Debaff Holdings Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 00832673 (England and Wales)
Debaff Holdings Limited
Company Information
Directors
D B Farrar
W G Farrar
E B Farrar
J D Farrar
H J Maunder
Company number
00832673
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Debaff Holdings Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
51,838
60,658
Investment properties
5
17,000,000
17,000,000
17,051,838
17,060,658
Current assets
Debtors
6
617,945
636,269
Cash at bank and in hand
494,909
256,513
1,112,854
892,782
Creditors: amounts falling due within one year
7
(1,350,911)
(1,161,794)
Net current liabilities
(238,057)
(269,012)
Total assets less current liabilities
16,813,781
16,791,646
Creditors: amounts falling due after more than one year
8
(1,443,733)
(1,817,040)
Provisions for liabilities
10
(205,112)
(206,120)
Net assets
15,164,936
14,768,486
Capital and reserves
Called up share capital
11
19,281
19,281
Revaluation reserve
5,646,870
5,646,870
Profit and loss reserves
9,498,785
9,102,335
Total equity
15,164,936
14,768,486
Debaff Holdings Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
D B Farrar
J D Farrar
Director
Director
Company Registration No. 00832673
Debaff Holdings Limited
Statement of Changes in Equity
For the year ended 31 December 2023
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
19,281
5,926,870
9,417,807
15,363,958
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(595,472)
(595,472)
Transfer of revaluation gains
-
(280,000)
280,000
-
Balance at 31 December 2022
19,281
5,646,870
9,102,335
14,768,486
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
496,326
496,326
Dividends
-
-
(99,876)
(99,876)
Balance at 31 December 2023
19,281
5,646,870
9,498,785
15,164,936
Debaff Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 4
1
Accounting policies
Company information
Debaff Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rent and service charges receivable net of value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Plant and machinery
20% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
20% reducing balance
Office equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
The cumulative surplus on revaluation whilst recognised in profit or loss, is not distributable. The company transfers such revaluation surplus to a separate revaluation reserve within retained earnings together with the associated deferred tax annually.
Although this accounting policy is in accordance with Section 1A of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Debaff Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as ‘other’ or basic instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Property Valuation
The investment properties owned by the company have been valued by the directors as at 31 December 2023.
Debaff Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was :
2023
2022
Number
Number
Total
7
8
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
107,615
Additions
3,921
At 31 December 2023
111,536
Depreciation and impairment
At 1 January 2023
46,957
Depreciation charged in the year
12,741
At 31 December 2023
59,698
Carrying amount
At 31 December 2023
51,838
At 31 December 2022
60,658
The cost and depreciation figures at 1 January 2023 have both been reduced by £27,254 from the closing figures reported in the financial statements for the year ended 31 December 2022. This is to correct an overstatement in the prior year closing figures and does not impact any of the other figures reported in the current or prior year.
5
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
17,000,000
The investment properties are valued at their fair value by the directors of the company.
The historical cost of the properties included at the balance sheet date is £12,111,986 (2022: £12,111,986).
Debaff Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
262,882
261,877
Other debtors
355,063
374,392
617,945
636,269
Included within other debtors is £127,000 (2022: £127,000) due after more than one year.
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
366,441
348,886
Trade creditors
18,418
18,665
Corporation tax
131,440
3,375
Other taxation and social security
94,380
94,655
Other creditors
332,948
294,396
Accruals and deferred income
407,284
401,817
1,350,911
1,161,794
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,443,733
1,817,040
A bank loan of £967,828 (2022: £1,175,891) is repayable by January 2028 and is secured on the Investment Properties. During the year interest was being charged at 5.14%
A bank loan of £842,346 (2022: £990,035) is repayable by January 2028 and is secured on the Investment Properties. During the year interest was being charged at 3.29% over the Bank of England base rate.
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
201,328
Debaff Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
10
205,112
206,120
10
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated Capital Allowances
205,112
206,120
2023
Movements in the year:
£
Liability at 1 January 2023
206,120
Credit to profit or loss
(1,008)
Liability at 31 December 2023
205,112
11
Called up share capital
2023
2022
£
£
Issued and fully paid
19,281 Ordinary Shares of £1 each
19,281
19,281
12
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
Total tenant lease commitments
4,644,811
3,841,148
Debaff Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 9
13
Related party transactions
During the year, the company charged a management fee of £nil (2022: £20,500) to Debaff Developments Limited, a company under common control until its liquidation during the year.
At the year end, the company had a balance of £148,922 (2022: £148,922) due to D B Farrar, a company director. The balance is included in creditors falling due within one year. During the year interest of £7,920 (2022: £7,920) was charged on the loan. During the year rent of £3,000 (2022: £2,250) was paid to D B Farrar.
At the year end, the company had a short term loan of £nil (2022: £20,000) due to W G Farrar, a company director. The balance was included in creditors falling due within one year.
At the year end, the company was owed £17,980 (2022: £18,080) by E Farrar, W G Farrar's daughter. During the year rent of £3,956 (2022: £8,006) was paid to E Farrar.
During the year E B Farrar, a director of the company, provided consultancy services on an arms length basis to the company of £36,833 (2022: £9,100).
At the year end, the company was owed £8,000 (2022; £8,000) by R Maunder, a relation of the directors of the company.
At the year end, the company was owed £5,000 (2022; £5,000) by J Farrar, a relation of the directors of the company.
14
Directors' transactions
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
W G Farrar -
2.00%
158,079
-
2,540
-
160,619
J D Farrar -
-
32,000
-
-
-
32,000
H J Maunder -
-
10,000
-
-
-
10,000
200,079
-
2,540
-
202,619
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