REGISTERED NUMBER: 05662391 (England and Wales)

Financial Statements

for the Year Ended 31 December 2025

for

THE EXETER PRACTICE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M E Boulter

J Bowen

SECRETARY:

M E Boulter

REGISTERED OFFICE:

Winslade House

Winslade Park

Manor Drive

Clyst St Mary

Devon

EX5 1FY

REGISTERED NUMBER:

05662391 (England and Wales)

AUDITORS:

Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

Keble House

Southernhay Gardens

Exeter

Devon

EX1 1NT

FIXED ASSETS

Tangible assets

5

27,477

42,886

CURRENT ASSETS

Debtors

6

1,168,375

903,190

Investments

7

447,884

362,056

Cash at bank and in hand

72,545

127,376

1,688,804

1,392,622

CREDITORS

Amounts falling due within one year

8

(513,055

)

(441,621

)

NET CURRENT ASSETS

1,175,749

951,001

TOTAL ASSETS LESS CURRENT LIABILITIES

1,203,226

993,887

CREDITORS

Amounts falling due after more than one year

9

-

(2,488

)

PROVISIONS FOR LIABILITIES

(6,447

)

(9,566

)

NET ASSETS

1,196,779

981,833

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

1,196,479

981,533

SHAREHOLDERS' FUNDS

1,196,779

981,833

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2026 and were signed on its behalf by:

M E Boulter - Director

1.	COMPANY INFORMATION

The Exeter Practice Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2.	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 the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost convention.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

Depreciation - this has been detailed under Tangible Fixed Assets policy.

Accruals and prepayments - these are based on information available at the time the financial statements are approved.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the 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.

Commissions earned are recognised on a contract date basis. Advisory fees are recognised over the period to which the fee relates.

Tangible fixed 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 incudes directly attributable incremental costs incurred in their acquisition and installation.

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

Asset class

Depreciation rate

Fixtures and fittings

25% straight line

Computer equipment

25% and 50% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other shot 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and are depreciated over their useful lives.

Pension costs and other post-retirement benefits

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 old sufficient asset 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all liabilities.

Current asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding the transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Trade creditors are recognised initially at the transaction price and subsequently measure at amortised cost using the effective interest method.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2024 - 12 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2025

40,952

44,990

59,622

145,564

Additions

-

-

9,051

9,051

Disposals

-

-

(11,938

)

(11,938

)

At 31 December 2025

40,952

44,990

56,735

142,677

DEPRECIATION

At 1 January 2025

30,345

21,558

50,775

102,678

Charge for year

8,231

11,248

4,981

24,460

Eliminated on disposal

-

-

(11,938

)

(11,938

)

At 31 December 2025

38,576

32,806

43,818

115,200

NET BOOK VALUE

At 31 December 2025

2,376

12,184

12,917

27,477

At 31 December 2024

10,607

23,432

8,847

42,886

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

259,267

248,025

Other debtors

28,276

25,045

Directors' current accounts

818,900

576,684

Prepayments and accrued income

61,932

53,436

1,168,375

903,190

7.	CURRENT ASSET INVESTMENTS

2025

2024

£

£

Investments

447,884

362,056

Investments are held in a portfolio which contains listed and unlisted investments.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

2,488

14,930

Trade creditors

120,464

102,590

Tax

278,058

264,519

Social security and other taxes

14,254

10,424

VAT

3,677

3,272

Accruals and deferred income

94,114

45,886

513,055

441,621

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

-

2,488

10.	SECURED DEBTS

The hire purchase liability is secured on the assets to which it relates.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jade Quaintance FCA (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

2025

2024

£

£

M E Boulter

Balance outstanding at start of year

576,684

963,884

Amounts advanced

979,426

581,594

Amounts repaid

(737,210

)

(968,794

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

818,900

576,684

S Boulter and M Boulter are related parties for the balance as at 31 December 2025 and 31 December 2024.

The loan is repayable on demand and is shown in current debtors. Interest is charged on the loans at the beneficial loan rate set by HM Revenue and Customs.

13.	RELATED PARTY DISCLOSURES

During the year, transactions were entered into with a family member of a key management personnel amounting to £21,206 (2024: £8,335). At the year end, there were no outstanding balances (2024: £Nil).

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr S Boulter and Mrs M Boulter.