REGISTERED NUMBER: 05662391 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

THE EXETER PRACTICE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

17

DIRECTORS:

M E Boulter

J Bowen

SECRETARY:

M E Boulter

REGISTERED OFFICE:

Winslade House

Winslade Park

Manor Drive

Clyst St Mary

Devon

EX5 1FY

REGISTERED NUMBER:

05662391 (England and Wales)

AUDITORS:

Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

3 Southernhay West

Exeter

Devon

EX1 1JG

The directors present their strategic report of the year ended 31 December 2024.

Principal activity

The principal activity of the company is the bringing together, with a view to provision of specified financial services:

-

Persons who are or may be seeking to receive specified financial services, and

-

Persons who provide specified financial services.

Specifically, this includes:

-

Gathering information about clients (fact find)

-

Carrying out research to find suitable investment options

-

Providing clients with reports, financial health checks and forecast

-

Recommending specific investments products to the client, including an indication of the prices at which these can be arranged

-

With the agreement of the client, contacting product providers on their behalf and act between the provider and the client with a view to arranging the sale of the Retail Investment Products

-

And, where the client agrees to an ongoing review service, monitor the clients ongoing position on a periodic basis to ensure that the product continue to meet the requirements of the client

The directors want the business to be sustainable for the long-term and focus on four main areas to achieve these: sustainable client base, sustainable team, sustainable office and sustainable investment portfolio. For sustainable investment, this is based on the belief that the companies which are working to solve today's problems are best placed to grow and thrive in the future. The sustainable portfolio is therefore a hybrid which incorporates each of the traditional asset classes with elements of screening based environmental, social and governance criteria, opting for fund managers whose principles are in line with the directors drive for positive engagement through stewardship.

FAIR REVIEW OF BUSINESS

The result of the year and the financial position at the year end were considered satisfactory by the directors who expect steady continued growth in the foreseeable future.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

2022

Turnover

£

2,441,761

2,208,534

2,300,426

Turnover Growth

%

11

-4

7

Profit before tax

£

1,016,919

806,172

930,527

Recurrent fee income to total income

%

91

92

89

The directors believe that is it essential to develop long term relationships with clients and delight them with the service provided.

The independent assessment of success in these areas was the positive feedback received from clients when asked "Looking back over everything we have discussed and achieved, what has been most value, and looking forward is there anything we could do differently to improve?" and the continued referral of new clients from existing clients.

PRINCIPAL RISKS AND UNCERTAINTIES

Insufficient new clients.

Marketing plan focused on new client acquisition via referral from existing clients and intergenerational planning.

Failure to deliver quality service and value for money.

'Value discussion' questions asked in all client money meetings to determine client satisfaction and opportunities for improvement. Independent audit of client services.

Market volatility.

Financial Conduct Authority own funds and liquid assets requirements adhered to.

FCA Compliance breach.

Independent compliance audits completed by Claymore Compliance Consultants.

Economic downturn.

Over 91% of income is recurrent, not transaction dependent.

EMPLOYEES

A structured training plan is available to all employees.

Current employees as at 31 December:

Male

5

Female

7

Total

12

ON BEHALF OF THE BOARD:

M E Boulter - Director

17 June 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

During the year dividends of £963,884 (2023 £309,544) were voted.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M E Boulter

J Bowen

FINANCIAL INSTRUMENTS

Objectives and policies

The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the company's operations.

Price risk, credit risk, liquidity risk and cash flow risk

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

DONATIONS

During the year, the following donations were made:

- £29,155 to The Mumme-Ackford Charitable Trust

- £250 to Prospect Hospice Gilbert

- £1,850 to Pancreatic Cancer/The British Heart Foundation via the Jack Yeandle Testimonial

- £103 to Feed a Child

- £100 to Budleigh Salterton Cricket Club for the new clubhouse fund

- £375 to Wild Work Day

- £100 to Centre for Criminal Appeals

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Gravita Audit Western Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M E Boulter - Director

17 June 2025

Opinion

We have audited the financial statements of The Exeter Practice Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined that the following laws and regulations were most significant: Financial Conduct Authority regulations, The Companies Act 2006, UK GAAP, UK corporate tax law, ICO Data Protection and Legitimate Interest and money laundering.

-

We obtained an understanding of how the Company are complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations. We corroborated our enquiries through our review of board minutes, other relevant meeting minutes and review of correspondence with regulatory bodies.

