LEO FARROW PROPERTIES LIMITED


Director	L G Farrow


Registered Address	12a Marlborough Place
	Brighton
	BN1 1WN


Registered Number	04501951 (England and Wales)

Balance Sheet as at
5 April 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		2,750,000		2,750,000
			2,750,000		2,750,000
Current assets
Debtors	4	901,096		560,897
Cash at bank and on hand		12,241		30,884
		913,337		591,781
Creditors amounts falling due within one year	5	(5,413)		(6,581)
Net current assets (liabilities)			907,924		585,200
Total assets less current liabilities			3,657,924		3,335,200
Creditors amounts falling due after one year	6		(1,737,790)		(1,433,315)
Provisions for liabilities	8		(295,768)		(295,768)
Net assets			1,624,366		1,606,117
Capital and reserves
Called up share capital			100		100
Revaluation reserve			1,260,903		1,260,903
Profit and loss account			363,363		345,114
Shareholders' funds			1,624,366		1,606,117

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Director on 1 December 2025, and are signed on its behalf by:

L G Farrow
Director
Registered Company No. 04501951

LEO FARROW PROPERTIES LIMITED

Notes to the Financial Statements
for the year ended 5 April 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	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).

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

	Deferred tax
	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.

Deferred tax

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.

	Tangible fixed assets and depreciation
	The policy of not providing depreciation on freehold property is in accordance with the procedure laid down in Section 1A 'Small Entities' of Financial Reporting Standard 102. The policy is a departure from the specific requirement of the Companies Act 2006 to provide depreciation on any fixed asset which has a limited useful economic life. The departure from the Companies Act 2006 requirements is, in the opinion of the director, necessary in order to give a true and fair view in accordance with Section 1A of FRS102.

Tangible fixed assets and depreciation

The policy of not providing depreciation on freehold property is in accordance with the procedure laid down in Section 1A 'Small Entities' of Financial Reporting Standard 102. The policy is a departure from the specific requirement of the Companies Act 2006 to provide depreciation on any fixed asset which has a limited useful economic life. The
departure from the Companies Act 2006 requirements is, in the opinion of the director, necessary in order to give a true and fair view in accordance with Section 1A of FRS102.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	0		0

3.	Tangible fixed assets

	Land & buildings	Total
	£	£
Cost or valuation
At 06 April 24	2,750,000	2,750,000
At 05 April 25	2,750,000	2,750,000
Net book value
At 05 April 25	2,750,000	2,750,000
At 05 April 24	2,750,000	2,750,000


	The company's investment properties were valued at £2,750,000 by the director on 5th April 2024, being his estimate of their open market value. If the properties were sold at £2,750,000 there would be a potential corporation tax liability of approximately £295,768 arising thereon, a provision for which has been entered. If the properties had not been revalued they would be included at their historic cost of £1,193,328

The company's investment properties were valued at £2,750,000 by the director on 5th April 2024, being his estimate of their open market value. If the properties were sold at £2,750,000 there would be a potential corporation tax liability of approximately £295,768 arising thereon, a provision for which has been entered. If the properties had not been revalued they would be included at their historic cost of £1,193,328

4.	Debtors: amounts due within one year

	2025	2024
	£	£
Other debtors	900,000	560,000
Prepayments and accrued income	1,096	897
Total	901,096	560,897

5.	Creditors: amounts due within one year

	2025	2024
	£	£
Taxation and social security	4,879	4,047
Other creditors	-	2,000
Accrued liabilities and deferred income	534	534
Total	5,413	6,581

6.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	1,737,790	1,433,315
Total	1,737,790	1,433,315

7.	Secured creditors
	The following secured debts are included within creditors: Bank loans £1,737,790 (2024: £1,433,315) The bank loans are secured by a first charge on the freehold properties.

8.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	295,768	295,768
Total	295,768	295,768

9.	Related party transactions
	The financial statements contain the following significant transactions and balances with related parties: Allan Farrow Builders Limited, a company of which the director, L Farrow, is a director and shareholder: Administrative expenses £10,000 (2024: £10,000) Debtors £900,000 (2024: £560,000)

10.	Controlling party
	The company was contolled by its director, L Farrow, throughout the period.