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Company No: 07121967 (England and Wales)

EAST OF EXE LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 31 December 2024

EAST OF EXE LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

EAST OF EXE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
EAST OF EXE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS Mrs E Carter
Mr I A Garcia (Resigned 10 July 2024)
Mrs J Robson
Mr C M Taylor (Resigned 10 July 2024)
REGISTERED OFFICE 61 Fore Street
Topsham
Exeter
EX3 0HL
United Kingdom
COMPANY NUMBER 07121967 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
EAST OF EXE LIMITED

DIRECTORS' REPORT

For the financial year ended 31 December 2024
EAST OF EXE LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 31 December 2024

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 December 2024.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year was that of real estate agents.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Mrs E Carter
Mr I A Garcia (Resigned 10 July 2024)
Mrs J Robson
Mr C M Taylor (Resigned 10 July 2024)

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

Mrs E Carter
Director
Mrs J Robson
Director

18 June 2025

EAST OF EXE LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

For the financial year ended 31 December 2024
EAST OF EXE LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS (continued)

For the financial year ended 31 December 2024
2024 2023
£ £
Turnover 987,273 903,955
Cost of sales ( 154,649) ( 168,971)
Gross profit 832,624 734,984
Administrative expenses ( 636,352) ( 870,743)
Operating profit/(loss) 196,272 ( 135,759)
Other non-operating income 13,709 0
Profit/(loss) before interest and taxation 209,981 (135,759)
Interest receivable and similar income 22,807 21,776
Interest payable and similar expenses 0 ( 5)
Profit/(loss) before taxation 232,788 ( 113,988)
Tax on profit/(loss) ( 74,522) 13,769
Profit/(loss) for the financial year 158,266 ( 100,219)
Retained earnings at the beginning of financial year 542,959 743,178
Profit/(loss) for the financial year 158,266 ( 100,219)
Dividends declared and paid ( 468,645) ( 100,000)
Retained earnings at the end of financial year 232,580 542,959
EAST OF EXE LIMITED

BALANCE SHEET

As at 31 December 2024
EAST OF EXE LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 119,056 160,615
Tangible assets 4 5,452 4,787
Investments 0 100
124,508 165,502
Current assets
Debtors 5 21,511 25,168
Cash at bank and in hand 225,842 406,527
247,353 431,695
Creditors: amounts falling due within one year 6 ( 139,279) ( 54,236)
Net current assets 108,074 377,459
Total assets less current liabilities 232,582 542,961
Net assets 232,582 542,961
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 232,580 542,959
Total shareholder's funds 232,582 542,961

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of East of Exe Limited (registered number: 07121967) were approved and authorised for issue by the Board of Directors on 18 June 2025. They were signed on its behalf by:

Mrs E Carter
Director
Mrs J Robson
Director
EAST OF EXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
EAST OF EXE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

East of Exe Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 61 Fore Street, Topsham, Exeter, EX3 0HL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of services to customers. Revenue is recognised when the invoice is raised.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 4 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 12

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 517,472 517,472
At 31 December 2024 517,472 517,472
Accumulated amortisation
At 01 January 2024 356,857 356,857
Charge for the financial year 41,559 41,559
At 31 December 2024 398,416 398,416
Net book value
At 31 December 2024 119,056 119,056
At 31 December 2023 160,615 160,615

4. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 January 2024 24,979 19,179 14,539 58,697
Additions 0 2,321 1,034 3,355
At 31 December 2024 24,979 21,500 15,573 62,052
Accumulated depreciation
At 01 January 2024 24,513 16,940 12,457 53,910
Charge for the financial year 430 1,060 1,200 2,690
At 31 December 2024 24,943 18,000 13,657 56,600
Net book value
At 31 December 2024 36 3,500 1,916 5,452
At 31 December 2023 466 2,239 2,082 4,787

5. Debtors

2024 2023
£ £
Trade debtors 11,630 8,004
Amounts owed by Group undertakings 7,500 0
Corporation tax 0 13,769
Other debtors 2,381 3,395
21,511 25,168

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,960 3,039
Amounts owed to directors 0 94
Accruals 2,942 3,072
Taxation and social security 131,778 44,628
Other creditors 2,599 3,403
139,279 54,236

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary Class shares of £ 1.00 each 2 2

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 18,600 28,133
between one and five years 71,300 35,967
89,900 64,100
EAST OF EXE LIMITED

DETAILED PROFIT AND LOSS ACCOUNT

For the financial year ended 31 December 2024
EAST OF EXE LIMITED

DETAILED PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 31 December 2024
2024 2023
£ £
Turnover
Sales 363,428 290,397
Rental revenue 591,134 584,495
Other revenue 32,711 29,063
987,273 903,955
Cost of sales
Direct costs ( 154,649) ( 168,971)
Gross profit 832,624 734,984
Gross profit percentage 84.34% 81.31%
Administrative expenses
Wages and salaries ( 294,169) ( 312,029)
Pensions ( 5,593) ( 6,871)
Directors' salaries ( 125,796) ( 18,192)
Directors' employers NI ( 15,076) 0
Directors' pensions ( 2,531) ( 372,348)
Recruitment 0 ( 4,208)
Staff training and welfare ( 1,202) ( 1,063)
Travel and subsistence ( 11,000) ( 10,424)
Rent ( 26,900) ( 26,700)
Rates ( 2,682) ( 2,719)
Water ( 678) ( 557)
Light and heat ( 6,442) ( 6,502)
Cleaning ( 3,378) ( 2,036)
Computer expenses ( 22,920) ( 16,024)
Internet, telephone and fax ( 3,724) ( 4,269)
Printing, postage and stationery ( 1,499) ( 3,070)
Bank charges ( 2,512) ( 2,573)
Insurance ( 2,195) ( 2,126)
Depreciation ( 2,689) ( 3,416)
Amortisation ( 41,558) ( 41,558)
Motor expenses ( 10,494) ( 11,739)
Repairs and maintenance ( 855) ( 8,171)
Donations 0 ( 33)
Bad debts ( 160) ( 742)
Accountancy fees ( 11,801) ( 3,653)
Legal and professional fees ( 34,365) ( 6,249)
Staff entertainment ( 1,894) ( 1,803)
Client entertainment ( 98) 0
Sundry expenses ( 4,141) ( 1,668)
(636,352) (870,743)
Operating profit/(loss) 196,272 ( 135,759)
Other non-operating income 13,709 0
Profit/(loss) before interest and taxation 209,981 (135,759)
Interest receivable and similar income
Bank interest receivable 22,244 21,689
Other loans interest receivable 0 87
Other interest receivable 563 0
22,807 21,776
Interest payable and similar expenses
Other interest payable 0 ( 5)
Profit/(loss) before taxation 232,788 ( 113,988)