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COMPANY REGISTRATION NUMBER: SC296269
SSUK Limited
Filleted Unaudited Financial Statements
31 December 2023
SSUK Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
SSUK Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of SSUK Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SSUK Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of SSUK Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of SSUK Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SSUK Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that SSUK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SSUK Limited. You consider that SSUK Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of SSUK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
9 April 2024
SSUK Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
13,467
18,364
Tangible assets
6
428,090
487,419
---------
---------
441,557
505,783
Current assets
Stocks
562,373
1,136,221
Debtors
7
812,177
1,454,038
Cash at bank and in hand
935,904
------------
------------
2,310,454
2,590,259
Creditors: amounts falling due within one year
8
1,155,261
1,708,625
------------
------------
Net current assets
1,155,193
881,634
------------
------------
Total assets less current liabilities
1,596,750
1,387,417
Creditors: amounts falling due after more than one year
9
14,991
178,392
Provisions
Taxation including deferred tax
28,742
28,742
------------
------------
Net assets
1,553,017
1,180,283
------------
------------
Capital and reserves
Called up share capital
38
43
Share premium account
18,508
18,508
Capital redemption reserve
47
42
Profit and loss account
1,534,424
1,161,690
------------
------------
Shareholders funds
1,553,017
1,180,283
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SSUK Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 9 April 2024 , and are signed on behalf of the board by:
Mr S McCahill
Director
Company registration number: SC296269
SSUK Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 45 Queen Elizabeth Avenue, Hillington, Glasgow, G52 4NQ, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intangible Fixed Asset
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% - 20% Straight line
Plant and machinery
-
4% - 25% Straight line
Motor vehicles
-
25% straight line
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2022: 45 ).
5. Intangible assets
Website Development
£
Cost
At 1 January 2023 and 31 December 2023
24,485
--------
Amortisation
At 1 January 2023
6,121
Charge for the year
4,897
--------
At 31 December 2023
11,018
--------
Carrying amount
At 31 December 2023
13,467
--------
At 31 December 2022
18,364
--------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
381,247
37,741
279,177
22,568
720,733
Additions
3,887
3,100
21,638
28,625
Disposals
( 26,200)
( 17,268)
( 22,568)
( 66,036)
---------
--------
---------
--------
---------
At 31 December 2023
385,134
14,641
283,547
683,322
---------
--------
---------
--------
---------
Depreciation
At 1 January 2023
54,870
15,052
140,823
22,568
233,313
Charge for the year
9,333
4,305
58,094
71,732
Disposals
( 9,977)
( 17,268)
( 22,568)
( 49,813)
---------
--------
---------
--------
---------
At 31 December 2023
64,203
9,380
181,649
255,232
---------
--------
---------
--------
---------
Carrying amount
At 31 December 2023
320,931
5,261
101,898
428,090
---------
--------
---------
--------
---------
At 31 December 2022
326,377
22,689
138,354
487,420
---------
--------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
575,366
1,041,025
Prepayments and accrued income
134,075
289,204
Other debtors
102,736
123,809
---------
------------
812,177
1,454,038
---------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
317,297
Trade creditors
453,089
984,556
Accruals and deferred income
369,560
309,593
Corporation tax
136,134
43,660
Social security and other taxes
179,217
39,955
Obligations under finance leases and hire purchase contracts
11,005
7,173
Other creditors
6,256
6,391
------------
------------
1,155,261
1,708,625
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
162,970
Other creditors
14,991
15,422
--------
---------
14,991
178,392
--------
---------