Registration number:
F.Stokes & Sons Limited
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.
Chartered Accountants
Knoll Road
Camberley
Surrey
GU15 3SY
F.Stokes & Sons Limited
(Registration number: 00503957)
Statement of Financial Position as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Other financial assets |
836,055 |
770,478 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
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 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
.........................................
Mrs L N McArthur
Director
F.Stokes & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
F.Stokes & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Fixtures and fittings |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
|
|
At 31 March 2024 |
|
|
Depreciation |
||
At 1 April 2023 |
|
|
Charge for the year |
|
|
At 31 March 2024 |
|
|
Carrying amount |
||
At 31 March 2024 |
|
|
At 31 March 2023 |
|
|
Investment properties |
2024 |
|
At 1 April 2023 |
|
Disposals |
( |
At 31 March 2024 |
|
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
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 |
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Prepayments |
|
|
Accrued income |
- |
|
|
|
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
|
|