2023-04-012024-03-312024-03-31false01526011FRESH FACES 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FRESH FACES LIMITED

Registered Number
01526011
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

FRESH FACES LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

WALLACE, Ian Cameron
WALLACE, Linda Barbara

Company Secretary

WALLACE, Linda Barbara

Registered Address

Unit 1 Beza Road Industrial Estate
Leeds
LS10 2BR

Registered Number

01526011 (England and Wales)
FRESH FACES LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets41,367,2211,370,834
Investments6250250
Investment property5845,000845,000
2,212,4712,216,084
Current assets
Stocks738,35033,350
Debtors867,86273,400
106,212106,750
Creditors amounts falling due within one year9(126,199)(90,759)
Net current assets (liabilities)(19,987)15,991
Total assets less current liabilities2,192,4842,232,075
Provisions for liabilities10(253,644)(253,644)
Net assets1,938,8401,978,431
Capital and reserves
Called up share capital100100
Revaluation reserve1,138,4231,111,223
Other reserves569,392569,392
Profit and loss account230,925297,716
Shareholders' funds12,131,938,8401,978,431
The financial statements were approved and authorised for issue by the Board of Directors on 27 March 2025, and are signed on its behalf by:
WALLACE, Ian Cameron
Director
Registered Company No. 01526011
FRESH FACES LIMITED
Notes to the Financial Statements
for the year ended 31 March 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.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Going concern
The directors have concluded that the company remains a going concern.
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/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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 initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-20
Fixtures and fittings15-
Vehicles25-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company enters into basic financial instrument 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 ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year65
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 23136,830136,830
At 31 March 24136,830136,830
Amortisation and impairment
At 01 April 23136,830136,830
At 31 March 24136,830136,830
Net book value
At 31 March 24--
At 31 March 23--
4.Tangible fixed assets

Land & buildings

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 April 231,360,00044,80077,3241,482,124
At 31 March 241,360,00044,80077,3241,482,124
Depreciation and impairment
At 01 April 23-35,30575,985111,290
Charge for year27,2003,41220130,813
Revaluation surplus(27,200)--(27,200)
At 31 March 24-38,71776,186114,903
Net book value
At 31 March 241,360,0006,0831,1381,367,221
At 31 March 231,360,0009,4951,3391,370,834
The land and buildings were valued by the directors on a fair value for existing use basis. The historical cost of the properties was £282,318.
5.Investment property
The Investment Property has been included at the fair value of £845,000, estimated by the director. The historical cost was £216,838.

£
Fair value at 01 April 23845,000
At 31 March 24845,000
6.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 23250250
At 31 March 24250250
Net book value
At 31 March 24250250
At 31 March 23250250

Notes

1Investments in group undertakings and participating interests
7.Stocks

2024

2023

££
Finished goods38,35033,350
Total38,35033,350
8.Debtors: amounts due within one year

2024

2023

££
Other debtors26,46216,026
Prepayments and accrued income41,40057,374
Total67,86273,400
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables64,6696,170
Bank borrowings and overdrafts6,69121,377
Taxation and social security2604,848
Other creditors50,83549,023
Accrued liabilities and deferred income3,7449,341
Total126,19990,759
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.
10.Provisions for liabilities
The provision for deferred taxation is made up as follows: Investment property revaluation ( £58,770) Freehold property revaluation (£194,874)

2024

2023

££
Net deferred tax liability (asset)253,644253,644
Total253,644253,644
11.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £847 (2023:£847).
12.Fair value reserve
Included in other reserves at 31 March 2024 are investment property reserves. These reserves are not available for distribution to shareholders.

£
Fair value reserve at 01 April 23569,392
At 31 March 24569,392
13.Revaluation reserve
The revaluation reserve is a non-distributable reserve

£
Reserve at 01 April 231,111,223
Revaluations of plant, property and equipment27,200
At 31 March 241,138,423
14.Related party transactions
On 1st April 2023 the company owed the Director’s £49,023. During the period the directors were repaid £1,350 and introduced a further £3,161. At 31March 2024 the company owed the Directors’ £50,835. No interest was charged on this loan and the loan is repayable on demand.