Registered number
11205016
SCORPION HOLDINGS LTD
Filleted Accounts
28 February 2023
SCORPION HOLDINGS LTD
Registered number: 11205016
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,589,000 2,590,112
Current assets
Debtors 4 2,404 2,457
Cash at bank and in hand 1,074 19,918
3,478 22,375
Creditors: amounts falling due within one year 5 (2,472,867) (2,506,113)
Net current liabilities (2,469,389) (2,483,738)
Net assets 119,611 106,374
Capital and reserves
Called up share capital 1 1
Profit and loss account 119,610 106,373
Shareholder's funds 119,611 106,374
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr Farzana FIROZ
Director
Approved by the board on 19 February 2024
SCORPION HOLDINGS LTD
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes (if applicable). Turnover represents the value of rent receivable.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Investment properties
Investment properties are revalued annually and the aggregate surplus or deficit is transferred to revaluation reserve. No depreciation is provided in respect of investment properties.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment properties Plant and machinery etc Total
£ £ £
Cost
At 1 March 2022 2,589,000 5,563 2,594,563
At 28 February 2023 2,589,000 5,563 2,594,563
Depreciation
At 1 March 2022 - 4,451 4,451
Charge for the year - 1,112 1,112
At 28 February 2023 - 5,563 5,563
Net book value
At 28 February 2023 2,589,000 - 2,589,000
At 28 February 2022 2,589,000 1,112 2,590,112
Freehold land and buildings: 2023 2022
£ £
Historical cost 2,589,000 2,589,000
2,589,000 2,589,000
The investment properties were measured for fair value by the directors, and in their opinion the
fair value of the investment property is fairly stated.
4 Debtors 2023 2022
£ £
Other debtors 2,404 2,457
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 3,366 7,249
Director's loan account 2,468,301 2,496,639
Other creditors 1,200 2,225
2,472,867 2,506,113
6 Related party transactions
The company received unsecured loans from the director(s)/shareholder(s) Dr Firzana Firoz and total loan balance amounting to £2,468,301 (2022: £2,496,639) as at balance sheet date. The loans were shown as creditors: amounts falling due within one year under the heading director's loan account. The loans are to be repaid on demand. The rate of interest charged is 0%.
7 Controlling party
The company is under the control of its director Dr. Firzana Firoz.
8 Other information
SCORPION HOLDINGS LTD is a private company limited by shares and incorporated in England. Its registered office is:
65 Delamere Road
Hayes
UB4 0NN
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