FAR HORIZON PROPERTIES LTD - Filleted accounts

Registered number

12429957

FAR HORIZON PROPERTIES LTD

Filleted Accounts

31 January 2025

FAR HORIZON PROPERTIES LTD
Registered number:		12429957
Balance Sheet
as at 31 January 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	4		5,409,712			2,023,639

Current assets
Cash at bank and in hand		11,261			996

Creditors: amounts falling due within one year	5	(277,911)			(561,813)

Net current liabilities			(266,650)			(560,817)

Total assets less current liabilities			5,143,062			1,462,822

Creditors: amounts falling due after more than one year	6		(2,925,358)			(2,187,963)



Net assets/(liabilities)			2,217,704			(725,141)

Capital and reserves
Called up share capital			1			1
Revaluation reserve	7		3,081,361			-
Profit and loss account			(863,658)			(725,142)

Shareholder's funds			2,217,704			(725,141)

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Kenneth Wong
Director
Approved by the board on 15 October 2025

FAR HORIZON PROPERTIES LTD
Notes to the Accounts
for the year ended 31 January 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings	Please see note 2
	Leasehold land and buildings	over the lease term
	Plant and machinery	over 5 years
	Fixtures, fittings, tools and equipment	over 5 years

2	Property, Plant and Equipment

	• Freehold property is measured using the revaluation model in accordance with FRS 102 Section 17. • The property is revalued periodically to fair value by qualified independent valuers. • Depreciation is not charged on freehold property as the carrying amount is adjusted to reflect revalued amounts. • Any revaluation surplus is recognised in other comprehensive income and accumulated in equity under the revaluation reserve, unless it reverses a previous deficit recognised in profit or loss. • Revaluation deficits are recognised in profit or loss unless they reverse a previous surplus.


	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


3	Employees		2025		2024
Number				Number

	Average number of persons employed by the company		1		1


4	Tangible fixed assets
					Land and buildings
£
	Cost
	At 1 February 2024				2,105,208
	Additions				304,712
	Surplus on revaluation				2,999,792
	At 31 January 2025				5,409,712

	Depreciation
	At 1 February 2024				81,569
	Surplus on revaluation				(81,569)
	At 31 January 2025				-

	Net book value
	At 31 January 2025				5,409,712
	At 31 January 2024				2,023,639


	Freehold land and buildings:		2025		2024
£				£
	Historical cost		2,409,920		2,105,208
	Cumulative depreciation based on historical cost		226,164		177,966
			2,183,756		1,927,242


5	Creditors: amounts falling due within one year		2025		2024
£				£

	Bank loans and overdrafts		1,900		268,463
	Rent Deposit		19,248		8,237
	Director's Current Account		256,763		285,113
			277,911		561,813


6	Creditors: amounts falling due after one year		2025		2024
£				£

	Bank loans		2,925,358		2,067,963
	Other creditors		-		120,000
			2,925,358		2,187,963


7	Revaluation reserve		2025		2024
£				£

	Gain on revaluation of land and buildings		3,820,888		-
	Deferred taxation arising on the revaluation of land and buildings		(739,527)		-

	At 31 January 2025		3,081,361		-


8	Other information

	FAR HORIZON PROPERTIES LTD is a private company limited by shares and incorporated in England. Its registered office is:
	Apex House Thomas Street
	Trethomas
	Caerphilly
	Mid Glamorgan
	CF83 8DP