Company Registration No. SC432341 (Scotland)
Sadco Retail Ltd
Unaudited accounts
for the year ended 30 September 2024
Sadco Retail Ltd
Unaudited accounts
Contents
Sadco Retail Ltd
Company Information
for the year ended 30 September 2024
Directors
Mohammed Saleem Sadiq
Asif Sadiq
Waseem Sadiq
Fareed Sadiq
Company Number
SC432341 (Scotland)
Registered Office
Spar Stores
198 Paisley Road
Renfrew
Renfrewshire
PA4 8DS
Scotland
Accountants
AMS Accounting Services Ltd
Chartered Certified Accountants
7 Callanish Crescent Newton Mearns
Glasgow
United Kingdom
G77 5WT
Sadco Retail Ltd
Statement of financial position
as at 30 September 2024
Intangible assets
68,127
-
Cash at bank and in hand
217,712
-
Creditors: amounts falling due within one year
(117,503)
-
Net current assets
135,829
-
Total assets less current liabilities
567,427
-
Creditors: amounts falling due after more than one year
(544,002)
-
Called up share capital
5,000
-
Profit and loss account
18,425
-
Shareholders' funds
23,425
-
For the year ending 30 September 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 June 2025 and were signed on its behalf by
Mohammed Saleem Sadiq
Director
Company Registration No. SC432341
Sadco Retail Ltd
Notes to the Accounts
for the year ended 30 September 2024
Sadco Retail Ltd is a private company, limited by shares, registered in Scotland, registration number SC432341. The registered office is Spar Stores, 198 Paisley Road, Renfrew, Renfrewshire, PA4 8DS, 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:
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 Retail Ltd
Notes to the Accounts
for the year ended 30 September 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.
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.
4
Intangible fixed assets
Goodwill
At 30 September 2024
68,127
At 30 September 2024
68,127
Sadco Retail Ltd
Notes to the Accounts
for the year ended 30 September 2024
5
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
Additions
164,879
65,375
149,319
379,573
At 30 September 2024
164,879
65,375
149,319
379,573
Charge for the year
-
4,903
11,199
16,102
At 30 September 2024
-
4,903
11,199
16,102
At 30 September 2024
164,879
60,472
138,120
363,471
Amounts falling due after more than one year
Accrued income and prepayments
485
-
8
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
26,020
-
9
Creditors: amounts falling due after more than one year
2024
2023
Loans from directors
544,002
-
Allotted, called up and fully paid:
5,000 Ordinary shares of £1 each
5,000
5,000
Sadco Retail Ltd
Notes to the Accounts
for the year ended 30 September 2024
11
Transactions with related parties
The company owes Mr M Saleem Sadiq, a director, an amount of £544,002 (2023: nil) as at the balance sheet date. There is no interest on this loan and no fixed date for repayment.
The company owes Mr Asif Sadiq, a director, an amount of nil (2023: nil) as at the balance sheet date. There is no interest on this loan and no fixed date for repayment.
The company owes Mr Waseem Sadiq, a director, an amount of nil (2023: nil) as at the balance sheet date. There is no interest on this loan and no fixed date for repayment.
The company owes Mr Fareed Sadiq, a director, an amount of nil (2023: nil) 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 21 (2023: 0).