Stokes Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02567976 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH DECEMBER 2020

FOR

STOKES GROUP LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

M Rabanal Nunez

J Telleria Basanez

REGISTERED OFFICE:

Newport House

Newport Road

Stafford

ST16 1DA

REGISTERED NUMBER:

02567976 (England and Wales)

ACCOUNTANTS:

Howards Limited

Chartered Certified Accountants

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

FIXED ASSETS

Tangible assets

5

-

374,968

CURRENT ASSETS

Debtors

6

698,007

64,921

Cash at bank

45,754

969,523

743,761

1,034,444

CREDITORS

Amounts falling due within one year

7

730,934

221,792

NET CURRENT ASSETS

12,827

812,652

TOTAL ASSETS LESS CURRENT LIABILITIES

12,827

1,187,620

CREDITORS

Amounts falling due after more than one year

8

-

1,174,793

NET ASSETS

12,827

12,827

CAPITAL AND RESERVES

Called up share capital

13,832,931

13,832,931

Share premium

6,903,196

6,903,196

Capital redemption reserve

41,268

41,268

Retained earnings

(20,764,568

)

(20,764,568

)

SHAREHOLDERS' FUNDS

12,827

12,827

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th December 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 17th January 2021 and were signed on its behalf by:

M Rabanal Nunez - Director

1.	STATUTORY INFORMATION

Stokes Group Limited is a private company, limited by shares, registered in England and Wales. The company's

registered number is 02567976 and the registered office address is Newport House, Newport Road, Stafford

ST16 1DA. The company has ceased trading and the principal place of business address was 34 Cochrane

Road, Holly Hall, Dudley, West Midlands, United Kingdom.

The principal activity of the company is that of the manufacturing of forgings and general engineering.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Functional currency

The financial statements are prepared in sterling (£). The functional currency of the company is sterling (£).

Going concern

The directors issued a notice on 17 October 2018 stating the intention of the company to close the business and

after an extended closure period it ceased trading on the 30 November 2019 and therefore is no longer a going

concern. Provisions have been made in respect of contracts which have become onerous at the reporting date

and for the future costs of closing the business which were committed at the reporting date. The directors do not

consider that any other adjustments are necessary.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

Preparation of the financial statements require management to make significant judgements and estimates. The

items included in the financial statements where these judgements and estimates have been made include the

useful economic life of fixed assets used in the production process is an estimate significant to the financial

statements. Management regularly reviews the lives of assets and their residual values in line with business

development.

Turnover

Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the

year, exclusive of Value Added Tax and trade discounts. Turnover is recognised on the delivery of products to

customers.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

33% on cost and 10% on cost

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 accounts receivable and payable, loans from banks and other third

parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective

interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss

is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the

company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an 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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a

result of a past event, it is probable that the company will be required to settle the obligation and the amount of

the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting

date.

Impairment of non financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and

equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an

indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the

higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If

the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an

impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is

increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been

determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A

reversal of an impairment loss is recognised immediately in profit or loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 27 ) .

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 31st December 2019

512,684

1,244,383

1,757,067

Disposals

(512,684

)

(1,244,383

)

(1,757,067

)

At 30th December 2020

-

-

-

DEPRECIATION

At 31st December 2019

167,694

1,214,405

1,382,099

Eliminated on disposal

(167,694

)

(1,214,405

)

(1,382,099

)

At 30th December 2020

-

-

-

NET BOOK VALUE

At 30th December 2020

-

-

-

At 30th December 2019

344,990

29,978

374,968

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed by group undertakings

693,033

-

VAT

4,974

64,921

698,007

64,921

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

-

7,426

Social security and other taxes

-

89,500

Other creditors

730,934

124,866

730,934

221,792

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

-

1,174,793

9.	OTHER FINANCIAL COMMITMENTS

At 30 December 2020 the Company had no future operating lease commitments (2019: £3,002).