SSQ Overseas Limited - Accounts

Registered number

08585836

SSQ Overseas Limited

Report and Financial Statements

31 December 2017

SSQ Overseas Limited
Report and accounts
Contents
Page
Company information	1
Director's report	2
Strategic report	3
Independent auditor's report	4
Income statement	5
Statement of financial position	6
Statement of changes in equity	7
Statement of cash flows	8
Notes to the financial statements	9-12

SSQ Overseas Limited

Company Information

Director

Ahmed Haroun El-Helw

Secretary

Vildan el-Helw

Auditors

Warren Clare

5-6 George Street

St Albans

Hertfordshire

AL3 4ER

Bankers

HSBC

69 Park Royal Road

Park Royal

London

NW10 7JJ

Registered number

08585836

SSQ Overseas Limited
Registered number:				08585836
Director's Report
The director presents his report and financial statements for the year ended 31 December 2017.
Principal activities
The company's principal activity during the year continued to be ...
Directors
The following persons served as directors during the year:
	Ahmed Haroun El-Helw
Director's responsibilities

The director is responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

The director confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board on 25 September 2018 and signed on its behalf.

A H El-Helw

Director

SSQ Overseas Limited
Strategic Report
The director presents the strategic report and the audited financial statements of SSQ Overseas Limited for the year ended 31 December 2017.
Review of the business and future developments
The company has maintained its levels of turnover despite adverse currency fluctuations.The company's access to natural slate supplies from Argentina have increased the available supply and enabled it to continue in expanding its share of the Overseas natural slate roofing market. The company continues to seek to source quality slate supplies from emerging quarries in order to achieve further growth and development.
Other than planned business growth, the director does not expect any development in the company’s business in the coming year that would be significantly different from its present activities.
Results and dividends
The company made an operating profit of £112,782 for the year (2016: £125,415).
Principal risks and uncertainties
The company is exposed to foreign currency risk on supplies sourced from European Quarries in particular. The company is also exposed in interest rate risk on borrowings. However, the company has recently reviewed and changed its banking arrangements and has sourced access to further financing facilities to enable continued growth.
Trade creditor risk is managed by ensuring sufficient funds are available to meet amounts due.
Trade debtor risk in respect of credit and cash flows are manage by regular contact and meetings with major customers to ensure satisfaction, to minimise disputes and maxmise collections.
This report was approved by the board on 25 September 2018 and signed on its behalf.
A H El-Helw

SSQ Overseas Limited

Independent auditors' report

to the member of SSQ Overseas Limited

We have audited the financial statements of SSQ Overseas Limited for the year ended 31 December 2017 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Director's Responsibilities, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the accounts

A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/auditscopeukprivate

Opinion on the accounts

In our opinion the accounts:
●	give a true and fair view of the state of the company's affairs as at 31 December 2017 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
●	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors' Report for the financial year for which the accounts are prepared is consistent with the accounts and has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the accounts are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit.

Roy Warren
(Senior Statutory Auditor)
for and on behalf of		5-6 George Street
Warren Clare		St Albans
Accountants and Statutory Auditors		Hertfordshire
25 September 2018		AL3 4ER

SSQ Overseas Limited
Income Statement
for the year ended 31 December 2017
Notes						2017		2016
£							£
Turnover				2		1,653,574		1,488,483
Cost of sales						(1,152,222)		(1,127,706)
Gross profit						501,352		360,777
Administrative expenses						(388,570)		(235,362)
Operating profit				3		112,782		125,415
Interest payable				4		(2,199)		(13,825)
Profit on ordinary activities before taxation						110,583		111,590
Tax on profit on ordinary activities				5		(26,600)		(28,200)
Profit for the financial year						83,983		83,390

SSQ Overseas Limited
Statement of Financial Position
as at 31 December 2017
Notes				2017			2016
£					£
Fixed assets
Intangible assets	6			77,700			105,300
Current assets
Stocks	7		604,272			346,775
Debtors	8		1,155,807			1,186,964
Cash at bank and in hand			387			363
			1,760,466			1,534,102
Creditors: amounts falling due within one year	9		(975,956)			(861,175)
Net current assets				784,510			672,927
Net assets				862,210			778,227
Capital and reserves
Called up share capital	10			25,000			25,000
Profit and loss account	11			837,210			753,227
Total equity				862,210			778,227
A H El-Helw
Director
Approved by the board on 25 September 2018

