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REGISTERED NUMBER: 04172797 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Stuart Farrow (Builders & Contractors)
Limited

Stuart Farrow (Builders & Contractors)
Limited (Registered number: 04172797)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Stuart Farrow (Builders & Contractors)
Limited (Registered number: 04172797)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 292,927 243,422
Investment property 7 2,470,000 2,162,069
2,762,927 2,405,491

Current assets
Stocks 8 230,000 112,033
Debtors 9 48,920 48,780
Cash at bank 241,108 552,535
520,028 713,348
Creditors
Amounts falling due within one year 10 (546,329 ) (187,936 )
Net current (liabilities)/assets (26,301 ) 525,412
Total assets less current liabilities 2,736,626 2,930,903

Creditors
Amounts falling due after more than one
year

11

(4,704

)

(429,516

)

Provisions for liabilities (204,847 ) (114,631 )
Net assets 2,527,075 2,386,756

Stuart Farrow (Builders & Contractors)
Limited (Registered number: 04172797)

Balance Sheet - continued
31 December 2023

31.12.23 31.12.22
Notes £ £
Capital and reserves
Called up share capital 400 400
Retained earnings 13 2,526,675 2,386,356
2,527,075 2,386,756

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





Mr S M Farrow - Director


Stuart Farrow (Builders & Contractors)
Limited (Registered number: 04172797)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

Stuart Farrow (Builders & Contractors) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04172797

Registered office: 10 Oak Street
Fakenham
Norfolk
NR21 9DY

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


2. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Stuart Farrow (Builders & Contractors)
Limited (Registered number: 04172797)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% straight line
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 25% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance

Tangible assets are initially recognised at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

Stuart Farrow (Builders & Contractors)
Limited (Registered number: 04172797)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Stuart Farrow (Builders & Contractors)
Limited (Registered number: 04172797)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued
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.

4. Employees and directors

The average number of employees during the year was 10 (2022 - 10 ) .

5. Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023
and 31 December 2023 30,000
Amortisation
At 1 January 2023
and 31 December 2023 30,000
Net book value
At 31 December 2023 -
At 31 December 2022 -

Stuart Farrow (Builders & Contractors)
Limited (Registered number: 04172797)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 January 2023 198,303 57,563 38,943 142,439 437,248
Additions - - 4,247 82,115 86,362
Disposals - - - (61,180 ) (61,180 )
At 31 December 2023 198,303 57,563 43,190 163,374 462,430
Depreciation
At 1 January 2023 23,796 44,433 12,094 113,503 193,826
Charge for year 3,966 1,313 7,080 12,125 24,484
Eliminated on disposal - - - (48,807 ) (48,807 )
At 31 December 2023 27,762 45,746 19,174 76,821 169,503
Net book value
At 31 December 2023 170,541 11,817 24,016 86,553 292,927
At 31 December 2022 174,507 13,130 26,849 28,936 243,422

7. Investment property
Total
£
Fair value
At 1 January 2023 2,162,069
Revaluations 307,931
At 31 December 2023 2,470,000
Net book value
At 31 December 2023 2,470,000
At 31 December 2022 2,162,069

At 31 December 2023 investment property was held at market value of £2,470,000 (2022:£2,162,069) as per the directors.

Fair value at 31 December 2023 is represented by:
£
Valuation in 2022 2,162,069
Valuation in 2023 307,931
2,470,000

Stuart Farrow (Builders & Contractors)
Limited (Registered number: 04172797)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


8. Stocks
31.12.23 31.12.22
£ £
Stocks 20,000 20,000
Work-in-progress 210,000 92,033
230,000 112,033

9. Debtors: amounts falling due within one year
31.12.23 31.12.22
£ £
Trade debtors 6,545 8,623
Other debtors - 35
Farrow Thompson Limited 10,745 10,745
Tax 6,229 -
VAT 22,381 22,101
Prepayments 3,020 7,276
48,920 48,780

10. Creditors: amounts falling due within one year
31.12.23 31.12.22
£ £
Bank loans and overdrafts 449,965 14,400
Hire purchase contracts 2,566 -
Trade creditors 77,643 108,282
Tax - 50,787
Social security and other taxes 6,923 6,231
Company card 1,010 -
CIS 1,543 1,084
Pension contributions - 2,601
Directors' loan accounts 1,139 1,139
Accrued expenses 5,540 3,412
546,329 187,936

11. Creditors: amounts falling due after more than one year
31.12.23 31.12.22
£ £
Bank loans - 2-5 years - 57,600
Bank loans more 5 yr by instal - 371,916
Hire purchase contracts 4,704 -
4,704 429,516

Stuart Farrow (Builders & Contractors)
Limited (Registered number: 04172797)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


11. Creditors: amounts falling due after more than one year - continued
31.12.23 31.12.22
£ £
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 371,916

12. Secured debts

The following secured debts are included within creditors:

31.12.23 31.12.22
£ £
Banks loans due with 1 year 449,965 14,400
Bank loans due after 1 year - 429,516
449,965 443,916

Bank loans are secured against the assets of the company.

13. Reserves

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.

31.12.2331.12.22
£   £   
Distributable2,003,3822,094,146
Non-distributable523,293292,210
2,526,6752,386,356

14. Related party transactions

At 31 December 2023 the company was owed £10,745 (2022: £10,745) by Farrow Thompson Limited, a company controlled by the directors.