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Registration number: 05938388

Exeter Estates Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Exeter Estates Limited
(Registration number: 05938388)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Exeter Estates Limited
(Registration number: 05938388)

Company Information

Directors

Mr D H Langley

Mr A G E Rowe CBE

Mr J Whiley

Registered office

West Exe Business Park
Alphington
Exeter
Devon
EX2 9SL

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Exeter Estates Limited
(Registration number: 05938388)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

43,650

72,750

Tangible assets

5

286,920

260,745

Investment property

6

18,719,203

18,525,049

 

19,049,773

18,858,544

Current assets

 

Stocks

7

-

74,812

Debtors

8

586,287

575,066

Cash at bank and in hand

 

12,502

72,463

 

598,789

722,341

Creditors: Amounts falling due within one year

9

(11,379,041)

(11,058,952)

Net current liabilities

 

(10,780,252)

(10,336,611)

Total assets less current liabilities

 

8,269,521

8,521,933

Creditors: Amounts falling due after more than one year

9

(4,956,633)

(5,149,330)

Provisions for liabilities

(180,983)

(118,781)

Net assets

 

3,131,905

3,253,822

Capital and reserves

 

Called up share capital

4,250

4,250

Profit and loss account

3,127,655

3,249,572

Total equity

 

3,131,905

3,253,822

For the financial year ending 31 December 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 Estates Limited
(Registration number: 05938388)

Balance Sheet as at 31 December 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
Mr A G E Rowe CBE
Director

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
West Exe Business Park
Alphington
Exeter
Devon
EX2 9SL

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.

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 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.

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

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.

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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 year, was 9 (2022 - 11).

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

485,000

485,000

At 31 December 2023

485,000

485,000

Amortisation

At 1 January 2023

412,250

412,250

Amortisation charge

29,100

29,100

At 31 December 2023

441,350

441,350

Carrying amount

At 31 December 2023

43,650

43,650

At 31 December 2022

72,750

72,750

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

41,534

306,211

118,982

466,727

Additions

3,558

121,255

-

124,813

Disposals

-

(42,908)

-

(42,908)

At 31 December 2023

45,092

384,558

118,982

548,632

Depreciation

At 1 January 2023

26,165

69,810

110,007

205,982

Charge for the year

3,786

68,497

1,795

74,078

Eliminated on disposal

-

(18,348)

-

(18,348)

At 31 December 2023

29,951

119,959

111,802

261,712

Carrying amount

At 31 December 2023

15,141

264,599

7,180

286,920

At 31 December 2022

15,369

236,401

8,975

260,745

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Investment properties

2023
£

At 1 January

18,525,049

Additions

194,154

At 31 December

18,719,203

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

7

Stocks

2023
£

2022
£

Other stocks

-

74,812

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

160,017

139,519

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

11,000

-

Other debtors

 

325,356

339,387

Prepayments and accrued income

 

89,914

96,160

Total current trade and other debtors

 

586,287

575,066

9

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

250,983

245,752

Trade creditors

 

80,110

50,864

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

10,851,007

10,451,007

Taxation and social security

 

53,069

44,294

Other creditors

 

2,537

1,691

Accrued expenses

 

47,085

191,061

Deferred income

 

94,250

74,283

 

11,379,041

11,058,952


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £250,983 (2022 - £245,752).

 

Exeter Estates Limited
(Registration number: 05938388)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

4,956,633

5,149,330


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £4,956,633 (2022 - £5,149,330).

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

198,800

195,582

Hire purchase contracts

52,183

50,170

250,983

245,752

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

4,784,297

5,000,346

Hire purchase contracts

172,336

148,984

4,956,633

5,149,330

11

Parent and ultimate parent undertaking

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