Stuart Farrow (Builders & Contractors) - Accounts to registrar (filleted)

REGISTERED NUMBER: 04172797 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Stuart Farrow (Builders & Contractors)

Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Intangible assets

5

-

Tangible assets

6

330,659

292,927

Investment property

7

975,000

2,470,000

1,305,659

2,762,927

Current assets

Stocks

8

205,516

230,000

Debtors

9

165,742

48,920

Cash at bank

1,192,006

241,108

1,563,264

520,028

Creditors

Amounts falling due within one year

10

(345,879

)

(546,329

)

Net current assets/(liabilities)

1,217,385

(26,301

)

Total assets less current liabilities

2,523,044

2,736,626

Creditors

Amounts falling due after more than one
year

11

(27,525

)

(4,704

)

Provisions for liabilities

(33,829

)

(204,847

)

Net assets

2,461,690

2,527,075

Capital and reserves

Called up share capital

400

Retained earnings

13

2,461,290

2,526,675

2,461,690

2,527,075

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 5 September 2025 and were signed on its behalf by:

Mr S M Farrow - Director

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.

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% p.a. 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.

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.

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 (2023 - 10 ) .

5.	Intangible fixed assets

Goodwill

£

Cost

At 1 January 2024

and 31 December 2024

30,000

Amortisation

At 1 January 2024

and 31 December 2024

30,000

Net book value

At 31 December 2024

-

At 31 December 2023

-

6.	Tangible fixed assets

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

Cost

At 1 January 2024

198,303

57,563

43,190

163,374

462,430

Additions

-

71,554

-

71,554

Disposals

-

(2,676

)

(2,676

)

At 31 December 2024

198,303

129,117

43,190

160,698

531,308

Depreciation

At 1 January 2024

27,762

45,746

19,174

76,821

169,503

Charge for year

3,966

2,013

6,004

21,571

33,554

Eliminated on disposal

-

(2,408

)

(2,408

)

At 31 December 2024

31,728

47,759

25,178

95,984

200,649

Net book value

At 31 December 2024

166,575

81,358

18,012

64,714

330,659

At 31 December 2023

170,541

11,817

24,016

86,553

292,927

7.	Investment property

Total

£

Fair value

At 1 January 2024

2,470,000

Disposals

(1,495,000

)

At 31 December 2024

975,000

Net book value

At 31 December 2024

975,000

At 31 December 2023

2,470,000

At 31 December 2024 investment property was held at market value of £975,000 (2023: £2,470,000) as per the directors.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2023

12,931

Cost

962,069

975,000

8.

Stocks

31.12.24

31.12.23

£

Stocks

20,000

Work-in-progress

185,516

210,000

205,516

230,000

9.

Debtors: amounts falling due within one year

31.12.24

31.12.23

£

Trade debtors

150,000

6,545

Farrow Thompson Limited

10,745

Tax

-

6,229

VAT

2,891

22,381

Prepayments

2,106

3,020

165,742

48,920

10.

Creditors: amounts falling due within one year

31.12.24

31.12.23

£

Bank loans and overdrafts

-

449,965

Hire purchase contracts

15,428

2,566

Trade creditors

142,418

77,643

Tax

173,965

-

Social security and other taxes

8,815

6,923

Company card

148

1,010

CIS

381

1,543

Directors' loan accounts

284

1,139

Accrued expenses

4,440

5,540

345,879

546,329

Included within creditors less than one year £15,428 (2023: £2,566) are secured against the assets to which they relate.

11.

Creditors: amounts falling due after more than one year

31.12.24

31.12.23

£

Hire purchase contracts

27,525

4,704

Included within creditors more than one year £27,525 (2023: £4,704) are secured against the assets to which they relate.

12.	Secured debts

The following secured debts are included within creditors:

31.12.24

31.12.23

£

Banks loans due with 1 year

-

449,965

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.

31.12.24

31.12.23

£

Distributable

2,447,825

2,003,382

Non-distributable

9,698

523,293

2,457,523

2,526,675

14.	Related party transactions

At 31 December 2024 the company was owed £10,745 (2023: £10,745) by Farrow Thompson Limited, a company controlled by the directors.