SSQ Overseas Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08585836 (England and Wales)

SSQ Overseas Limited

Financial Statements

for the Year Ended 31st December 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

Director:

Mr A H El-Helw

Registered office:

301 Elveden Road

Park Royal

London

NW10 7SS

Registered number:

08585836 (England and Wales)

Auditors:

Nigel Wilson & Co

Accountants & Statutory Auditor

4th Floor

100 Fenchurch Street

London

EC3M 5JD

Fixed assets

Intangible assets

4

-

22,542

Current assets

Stocks

1,143,335

1,036,213

Debtors

5

4,060,976

3,078,767

Cash at bank

1,432

6,021

5,205,743

4,121,001

Creditors

Amounts falling due within one year

6

4,001,067

3,079,550

Net current assets

1,204,676

1,041,451

Total assets less current liabilities

1,204,676

1,063,993

Creditors

Amounts falling due after more than one year

7

44,167

-

Net assets

1,160,509

1,063,993

Capital and reserves

Called up share capital

25,000

25,000

Retained earnings

1,135,509

1,038,993

1,160,509

1,063,993

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18th August 2021 and were signed by:

Mr A H El-Helw - Director

1.	Statutory information

SSQ Overseas Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of seven years.

Intangible assets

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	Employees and directors

The average number of employees during the year was 2 (2019 - 2 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1st January 2020

and 31st December 2020

193,050

Amortisation

At 1st January 2020

170,508

Amortisation for year

22,542

At 31st December 2020

193,050

Net book value

At 31st December 2020

-

At 31st December 2019

22,542

5.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

584,606

736,751

Amounts owed by group undertakings

20,009

747

Other debtors

3,456,361

2,341,269

4,060,976

3,078,767

6.

Creditors: amounts falling due within one year

2020

2019

£

£

Bank loans and overdrafts

5,833

-

Trade creditors

122,555

262,743

Amounts owed to group undertakings

3,297,273

2,108,622

Taxation and social security

65,754

60,596

Other creditors

509,652

647,589

4,001,067

3,079,550

7.

Creditors: amounts falling due after more than one year

2020

2019

£

£

Bank loans

44,167

-

8.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

David Hatchard BA FCA (Senior Statutory Auditor)

for and on behalf of Nigel Wilson & Co

9.	Contingent liabilities

The company is a joint guarantor of all monies and liabilities, now and hereafter, due by its associated companies Spanish Slate Quarries UK Limited, SSQ Europe Limited and SSQ Global Holdings Limited to its bankers.

10.	Ultimate controlling party

The company's ultimate parent company is SSQ Global Holdings Limited and its ultimate controlling party is Mr A H El-Helw by virtue of his majority shareholding in the parent company.