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Registration number: 02965385

Exeter Traders In Collectables Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Exeter Traders In Collectables Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Exeter Traders In Collectables Limited

Company Information

Directors

Mr T D Hughes

Mrs P A Bliss

Registered office

The Antiques Centre
The Quay
Exeter
Devon
EX2 4AP

Accountants

Wortham Jaques Limited
Chartered Accountants & Business Advisers
130A High Street
Crediton
Devon
EX17 3LQ

 

Exeter Traders In Collectables Limited

(Registration number: 02965385)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,119

1,314

Current assets

 

Debtors

5

854

4,553

Cash at bank and in hand

 

33,807

28,610

 

34,661

33,163

Creditors: Amounts falling due within one year

6

(19,887)

(16,563)

Net current assets

 

14,774

16,600

Total assets less current liabilities

 

15,893

17,914

Provisions for liabilities

-

(250)

Net assets

 

15,893

17,664

Capital and reserves

 

Retained earnings

15,893

17,664

Shareholders' funds

 

15,893

17,664

For the financial year ending 30 September 2023 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 year 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 Traders In Collectables Limited

(Registration number: 02965385)
Balance Sheet as at 30 September 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 March 2024 and signed on its behalf by:
 

.........................................
Mr T D Hughes
Director

.........................................
Mrs P A Bliss
Director

 

Exeter Traders In Collectables Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
The Antiques Centre
The Quay
Exeter
Devon
EX2 4AP

These financial statements were authorised for issue by the Board on 14 March 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Exeter Traders In Collectables Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Leasehold improvements

have been fully depreciated

Plant and machinery

25% straight line basis

Fixtures and fittings

10% straight line basis

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.

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.

Share capital

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

 

Exeter Traders In Collectables Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

3,606

17,762

21,368

At 30 September 2023

3,606

17,762

21,368

Depreciation

At 1 October 2022

3,606

16,448

20,054

Charge for the year

-

195

195

At 30 September 2023

3,606

16,643

20,249

Carrying amount

At 30 September 2023

-

1,119

1,119

At 30 September 2022

-

1,314

1,314

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Prepayments

84

3,772

Other debtors

770

781

 

854

4,553

 

Exeter Traders In Collectables Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,912

2,772

Accruals and deferred income

1,764

1,637

Other creditors

15,211

12,154

19,887

16,563

7

Related party transactions

Other transactions with directors

During the year directors paid a commercial rent appropriate for the size of the stall as follows: -
T D Hughes - £4,931 (2022 - £4,733)
M F Desforges - £2,024 (2022 - £1,905)
P A Bliss £1,822 (2022 - £1,691)

8

Parent and ultimate parent undertaking

The ultimate controlling party is the company's directors.