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.

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.

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.

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.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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.

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.

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.

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.

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 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.

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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

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

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 £12,111,986 (2023: £12,111,986).

A bank loan of £749,026 (2023: £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 (2023: £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.

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:

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

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 creditors falling due within one year. During the year interest of £3,938 (2023: £7,920) was charged on the loan. During the year rent of £1,375 (2023: £3,000) was paid to D B Farrar.

At the year end, the company was owed £17,980 (2023: £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 (2023: £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.