-

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

-

Identifying and assessing the controls management has in place to prevent and detect fraud;

-

Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

-

Challenging assumptions and judgments made by management in its significant accounting estimates and judgments, in particular depreciation, accruals and prepayments;

-

Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and;

-

Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Benjamin de Cruz BA FCA (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

3 Southernhay West

Exeter

Devon

EX1 1JG

19 June 2025

TURNOVER

4

2,441,761

2,208,534

Cost of sales

(536,269

)

(519,747

)

GROSS PROFIT

1,905,492

1,688,787

Administrative expenses

(903,652

)

(896,851

)

1,001,840

791,936

Other operating income

5

470

-

OPERATING PROFIT

7

1,002,310

791,936

Interest receivable and similar income

16,518

16,103

1,018,828

808,039

Interest payable and similar expenses

8

(1,909

)

(1,867

)

PROFIT BEFORE TAXATION

1,016,919

806,172

Tax on profit

9

(259,608

)

(194,234

)

PROFIT FOR THE FINANCIAL YEAR

757,311

611,938

PROFIT FOR THE YEAR

757,311

611,938

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

757,311

611,938

FIXED ASSETS

Tangible assets

11

42,886

65,462

CURRENT ASSETS

Debtors

12

903,190

1,273,739

Investments

13

362,056

-

Cash at bank and in hand

127,376

242,549

1,392,622

1,516,288

CREDITORS

Amounts falling due within one year

14

(441,621

)

(361,211

)

NET CURRENT ASSETS

951,001

1,155,077

TOTAL ASSETS LESS CURRENT LIABILITIES

993,887

1,220,539

CREDITORS

Amounts falling due after more than one year

15

(2,488

)

(17,656

)

PROVISIONS FOR LIABILITIES

18

(9,566

)

(14,477

)

NET ASSETS

981,833

1,188,406

CAPITAL AND RESERVES

Called up share capital

19

300

300

Retained earnings

20

981,533

1,188,106

SHAREHOLDERS' FUNDS

981,833

1,188,406

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2025 and were signed on its behalf by:

M E Boulter - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

300

885,712

886,012

Changes in equity

Profit for the year

-

611,938

611,938

Total comprehensive income

-

611,938

611,938

Dividends

-

(309,544

)

(309,544

)

Balance at 31 December 2023

300

1,188,106

1,188,406

Changes in equity

Profit for the year

-

757,311

757,311

Total comprehensive income

-

757,311

757,311

Dividends

-

(963,884

)

(963,884

)

Balance at 31 December 2024

300

981,533

981,833

Cash flows from operating activities

Cash generated from operations

1

1,396,826

220,304

Interest paid

(1,909

)

(1,867

)

Tax paid

(185,236

)

(178,553

)

Net cash from operating activities

1,209,681

39,884

Cash flows from investing activities

Purchase of tangible fixed assets

(502

)

(60,888

)

Purchase of current asset investments

(362,056

)

-

Interest received

16,518

16,103

Net cash from investing activities

(346,040

)

(44,785

)

Cash flows from financing activities

Capital repayments in year

(14,930

)

(12,442

)

Equity dividends paid

(963,884

)

(309,544

)

Net cash from financing activities

(978,814

)

(321,986

)

Decrease in cash and cash equivalents

(115,173

)

(326,887

)

Cash and cash equivalents at beginning of year

2

242,549

569,436

Cash and cash equivalents at end of year

2

127,376

242,549

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

1,016,919

806,172

Depreciation charges

23,077

20,452

Finance costs

1,909

1,867

Finance income

(16,518

)

(16,103

)

1,025,387

812,388

Decrease/(increase) in trade and other debtors

370,550

(624,826

)

Increase in trade and other creditors

889

32,742

Cash generated from operations

1,396,826

220,304

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

127,376

242,549

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

242,549

569,436

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

242,549

(115,173

)

127,376

242,549

(115,173

)

127,376

Liquid resources

Current asset investments

-

362,056

362,056

-

362,056

362,056

Debt

Finance leases

(32,348

)

14,930

(17,418

)

(32,348

)

14,930

(17,418

)

Total

210,201

261,813

472,014

1.	COMPANY INFORMATION

The Exeter Practice Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Depreciation - this has been detailed under Tangible Fixed Assets policy.

Accruals and prepayments - these are based on information available at the time the financial statements are approved.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the 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.

Commissions earned are recognised on a contract date basis. Advisory fees are recognised over the period to which the fee relates.

Tangible fixed 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 incudes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of the assets over their estimated useful lives, as follows:

Asset class

Depreciation rate

Fixtures and fittings

25% straight line

Computer equipment

25% and 50% straight line

Motor vehicles

25% straight line

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and are depreciated over their useful lives.

Pension costs and other post-retirement benefits

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 old sufficient asset 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all liabilities.

Current asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding the 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.

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.

Creditors

Trade creditors are recognised initially at the transaction price and subsequently measure at amortised cost using the effective interest method.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other shot 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.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Provision of services

2,441,761

2,208,534

2,441,761

2,208,534

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

2,441,761

2,208,534

2,441,761

2,208,534

5.	OTHER OPERATING INCOME

2024

2023

£

£

Sundry receipts

470

-

6.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

484,718

489,277

Social security costs

47,416

46,014

Other pension costs

45,080

46,107

577,214

581,398

The average number of employees during the year was as follows:

2024

2023

Administration and support

7

6

Other departments

5

6

12

12