IRIS Accounts Production v23.2.0.158 02217802 Board of Directors 1.4.22 31.3.23 31.3.23 10/10/2023 false true false false true false Auditors Opinion Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh022178022022-03-31022178022023-03-31022178022022-04-012023-03-31022178022021-03-31022178022021-04-012022-03-31022178022022-03-3102217802ns10:Originalns15:EnglandWales2022-04-012023-03-3102217802ns14:PoundSterlingns10:Original2022-04-012023-03-3102217802ns10:Originalns10:Director12022-04-012023-03-3102217802ns10:Original2022-04-012023-03-3102217802ns10:Original2023-03-3102217802ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3102217802ns10:Originalns10:SmallEntities2022-04-012023-03-3102217802ns10:Originalns10:Audited2022-04-012023-03-3102217802ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3102217802ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3102217802ns10:Originalns10:FullAccounts2022-04-012023-03-3102217802ns10:Originalns10:Director22022-04-012023-03-3102217802ns10:Originalns10:Director32022-04-012023-03-3102217802ns10:CompanySecretary1ns10:Original2022-04-012023-03-3102217802ns10:Originalns10:RegisteredOffice2022-04-012023-03-3102217802ns10:Original2022-03-3102217802ns10:Originalns5:CurrentFinancialInstruments2023-03-3102217802ns10:Originalns5:CurrentFinancialInstruments2022-03-3102217802ns5:ShareCapitalns10:Original2023-03-3102217802ns5:ShareCapitalns10:Original2022-03-3102217802ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3102217802ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3102217802ns10:Original2021-04-012022-03-3102217802ns10:Original2022-03-3102217802ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3102217802ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31
REGISTERED NUMBER: 02217802 (England and Wales)






















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

J.S. STOKES PROPERTIES LIMITED

J.S. STOKES PROPERTIES LIMITED (REGISTERED NUMBER: 02217802)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


J.S. STOKES PROPERTIES LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: Mrs K Tyrer
Mrs N M Martin
Mrs S J O'Donnell





SECRETARY: Mrs K Tyrer





REGISTERED OFFICE: Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB





REGISTERED NUMBER: 02217802 (England and Wales)





AUDITORS: Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

J.S. STOKES PROPERTIES LIMITED (REGISTERED NUMBER: 02217802)

STATEMENT OF FINANCIAL POSITION
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 6,000,000 6,000,000

CURRENT ASSETS
Debtors 5 3,250 3,250

CREDITORS
Amounts falling due within one year 6 193,823 193,823
NET CURRENT LIABILITIES (190,573 ) (190,573 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,809,427

5,809,427

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 5,809,327 5,809,327
SHAREHOLDERS' FUNDS 5,809,427 5,809,427

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by:





Mrs S J O'Donnell - Director


J.S. STOKES PROPERTIES LIMITED (REGISTERED NUMBER: 02217802)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

J.S. Stokes Properties 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The principle accounting policies adopted in the preparation of the financial statements are set out below.

Investment property
Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting date. The surplus or deficit on revaluation is recognised in the profit and loss account. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets such as trade debtors, loans from group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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 group after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities such as trade creditors, accruals, loans from group companies and 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. Financial liabilities classified as payable within one year are not amortised.


J.S. STOKES PROPERTIES LIMITED (REGISTERED NUMBER: 02217802)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Rents receivable
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 6,000,000
NET BOOK VALUE
At 31 March 2023 6,000,000
At 31 March 2022 6,000,000

The fair value of the property has been determined by the directors of the company on an open market value for existing use basis. The valuation has been based on the directors' knowledge of the property taking into account its geographical location, current property markets and historic professional valuations.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 3,250 3,250

J.S. STOKES PROPERTIES LIMITED (REGISTERED NUMBER: 02217802)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 192,823 192,823
Other creditors 1,000 1,000
193,823 193,823

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

The Report of the Auditors was qualified on the following basis:

Basis for opinion
Under section 16 of FRS 102 the company is required to obtain a formal independent valuation of its investment property with sufficient regularity. The last valuation was completed in 2006. The directors have informed us that they do not wish to obtain a valuation at the reporting date and accordingly our opinion is qualified in respect of non compliance with this requirement of FRS 102.

Due to the directors' unwillingness to obtain this valuation we have been unable to obtain sufficient appropriate audit evidence and therefore are unable to form an opinion regarding the valuation of investment property.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Gary Edgerton FCA Cert PFS (Senior Statutory Auditor)
for and on behalf of Fairhurst

8. PROFIT AND LOSS RESERVES

Included within profit and loss reserves are undistributable reserves of £2,250,758 (2022: £2,250,758). Undistributable reserves relate to investment property revaluations prior to the adoption of FRS 102.

9. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

There is a cross guarantee structure between the following companies:

a. J S Stokes Properties Limited
b. J S Stokes and Co Limited
c. Sage Cottage Properties Limited

The right of set-off is incorporated in the bank's standard form of legal mortgage/debentures.

10. PARENT COMPANY

During the current and preceding year the company was a wholly owned subsidiary of J S Stokes and Co Limited, which is itself a wholly owned subsidiary of J S Stokes Holdings Limited. Both companies are incorporated in England.

Group financial statements are prepared for for J S Stokes Holdings Limited and are available from Companies House, Crown Way, Cardiff, CF14 3UZ.