FRESH FACES LIMITED

FRESH FACES LIMITED - Company Information

2022-04-012023-03-312023-03-31false01526011FRESH FACES LIMITED2024-03-1901500iso4217:GBPxbrli:pure015260112022-04-01015260112023-03-31015260112022-04-012023-03-31015260112021-04-01015260112022-03-31015260112021-04-012022-03-3101526011bus:SmallEntities2022-04-012023-03-3101526011bus:AuditExempt-NoAccountantsReport2022-04-012023-03-3101526011bus:FullAccounts2022-04-012023-03-3101526011bus:PrivateLimitedCompanyLtd2022-04-012023-03-3101526011core:WithinOneYear2023-03-3101526011core:AfterOneYear2023-03-3101526011core:WithinOneYear2022-03-3101526011core:AfterOneYear2022-03-3101526011core:ShareCapital2023-03-3101526011core:SharePremium2023-03-3101526011core:RevaluationReserve2023-03-3101526011core:OtherReservesSubtotal2023-03-3101526011core:RetainedEarningsAccumulatedLosses2023-03-3101526011core:ShareCapital2022-03-3101526011core:SharePremium2022-03-3101526011core:RevaluationReserve2022-03-3101526011core:OtherReservesSubtotal2022-03-3101526011core:RetainedEarningsAccumulatedLosses2022-03-3101526011core:LandBuildings2023-03-3101526011core:PlantMachinery2023-03-3101526011core:Vehicles2023-03-3101526011core:FurnitureFittings2023-03-3101526011core:OfficeEquipment2023-03-3101526011core:NetGoodwill2023-03-3101526011core:IntangibleAssetsOtherThanGoodwill2023-03-3101526011core:ListedExchangeTraded2023-03-3101526011core:UnlistedNon-exchangeTraded2023-03-3101526011core:LandBuildings2022-03-3101526011core:PlantMachinery2022-03-3101526011core:Vehicles2022-03-3101526011core:FurnitureFittings2022-03-3101526011core:OfficeEquipment2022-03-3101526011core:NetGoodwill2022-03-3101526011core:IntangibleAssetsOtherThanGoodwill2022-03-3101526011core:ListedExchangeTraded2022-03-3101526011core:UnlistedNon-exchangeTraded2022-03-3101526011core:LandBuildings2022-04-012023-03-3101526011core:PlantMachinery2022-04-012023-03-3101526011core:Vehicles2022-04-012023-03-3101526011core:FurnitureFittings2022-04-012023-03-3101526011core:OfficeEquipment2022-04-012023-03-3101526011core:NetGoodwill2022-04-012023-03-3101526011core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3101526011core:ListedExchangeTraded2022-04-012023-03-3101526011core:UnlistedNon-exchangeTraded2022-04-012023-03-3101526011core:MoreThanFiveYears2022-04-012023-03-3101526011core:Non-currentFinancialInstruments2023-03-3101526011core:Non-currentFinancialInstruments2022-03-3101526011dpl:CostSales2022-04-012023-03-3101526011dpl:DistributionCosts2022-04-012023-03-3101526011core:LandBuildings2022-04-012023-03-3101526011core:PlantMachinery2022-04-012023-03-3101526011core:Vehicles2022-04-012023-03-3101526011core:FurnitureFittings2022-04-012023-03-3101526011core:OfficeEquipment2022-04-012023-03-3101526011dpl:AdministrativeExpenses2022-04-012023-03-3101526011core:NetGoodwill2022-04-012023-03-3101526011core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3101526011dpl:GroupUndertakings2022-04-012023-03-3101526011dpl:ParticipatingInterests2022-04-012023-03-3101526011dpl:GroupUndertakingscore:ListedExchangeTraded2022-04-012023-03-3101526011core:ListedExchangeTraded2022-04-012023-03-3101526011dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-04-012023-03-3101526011core:UnlistedNon-exchangeTraded2022-04-012023-03-3101526011dpl:CostSales2021-04-012022-03-3101526011dpl:DistributionCosts2021-04-012022-03-3101526011core:LandBuildings2021-04-012022-03-3101526011core:PlantMachinery2021-04-012022-03-3101526011core:Vehicles2021-04-012022-03-3101526011core:FurnitureFittings2021-04-012022-03-3101526011core:OfficeEquipment2021-04-012022-03-3101526011dpl:AdministrativeExpenses2021-04-012022-03-3101526011core:NetGoodwill2021-04-012022-03-3101526011core:IntangibleAssetsOtherThanGoodwill2021-04-012022-03-3101526011dpl:GroupUndertakings2021-04-012022-03-3101526011dpl:ParticipatingInterests2021-04-012022-03-3101526011dpl:GroupUndertakingscore:ListedExchangeTraded2021-04-012022-03-3101526011core:ListedExchangeTraded2021-04-012022-03-3101526011dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-04-012022-03-3101526011core:UnlistedNon-exchangeTraded2021-04-012022-03-3101526011core:NetGoodwill2023-03-3101526011core:IntangibleAssetsOtherThanGoodwill2023-03-3101526011core:LandBuildings2023-03-3101526011core:PlantMachinery2023-03-3101526011core:Vehicles2023-03-3101526011core:FurnitureFittings2023-03-3101526011core:OfficeEquipment2023-03-3101526011core:AfterOneYear2023-03-3101526011core:WithinOneYear2023-03-3101526011core:ListedExchangeTraded2023-03-3101526011core:UnlistedNon-exchangeTraded2023-03-3101526011core:ShareCapital2023-03-3101526011core:SharePremium2023-03-3101526011core:RevaluationReserve2023-03-3101526011core:OtherReservesSubtotal2023-03-3101526011core:RetainedEarningsAccumulatedLosses2023-03-3101526011core:NetGoodwill2022-03-3101526011core:IntangibleAssetsOtherThanGoodwill2022-03-3101526011core:LandBuildings2022-03-3101526011core:PlantMachinery2022-03-3101526011core:Vehicles2022-03-3101526011core:FurnitureFittings2022-03-3101526011core:OfficeEquipment2022-03-3101526011core:AfterOneYear2022-03-3101526011core:WithinOneYear2022-03-3101526011core:Liste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FRESH FACES LIMITED

