Sadco Properties Ltd. - Accounts to registrar - small 17.1.1

Sadco Properties Ltd. - Accounts to registrar - small 17.1.1

SADCO PROPERTIES LTD. - Company Information

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REGISTERED NUMBER: SC261873 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 January 2017

for

Sadco Properties Ltd.

Sadco Properties Ltd. (Registered number: SC261873)






Contents of the Financial Statements
for the Year Ended 31 January 2017




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sadco Properties Ltd.

Company Information
for the Year Ended 31 January 2017







DIRECTORS: A Sadiq
A Sadiq
M S Sadiq





REGISTERED OFFICE: 2 Methven Avenue
Bearsden
Glasgow
G61 2AX





REGISTERED NUMBER: SC261873 (Scotland)





ACCOUNTANTS: R.G. Beattie & Co Ltd
Chartered Certified Accountants
121 Moffat Street
Glasgow
G5 OND
Page 1
Sadco Properties Ltd. (Registered number: SC261873)

Balance Sheet
31 January 2017

31.1.17 31.1.16
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 176 176
Tangible assets 4 15,941 18,754
Investment property 5 2,273,067 2,273,067
2,289,184 2,291,997

CURRENT ASSETS
Debtors 6 2,644 2,880
Cash at bank 7,014 305
9,658 3,185
CREDITORS
Amounts falling due within one year 7 56,759 36,330
NET CURRENT LIABILITIES (47,101 ) (33,145 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,242,083
2,258,852

CREDITORS
Amounts falling due after more than one
year
8
1,387,411
1,492,205
NET ASSETS 854,672 766,647

CAPITAL AND RESERVES
Called up share capital 9 5,000 5,000
Retained earnings 849,672 761,647
SHAREHOLDERS' FUNDS 854,672 766,647

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 notes form part of these financial statements

Page 2 continued...
Sadco Properties Ltd. (Registered number: SC261873)

Balance Sheet - continued
31 January 2017


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 27 October 2017 and were signed on its behalf by:





M S Sadiq - Director


The notes form part of these financial statements

Page 3
Sadco Properties Ltd. (Registered number: SC261873)

Notes to the Financial Statements
for the Year Ended 31 January 2017

1. STATUTORY INFORMATION

Sadco Properties Ltd. is a private company, limited by shares , registered in Scotland. The company's registered
number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
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 assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Formation expenses are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Residential furnishings - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in
fair value is recognised in profit or loss.

3. INTANGIBLE FIXED ASSETS
Formation
expenses
£   
COST
At 1 February 2016
and 31 January 2017 176
NET BOOK VALUE
At 31 January 2017 176
At 31 January 2016 176

Page 4 continued...
Sadco Properties Ltd. (Registered number: SC261873)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2017

4. TANGIBLE FIXED ASSETS
Fixtures
Residential and
furnishings fittings Totals
£    £    £   
COST
At 1 February 2016
and 31 January 2017 5,672 30,255 35,927
DEPRECIATION
At 1 February 2016 2,711 14,462 17,173
Charge for year 444 2,369 2,813
At 31 January 2017 3,155 16,831 19,986
NET BOOK VALUE
At 31 January 2017 2,517 13,424 15,941
At 31 January 2016 2,961 15,793 18,754

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2016
and 31 January 2017 2,273,067
NET BOOK VALUE
At 31 January 2017 2,273,067
At 31 January 2016 2,273,067

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.17 31.1.16
£    £   
Accrued income 2,644 2,880

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.17 31.1.16
£    £   
Trade creditors 28,990 3,150
Corporation tax 20,128 25,303
Social security and other taxes 1 1
Tenants deposit 3,950 3,950
Accrued expenses 3,690 3,926
56,759 36,330

Page 5 continued...
Sadco Properties Ltd. (Registered number: SC261873)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2017

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.17 31.1.16
£    £   
Loan - Halifax 229,098 229,098
Bank of Scotland No.2 loan 19,464 32,449
Bank of Scotland No.3 loan 34,076 44,670
Bank Loan No. 4 33,786 140,000
Loan - Sadco Properties
(Dubai) Ltd 108,194 108,194
Directors Loan - M S Sadiq 323,901 315,568
Directors Loan - Amjid Sadiq 292,627 284,294
Directors Loan - Arshad Sadiq 346,265 337,932
1,387,411 1,492,205

Amounts falling due in more than five years:

Repayable by instalments
Bank of Scotland No.2 loan 19,464 32,449
Bank of Scotland No.3 loan 34,076 44,670
Bank Loan No. 4 33,786 140,000
87,326 217,119

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.1.17 31.1.16
value: £    £   
5,000 Ordinary £1 5,000 5,000

10. RELATED PARTY DISCLOSURES

The company owes Mr M S Sadiq, a director, an amount of £323,901 (2016 : £315,568) 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 £292,627 (2016 : £284,294) 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 £346,265 (2016 : £337,932) as at the balance
sheet date. There is no interest on this loan and no fixed date for repayment.

11. ULTIMATE CONTROLLING PARTY

There was no ultimate controlling party during the year.

Page 6