Company Registration No. SC408885 (Scotland)
Sadco Enterprise Ltd
Unaudited accounts
for the year ended 31 October 2024
Sadco Enterprise Ltd
Unaudited accounts
Contents
Sadco Enterprise Ltd
Company Information
for the year ended 31 October 2024
Directors
Iqbal Sadiq
Yasmin Sadiq
Mr Mohammed Amir Sadiq
Mr Saqib Assam Sadiq
Company Number
SC408885 (Scotland)
Registered Office
94-98 St Georges Cross
Maryhill Road
Glasgow
G20 7QB
SCOTLAND
Accountants
AMS Accounting Services Ltd
Chartered Certified Accountants
7 Callanish Crescent Newton Mearns
Glasgow
United Kingdom
G77 5WT
Sadco Enterprise Ltd
Statement of financial position
as at 31 October 2024
Tangible assets
171,193
181,155
Cash at bank and in hand
12,476
8,283
Creditors: amounts falling due within one year
(98,218)
(90,745)
Net current assets
3,811
20,789
Total assets less current liabilities
175,104
202,044
Creditors: amounts falling due after more than one year
(102,731)
(128,480)
Called up share capital
100
100
Profit and loss account
72,273
73,464
Shareholders' funds
72,373
73,564
For the year ending 31 October 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 24 March 2025 and were signed on its behalf by
Iqbal Sadiq
Director
Company Registration No. SC408885
Sadco Enterprise Ltd
Notes to the Accounts
for the year ended 31 October 2024
Sadco Enterprise Ltd is a private company, limited by shares, registered in Scotland, registration number SC408885. The registered office is 94-98 St Georges Cross, 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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:
Land & buildings
2% on cost
Plant & machinery
15% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
15% on reducing balance
Computer equipment
15% on reducing balance
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Patents and licences are being amortised evenly over their estimated useful life of nil years.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
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.
Sadco Enterprise Ltd
Notes to the Accounts
for the year ended 31 October 2024
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.
Hire purchase and leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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 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 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.
Sadco Enterprise Ltd
Notes to the Accounts
for the year ended 31 October 2024
4
Intangible fixed assets
Other
5
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 November 2023
164,269
25,739
143,914
15,204
349,126
At 31 October 2024
164,269
25,739
143,914
15,204
349,126
At 1 November 2023
31,877
14,793
110,631
10,670
167,971
Charge for the year
2,648
1,642
4,992
680
9,962
At 31 October 2024
34,525
16,435
115,623
11,350
177,933
At 31 October 2024
129,744
9,304
28,291
3,854
171,193
At 31 October 2023
132,392
10,946
33,283
4,534
181,155
Finished goods
56,822
64,295
Amounts falling due within one year
Accrued income and prepayments
2,231
2,456
Amounts falling due after more than one year
Other debtors
30,500
36,500
Sadco Enterprise Ltd
Notes to the Accounts
for the year ended 31 October 2024
8
Creditors: amounts falling due within one year
2024
2023
Trade creditors
59,682
53,364
Taxes and social security
4,855
6,814
Other creditors
11,234
9,860
Loans from directors
13,681
13,683
9
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
64,140
73,140
Taxes and social security
21,170
27,906
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
11
Transactions with related parties
The company owes Mr Iqbal Sadiq, a director, an amount of £6,840 (2023: £6,842) as at the balance sheet date. There is no interest on this loan and no fixed date for repayment.
The company owes Mrs Yasmin Sadiq, a director, an amount of £6,841 (2023: £6,841) as at the balance sheet date. There is no interest on this loan and no fixed date for repayment.
12
Average number of employees
During the year the average number of employees was 17 (2023: 17).