SSQ Overseas Limited
Statement of Changes in Equity
for the year ended 31 December 2017
Share			Profit				Total
capital			and loss
account
£			£				£
At 1 January 2016		25,000				669,837		694,837
Profit for the financial year						83,390		83,390
At 31 December 2016		25,000				753,227		778,227
At 1 January 2017		25,000				753,227		778,227
Profit for the financial year						83,983		83,983
At 31 December 2017		25,000				837,210		862,210

SSQ Overseas Limited
Statement of Cash Flows
for the year ended 31 December 2017
Notes			2017		2016
£				£
Operating activities
Profit for the financial year			83,983		83,390
Adjustments for:
Interest payable			2,199		13,825
Tax on profit on ordinary activities			26,600		28,200
Amortisation of goodwill			27,600		29,250
Increase in stocks			(257,497)		(328,141)
Decrease/(increase) in debtors			31,157		(307,780)
Increase in creditors			115,100		520,176
			29,142		38,920
Interest paid			(2,199)		(13,825)
Corporation tax paid			(26,919)		(24,854)
Cash generated by operating activities			24		241
Net cash generated
Cash generated by operating activities			24		241
Net cash generated			24		241
Cash and cash equivalents at 1 January			363		122
Cash and cash equivalents at 31 December			387		363
Cash and cash equivalents comprise:
Cash at bank			387		363

SSQ Overseas Limited
Notes to the Accounts
for the year ended 31 December 2017
1	Summary of significant accounting policies
	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods, which is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful economic lives, using the straight line method: Goodwill - 7 years
	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
	Foreign currency translation
	Transactions in foreign currencies are initially recognised at a pre-determined average rate of exchange. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2	Analysis of turnover					2017		2016
£							£
	Sale of goods					1,653,574		1,488,483
	By geographical market:
	Rest of world					1,653,574		1,488,483
3	Operating profit					2017		2016
£							£
	This is stated after charging:
	Amortisation of goodwill					27,600		29,250
	Carrying amount of stock sold					916,263		906,514
4	Interest payable					2017		2016
£							£
	Bank loans and overdrafts					2,199		13,825
5	Taxation					2017		2016
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					26,600		28,200
	Tax on profit on ordinary activities					26,600		28,200
	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
						2017		2016
£							£
	Profit on ordinary activities before tax					110,583		111,590
	Standard rate of corporation tax in the UK					20%		20%
£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					22,117		22,318
	Effects of:
	Expenses not deductible for tax purposes					4,483		5,882
	Current tax charge for period					26,600		28,200
6	Intangible fixed assets							£
	Goodwill:
	Cost
	At 1 January 2017							193,050
	At 31 December 2017							193,050
	Amortisation
	At 1 January 2017							87,750
	Provided during the year							27,600
	At 31 December 2017							115,350
	Carrying amount
	At 31 December 2017							77,700
	At 31 December 2016							105,300
	Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
7	Stocks					2017		2016
£							£
	Finished goods and goods for resale					604,272		346,775
8	Debtors					2017		2016
£							£
	Trade debtors					361,791		468,920
	Amounts owed by group undertakings and undertakings in which the company has a participating interest					664,497		572,099
	Other debtors					129,519		145,945
						1,155,807		1,186,964
9	Creditors: amounts falling due within one year					2017		2016
£							£
	Trade creditors					(250,592)		251,040
	Amounts owed to group undertakings and undertakings in which the company has a participating interest					882,166		291,902
	Corporation tax					54,800		55,119
	Other creditors					289,582		263,114
						975,956		861,175
10	Share capital	Nominal		2017		2017		2016
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		25,000		25,000		25,000
11	Profit and loss account					2017		2016
£							£
	At 1 January					753,227		669,837
	Profit for the financial year					83,983		83,390
	At 31 December					837,210		753,227
12	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.
13	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.
14	Presentation currency
	The financial statements are presented in Sterling.
15	Legal form of entity and country of incorporation
	SSQ Overseas Limited is a private company limited by shares and incorporated in England.
16	Principal place of business
	The address of the company's principal place of business and registered office is:
	.301 Elveden Road
	Park Royal
	London NW10 7SS