Exeter Finance 2 Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Exeter Finance 2 Limited

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 2 Limited

Balance Sheet

30 September 2025

	Note	2025 £	2024 £
Current assets
Debtors	4	13,547,928	18,749,629
Cash at bank and in hand		833,786	802,027
		14,381,714	19,551,656
Creditors: Amounts falling due within one year	5	(7,844,775)	(14,598,370)
Total assets less current liabilities		6,536,939	4,953,286
Creditors: Amounts falling due after more than one year	5	(1,055,500)	(737,500)
Net assets		5,481,439	4,215,786
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		5,481,339	4,215,686
Shareholders' funds		5,481,439	4,215,786

Exeter Finance 2 Limited

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: 09939855

Exeter Finance 2 Limited

Notes to the Unaudited 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 102 - '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.

Exeter Finance 2 Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2025

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.

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.

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 0 (2024 - 0).

Exeter Finance 2 Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2025

4

Debtors

	2025 £	2024 £
Loans to customers	13,547,928	18,749,629
	13,547,928	18,749,629

Details of non-current other receivables

£1,882,529 (2024: £1,222,032) of loans to customers is classified as non current.

5

Creditors

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	6	5,628,500	9,764,000
Amounts due to group undertakings		2,004,100	4,554,100
Taxation and social security		200,471	241,400
Accruals and deferred income		11,704	38,870
		7,844,775	14,598,370