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Registered number: SC591341
QURESHI UK PROPERTIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 30 DECEMBER 2020
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QURESHI UK PROPERTIES LIMITED
REGISTERED NUMBER: SC591341
BALANCE SHEET
AS AT 30 DECEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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QURESHI UK PROPERTIES LIMITED
REGISTERED NUMBER: SC591341
BALANCE SHEET (CONTINUED)
AS AT 30 DECEMBER 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 9 form part of these financial statements.
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QURESHI UK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2020
Qureshi UK Properties Limited in a private Company incorporated in Scotland within the United Kingdom. The address of the regsitered office is 31 Thorn Road, Bearsden Glasgow, G61 4BS.
On 21 December 2021 the accounting reference period ending 31 March 2021 was shortened so as to end on 30 December 2020. These financial statements therefore cover the period from 31 March 2020 to 30 December 2020.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The Company's functional and presentational currency is pounds sterling.
The level of rounding is to the nearest £.
The following principal accounting policies have been applied:
The directors have considered the going concern basis in preparing these financial statements. They have concluded that the going concern basis is appropriate because sufficient funds will be generated from future trading of the Company for a period of at least twelve months from the date of the approval of these financial statements to enable the Company to meet its liabilities as they arise. The directors have considered the impact of the COVID-19 pandemic and do not believe it will adversely impact the going concern basis. The Company is also reliant on the continued suport from companies under common control.
The financial statements do not include any adjustments that would result from the withdrawal of this support.
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QURESHI UK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2020
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
If no valuation was carried out by external valuers then the directors carry out the valuation at open market value.
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QURESHI UK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2020
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in 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 the Statement of Income and Retained Earnings.
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The average monthly number of employees, including directors, during the period was 2 (2020 - 2).
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QURESHI UK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2020
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Freehold investment property
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The 2020 valuations were made by the directors, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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QURESHI UK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2020
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Amounts owed by joint ventures and associated undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to other participating interests
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Included within creditors are secured debts amounting to £615,505 (March 2020 - £620,917) which are secured on the fixed assets to which they relate. The directors have also provided personal guarantee.
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QURESHI UK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2020
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Allotted, called up and fully paid
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20 (2020 - 20) Ordinary shares of £1.00 each
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There has been a prior year adjustment in respect of the freehold property. The properties owned are the rental properties. Their value of £872,661 has been reclassified from freehold property to investment property.
There has also been an adjustment of £60,000 increasing both debtors and creditors. This is due to a debtor due from other participating interests, being netted off against the creditor balances for loans due to other participating interests.
There has been no affect of the profit or tax.
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QURESHI UK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2020
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Related party transactions
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During the period the Company operated loan accounts with Companies under common control. The amount due from companies under common control at the period end was £65,000 (March 2020 - £60,000) and this is shown in debtors. These loans are unsecured, interest free and repayable on demand. Management charges have been received of £5,000 (March 2020 - £60,000).
The amount due to companies under common control at the period end was £327,252 (March 2020 - £320,810) and this is shown in creditors. These loans are unsecured, interest free and repayable on demand.
The Company also operated a loan account with the directors of the Company. The amount due to the directors of the Company at the period end was £5,149 (March 2020 - £5,149). This loan isunsecured, interest free and repayable on demand.
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The contolling party during the period is Dr U Qureshi and Mrs S Qureshi by virtue of their 100% shareholding.
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