACEWATCH LIMITED (REGISTERED NUMBER: 07209931)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 280
NET BOOK VALUE
At 31 March 2024 280
At 31 March 2023 280

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 458,250 348,620
Other debtors 173,640 100,793
631,890 449,413

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 161,314 32,831
Taxation and social security 86,552 28,246
Other creditors 1,452,855 717,106
1,700,721 778,183

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 36,874 36,874
Between one and five years 147,496 147,496
In more than five years 205,880 242,754
390,250 427,124

FACEWATCH LIMITED (REGISTERED NUMBER: 07209931)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
S Gordon
Balance outstanding at start of year - -
Amounts advanced 2,399 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,399 -

The loan to S Gordon is unsecured and interest free.