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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
Page
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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
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Sadco Wealth Management Limited Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
6,346 
7,455 
Investment property
38,124 
38,124 
44,470 
45,579 
Current assets
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)
Net assets
24 
2,633 
Capital and reserves
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
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Sadco Wealth Management Limited Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
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
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 taxation
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.
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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 
Depreciation
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 
Net book value
At 31 May 2023
6,193 
153 
6,346 
At 31 May 2022
7,286 
169 
7,455 
5
Investment property
2023 
£ 
Fair value at 1 June 2022
38,124 
At 31 May 2023
38,124 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Accruals
460 
375 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Other creditors
1,300 
450 
Loans from directors
91,292 
90,309 
92,592 
90,759 
8
Share capital
2023 
2022 
£ 
£ 
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.
10
Controlling party
There was no ultimate controlling party during the year.
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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).
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