T. Stace & Sons Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09164217 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

T. STACE & SONS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T R Stace

N C Stace

T A Stace

REGISTERED OFFICE:

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

REGISTERED NUMBER:

09164217 (England and Wales)

ACCOUNTANTS:

Hartley Fowler LLP

Chartered Accountants

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

FIXED ASSETS

Investment property

4

3,191,034

2,321,034

CURRENT ASSETS

Debtors

5

40,232

34,751

Investments

6

110,558

83,548

Cash at bank

24,120

3,467

174,910

121,766

CREDITORS

Amounts falling due within one year

7

457,534

364,962

NET CURRENT LIABILITIES

(282,624

)

(243,196

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,908,410

2,077,838

CREDITORS

Amounts falling due after more than one year

8

(576,678

)

(654,934

)

PROVISIONS FOR LIABILITIES

10

(151,109

)

(14,947

)

NET ASSETS

2,180,623

1,407,957

CAPITAL AND RESERVES

Called up share capital

11

570

570

Non-distributable reserve

1,106,215

100,053

Retained earnings

1,073,838

1,307,334

SHAREHOLDERS' FUNDS

2,180,623

1,407,957

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4 January 2018 and were signed on its behalf by:

T R Stace - Director

1.	STATUTORY INFORMATION

T. Stace & Sons Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 September 2017 are the first that are prepared in accordance

with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date

of transition to FRS 102 Section 1A is 1 October 2015.

Turnover

Revenue is measured at fair value of the consideration received or receivable. Revenue is reduced for estimated

customer rebates and other similar allowances.

Revenue represents the rental income received from the investment properties, excluding value added tax where

applicable.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

Current asset investments

Current asset investments are stated at fair value.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2016

2,321,034

Revaluations

870,000

At 30 September 2017

3,191,034

NET BOOK VALUE

At 30 September 2017

3,191,034

At 30 September 2016

2,321,034

Investment properties were valued on an open market basis on 18th July 2017 by Porters Intrinsic Valuations.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

3,900

3,133

Other debtors

36,332

31,618

40,232

34,751

6.	CURRENT ASSET INVESTMENTS

2017

2016

£

£

Listed investments

110,558

83,548

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

181,722

64,683

Taxation and social security

16,372

19,296

Other creditors

259,440

280,983

457,534

364,962

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

576,678

654,934

2017

2016

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

576,678

654,934

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

758,400

719,617

10.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

151,109

14,947

Deferred

tax

£

Balance at 1 October 2016

14,947

Provided during year

136,162

Balance at 30 September 2017

151,109

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

570

Ordinary

£1

570

570

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2017 and

30 September 2016:

2017

2016

£

£

N C Stace

Balance outstanding at start of year

27

27

Amounts repaid

(27

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

27

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £25,909 (2016 - £27,360) were paid to the directors .

Included in Creditors: amounts due within one year at the balance sheet date is an amount due to the directors

of £215,119 (2016: £242,685).

14.	FIRST YEAR ADOPTION

The company's date of transition to FRS 102 was 1 October 2015.

The transition to FRS 102 has resulted in an increase in the value shown in the accounts of current asset

investments. This is due to the change in policy from the lower of cost and market value to fair value. This has

resulted in an increase in net assets of £356 on transition.

The transition to FRS 102 has resulted in a provision for deferred tax being recognised in respect of the

unrecognised profit included in the accounts of the investment properties and listed investments less any capital

losses carried forward at the balance sheet date.