Company Registration No. SC595022 (Scotland)
Sadco Holdings Ltd
Unaudited accounts
for the year ended 30 April 2024
Sadco Holdings Ltd
Unaudited accounts
Contents
Sadco Holdings Ltd
Company Information
for the year ended 30 April 2024
Directors
Iqbal Sadiq
Saqib Assam Sadiq
Company Number
SC595022 (Scotland)
Registered Office
SPAR STORE
94-98 MARYHILL ROAD
GLASGOW
G20 7QB
SCOTLAND
Accountants
AMS Accounting Services Ltd
7 Callanish Crescent Newton Mearns
Glasgow
United Kingdom
G77 5WT
Sadco Holdings Ltd
Statement of financial position
as at 30 April 2024
Tangible assets
12,395
14,582
Investment property
475,445
331,445
Cash at bank and in hand
3,083
11,320
Creditors: amounts falling due within one year
(2,704)
(2,092)
Net current assets
379
9,228
Total assets less current liabilities
488,219
355,255
Creditors: amounts falling due after more than one year
(472,681)
(342,065)
Called up share capital
100
100
Profit and loss account
15,438
13,090
Shareholders' funds
15,538
13,190
For the year ending 30 April 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 directors acknowledge their 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 of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by
Saqib Assam Sadiq
Director
Company Registration No. SC595022
Sadco Holdings Ltd
Notes to the Accounts
for the year ended 30 April 2024
Sadco Holdings Ltd is a private company, limited by shares, registered in Scotland, registration number SC595022. The registered office is SPAR STORE, 94-98 MARYHILL ROAD, GLASGOW, G20 7QB, 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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover from rental income represents the value of the rental amount under the agreement to the extent that there is a right to the considerations and is recorded at the value of the considerations due.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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 basis
Fixtures & fittings
15% on reducing balance basis
Computer equipment
15% on reducing balance basis
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 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.
Sadco Holdings Ltd
Notes to the Accounts
for the year ended 30 April 2024
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.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 May 2023
450
18,008
18,458
At 30 April 2024
450
18,008
18,458
At 1 May 2023
137
3,739
3,876
Charge for the year
47
2,140
2,187
At 30 April 2024
184
5,879
6,063
At 30 April 2024
266
12,129
12,395
At 30 April 2023
313
14,269
14,582
Fair value at 1 May 2023
331,445
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
714
-
Other creditors
1,450
1,450
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
304,058
219,753
Other creditors
64,654
76,654
Loans from directors
103,969
45,658
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Sadco Holdings Ltd
Notes to the Accounts
for the year ended 30 April 2024
9
Transactions with related parties
The company owes Mr Iqbal Sadiq, a director, an amount of £44,903 (2023: £15,748) as at the balance sheet date. There is no interest on this loan and no fixed date for repayment.
The company owes Mr Saqib Assam Sadiq, a director, an amount of £59,066 (2023 : £29,910) as at the balance sheet date. There is no interest on this loan and no fixed date for repayment.
There was no ultimate controlling party during the year.
11
Average number of employees
During the year the average number of employees was 0 (2023: 0).