2024-01-012024-12-312024-12-31false06389066FACE 2 FACE FINANCIAL SERVICES SOUTH WEST 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FACE 2 FACE FINANCIAL SERVICES SOUTH WEST LIMITED

Registered Number
06389066
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

FACE 2 FACE FINANCIAL SERVICES SOUTH WEST LIMITED
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

J Northcott
A Parkes

Registered Address

Wtr House Truro Road
Lanivet
Bodmin
PL30 5HF

Registered Number

06389066 (England and Wales)
FACE 2 FACE FINANCIAL SERVICES SOUTH WEST LIMITED
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets42,1113,890
2,1113,890
Current assets
Stocks5102107
Debtors6164403
Cash at bank and on hand37,40030,749
37,66631,259
Creditors amounts falling due within one year7(33,816)(23,729)
Net current assets (liabilities)3,8507,530
Total assets less current liabilities5,96111,420
Provisions for liabilities8(401)(739)
Net assets5,56010,681
Capital and reserves
Called up share capital101101
Profit and loss account5,45910,580
Shareholders' funds5,56010,681
The financial statements were approved and authorised for issue by the Board of Directors on 26 February 2025, and are signed on its behalf by:
J Northcott
Director
Registered Company No. 06389066
FACE 2 FACE FINANCIAL SERVICES SOUTH WEST LIMITED
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Office Equipment33
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
2.Average number of employees

20242023
Average number of employees during the year33
3.Intangible assets

Total

£
Cost or valuation
At 01 January 24132,785
At 31 December 24132,785
Amortisation and impairment
At 01 January 24132,785
At 31 December 24132,785
Net book value
At 31 December 24-
At 31 December 23-
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 2417,784
At 31 December 2417,784
Depreciation and impairment
At 01 January 2413,894
Charge for year1,779
At 31 December 2415,673
Net book value
At 31 December 242,111
At 31 December 233,890
5.Stocks

2024

2023

££
Other stocks102107
Total102107
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-137
Prepayments and accrued income164266
Total164403
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables491916
Taxation and social security18,60416,187
Other creditors12,2754,226
Accrued liabilities and deferred income2,4462,400
Total33,81623,729
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)401739
Total401739
9.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
J Northcott4,1578,118012,275
4,1578,118012,275
The director's current account balances included within creditors of £12,503 (2023 - £4,157) has no fixed date for repayment, and is repayable upon demand.