Company No:
Contents
| Note | 30.06.2025 | |
| £ | ||
| Fixed assets | ||
| Investments | 3 |
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| 1,700,000 | ||
| Creditors: amounts falling due within one year | 4 | (
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| Net current liabilities | (470,000) | |
| Total assets less current liabilities | 1,230,000 | |
| Creditors: amounts falling due after more than one year | 5 | (
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| Net assets |
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| Capital and reserves | ||
| Called-up share capital | 6 |
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| Share premium account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Murray French Exeter 2024 Limited (registered number:
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Mr W French
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Murray French Exeter 2024 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 8, Philip House, Honiton Road, Exeter, EX1 3RU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. The subsidiary companies will provide financial support in the form of intercompany loans, and will not withdraw its funding. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors are measured at transaction price. Preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Other basic financial liabilities are measured at amortised cost.
Preference shares, which result in fixed returns to the holder or are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on these preference shares are recognised in the profit and loss account as interest expense.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method.
| Period from 04.06.2024 to 30.06.2025 |
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| Number | |
| Monthly average number of persons employed by the Company during the period, including directors |
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Investments in subsidiaries
| 30.06.2025 | |
| £ | |
| Cost | |
| At 04 June 2024 | 0 |
| Additions |
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| At 30 June 2025 |
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| Carrying value at 30 June 2025 |
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| 30.06.2025 | |
| £ | |
| Amounts owed to Group undertakings |
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| Other creditors |
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There are no amounts included above in respect of which any security has been given by the small entity.
Other creditors includes £10,000 in relation to redeemable £1 preference shares.
| 30.06.2025 | |
| £ | |
| Other creditors |
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Other creditors includes £758,225 in relation to redeemable £1 preference shares.
| 30.06.2025 | |
| £ | |
| Allotted, called-up and fully-paid | |
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| 769,225 |
The preference shares are classified as liabilities in the balance sheet.
The 6% cumulative redeemable preference shares carry a fixed cumulative preferential dividend at the rate of 6% per annum, payable half yearly in arrears on 31 December and 30 June. The shares have redemption entitlement. On a winding-up, the holder has priority before all other classes of shares to receive repayment of capital plus any arrears of dividend. The holder has no voting rights.
Transactions with entities in which the entity itself has a participating interest
| 30.06.2025 | |
| £ | |
| Murray French (Exeter) Limited | (460,000) |
On 12 June 2024, 100% share capital of Murray French 2010 Limited was transferred to Murray French Exeter 2024 Limited by way of a share for share exchange as part of a group reorganisation. It also included proceeds of the above cash balance. No interest has been charged on this balance and there are no fixed dates for repayment.