Silverfin false false 30/06/2024 01/07/2023 30/06/2024 S Shafaatulla 24/06/2015 I Yaqub 24/06/2015 23 March 2025 The principal activity of the Company during the financial year continued to be that of property investment. SC509176 2024-06-30 SC509176 bus:Director1 2024-06-30 SC509176 bus:Director2 2024-06-30 SC509176 2023-06-30 SC509176 core:CurrentFinancialInstruments 2024-06-30 SC509176 core:CurrentFinancialInstruments 2023-06-30 SC509176 core:Non-currentFinancialInstruments 2024-06-30 SC509176 core:Non-currentFinancialInstruments 2023-06-30 SC509176 core:ShareCapital 2024-06-30 SC509176 core:ShareCapital 2023-06-30 SC509176 core:RevaluationReserve 2024-06-30 SC509176 core:RevaluationReserve 2023-06-30 SC509176 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC509176 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC509176 core:CostValuation 2023-06-30 SC509176 core:AdditionsToInvestments 2024-06-30 SC509176 core:CostValuation 2024-06-30 SC509176 bus:OrdinaryShareClass1 2024-06-30 SC509176 2023-07-01 2024-06-30 SC509176 bus:FilletedAccounts 2023-07-01 2024-06-30 SC509176 bus:SmallEntities 2023-07-01 2024-06-30 SC509176 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC509176 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC509176 bus:Director1 2023-07-01 2024-06-30 SC509176 bus:Director2 2023-07-01 2024-06-30 SC509176 2022-07-01 2023-06-30 SC509176 core:Subsidiary1 2023-07-01 2024-06-30 SC509176 core:Subsidiary1 1 2023-07-01 2024-06-30 SC509176 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC509176 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: SC509176 (Scotland)

SHAFAATULLA & YAQUB PROPERTY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

SHAFAATULLA & YAQUB PROPERTY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

SHAFAATULLA & YAQUB PROPERTY LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
SHAFAATULLA & YAQUB PROPERTY LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 2,201,863 2,251,600
Investments 4 91,314 0
2,293,177 2,251,600
Current assets
Debtors 5 9,673 3,744
Cash at bank and in hand 10,477 23,389
20,150 27,133
Creditors: amounts falling due within one year 6 ( 893,508) ( 952,707)
Net current liabilities (873,358) (925,574)
Total assets less current liabilities 1,419,819 1,326,026
Creditors: amounts falling due after more than one year 7 0 ( 6,471)
Provision for liabilities 8 ( 200,385) ( 201,721)
Net assets 1,219,434 1,117,834
Capital and reserves
Called-up share capital 9 2 2
Revaluation reserve 525,751 529,761
Profit and loss account 693,681 588,071
Total shareholders' funds 1,219,434 1,117,834

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Shafaatulla & Yaqub Property Limited (registered number: SC509176) were approved and authorised for issue by the Board of Directors on 23 March 2025. They were signed on its behalf by:

S Shafaatulla
Director
SHAFAATULLA & YAQUB PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
SHAFAATULLA & YAQUB PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Shafaatulla & Yaqub Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 41 Berwick Drive, Glasgow, G52 3JA, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £1,219,434. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover represents amounts receivable for rental income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs . Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 July 2023 2,251,600
Additions 51,863
Disposals (101,600)
As at 30 June 2024 2,201,863

Valuation

Investment property comprises £2,200,829. The fair value of the investment properties has been arrived at on the basis of valuations carried out at the year end by the directors. These valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors believe the additions in the year should be included at cost in the valuation

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 1,524,858 1,581,113

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 0
Additions 91,314
At 30 June 2024 91,314
Carrying value at 30 June 2024 91,314
Carrying value at 30 June 2023 0

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
30.06.2024
Held
Glasgow East Opco Company Limited 41 Berwick Drive, Glasgow, Scotland, G52 3JA Dormant Ordinary 100.00% Direct

5. Debtors

2024 2023
£ £
Other debtors 9,673 3,744

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 3,000
Corporation tax 36,399 27,643
Other taxation and social security 2,543 2,543
Other creditors 854,566 919,521
893,508 952,707

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 6,471

8. Provision for liabilities

2024 2023
£ £
Deferred tax 200,385 201,721

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to key management personnel 716,592 703,754
Amounts owed to related parties 104,375 184,617