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Registration number: 05225010

Famous Faces Promotions Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Famous Faces Promotions Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Famous Faces Promotions Limited

(Registration number: 05225010)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

48

57

 

49

58

Current assets

 

Debtors

6

-

3,711

Cash at bank and in hand

 

19,119

15,903

 

19,119

19,614

Creditors: Amounts falling due within one year

7

(48,277)

(39,758)

Net current liabilities

 

(29,158)

(20,144)

Net liabilities

 

(29,109)

(20,086)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(29,209)

(20,186)

Shareholders' deficit

 

(29,109)

(20,086)

 

Famous Faces Promotions Limited

(Registration number: 05225010)
Statement of Financial Position as at 30 September 2024 (continued)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 


Mr J Harmer
Director

 

Famous Faces Promotions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Court Barton Farm
Aveton Gifford
Nr Kingsbridge
Devon
TQ7 4LE

Principal activity

The principal activity of the company is provision of speakers, celebrities and artists for promotions, conferences and events

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support of the company's directors.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets.

The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

 

Famous Faces Promotions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing balance

Computer equipment

20% Straight line

Website

20% Straight line

 

Famous Faces Promotions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.Goodwill is amortised on a straight line basis over its useful life.

The goodwill was fully amortised in the accounting period to 30 September 2019 and in the opinion of the directors there will remain value in the goodwill and client contacts of the company throughout the useful life of the asset.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 15 years

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Famous Faces Promotions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

141,500

141,500

At 30 September 2024

141,500

141,500

Amortisation

At 1 October 2023

141,499

141,499

At 30 September 2024

141,499

141,499

Carrying amount

At 30 September 2024

1

1

At 30 September 2023

1

1

5

Tangible assets

Computer equipment
£

Plant and machinery
£

Website
£

Total
£

Cost or valuation

At 1 October 2023

500

762

1,700

2,962

At 30 September 2024

500

762

1,700

2,962

Depreciation

At 1 October 2023

500

705

1,700

2,905

Charge for the year

-

9

-

9

At 30 September 2024

500

714

1,700

2,914

Carrying amount

At 30 September 2024

-

48

-

48

At 30 September 2023

-

57

-

57

6

Debtors

2024
£

2023
£

Trade debtors

-

3,711

-

3,711

 

Famous Faces Promotions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

5,217

6,100

Taxation and social security

884

348

Other creditors

42,176

33,310

48,277

39,758

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Related party transactions

Transactions with directors

During the year the directors entered into the following advances and credits with the company:

2024

At 1 October 2023
£

Advances to director
£

At 30 September 2024
£

Directors

(30,281)

(8,420)

(38,701)

       
     

 

2023

At 1 October 2022
£

Advances to director
£

At 30 September 2023
£

Directors

(37,549)

7,268

(30,281)