Company Registration No. SC261873 (Scotland)
Sadco Properties Ltd.
Unaudited accounts
for the year ended 31 January 2022
Sadco Properties Ltd.
Unaudited accounts
Contents
Sadco Properties Ltd.
Company Information
for the year ended 31 January 2022
Directors
M Saleem Sadiq
Amjid Sadiq
Arshad Sadiq
Company Number
SC261873 (Scotland)
Registered Office
2 Methven Avenue
Bearsden
Glasgow
G61 2AX
Accountants
AMS Accounting Services Ltd
Chartered Certified Accountants
7 Callanish Crescent Newton Mearns
Glasgow
United Kingdom
G77 5WT
Sadco Properties Ltd.
Statement of financial position
as at 31 January 2022
Tangible assets
7,072
8,320
Investment property
2,273,067
2,273,067
Cash at bank and in hand
749
1,898
Creditors: amounts falling due within one year
(36,708)
(46,472)
Net current liabilities
(35,959)
(44,574)
Total assets less current liabilities
2,244,356
2,236,989
Creditors: amounts falling due after more than one year
(908,241)
(922,492)
Net assets
1,336,115
1,314,497
Called up share capital
5,000
5,000
Profit and loss account
1,331,115
1,309,497
Shareholders' funds
1,336,115
1,314,497
For the year ending 31 January 2022 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 24 October 2022 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 2022
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.
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.
Sadco Properties Ltd.
Notes to the Accounts
for the year ended 31 January 2022
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.
Hire purchase and leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Other
Sadco Properties Ltd.
Notes to the Accounts
for the year ended 31 January 2022
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 February 2021
5,672
30,255
35,927
At 31 January 2022
5,672
30,255
35,927
At 1 February 2021
4,359
23,248
27,607
Charge for the year
197
1,051
1,248
At 31 January 2022
4,556
24,299
28,855
At 31 January 2022
1,116
5,956
7,072
At 31 January 2021
1,313
7,007
8,320
Fair value at 1 February 2021
2,273,067
At 31 January 2022
2,273,067
7
Creditors: amounts falling due within one year
2022
2021
Trade creditors
25,628
26,578
Taxes and social security
5,364
15,739
8
Creditors: amounts falling due after more than one year
2022
2021
Loans from directors
908,241
877,975
Allotted, called up and fully paid:
5,000 Ordinary shares of £1 each
5,000
5,000
Sadco Properties Ltd.
Notes to the Accounts
for the year ended 31 January 2022
10
Transactions with related parties
The company owes Mr M S Sadiq, a director, an amount of £304,717 (2021: 294,628) 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 £275,101 (2021 : £265,012) 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 £328,423 (2021 : £318,335) 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 3 (2021: 3).
