QURESHI UK PROPERTIES LIMITED

QURESHI UK PROPERTIES LIMITED

QURESHI UK PROPERTIES LIMITED - Company Information

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Company Registration No. SC591341 (Scotland)
QURESHI UK PROPERTIES LIMITED Unaudited accounts for the year ended 31 March 2020
QURESHI UK PROPERTIES LIMITED Unaudited accounts Contents
Page
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QURESHI UK PROPERTIES LIMITED Company Information for the year ended 31 March 2020
Directors
Usman Qureshi Shafea Qureshi
Company Number
SC591341 (Scotland)
Registered Office
31 THORN ROAD BEARSDEN GLASGOW G61 4BS UNITED KINGDOM
Accountants
Callan Accountancy 21 - 23 Woodside Place Glasgow G3 7QF
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QURESHI UK PROPERTIES LIMITED Statement of financial position as at 31 March 2020
2020 
2019 
Notes
£ 
£ 
Fixed assets
Investment property
4
872,661 
872,661 
Current assets
Debtors
5
761 
20 
Cash at bank and in hand
6,276 
7,541 
7,037 
7,561 
Creditors: amounts falling due within one year
6
(281,956)
(15,191)
Net current liabilities
(274,919)
(7,630)
Total assets less current liabilities
597,742 
865,031 
Creditors: amounts falling due after more than one year
7
(608,245)
(911,908)
Net liabilities
(10,503)
(46,877)
Capital and reserves
Called up share capital
20 
20 
Profit and loss account
(10,523)
(46,897)
Shareholders' funds
(10,503)
(46,877)
For the year ending 31 March 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 2 March 2021 and were signed on its behalf by
Usman Qureshi Director Company Registration No. SC591341
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QURESHI UK PROPERTIES LIMITED Notes to the Accounts for the year ended 31 March 2020
1
Statutory information
QURESHI UK PROPERTIES LIMITED is a private company, limited by shares, registered in Scotland, registration number SC591341. The registered office is 31 THORN ROAD, BEARSDEN, GLASGOW, G61 4BS, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
At the time of approving the financial statements, the directors, have a reasonable expectation that the company will continue to exist through the support of the directors.
Investment property
Investment properties are included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
4
Investment property
2020 
£ 
Fair value at 1 April 2019
872,661 
At 31 March 2020
872,661 
The directors have considered the market value of the properties to be representative of that shown as at 31 March 2020. Any aggregate surplus or deficit arising from changes in fair value is recognised through profit or loss.
5
Debtors
2020 
2019 
£ 
£ 
Trade debtors
495 
- 
Accrued income and prepayments
266 
- 
Other debtors
- 
20 
761 
20 
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QURESHI UK PROPERTIES LIMITED Notes to the Accounts for the year ended 31 March 2020
6
Creditors: amounts falling due within one year
2020 
2019 
£ 
£ 
Bank loans and overdrafts
12,672 
13,741 
Trade creditors
130 
- 
Other creditors
260,809 
- 
Loans from directors
5,149 
- 
Accruals
3,196 
1,450 
281,956 
15,191 
7
Creditors: amounts falling due after more than one year
2020 
2019 
£ 
£ 
Bank loans
608,245 
619,407 
Other creditors
- 
292,501 
608,245 
911,908 
Charter Court Financial Services Limited t/a Precise holds charges over the investment properties.
8
Transactions with related parties
As at 31 March 2020, the directors have provided company with interest free loan of £5,149 (2019, £NIL). There is no fixed terms of repayment. Within other creditors are included loans from companies that are connected to the directors.
9
Average number of employees
During the year the average number of employees was 0 (2019: 0).
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