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Registration number: 12468906

Facecheck Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Facecheck Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

Facecheck Limited

Company Information

Director

J J A Heap

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Facecheck Limited

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

2

2

Current assets

 

Debtors

5

65,431

52,860

Cash at bank and in hand

 

10,839

4,872

 

76,270

57,732

Creditors: Amounts falling due within one year

6

(105,319)

(9,464)

Net current (liabilities)/assets

 

(29,049)

48,268

Net (liabilities)/assets

 

(29,047)

48,270

Capital and reserves

 

Called up share capital

973

933

Share premium reserve

477,757

472,639

Retained earnings

(507,777)

(425,302)

Shareholders' (deficit)/funds

 

(29,047)

48,270

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

 

Facecheck Limited

Statement of Financial Position as at 31 March 2024

The directors of Facecheck Limited have elected not to include a copy of the profit and loss account within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

Approved and authorised by the director on 26 June 2025
 

.........................................

J J A Heap

Director

Company registration number: 12468906

 

Facecheck Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is the development of a facial recognition application.

2

Accounting policies

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Group accounts not prepared

Exemption is taken from preparing consolidated financial statements on the basis that the company and its subsidiary undertakings form a small group in accordance with section 399 of Companies Act 2006.

Going concern

The company made a loss during the year to 31 March 2024 and had net assets at this date of -£29,047. During the year, the company issued further share capital, which generated additional funds for working capital purposes of £5,158. Subsequent to the year end a further share issue generated £50,000 of funds.Further working capital requirements in 2024 and 2025.

The directors are able to control expenditure and operate within cash flow requirements. The company currently does not have any banking facilities and continues to pay its creditors as they fall due.

The director has assessed the company's financial position and performance and is satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis. This assessment takes into account current and expected future cash flows, existing funding arrangements, and forecasts of business activity. The director has no reason to believe that the company will not continue to operate and meet its obligations as they fall due.

Accordingly, the directors believe that the company has adequate resources to continue in operational existence for the foreseeable future, subject to being able to raise sufficient funds as and when they are needed. For these reasons they continue to adopt the going concern basis in preparing the financial statements.

 

Facecheck Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax, returns, rebates and discounts, and is recognised in the period in which the services were provided.

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 current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Research and development

Research and development expenditure is recognised as an expense in the period in which it is incurred.

 

Facecheck Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Investments

2024
£

2023
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 April 2023

2

Carrying amount

At 31 March 2024

2

At 31 March 2023

2

5

Debtors

2024
£

2023
£

Trade debtors

62,760

52,860

Other debtors

2,671

-

65,431

52,860

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Amounts owed to group undertakings

2

2

Taxation and social security

 

-

4,712

Other creditors

 

105,317

4,750

 

105,319

9,464

7

Non adjusting events after the financial period

Subsequent to the year end, on the 17th of February 2024 the company issued 3,968 ordinary shares of 1p each for total consideration of £50,000.