Debaff Holdings Limited
Unaudited Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 00832673 (England and Wales)
Debaff Holdings Limited
Company Information
Directors
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 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
41,468
51,838
Investment properties
5
22,253,350
17,000,000
22,294,818
17,051,838
Current assets
Debtors
6
592,619
617,945
Cash at bank and in hand
360,122
494,909
952,741
1,112,854
Creditors: amounts falling due within one year
7
(1,256,310)
(1,350,911)
Net current liabilities
(303,569)
(238,057)
Total assets less current liabilities
21,991,249
16,813,781
Creditors: amounts falling due after more than one year
8
(1,030,808)
(1,443,733)
Provisions for liabilities
10
(783,585)
(205,112)
Net assets
20,176,856
15,164,936
Capital and reserves
Called up share capital
11
19,281
19,281
Revaluation reserve
9,438,328
5,646,870
Profit and loss reserves
10,719,247
9,498,785
Total equity
20,176,856
15,164,936
Debaff Holdings Limited
Balance Sheet (Continued)
As at 31 December 2024
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 2024 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.

T he 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 19 September 2025 and are signed on its behalf by:
J D Farrar
Director
Company Registration No. 00832673
Debaff Holdings Limited
Statement of Changes in Equity
For the year ended 31 December 2024
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
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
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
5,062,051
5,062,051
Dividends
-
-
(50,131)
(50,131)
Transfer of unrealised fair value gains on investment property
-
4,371,441
(4,371,441)
-
Transfer of deferred tax provision on unrealised fair value gains on investment property
-
(579,983)
579,983
-
Balance at 31 December 2024
19,281
9,438,328
10,719,247
20,176,856
Debaff Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
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 a mounts 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 a t 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 2024
1
Accounting policies
(Continued)
Page 5
1.5
Financial instruments

The c ompany 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 are valued at their fair value. Grave Jenkins were engaged to prepare a valuation report, which was completed on 20 January 2025 by Members of the Royal Institution of Chartered Surveyors. The directors consider it appropriate to apply these valuations at the balance sheet date.

Debaff Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 6
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was :

2024
2023
Number
Number
Total
7
7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
111,536
Depreciation and impairment
At 1 January 2024
59,698
Depreciation charged in the year
10,370
At 31 December 2024
70,068
Carrying amount
At 31 December 2024
41,468
At 31 December 2023
51,838
5
Investment property
2024
£
Fair value
At 1 January 2024
17,000,000
Revaluations
5,253,350
At 31 December 2024
22,253,350

The investment properties are valued at their fair value. Grave Jenkins were engaged to prepare a valuation report, which was completed on 20 January 2025 by Members of the Royal Institution of Chartered Surveyors. The directors consider it appropriate to apply these valuations at the balance sheet date.

The historical cost of the properties included at the balance sheet date is £12,11 1,986 (20 23: £12,111,986).

Debaff Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 7
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
168,191
262,882
Other debtors
368,388
307,204
Prepayments and accrued income
56,040
47,859
592,619
617,945
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
403,892
366,441
Trade creditors
11,957
18,418
Corporation tax
133,384
131,440
Other taxation and social security
85,529
94,380
Other creditors
229,307
332,948
Accruals and deferred income
392,241
407,284
1,256,310
1,350,911
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
1,030,808
1,443,733

A bank loan of £749,026 (20 23: £967,828) 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 £685,674 (20 23: £842,346) 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.

9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
783,585
205,112
Debaff Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 8
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
2024
2023
Balances:
£
£
Accelerated capital allowances
203,602
205,112
Investment property fair value gains
579,983
-
783,585
205,112
2024
Movements in the year:
£
Liability at 1 January 2024
205,112
Charge to profit or loss
578,473
Liability at 31 December 2024
783,585
11
Called up share capital
2024
2023
£
£
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:

2024
2023
£
£
Total tenant lease commitments
4,004,880
4,644,811
Debaff Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 9
13
Related party transactions

At the year end, the company had a balance of £100,167 (2023: £148,922) due to The Estate of D B Farrar. D B Farrar was the chairman of the company until his passing on 3 September 2024. The balance is included in creditor s falling due within one year. During the year interest of £3,938 (20 23: £7,920) was charged on the loan. During the year rent of £1,375 (2023: £3,00 0) was paid to D B Farrar.

At the year end, the company was owed £17,980 (20 23: £17,980) by E Farrar, a relation of the directors of the company. During the year rent of £2,350 (2023: £3,956) 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 £78,529 (20 23: £36,833).

At the year end, the company was owed £8,000 (2023; £8,000) by R Maunder, a relation of the directors of the company.

At the year end, the company was owed £5,000 (2023; £5,000) by J Farrar, a relation of the directors of the company.

At the year end, the company was owed £19,000 (2023; £nil) by O Farrar, a relation of the directors of the company.

At the year end, the company was owed £5,000 (2023; £nil) by E Maunder, 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%
160,619
-
2,540
-
163,159
J D Farrar -
-
32,000
-
-
-
32,000
H J Maunder -
-
10,000
-
-
-
10,000
202,619
-
2,540
-
205,159
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