Registered Number
01526011
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

FRESH FACES LIMITED

Company Information
for the year from 1 April 2022 to 31 March 2023


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 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	6		1,370,834		1,366,089
Investments	7		250		250
Investment property	8		845,000		845,000
			2,216,084		2,211,339
Current assets
Stocks	13	33,350		33,150
Debtors	14	73,400		9,191
Cash at bank and on hand		-		31,681
		106,750		74,022
Creditors amounts falling due within one year	15	(90,759)		(57,622)
Net current assets (liabilities)			15,991		16,400
Total assets less current liabilities			2,232,075		2,227,739
Provisions for liabilities	16		(253,644)		(223,644)
Net assets			1,978,431		2,004,095
Capital and reserves
Called up share capital			100		100
Revaluation reserve			1,111,223		1,114,023
Other reserves			569,392		569,392
Profit and loss account			297,716		320,580
Shareholders' funds	11		1,978,431		2,004,095

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 19 March 2024, and are signed on its behalf by:

WALLACE, Ian Cameron
Director

WALLACE, Linda Barbara
Director

Registered Company No. 01526011

FRESH FACES LIMITED

Notes to the Financial Statements
for the year ended 31 March 2023

1.	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.

2.	Basis of measurement used in financial statements
	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.

3.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	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.

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.

	Property, plant and equipment policy
	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:

Property, plant and equipment policy

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:

	Intangible assets policy
	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.

	Investment property policy
	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 policy
	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.

	Taxation policy
	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 policy
	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.

Deferred tax policy

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.

	Government grants and other government assistance policy
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Government grants and other government assistance policy

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

	Investments policy
	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.

Investments policy

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.

	Employee benefits policy
	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.

Employee benefits policy

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.

	Valuation of financial instruments policy
	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.

	Going concern
	The directors have concluded that the company remains a going concern.

4.	Employee information


		2023		2022
	Average number of employees during the year	5		5

5.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 April 22	136,830	136,830
At 31 March 23	136,830	136,830
Amortisation and impairment
At 01 April 22	136,830	136,830
At 31 March 23	136,830	136,830
Net book value
At 31 March 23	-	-
At 31 March 22	-	-

6.	Property, plant and equipment

	Land & buildings	Vehicles	Fixtures & fittings	Total
	£	£	£	£
Cost or valuation
At 01 April 22	1,360,000	37,500	77,324	1,474,824
Additions	-	7,300	-	7,300
At 31 March 23	1,360,000	44,800	77,324	1,482,124
Depreciation and impairment
At 01 April 22	-	32,986	75,749	108,735
Charge for year	27,200	2,319	236	29,755
On disposals	(27,200)	-	-	(27,200)
At 31 March 23	-	35,305	75,985	111,290
Net book value
At 31 March 23	1,360,000	9,495	1,339	1,370,834
At 31 March 22	1,360,000	4,514	1,575	1,366,089


	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.

7.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 April 22	250	250
At 31 March 23	250	250
Net book value
At 31 March 23	250	250
At 31 March 22	250	250

	Notes
	¹Investments in group undertakings and participating interests

8.	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 22	845,000
	At 31 March 23	845,000

9.	Off balance sheet pension commitments
	The pension cost charge represents contributions payable by the company to the fund and amounted to £847 (2022:£847).

10.	Description of nature of transactions and balances with related parties
	On 1st April 2022 the company owed the Director’s £45,862. During the period the directors were repaid £Nil and introduced a further £3,161. At 31March 2023 the company owed the Directors’ £49,023. No interest was charged on this loan and the loan is repayable on demand.

11.	Fair value reserve
	Included in other reserves at 31 March 2023 are investment property reserves. These reserves are not available for distribution to shareholders.


		£
	Fair value reserve at 01 April 22	569,392
	At 31 March 23	569,392

12.	Movements in revaluation reserve
	The revaluation reserve is a non-distributable reserve


		£
	Reserve at 01 April 22	1,114,023
	Revaluations of plant, property and equipment	27,200
	Deferred Tax on Revaluations	(30,000)
	At 31 March 23	1,111,223

13.	Stocks

	2023	2022
	£	£
Finished goods	33,350	33,150
Total	33,350	33,150

14.	Debtors

	2023	2022
	£	£
Trade debtors / trade receivables	-	771
Other debtors	16,026	4,179
Prepayments and accrued income	57,374	4,241
Total	73,400	9,191


	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 assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

15.	Creditors within one year

	2023	2022
	£	£
Trade creditors / trade payables	6,170	8,022
Bank borrowings and overdrafts	21,378	-
Taxation and social security	4,848	-
Other creditors	49,023	45,862
Accrued liabilities and deferred income	9,340	3,738
Total	90,759	57,622


	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.

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.

16.	Provisions for liabilities
	The provision for deferred taxation is made up as follows: Investment property revaluation ( £58,770) Freehold property revaluation (£194,874)

	2023	2022
	£	£
Net deferred tax liability (asset)	253,644	223,644
Total	253,644	223,644