Company registration number SC435648 (Scotland)
SAM ELASSAR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
SAM ELASSAR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SAM ELASSAR LIMITED
BALANCE SHEET
AS AT
30 OCTOBER 2023
30 October 2023
- 1 -
30 October 2023
31 October 2022
Notes
£
£
£
£
Fixed assets
Investment property
3
549,814
549,814
Current assets
Cash at bank and in hand
3,591
3,663
Creditors: amounts falling due within one year
4
(286,952)
(273,059)
Net current liabilities
(283,361)
(269,396)
Total assets less current liabilities
266,453
280,418
Creditors: amounts falling due after more than one year
5
(184,777)
(222,534)
Net assets
81,676
57,884
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
81,576
57,784
Total equity
81,676
57,884
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 October 2024
Dr H A G Elassar
Director
Company Registration No. SC435648
SAM ELASSAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Sam Elassar Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 24B City Quay, Camperdown Street, Dundee, United Kingdom, DD1 3JA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 November 2022 and 30 October 2023
549,814
The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
SAM ELASSAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2023
3
Investment property
(Continued)
- 3 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
41,069
44,381
Other borrowings
46,980
34,000
Deferred income
8,333
8,333
Corporation tax
14,009
15,506
Other creditors
170,937
165,777
Accruals and deferred income
5,624
5,062
286,952
273,059
5
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
184,777
222,534
Amounts included above which fall due after five years are as follows:
Payable by instalments
677
6,425
6
Securities
The bank loan is secured by way of a floating charge over all of the property and undertakings of the company.
The bank holds the company's property at Units 24 and 24A City Quay Retail Village, Victoria Dock, Dundee, DD1 3NU as a standard security.
7
Related party transactions
Balances with related parties
The following amounts were outstanding at the reporting end date:
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Key management personnel
170,937
165,777
Other related parties
46,980
34,000
SAM ELASSAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2023
7
Related party transactions
(Continued)
- 4 -
Other information
During the year, the director provided a loan to the company. The loan is unsecured, interest free and repayable on demand.