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REGISTERED NUMBER: SC179806 (Scotland)



















SHENAZ (GLASGOW) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 OCTOBER 2023






SHENAZ (GLASGOW) LIMITED (REGISTERED NUMBER: SC179806)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SHENAZ (GLASGOW) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: Muhammad Imran Akhtar





SECRETARY: Ms Ozma Qayyum





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC179806 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

SHENAZ (GLASGOW) LIMITED (REGISTERED NUMBER: SC179806)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 18,462 -
Investment property 4 1,300,000 1,300,000
1,318,462 1,300,000

CURRENT ASSETS
Debtors 5 1,818 34,812
Cash at bank 35,653 11,126
37,471 45,938
CREDITORS
Amounts falling due within one year 6 84,129 113,317
NET CURRENT LIABILITIES (46,658 ) (67,379 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,271,804

1,232,621

PROVISIONS FOR LIABILITIES 247,087 220,047
NET ASSETS 1,024,717 1,012,574

CAPITAL AND RESERVES
Called up share capital 100 1
Fair value reserve 7 914,934 938,097
Retained earnings 7 109,683 74,476
1,024,717 1,012,574

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

SHENAZ (GLASGOW) LIMITED (REGISTERED NUMBER: SC179806)

BALANCE SHEET - continued
31 OCTOBER 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 15 July 2024 and were signed by:





Muhammad Imran Akhtar - Director


SHENAZ (GLASGOW) LIMITED (REGISTERED NUMBER: SC179806)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. 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.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents property and vehicle rental income receivable during the year. Income is recognised on the basis of rent due for the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on cost

Investment property
Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent.

This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.


SHENAZ (GLASGOW) LIMITED (REGISTERED NUMBER: SC179806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


1. ACCOUNTING POLICIES - continued
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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

3. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
Additions 21,000
At 31 October 2023 21,000
DEPRECIATION
Charge for year 2,538
At 31 October 2023 2,538
NET BOOK VALUE
At 31 October 2023 18,462

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 1,300,000
NET BOOK VALUE
At 31 October 2023 1,300,000
At 31 October 2022 1,300,000

SHENAZ (GLASGOW) LIMITED (REGISTERED NUMBER: SC179806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


4. INVESTMENT PROPERTY - continued

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2017 658,144
Valuation in 2021 500,000
Cost 141,856
1,300,000

The investment property was revalued by the director on 31 October 2021, the valuation remains unchanged at 31 October 2023.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments and accrued income 1,818 34,812

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans 64,563 63,240
Corporation tax 9,917 9,463
Directors' current accounts 2,754 40,316
Accrued expenses 6,895 298
84,129 113,317

The other loans and loan from director are repayable on demand.

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

At 1 November 2022 74,476 938,097 1,012,573
Profit for the year 32,044 32,044
Dividends (20,000 ) (20,000 )
Fair value adjustment 23,163 (23,163 ) -
At 31 October 2023 109,683 914,934 1,024,617

SHENAZ (GLASGOW) LIMITED (REGISTERED NUMBER: SC179806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


8. RELATED PARTY DISCLOSURES

The loan balance due to the director amounted to £2,754 (2022 : £40,316) at the year end.

Included in other loans within creditors are loan balances due to the director's sister of £17,854 (2022 :
£17,479) and the director's brother of £46,709 (2022 : £45,761).