Registration number: 05938388

Exeter Estates Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Exeter Estates Limited

Company Information

Directors

Mr D H Langley Mr A G E Rowe CBE

Registered office

Ground Floor Suite 3 Matford Business Centre Matford Exeter Devon EX2 8ED

Accountants

Thompson Jenner LLP Chartered Accountants 28 Alexandra Terrace Exmouth Devon EX8 1BD

Exeter Estates Limited

(Registration number: 05938388)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	14,550	43,650
Tangible assets	5	225,694	286,920
Investment property	6	7,161,011	18,719,203
		7,401,255	19,049,773
Current assets
Debtors	7	429,015	586,287
Cash at bank and in hand		20,837	12,502
		449,852	598,789
Creditors: Amounts falling due within one year	8	(6,188,177)	(11,379,041)
Net current liabilities		(5,738,325)	(10,780,252)
Total assets less current liabilities		1,662,930	8,269,521
Creditors: Amounts falling due after more than one year	8	(102,820)	(4,956,633)
Provisions for liabilities		(62,538)	(180,983)
Net assets		1,497,572	3,131,905
Capital and reserves
Called up share capital		4,250	4,250
Revaluation reserve		1,483,910	-
Retained earnings		9,412	3,127,655
Shareholders' funds		1,497,572	3,131,905

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.

Exeter Estates Limited

(Registration number: 05938388)
Balance Sheet as at 31 December 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.

These financial statements have been 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 Profit and Loss Account.

Approved and authorised by the Board on 25 September 2025 and signed on its behalf by:
 

......................................... Mr A G E Rowe CBE Director

Exeter Estates 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 and Wales.

The address of its registered office is:
Ground Floor
Suite 3 Matford Business Centre
Matford
Exeter
Devon
EX2 8ED

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.

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.

Tax

The tax expense for the period comprises deferred 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.

Exeter Estates Limited

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance
Fixtures and fittings	20% reducing balance
Computer equipment	20% reducing balance
Motor vehicles	20% reducing balance

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised over its estimated useful life. This was previously considered to be 20 years but the directors now consider that the goodwill has no more than a further 10 years of useful life remaining. Therefore the residual goodwill balance is now being amortised over 10 years from 1 July 2015.

Amortisation

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised over its estimated useful life. This was previously considered to be 20 years but the directors now consider that the goodwill has no more than a further 10 years of useful life remaining. Therefore the residual goodwill balance is now being amortised over 10 years from 1 July 2015.

Asset class	Amortisation method and rate
Goodwill	Over 10 years

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.

Exeter Estates Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Exeter Estates Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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 hold sufficient assets 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 9).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	485,000	485,000
At 31 December 2024	485,000	485,000
Amortisation
At 1 January 2024	441,350	441,350
Amortisation charge	29,100	29,100
At 31 December 2024	470,450	470,450
Carrying amount
At 31 December 2024	14,550	14,550
At 31 December 2023	43,650	43,650

Exeter Estates Limited

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

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2024	45,092	384,558	118,982	548,632
Additions	3,572	-	23,520	27,092
Disposals	-	(45,500)	(5,000)	(50,500)
At 31 December 2024	48,664	339,058	137,502	525,224
Depreciation
At 1 January 2024	29,952	119,959	111,802	261,713
Charge for the year	3,742	50,432	6,775	60,949
Eliminated on disposal	-	(19,716)	(3,416)	(23,132)
At 31 December 2024	33,694	150,675	115,161	299,530
Carrying amount
At 31 December 2024	14,970	188,383	22,341	225,694
At 31 December 2023	15,141	264,599	7,180	286,920

6	Investment properties

	2024 £
At 1 January 2024	18,719,203
Additions	3,669
Disposals	(11,561,861)
At 31 December 2024	7,161,011

There has been no valuation of investment property by an independent valuer.

7

Debtors

	Note	2024 £	2023 £
Trade debtors		63,285	160,017
Amounts owed by group undertakings and undertakings in which the company has a participating interest		11,000	11,000
Other debtors		336,057	325,356
Prepayments and accrued income		18,673	89,914
Total current trade and other debtors		429,015	586,287

Exeter Estates Limited

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

8

Creditors

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	49,042	250,983
Trade creditors		(1,008)	80,110
Amounts owed to group undertakings and undertakings in which the company has a participating interest		6,102,723	10,851,007
Taxation and social security		2,911	53,069
Other creditors		24,009	2,537
Accrued expenses		10,500	47,085
Deferred income		-	94,250
		6,188,177	11,379,041

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £49,042 (2023 - £250,983).

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	102,820	4,956,633

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £102,820 (2023 - £4,956,633).

Exeter Estates Limited

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

9	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	-	198,800
Hire purchase contracts	49,042	52,183
	49,042	250,983

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	-	4,784,297
Hire purchase contracts	102,820	172,336
	102,820	4,956,633

10	Parent and ultimate parent undertaking

The company's immediate parent is Exeter Estates Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Rowe Group Holdings Limited, incorporated in England and Wales.