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Registration number: 05938388

Exeter Estates Limited

Filleted Unaudited Financial Statements

for the Period from 1 July 2020 to 31 December 2021

 

Exeter Estates Limited
(Registration number: 05938388)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Exeter Estates Limited
(Registration number: 05938388)

Company Information

Directors

Mr D H Langley

Mr A G E Rowe OBE

Mr J Whiley

Registered office

Thompson Jenner LLP
1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Exeter Estates Limited
(Registration number: 05938388)

Balance Sheet as at 31 December 2021

Note

2021
£

(As restated)

2020
£

Fixed assets

 

Intangible assets

4

101,850

145,500

Tangible assets

5

129,265

10,004

Investment property

6

18,320,108

18,000,000

 

18,551,223

18,155,504

Current assets

 

Stocks

7

86,870

62,649

Debtors

8

1,026,088

133,678

Cash at bank and in hand

 

5,201,807

263,734

 

6,314,765

460,061

Creditors: Amounts falling due within one year

9

(16,390,249)

(5,251,454)

Net current liabilities

 

(10,075,484)

(4,791,393)

Total assets less current liabilities

 

8,475,739

13,364,111

Creditors: Amounts falling due after more than one year

9

(4,915,186)

(10,850,627)

Provisions for liabilities

(138,122)

(1,049)

Net assets

 

3,422,431

2,512,435

Capital and reserves

 

Called up share capital

4,250

4,250

Profit and loss account

3,418,181

2,508,185

Total equity

 

3,422,431

2,512,435

For the financial period ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Exeter Estates Limited
(Registration number: 05938388)

Balance Sheet as at 31 December 2021

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 July 2022 and signed on its behalf by:
 

.........................................
Mr A G E Rowe OBE
Director

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Thompson Jenner LLP
1 Colleton Crescent
Exeter
Devon
EX2 4DG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The directors have considered the impact of COVID-19 and do not consider it to have a material impact on the balances included within the financial statements.

In addition, the Directors do not consider it to cast any significant doubt upon the company's ability to continue to trade as a going concern.

The directors have taken both reactive and proactive measures in order to mitigate any risks associated with COVID-19 including managing cash flow to ensure that debts can be paid when they fall due, managing staffing levels and monitoring key customer and supplier activity.

The directors have implemented a robust system of procedures and controls in order to deal with any associated risks.
 

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021

Prior period errors

The accounts have been restated to incorporate the impact of an omission regarding the full amounts due on other loans as at 30 June 2020. The change has resulted in profits available for distribution reducing by £1,742,419. This is as a result of an increase in other loans of £1,742,419.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Computer equipment

20% reducing balance

Motor vehicles

20% reducing balance

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised over its estimated useful life. This was previously considered to be 20 years but the directors now consider that the goodwill has no more than a further 10 years of useful life remaining. Therefore the residual goodwill balance is now being amortised over 10 years from 1 July 2015.

Amortisation

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised over its estimated useful life. This was previously considered to be 20 years but the directors now consider that the goodwill has no more than a further 10 years of useful life remaining. Therefore the residual goodwill balance is now being amortised over 10 years from 1 July 2015.

Asset class

Amortisation method and rate

Goodwill

Over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 9 (2020 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2020

485,000

485,000

At 31 December 2021

485,000

485,000

Amortisation

At 1 July 2020

339,500

339,500

Amortisation charge

43,650

43,650

At 31 December 2021

383,150

383,150

Carrying amount

At 31 December 2021

101,850

101,850

At 30 June 2020

145,500

145,500

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2020

21,484

4,350

112,635

138,469

Additions

18,990

130,487

6,347

155,824

Disposals

-

(20,000)

-

(20,000)

At 31 December 2021

40,474

114,837

118,982

274,293

Depreciation

At 1 July 2020

19,982

4,039

104,444

128,465

Charge for the period

2,341

12,903

3,319

18,563

Eliminated on disposal

-

(2,000)

-

(2,000)

At 31 December 2021

22,323

14,942

107,763

145,028

Carrying amount

At 31 December 2021

18,151

99,895

11,219

129,265

At 30 June 2020

1,502

311

8,191

10,004

6

Investment properties

2021
£

At 1 July

18,000,000

Additions

320,108

At 31 December

18,320,108

There has been no valuation of investment property by an independent valuer.

7

Stocks

2021
£

2020
£

Other stocks

86,870

62,649

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021

8

Debtors

Note

2021
£

2020
£

Trade debtors

 

159,193

117,278

Amounts owed by group undertakings and undertakings in which the company has a participating interest

208,396

-

Other debtors

 

604,680

-

Prepayments and accrued income

 

53,819

16,400

Total current trade and other debtors

 

1,026,088

133,678

9

Creditors

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

10

203,508

5,033,000

Trade creditors

 

136,262

21,114

Amounts owed to group undertakings and undertakings in which the company has a participating interest

15,877,189

-

Taxation and social security

 

15,284

2,241

Other creditors

 

2,004

1,618

Accrued expenses

 

83,845

133,827

Deferred income

 

72,157

59,654

 

16,390,249

5,251,454

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £193,508 (2020 - £0).

Note

2021
£

(As restated)

2020
£

Due after one year

 

Loans and borrowings

10

4,915,186

10,850,627

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £4,854,200 (2020 - £5,033,000).

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021

10

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bank borrowings

193,800

5,033,000

Hire purchase contracts

9,708

-

203,508

5,033,000

2021
£

(As restated)

2020
£

Non-current loans and borrowings

Bank borrowings

4,892,534

-

Hire purchase contracts

22,652

-

Other borrowings

-

10,850,627

4,915,186

10,850,627

11

Parent and ultimate parent undertaking

The company's immediate parent is Exeter Estates Holdings Limited, incorporated in England and Wales.