Company registration number:
SC741715
Sarah Real Estate Limited
Unaudited filleted financial statements
31 August 2023
Sarah Real Estate Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Sarah Real Estate Limited
Directors and other information
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Directors |
Dr Suhail Khan |
(Appointed 18 August 2022) |
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Dr Sarah Khan |
(Appointed 18 August 2022) |
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Company number |
SC741715 |
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Stirling |
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FK8 1NA |
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Accountants |
Dickson Middleton |
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20 Barnton Street |
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Stirling |
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FK8 1NA |
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Sarah Real Estate Limited
Statement of financial position
31 August 2023
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31/08/23 |
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Note |
£ |
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£ |
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Fixed assets |
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Tangible assets |
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4 |
429,537 |
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_______ |
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429,537 |
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Current assets |
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Debtors |
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5 |
3,120 |
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Cash at bank and in hand |
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7,080 |
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_______ |
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10,200 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
327,754) |
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_______ |
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Net current liabilities |
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(
317,554) |
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_______ |
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Total assets less current liabilities |
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111,983 |
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Creditors: amounts falling due |
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after more than one year |
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7 |
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(
117,740) |
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_______ |
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Net liabilities |
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(
5,757) |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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Profit and loss account |
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(
5,857) |
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_______ |
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Shareholders deficit |
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(
5,757) |
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_______ |
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For the period ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
13 August 2024
, and are signed on behalf of the board by:
Dr Suhail Khan
Director
Company registration number:
SC741715
Sarah Real Estate Limited
Statement of changes in equity
Period ended 31 August 2023
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Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 18 August 2022 |
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- |
- |
- |
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Loss for the period |
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(
5,857) |
(
5,857) |
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_______ |
_______ |
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Total comprehensive income for the period |
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(
5,857) |
(
5,857) |
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Issue of shares |
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100 |
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100 |
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_______ |
_______ |
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Total investments by and distributions to owners |
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100 |
- |
100 |
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At 31 August 2023 |
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100 |
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5,857) |
(
5,757) |
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_______ |
_______ |
_______ |
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Sarah Real Estate Limited
Notes to the financial statements
Period ended 31 August 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 20 Barnton Street, Stirling, FK8 1NA.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable from provision of rental properties.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant and machinery |
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25 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
The company has only basic financial instruments.
4.
Tangible assets
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Freehold property |
Plant and machinery |
Total |
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£ |
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£ |
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Cost |
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At 18 August 2022 |
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Additions |
424,788 |
5,480 |
430,268 |
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_______ |
_______ |
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At 31 August 2023 |
424,788 |
5,480 |
430,268 |
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_______ |
_______ |
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Depreciation |
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At 18 August 2022 |
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- |
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Charge for the year |
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731 |
731 |
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_______ |
_______ |
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At 31 August 2023 |
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731 |
731 |
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_______ |
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Carrying amount |
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At 31 August 2023 |
424,788 |
4,749 |
429,537 |
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Investment property
Included in Freehold property are investment properties valued at £424,788. The properties were acquired in the year.
5.
Debtors
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31/08/23 |
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£ |
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Trade debtors |
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3,120 |
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_______ |
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6.
Creditors: amounts falling due within one year
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31/08/23 |
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£ |
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Other creditors |
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327,754 |
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_______ |
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7.
Creditors: amounts falling due after more than one year
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31/08/23 |
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£ |
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Bank loans and overdrafts |
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117,740 |
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_______ |
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The company has taken out an interest-only loan repayable after 25 years. The loan is secured over one of the company's investment properties and by persoal guarantees provided by the directors.
8.
Controlling party
The company is controlled by
Dr Suhail Khan
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