Company Registration No. SC534809 (Scotland)
Sadco Wealth Management Limited
Unaudited accounts
for the year ended 31 May 2023
Sadco Wealth Management Limited
Unaudited accounts
Contents
Sadco Wealth Management Limited
Company Information
for the year ended 31 May 2023
Directors
Saqib Assam Sadiq
Waseem Sadiq
Company Number
SC534809 (Scotland)
Registered Office
90 Fernlea
Bearsden
Glasgow
G61 1NB
United Kingdom
Accountants
AMS Accounting Services Ltd
Chartered Certified Accountants
7 Callanish Crescent Newton Mearns
Glasgow
United Kingdom
G77 5WT
Sadco Wealth Management Limited
Statement of financial position
as at 31 May 2023
Tangible assets
6,346
7,455
Investment property
38,124
38,124
Cash at bank and in hand
48,606
48,188
Creditors: amounts falling due within one year
(460)
(375)
Net current assets
48,146
47,813
Total assets less current liabilities
92,616
93,392
Creditors: amounts falling due after more than one year
(92,592)
(90,759)
Called up share capital
1
1
Profit and loss account
23
2,632
Shareholders' funds
24
2,633
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2023 and were signed on its behalf by
Saqib Assam Sadiq
Director
Company Registration No. SC534809
Sadco Wealth Management Limited
Notes to the Accounts
for the year ended 31 May 2023
Sadco Wealth Management Limited is a private company, limited by shares, registered in Scotland, registration number SC534809. The registered office is 90 Fernlea, Bearsden, Glasgow, G61 1NB, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% on reducing balance basis
Fixtures & fittings
15% on reducing balance basis
Computer equipment
15% on reducing balance basis
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.
Investment property is included at market fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Sadco Wealth Management Limited
Notes to the Accounts
for the year ended 31 May 2023
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 June 2022
9,395
275
9,670
At 31 May 2023
9,395
275
9,670
At 1 June 2022
2,109
106
2,215
Charge for the year
1,093
16
1,109
At 31 May 2023
3,202
122
3,324
At 31 May 2023
6,193
153
6,346
At 31 May 2022
7,286
169
7,455
Fair value at 1 June 2022
38,124
6
Creditors: amounts falling due within one year
2023
2022
7
Creditors: amounts falling due after more than one year
2023
2022
Loans from directors
91,292
90,309
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
9
Transactions with related parties
The company owes Mr Saqib A Sadiq, a director, an amount of £54,547 (2022: £54,056 ) as at the balance sheet date. There is no interest on this loan and no fixed date for repayment.
The company owes Mr Waseem Sadiq, a director, an amount of £36,745 (2022 : £36,253) as at the balance sheet date. There is no interest on this loan and no fixed date for repayment.
There was no ultimate controlling party during the year.
Sadco Wealth Management Limited
Notes to the Accounts
for the year ended 31 May 2023
11
Average number of employees
During the year the average number of employees was 0 (2022: 0).