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Registered number: 14331805










EUTOPIA EXETER 4 LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
EUTOPIA EXETER 4 LIMITED
REGISTERED NUMBER: 14331805

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Work in progress
  
11,053,876
2,569,592

Debtors: amounts falling due within one year
 4 
82,311
104,097

Cash at bank and in hand
 5 
29,949
894,098

  
11,166,136
3,567,787

Creditors: amounts falling due within one year
 6 
(5,685,369)
(3,569,124)

Net current assets/(liabilities)
  
 
 
5,480,767
 
 
(1,337)

Total assets less current liabilities
  
5,480,767
(1,337)

Creditors: amounts falling due after more than one year
 7 
(5,634,006)
-

  

Net liabilities
  
(153,239)
(1,337)


Capital and reserves
  

Called up share capital 
 11 
340
340

Profit and loss account
  
(153,579)
(1,677)

  
(153,239)
(1,337)


Page 1

 
EUTOPIA EXETER 4 LIMITED
REGISTERED NUMBER: 14331805

BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Hammond
Director

Date: 1 May 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
EUTOPIA EXETER 4 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
1.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
EUTOPIA EXETER 4 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)

 
1.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
1.7

Work in progress

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct costs
and an appropriate proportion of fixed and variable overheads.

 
1.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
EUTOPIA EXETER 4 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)

 
1.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
EUTOPIA EXETER 4 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.


General information

Eutopia Exeter 4 Limited is a limited company incorporated in England and Wales. The Company's
registered office is at The Stables, Little Coldharbour Farm, Tong Lane, Lamberhurst, Tunbridge Wells,
Kent, TN3 8AD. 


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).





4.


Debtors

2024
2023
£
£


Other debtors
31,117
103,704

Deferred taxation
51,194
393

82,311
104,097



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
29,949
894,098



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
983,043
186,501

Amounts owed to joint ventures
4,701,236
3,382,623

Accruals
1,090
-

5,685,369
3,569,124


Page 6

 
EUTOPIA EXETER 4 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
5,634,006
-


None of the amounts due after more than one year are due after more than five years.
Other loans are secured by a fixed and floating charge over the company's assets.


8.


Loans


Analysis of the maturity of loans is given below:


2024
£


Amounts falling due 1-2 years

Other loans
5,634,006





9.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
29,949
894,098




Financial assets measured at fair value through profit or loss comprise cash held.

Page 7

 
EUTOPIA EXETER 4 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Deferred taxation




2024


£






At beginning of year
393


Charged to profit or loss
50,801



At end of year
51,194

The deferred tax asset is made up as follows:

2024
2023
£
£


Tax losses carried forward
16,492
393

Other amounts deductible in later periods
34,702
-

51,194
393


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



170 (2023 - 170) A Ordinary shares of £1.00 each
170
170
170 (2023 - 170) B Ordinary shares of £1.00 each
170
170

340

340



Page 8