Exeter Labour and Trades Unions Premises Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 6

Exeter Labour and Trades Unions Premises Limited

(Registration number: 00915525)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	18,896	19,347
Current assets
Cash at bank and in hand		3,785	2,785
Creditors: Amounts falling due within one year	5	(897)	(1,345)
Net current assets		2,888	1,440
Total assets less current liabilities		21,784	20,787
Creditors: Amounts falling due after more than one year	5	(26,153)	(25,048)
Net liabilities		(4,369)	(4,261)
Capital and reserves
Called up share capital		370	370
Profit and loss account		(4,739)	(4,631)
Shareholders' deficit		(4,369)	(4,261)

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 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 provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 24 September 2025 and signed on its behalf by:
 

Mr Jonathan Hawke Director

Exeter Labour and Trades Unions Premises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26B Clifton Hill
Exeter
Devon
EX1 2DJ

Principal activity

The principal activity of the company is owning property to derive rental income.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Exeter Labour and Trades Unions Premises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tax

The tax expense for the period comprises current 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 income 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Exeter Labour and Trades Unions Premises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

Exeter Labour and Trades Unions Premises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4	Tangible assets

	Long leasehold land and buildings £	Fixtures and fittings £	Total £
Cost or valuation
At 1 January 2024	42,964	922	43,886
At 31 December 2024	42,964	922	43,886
Depreciation
At 1 January 2024	23,617	922	24,539
Charge for the year	451	-	451
At 31 December 2024	24,068	922	24,990
Carrying amount
At 31 December 2024	18,896	-	18,896
At 31 December 2023	19,347	-	19,347

Included within the net book value of land and buildings above is £18,896 (2023 - £19,347) in respect of long leasehold land and buildings.
 

Exeter Labour and Trades Unions Premises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	817	1,260
Taxation and social security	80	85
	897	1,345

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	7	26,153	25,048

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Other borrowings	26,153	25,048