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REGISTERED NUMBER: SC314967 (Scotland)















Financial Statements for the Year Ended 31st January 2023

for

2020 PROPERTIES LTD

2020 PROPERTIES LTD (REGISTERED NUMBER: SC314967)






Contents of the Financial Statements
for the Year Ended 31st January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


2020 PROPERTIES LTD

Company Information
for the Year Ended 31st January 2023







DIRECTOR: K Ali



SECRETARY: S Warren



REGISTERED OFFICE: Unit 1
5 Spiersbridge Terrace
Thornliebank
Glasgow
G46 8JH



REGISTERED NUMBER: SC314967 (Scotland)



ACCOUNTANTS: Pecuniae Limited
10 Abercorn Drive
Hamilton
ML3 7EX



BANKERS: Clydesdale Bank plc
47 Main Street
Baillieston
G69 6SQ

2020 PROPERTIES LTD (REGISTERED NUMBER: SC314967)

Balance Sheet
31st January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 930,052 930,052

CURRENT ASSETS
Debtors 5 9,013 6,739
Cash at bank and in hand 488,548 214,859
497,561 221,598
CREDITORS
Amounts falling due within one year 6 467,450 240,432
NET CURRENT ASSETS/(LIABILITIES) 30,111 (18,834 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

960,163

911,218

CREDITORS
Amounts falling due after more than one
year

7

62,469

85,715
NET ASSETS 897,694 825,503

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 9 114,737 114,737
Retained earnings 9 782,955 710,764
SHAREHOLDERS' FUNDS 897,694 825,503

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

2020 PROPERTIES LTD (REGISTERED NUMBER: SC314967)

Balance Sheet - continued
31st January 2023


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 4th October 2023 and were signed by:





K Ali - Director


2020 PROPERTIES LTD (REGISTERED NUMBER: SC314967)

Notes to the Financial Statements
for the Year Ended 31st January 2023

1. STATUTORY INFORMATION

2020 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 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.

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 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st February 2022
and 31st January 2023 930,052
NET BOOK VALUE
At 31st January 2023 930,052
At 31st January 2022 930,052

2020 PROPERTIES LTD (REGISTERED NUMBER: SC314967)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2023

4. INVESTMENT PROPERTY - continued

Fair value at 31st January 2023 is represented by:
£   
Valuation in 2013 515,000
Cost 415,052
930,052

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 815,315 815,315

Certain of the company's investment properties were valued on an open market basis on 30th August 2013 and 2nd October 2013 by Allied Surveyors Scotland plc.
In the opinion of the director, the properties not revalued are worth the value shown in the financial statements.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,500 6,250
Other debtors 513 489
9,013 6,739

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 22,916 24,068
Trade creditors 55 1,004
Taxation and social security 18,274 16,492
Other creditors 426,205 198,868
467,450 240,432

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 62,469 85,715

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 13,592 17,686

2020 PROPERTIES LTD (REGISTERED NUMBER: SC314967)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 68,052 87,250

Bank loans are secured by a floating charge and standard securities over the company's assets.
Forthbrae Ltd, a related party, has provided a guarantee to The Royal Bank of Scotland for £80,500.

9. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1st February 2022 710,764 114,737 825,501
Profit for the year 72,191 72,191
At 31st January 2023 782,955 114,737 897,692

10. RELATED PARTY DISCLOSURES

The company has received a loan of £406,909 (2021 £181,909) from a company controlled by K Ali.