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Registration number: 07208807

Exeter Land & Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Exeter Land & Developments Limited
(Registration number: 07208807)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Exeter Land & Developments Limited
(Registration number: 07208807)

Company Information

Directors

Mr A J Wreford

Mrs K E Wreford

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Exeter Land & Developments Limited
(Registration number: 07208807)

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,308

1,738

Investment property

5

244,384

926,057

 

250,692

927,795

Current assets

 

Stocks

1,339,692

1,357,395

Debtors

6

809,706

225,436

Cash at bank and in hand

 

8,512

75

 

2,157,910

1,582,906

Creditors: Amounts falling due within one year

7

(1,139,872)

(836,177)

Net current assets

 

1,018,038

746,729

Total assets less current liabilities

 

1,268,730

1,674,524

Creditors: Amounts falling due after more than one year

7

(1,056,383)

(1,451,096)

Net assets

 

212,347

223,428

Capital and reserves

 

Called up share capital

2

2

Retained earnings

212,345

223,426

Shareholders' funds

 

212,347

223,428

For the financial year ending 30 April 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.

 

Exeter Land & Developments Limited
(Registration number: 07208807)

Balance Sheet as at 30 April 2024

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.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Mr A J Wreford
Director

 

Exeter Land & Developments Limited
(Registration number: 07208807)

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
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 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.

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:

 

Exeter Land & Developments Limited
(Registration number: 07208807)

Notes to the Financial Statements for the Year Ended 30 April 2024

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% straight line

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.

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 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.

 

Exeter Land & Developments Limited
(Registration number: 07208807)

Notes to the Financial Statements for the Year Ended 30 April 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Fixtures, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

12,819

12,819

Additions

5,660

5,660

At 30 April 2024

18,479

18,479

Depreciation

At 1 May 2023

11,081

11,081

Charge for the year

1,090

1,090

At 30 April 2024

12,171

12,171

Carrying amount

At 30 April 2024

6,308

6,308

At 30 April 2023

1,738

1,738

 

Exeter Land & Developments Limited
(Registration number: 07208807)

Notes to the Financial Statements for the Year Ended 30 April 2024

5

Investment properties

2024
£

At 1 May

926,057

Disposals

(681,673)

At 30 April

244,384

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

 

Exeter Land & Developments Limited
(Registration number: 07208807)

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Debtors

Note

2024
£

2023
£

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

809,706

225,436

Total current trade and other debtors

 

809,706

225,436

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

178,886

162,453

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

16,471

3,747

Other creditors

 

941,245

667,307

Accrued expenses

 

3,270

2,670

 

1,139,872

836,177

Creditors include loans and borrowings on which security has been given by way of fixed and floating charges over all estates or interests in property.

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,056,383

1,451,096

Creditors include loans and borrowings on which security has been given by way of fixed and floating charges over all estates or interests in property.

 

Exeter Land & Developments Limited
(Registration number: 07208807)

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

6,987

Other borrowings

178,886

155,466

178,886

162,453

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

266,473

Other borrowings

1,056,383

1,184,623

1,056,383

1,451,096