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Company registration number: 05539793
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 AUGUST 2019
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A W STOKES & SONS LIMITED
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A W STOKES & SONS LIMITED
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COMPANY INFORMATION
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A W STOKES & SONS LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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A W STOKES & SONS LIMITED
REGISTERED NUMBER:05539793
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STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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A W STOKES & SONS LIMITED
REGISTERED NUMBER:05539793
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2019
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Allotted, called up and fully paid share capital
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 May 2020.
The notes on pages 3 to 6 form part of these financial statements.
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A W STOKES & SONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
A W Stokes & Sons Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.
There is no principal place of business.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. .
The following principal accounting policies have been applied:
Turnover represents the rental of properties (stated net of value added tax) during the year.
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign up an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
The Coronavirus pandemic is creating significant uncertainty and the company is not immune to this although, at this stage, it is not possible to reliably forecast what the long term impact of this may be. The directors are confident, however, that the company will be able to see through the current uncertainty and have agreed not to request the repayment of the loan account until funds allow. Given the uncertainties that exist, the directors believe these actions should enable the company to continue in operational existence. Therefore, it is the directors’ opinion that the going concern basis of preparation of the accounts continues to be appropriate.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
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A W STOKES & SONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
The Company only enters into basic financial instrument 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, loans to related parties and investments in non-puttable ordinary shares.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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The average monthly number of employees, including directors, during the year was 2 (2018 - 2).
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A W STOKES & SONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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Charge for the year on owned assets
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Investment properties are stated at a valuation determined by the directors of the company. On the historical cost basis these would be included at an original cost of £845,160 (2018: £845,160).
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A W STOKES & SONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Related party transactions
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At 31 August 2019, the directors were owed £695,233 (2018: £710,660) by the company. There is no interest charged on this loan.
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Investment property revaluation reserve
Included within the profit and loss account is an undistributable amount of £189,504 (2018: £174,651) relating to the fair value movement of investment properties in the year after taking into account taxation.
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