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Registration number: 00503957

F.Stokes & Sons Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
F.Stokes & Sons Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of F.Stokes & Sons Limited for the year ended 31 March 2024 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of F.Stokes & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 2 July 2013. Our work has been undertaken solely to prepare for your approval the accounts of F.Stokes & Sons Limited and state those matters that we have agreed to state to the Board of Directors of F.Stokes & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F.Stokes & Sons Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that F.Stokes & Sons Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of F.Stokes & Sons Limited. You consider that F.Stokes & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of F.Stokes & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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Stewart & Co Accountants LLP
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

29 July 2024

 

F.Stokes & Sons Limited

(Registration number: 00503957)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

149

166

Investment property

5

3,824,966

5,124,966

Other financial assets

6

836,055

770,478

 

4,661,170

5,895,610

Current assets

 

Debtors

7

29,931

24,041

Cash at bank and in hand

 

1,670,670

214,717

 

1,700,601

238,758

Creditors: Amounts falling due within one year

8

(22,099)

(21,260)

Net current assets

 

1,678,502

217,498

Net assets

 

6,339,672

6,113,108

Capital and reserves

 

Called up share capital

3,024

3,024

Share premium reserve

2,977

2,977

Fair value reserve

2,529,446

3,393,194

Profit and loss account

3,804,225

2,713,913

Shareholders' funds

 

6,339,672

6,113,108

For the financial year ending 31 March 2024 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 in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:

.........................................

Mrs L N McArthur

Director

 

F.Stokes & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rent of property along with interest earned on deposit and dividends received. Turnover is shown net of 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.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fittings fixtures and equipment

10% reducing balance

Motor vehicles

25% reducing balance

 

F.Stokes & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

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

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

F.Stokes & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2023

3,668

3,668

At 31 March 2024

3,668

3,668

Depreciation

At 1 April 2023

3,502

3,502

Charge for the year

17

17

At 31 March 2024

3,519

3,519

Carrying amount

At 31 March 2024

149

149

At 31 March 2023

166

166

5

Investment properties

2024
£

At 1 April 2023

5,124,966

Disposals

(1,300,000)

At 31 March 2024

3,824,966

The investment properties are held at directors valuation. They take periodic informal advice and the valuations are assessed annually by the directors based on market evaluation and rent yield.

There has been no valuation of investment property by an independent valuer.

 

F.Stokes & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

770,478

770,478

Fair value adjustments

55,923

55,923

Additions

9,654

9,654

At 31 March 2024

836,055

836,055

Impairment

Carrying amount

At 31 March 2024

836,055

836,055

7

Debtors

2024
£

2023
£

Trade debtors

890

2,476

Prepayments

29,041

1,835

Accrued income

-

19,730

29,931

24,041

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Taxation and social security

5,908

2,875

Accruals and deferred income

16,191

18,385

22,099

21,260