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REGISTERED NUMBER: SC638451 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

FOR

ASIF PROPERTY GROUP LIMITED

ASIF PROPERTY GROUP LIMITED (REGISTERED NUMBER: SC638451)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ASIF PROPERTY GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2021







DIRECTOR: Ghazal Asif





REGISTERED OFFICE: 24 Beresford Terrace
Ayr
KA7 2EG





REGISTERED NUMBER: SC638451 (Scotland)





ACCOUNTANTS: Stewart Gilmour & Co.
3rd Floor
St George's Buildings
5 St Vincent Place
Glasgow
G1 2DH

ASIF PROPERTY GROUP LIMITED (REGISTERED NUMBER: SC638451)

BALANCE SHEET
31 AUGUST 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 68,800 68,800

CURRENT ASSETS
Cash in hand 100 100

CREDITORS
Amounts falling due within one year 5 70,071 70,055
NET CURRENT LIABILITIES (69,971 ) (69,955 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,171

)

(1,155

)

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings (1,271 ) (1,255 )
SHAREHOLDERS' FUNDS (1,171 ) (1,155 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 August 2022 and were signed by:





Ghazal Asif - Director


ASIF PROPERTY GROUP LIMITED (REGISTERED NUMBER: SC638451)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021

1. STATUTORY INFORMATION

Asif Property Group Limited 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 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 financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

In accordance with FRS 102, investment properties are revalued annually at fair value. Changes to fair value are reflected in the profit and loss account No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in FRS 102. The director considers that, because these properties are not held for their consumption, but for their investment potential, to depreciate them would not give a true and fair view, and that it is necessary to apply FRS 102 in order to give a true and fair view.

If this departure from the Act had not been made, the reported net profit for the financial year would have been reduced by additional depreciation charges of £1,376.

Taxation
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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

ASIF PROPERTY GROUP LIMITED (REGISTERED NUMBER: SC638451)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2021

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2020
and 31 August 2021 68,800
NET BOOK VALUE
At 31 August 2021 68,800
At 31 August 2020 68,800

Fair value at 31 August 2021 is represented by:
£   
Cost 68,800

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 310 309
Directors' current accounts 68,800 68,800
Accruals and deferred income 961 946
70,071 70,055

6. CALLED UP SHARE CAPITAL




Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
90 Ordinary £1 90 90
5 Ordinary 'A' £1 5 5
5 Ordinary 'B' £1 5 5
100 100