Face 2 Face Mortgages Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04569432 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

FACE 2 FACE MORTGAGES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Swire

REGISTERED OFFICE:

Independent House

49-51 Church Street

Littleborough

OL15 8AB

REGISTERED NUMBER:

04569432 (England and Wales)

ACCOUNTANTS:

Cresswells

12 Market Street

Hebden Bridge

West Yorkshire

HX7 6AD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

302

378

Investment property

6

150,000

150,000

150,302

150,378

CURRENT ASSETS

Debtors

7

9,600

9,600

CREDITORS

Amounts falling due within one year

8

131,236

115,630

NET CURRENT LIABILITIES

(121,636

)

(106,030

)

TOTAL ASSETS LESS CURRENT LIABILITIES

28,666

44,348

CREDITORS

Amounts falling due after more than one year

9

8,657

22,263

NET ASSETS

20,009

22,085

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

11

9,370

9,370

Retained earnings

10,637

12,713

SHAREHOLDERS' FUNDS

20,009

22,085

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 March 2023 and were signed by:

J Swire - Director

1.	STATUTORY INFORMATION

Face 2 Face Mortgages Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - NIL ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2021

and 31 March 2022

16,000

AMORTISATION

At 1 April 2021

and 31 March 2022

16,000

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

and 31 March 2022

13,053

DEPRECIATION

At 1 April 2021

12,675

Charge for year

76

At 31 March 2022

12,751

NET BOOK VALUE

At 31 March 2022

302

At 31 March 2021

378

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

and 31 March 2022

150,000

NET BOOK VALUE

At 31 March 2022

150,000

At 31 March 2021

150,000

In the opinion of the director the market value of the investment property is the same as the cost.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by group undertakings

9,600

9,600

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

12,000

12,000

Amounts owed to group undertakings

118,335

102,730

Other creditors

901

900

131,236

115,630

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

8,657

22,263

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

20,657

34,263

The bank loan is secured by way of a legal charges dated 3rd March 2003 and a debenture dated 4th January 2004 over the freehold property of the company in favour of The Royal Bank of Scotland Plc.

11.

RESERVES

Fair

value

reserve

£

At 1 April 2021

and 31 March 2022

9,370

12.	ULTIMATE CONTROLLING PARTY

The controlling party is J Swire.