1 February 2023 false Taxfiler 2024.5 SC685833business:PrivateLimitedCompanyLtd2023-02-012024-01-31 SC6858332023-01-31 SC6858332023-02-012024-01-31 SC685833business:AuditExemptWithAccountantsReport2023-02-012024-01-31 SC685833business:FilletedAccounts2023-02-012024-01-31 SC6858332024-01-31 SC685833business:Director12023-02-012024-01-31 SC685833business:RegisteredOffice2023-02-012024-01-31 SC6858332023-01-31 SC685833core:WithinOneYear2024-01-31 SC685833core:WithinOneYear2023-01-31 SC685833core:ShareCapitalcore:PreviouslyStatedAmount2024-01-31 SC685833core:ShareCapitalcore:PreviouslyStatedAmount2023-01-31 SC685833core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-01-31 SC685833core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-01-31 SC685833core:PreviouslyStatedAmount2024-01-31 SC685833core:PreviouslyStatedAmount2023-01-31 SC685833business:SmallEntities2023-02-012024-01-31 SC685833countries:Scotland2023-02-012024-01-31 SC685833core:PlantMachinery2023-02-012024-01-31 SC685833core:MotorVehicles2023-02-012024-01-31 SC685833core:FurnitureFittings2023-02-012024-01-31 SC685833core:ComputerEquipment2023-02-012024-01-31 SC685833core:FurnitureFittings2023-01-31 SC685833core:ComputerEquipment2023-01-31 SC685833core:FurnitureFittings2024-01-31 SC685833core:ComputerEquipment2024-01-31 SC685833business:OrdinaryShareClass12023-02-012024-01-31 SC685833business:OrdinaryShareClass12022-02-012023-01-31 SC6858332022-02-012023-01-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. SC685833 (Scotland)
SADCO FINANCIAL LTD Unaudited accounts for the year ended 31 January 2024
SADCO FINANCIAL LTD Unaudited accounts Contents
Page
- 2 -
SADCO FINANCIAL LTD Company Information for the year ended 31 January 2024
Director
Saqib Asssam Sadiq
Company Number
SC685833 (Scotland)
Registered Office
90 FERNLEA BEARSDEN GLASGOW G61 1NB SCOTLAND
Accountants
AMS Accounting Services Ltd Chartered Certified Accountants 7 Callanish Crescent Newton Mearns Glasgow United Kingdom G77 5WT
- 3 -
SADCO FINANCIAL LTD Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
4,612 
5,426 
Current assets
Inventories
535 
465 
Debtors
570 
545 
Cash at bank and in hand
3,249 
2,627 
4,354 
3,637 
Creditors: amounts falling due within one year
(5,274)
(1,748)
Net current (liabilities)/assets
(920)
1,889 
Net assets
3,692 
7,315 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
3,691 
7,314 
Shareholders' funds
3,692 
7,315 
For the year ending 31 January 2024 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 director acknowledges his 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 and authorised for issue on 1 October 2024 and were signed on its behalf by
Saqib Asssam Sadiq Director Company Registration No. SC685833
- 4 -
SADCO FINANCIAL LTD Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
SADCO FINANCIAL LTD is a private company, limited by shares, registered in Scotland, registration number SC685833. The registered office is 90 FERNLEA, BEARSDEN, GLASGOW, G61 1NB, SCOTLAND.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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
Motor vehicles
25% on reducing balance
Fixtures & fittings
15% on reducing balance
Computer equipment
15% on reducing balance
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.
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.
- 5 -
SADCO FINANCIAL LTD Notes to the Accounts for the year ended 31 January 2024
Bounce Back loans
Under this scheme, business can access finance to maximum amount of £50,000. The government guarantees 100% of the loan and there are no fees or interest to pay for the first 12 months. After 12 months, the interest is capped at 2.5% per year.
Government grants
Government grants in relation to COVID-19 which becomes receivable as compensation for losses or expenses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs is recognised in income in the period in which it becomes receivable.
Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme relates to staff who have been furloughed due to Covid-19. The grant is recognised within income and is not offset against expenditure (eg payroll cost) in profit or loss. CJRS grant is taxable income and hence is brought into tax computation as such. Where a CJRS grant is receivable by the reporting date but has not been received, a debtor balance is recognised.
Business rates relief
Business rates relief is not a government grant and hence FRS102, Section 24 and FRS 105, Section 19 will not apply. Where an entity has taken advantage off the business rates relief, it will be treated as an absent cost and profit or loss charge will be reduced for the period of the relief.
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 February 2023
1,660 
4,744 
6,404 
At 31 January 2024
1,660 
4,744 
6,404 
Depreciation
At 1 February 2023
109 
869 
978 
Charge for the year
233 
581 
814 
At 31 January 2024
342 
1,450 
1,792 
Net book value
At 31 January 2024
1,318 
3,294 
4,612 
At 31 January 2023
1,551 
3,875 
5,426 
5
Inventories
2024 
2023 
£ 
£ 
Work in progress
535 
465 
535 
465 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
570 
545 
- 6 -
SADCO FINANCIAL LTD Notes to the Accounts for the year ended 31 January 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Taxes and social security
- 
433 
Loans from directors
4,799 
840 
Accruals
475 
475 
5,274 
1,748 
8
Share capital
2024 
2023 
£ 
£ 
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 £4,799 (2023: £840) as at the balance sheet date. There is no interest on this loan and no fixed date for repayment.
10
Average number of employees
During the year the average number of employees was 0 (2023: 0).
- 7 -