Company Registration No. SC261873 (Scotland)
Sadco Properties Ltd.
Unaudited accounts
for the year ended 31 January 2020
Sadco Properties Ltd.
Unaudited accounts
Contents
Sadco Properties Ltd.
Company Information
for the year ended 31 January 2020
Directors
M Saleem Sadiq
Amjid Sadiq
Arshad Sadiq
Company Number
SC261873 (Scotland)
Registered Office
2 Methven Avenue
Bearsden
Glasgow
G61 2AX
Accountants
AMS
Chartered Certified Accountants
91 Mallots View Newton Mearns
Glasgow
United Kingdom
G77 6FD
Sadco Properties Ltd.
Statement of financial position
as at 31 January 2020
Tangible assets
9,789
11,517
Investment property
2,273,067
2,273,067
Cash at bank and in hand
17,156
11,941
Creditors: amounts falling due within one year
(945,041)
(975,921)
Net current liabilities
(927,885)
(963,980)
Total assets less current liabilities
1,355,147
1,320,780
Creditors: amounts falling due after more than one year
(106,281)
(214,602)
Net assets
1,248,866
1,106,178
Called up share capital
5,000
5,000
Profit and loss account
1,243,866
1,101,178
Shareholders' funds
1,248,866
1,106,178
For the year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 November 2020 and were signed on its behalf by
M Saleem Sadiq
Director
Company Registration No. SC261873
Sadco Properties Ltd.
Notes to the Accounts
for the year ended 31 January 2020
Sadco Properties Ltd. is a private company, limited by shares, registered in Scotland, registration number SC261873. The registered office is 2 Methven Avenue, Bearsden, Glasgow, G61 2AX.
2
Compliance with accounting standards
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover from rental income represents the value of the rental amount under the agreement to the extent that there is a right to the considerations and is recorded at the value of the considerations due.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation and any accumulated impairment losses.
Formation expenses are being amortised evenly over their estimated useful life of nil years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% on reducing balance basis
Fixtures & fittings
15% on reducing balance basis
Investment property is included at market fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Sadco Properties Ltd.
Notes to the Accounts
for the year ended 31 January 2020
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 February 2019
5,672
30,255
35,927
At 31 January 2020
5,672
30,255
35,927
At 1 February 2019
3,854
20,556
24,410
Charge for the year
273
1,455
1,728
At 31 January 2020
4,127
22,011
26,138
At 31 January 2020
1,545
8,244
9,789
At 31 January 2019
1,818
9,699
11,517
Fair value at 1 February 2019
2,273,067
At 31 January 2020
2,273,067
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Creditors: amounts falling due within one year
2020
2019
Trade creditors
27,403
27,403
Taxes and social security
33,875
31,197
Loans from directors
879,633
912,181
Sadco Properties Ltd.
Notes to the Accounts
for the year ended 31 January 2020
8
Creditors: amounts falling due after more than one year
2020
2019
Bank loans
106,281
164,602
Allotted, called up and fully paid:
5,000 Ordinary shares of £1 each
5,000
5,000
10
Transactions with related parties
The company owes Mr M S Sadiq, a director, an amount of £296,286 (2019 : £307,135) as at the balance sheet date. There is no interest on this loan and no fixed date for repayment.
The company owes Mr Amjid Sadiq, a director, an amount of £265,012 (2019 : £275,861) as at the balance sheet date. There is no interest on this loan and no fixed date for repayment.
The company owes Mr Arshad Sadiq, a director, an amount of £ 318,335 (2019 : £329,185) as at the balance
sheet date. There is no interest on this loan and no fixed date for repayment.
There was no ultimate controlling party during the year.
12
Average number of employees
During the year the average number of employees was 0 (2019: 0).
