Exeter Finance Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Exeter Finance Ltd

Company Information

Directors

P W L Keech C J Hall

Registered office

3rd Floor The Senate Southernhay Gardens Exeter Devon EX1 1UG

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter Devon EX2 7XE

Exeter Finance Ltd

Balance Sheet

30 September 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	64,326	76,790
Current assets
Debtors	5	39,918,768	40,670,796
Cash at bank and in hand		2,133,480	1,302,306
		42,052,248	41,973,102
Creditors: Amounts falling due within one year	6	(33,295,895)	(32,152,190)
Net current assets		8,756,353	9,820,912
Total assets less current liabilities		8,820,679	9,897,702
Creditors: Amounts falling due after more than one year	6	(2,190,407)	(2,929,890)
Provisions for liabilities		(3,600)	(4,000)
Net assets		6,626,672	6,963,812
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		6,626,572	6,963,712
Shareholders' funds		6,626,672	6,963,812

Exeter Finance Ltd

Balance Sheet

30 September 2025

For the financial year ending 30 September 2025 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 December 2025 and signed on its behalf by:
 

......................................... P W L Keech Director

Company Registration Number: 08577273

Exeter Finance Ltd

Notes to the Financial Statements

Year Ended 30 September 2025

1	General information

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

The address of its registered office and principal place of business is:
3rd Floor
The Senate
Southernhay Gardens
Exeter
Devon
EX1 1UG

These financial statements were authorised for issue by the Board on 15 December 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

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 represents interest receivable and fees on loans advanced to customers. The turnover of the company is not subject to VAT.

Interest receivable is recognised as revenue evenly over the term of the loan agreement. Interest accrued is added to the value of the loan due from the customer.

Fees charged to customers upon the advance and repayment of a loan are recognised as revenue on the date that the transactions occur.

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 corporation 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.

Exeter Finance Ltd

Notes to the Financial Statements

Year Ended 30 September 2025

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

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

Asset class	Depreciation method and rate
Office Equipment	33% straight line
Motor Vehicles	33% straight line

Impairment of the loan book

Impairment is assessed by means of a review of all of the financial information available on a customer specific basis.

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.

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.

Exeter Finance Ltd

Notes to the Financial Statements

Year Ended 30 September 2025

Financial instruments

Classification
The company holds the following financial instruments:

• Short term other debtors and creditors;
• Long term debtors;
• Other loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including Directors) during the year, was 9 (2024 - 8).

Exeter Finance Ltd

Notes to the Financial Statements

Year Ended 30 September 2025

4	Tangible assets

	Office equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 October 2024	26,050	74,033	100,083
Additions	2,414	-	2,414
At 30 September 2025	28,464	74,033	102,497
Depreciation
At 1 October 2024	18,729	4,564	23,293
Charge for the year	4,335	10,543	14,878
At 30 September 2025	23,064	15,107	38,171
Carrying amount
At 30 September 2025	5,400	58,926	64,326
At 30 September 2024	7,321	69,469	76,790

5

Debtors

	2025 £	2024 £
Loans to customers	39,692,228	40,604,265
Prepayments	19,459	16,554
Other debtors	207,081	49,977
	39,918,768	40,670,796

Details of non-current other receivables

£3,083,391 (2024: £2,878,156) of loans to customers is classified as non current.

Exeter Finance Ltd

Notes to the Financial Statements

Year Ended 30 September 2025

6

Creditors

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	7	16,743,483	17,523,483
Amounts owed to group undertakings		14,871,322	12,811,866
Corporation tax		-	91,791
Other creditors		1,250,000	1,250,000
Accruals and deferred income		431,090	475,050
		33,295,895	32,152,190