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Exeter Finance 3 Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2024

Registration number: 13658390

 

Exeter Finance 3 Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

Exeter Finance 3 Limited

Company Information

Directors

P W L Keech

C J Hall

Registered office

3rd Floor
The Senate
Southernhay Gardens
Exeter
Devon
EX1 1UG

Accountants

Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7XE

 

Exeter Finance 3 Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

277,321

1,734,986

Cash at bank and in hand

 

10,425

154,444

 

287,746

1,889,430

Creditors: Amounts falling due within one year

5

(18,718)

(1,636,035)

Net assets

 

269,028

253,395

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

268,928

253,295

Shareholders' funds

 

269,028

253,395

 

Exeter Finance 3 Limited

Balance Sheet

30 September 2024

For the financial year ending 30 September 2024 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.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 December 2024 and signed on its behalf by:
 

.........................................
P W L Keech
Director

Company Registration Number: 13658390

 

Exeter Finance 3 Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

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:
3rd Floor
The Senate
Southernhay Gardens
Exeter
Devon
EX1 1UG

These financial statements were authorised for issue by the Board on 17 December 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 - '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.

Revenue recognition

Turnover represents interest receivable and fees on loans advanced to customers. The turnover of the company is not subject to VAT,

Interest receivable is recognised as revenue evenly over the term of the loan agreement. Interest accrued is added to the value of the loan due from the customer.

Fees charged to customers upon the advance and repayment of a loan are recognised as revenue on the date that the transactions occur.

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 corporation 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 Finance 3 Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

Impairment of loan book

Impairment is assessed by means of a review of all of the financial information available on a customer specific basis.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term other debtors and creditors;
• Long term debtors;
• Other loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Debtors

2024
£

2023
£

Trade debtors

277,321

1,734,986

277,321

1,734,986

 

Exeter Finance 3 Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

5

Creditors

Creditors: amounts falling due within one year

£

£

Due within one year

Loans and borrowings

-

990,000

Amounts due to group undertakings

13,457

593,457

Corporation tax

4,361

50,405

Accrued expenses

900

2,173

18,718

1,636,035

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

-

990,000

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100