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Registered number: 12695831
Park House (Exeter) Limited
Unaudited Financial Statements
For The Year Ended 30 April 2025
Whitehead & Company
Chartered Accountants
Penfold
Cannington Lane
Uplyme
Dorset
DT7 3SW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12695831
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 550,000 -
Tangible Assets 5 11,599 15,464
561,599 15,464
CURRENT ASSETS
Debtors 6 11,294 98,059
Cash at bank and in hand 64,761 55,118
76,055 153,177
Creditors: Amounts Falling Due Within One Year 7 (104,315 ) (99,075 )
NET CURRENT ASSETS (LIABILITIES) (28,260 ) 54,102
TOTAL ASSETS LESS CURRENT LIABILITIES 533,339 69,566
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,900 ) (3,866 )
NET ASSETS 530,439 65,700
CAPITAL AND RESERVES
Called up share capital 8 60 60
Revaluation reserve 10 533,000 -
Profit and Loss Account (2,621 ) 65,640
SHAREHOLDERS' FUNDS 530,439 65,700
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For the year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Dianne Smyth
Director
02/07/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Park House (Exeter) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12695831 . The registered office is Parklands, Kensham Avenue, Bradninch, Devon, EX5 4RD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets.
It was valued by Christie & Co, Exeter on 30 April 2025.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2024: 22)
22 22
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2024 -
Additions 17,000
Revaluations 533,000
As at 30 April 2025 550,000
Net Book Value
As at 30 April 2025 550,000
As at 1 May 2024 -
Goodwill was valued by Christie & Co, Exeter on 30 April 2025 at £550,000.
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 May 2024 4,963 27,832 32,795
As at 30 April 2025 4,963 27,832 32,795
Depreciation
As at 1 May 2024 1,241 16,090 17,331
Provided during the period 930 2,935 3,865
As at 30 April 2025 2,171 19,025 21,196
Net Book Value
As at 30 April 2025 2,792 8,807 11,599
As at 1 May 2024 3,722 11,742 15,464
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 11,294 63,362
Other debtors - 34,697
11,294 98,059
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7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Corporation tax 17,998 20,081
Other taxes and social security 15,104 11,124
Oak House (Exeter) Ltd - 30,294
Nest pension 2,744 2,441
The Rural Exchange Ltd 1,686 1,686
Accruals and deferred income 26,783 33,449
Directors' loan accounts 40,000 -
104,315 99,075
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 60 60
9. Dividends
2025 2024
£ £
On equity shares:
Interim dividend paid 60,000 -
Final dividend paid 60,000 30,000
120,000 30,000
10. Reserves
Revaluation Reserve
£
Surplus on revaluation 533,000
As at 30 April 2025 533,000
11. Related Party Transactions
During the year the company paid rent of £90,000 (2024 £78,000) at normal commercial rates to The Rural Exchange Ltd, a company registered in England and controlled by the company's ultimate controlling party. The company also paid management fees of £13,200 (2024 £31,200) to The Rural Exchange Ltd.
12. Controlling Party
The company's controlling party is Mrs D Smyth by virtue of her ownership of 60% of the issued share capital in the company.
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