2022-06-012023-05-312023-05-31falseSC536752Ali & Ali (Property) 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Ali & Ali (Property) Ltd

Registered Number
SC536752
(Scotland)

Unaudited Financial Statements for the Year ended
31 May 2023

Ali & Ali (Property) Ltd
Company Information
for the year from 1 June 2022 to 31 May 2023

Director

Mr Tariq Ali

Registered Address

10 Newton Terrace
Glasgow
G3 7PJ

Registered Number

SC536752 (Scotland)
Ali & Ali (Property) Ltd
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6123,611132,927
Investment property7126,073126,073
249,684259,000
Current assets
Debtors8-34,074
Cash at bank and on hand1,410230
1,41034,304
Creditors amounts falling due within one year9(34,618)(45,918)
Net current assets (liabilities)(33,208)(11,614)
Total assets less current liabilities216,476247,386
Creditors amounts falling due after one year10(214,787)(233,398)
Net assets1,68913,988
Capital and reserves
Called up share capital100100
Profit and loss account1,58913,888
Shareholders' funds1,68913,988
The financial statements were approved and authorised for issue by the Director on 9 August 2023, and are signed on its behalf by:
Mr Tariq Ali
Director
Registered Company No. SC536752
Ali & Ali (Property) Ltd
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in 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.
4.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Land and buildings5
Plant and machinery10
Fixtures and fittings10
Investment property policy
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.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
5.Employee information

20232022
Average number of employees during the year11
6.Property, plant and equipment

Land & buildings

Plant & machinery

Fixtures & fittings

Total

££££
Cost or valuation
At 01 June 22151,29944,933-196,232
Additions--2,8372,837
At 31 May 23151,29944,9332,837199,069
Depreciation and impairment
At 01 June 2239,71623,589-63,305
Charge for year7,5654,4939512,153
At 31 May 2347,28128,0829575,458
Net book value
At 31 May 23104,01816,8512,742123,611
At 31 May 22111,58321,344-132,927
7.Investment property

£
Fair value at 01 June 22126,073
At 31 May 23126,073
8.Debtors

2023

2022

££
Amounts owed by group undertakings-34,074
Total-34,074
9.Creditors within one year

2023

2022

££
Bank borrowings and overdrafts9,6629,662
Amounts owed to related parties1,815-
Taxation and social security79414,291
Finance lease and HP contracts9,6209,238
Other creditors12,72712,727
Total34,61845,918
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts212,985221,975
Other creditors1,80211,423
Total214,787233,398
11.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts1,80311,423