Company registration number 11141423 (England and Wales)
SSA (UK) 2, LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SSA (UK) 2, LTD
COMPANY INFORMATION
Directors
M Peckman
D Pizzo
A Rockfeld
Company number
11141423
Registered office
78 St James's Street
2nd Floor
London
SW1A 1JB
Auditor
Ernst & Young LLP
25 Churchill Place
London
E14 5EY
SSA (UK) 2, LTD
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 19
SSA (UK) 2, LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

 

The directors have taken advantage of the exemption from preparing a strategic report as SSA (UK) 2, Ltd (the "Company") is small.

Principal activities

The principal activity of the Company continued to be that of an intermediary holding company.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M Peckman
D Pizzo
A Rockfeld
Auditor

In accordance with the company's articles, a resolution proposing that Ernst & Young LLP be reappointed as auditor of the company will be put to the board of directors.

Statement of disclosure to auditor

As far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.

Going concern

The directors have outlined their going concern assessment in note 1.2 of the financial statements.

 

On behalf of the Board
A Rockfeld
Director
3 April 2024
SSA (UK) 2, LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 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 the relevant reporting period. In preparing these financial statements, the directors are required to:

 

 

The directors are also 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. This record-keeping also enables the directors to ensure that the financial statements comply with the Companies Act 2006. They are 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.

SSA (UK) 2, LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SSA (UK) 2, LTD
- 3 -
Opinion

We have audited the financial statements of SSA (UK) 2, LTD (the ‘Company’) for the year ended 31 December 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, Statement of Cash Flows, and the related notes 1 to 16, a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.

 

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

 

We have nothing to report in this regard.

 

 

SSA (UK) 2, LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SSA (UK) 2, LTD
- 4 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

SSA (UK) 2, LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SSA (UK) 2, LTD
- 5 -

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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 auditor’s 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.

Constantinos Pavlou (Senior statutory auditor)
For and on behalf of Ernst & Young LLP
London
10 April 2024
SSA (UK) 2, LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
Notes
£
£
Turnover
3
393,622
876,254
Administrative expenses
(40,805)
(33,536)
Operating profit
4
352,817
842,718
Interest receivable and similar income
6
3,883
-
0
Profit before taxation
356,700
842,718
Tax on profit
7
295,899
(241,320)
Profit for the financial year
652,599
601,398

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SSA (UK) 2, LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
£
£
Profit for the year
652,599
601,398
Other comprehensive income
-
-
Total comprehensive income for the year
652,599
601,398
SSA (UK) 2, LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
8
13,171,158
9,711,658
Current assets
Debtors
9
1,968,767
1,391,288
Cash at bank and in hand
4,275
1,858
1,973,042
1,393,146
Creditors: amounts falling due within one year
10
(36,363)
(218,566)
Net current assets
1,936,679
1,174,580
Net assets
15,107,837
10,886,238
Capital and reserves
Called up share capital
12
5
3
Share premium account
13,446,125
9,877,127
Profit and loss reserves
1,661,707
1,009,108
Total equity
15,107,837
10,886,238
The financial statements were approved by the board of directors and authorised for issue on 3 April 2024 and are signed on its behalf by:
A Rockfeld
Director
Company registration number 11141423 (England and Wales)
SSA (UK) 2, LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
2
8,294,228
407,710
8,701,940
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
601,398
601,398
Issue of share capital
1
1,582,899
-
1,582,900
Balance at 31 December 2022
3
9,877,127
1,009,108
10,886,238
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
652,599
652,599
Issue of share capital
12
2
3,568,998
-
3,569,000
Balance at 31 December 2023
5
13,446,125
1,661,707
15,107,837
SSA (UK) 2, LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
15
294,016
63,038
Income taxes paid
(401,099)
(147,957)
Net cash outflow from operating activities
(107,083)
(84,919)
Investing activities
Capital contribution
(3,459,500)
(1,500,000)
Net cash used in investing activities
(3,459,500)
(1,500,000)
Financing activities
Proceeds from issue of shares
3,569,000
1,582,900
Net cash generated from financing activities
3,569,000
1,582,900
Net increase/(decrease) in cash and cash equivalents
2,417
(2,019)
Cash and cash equivalents at beginning of year
1,858
3,877
Cash and cash equivalents at end of year
4,275
1,858
SSA (UK) 2, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

SSA (UK) 2, Ltd (the "Company" is a private company limited by shares incorporated in England and Wales. The registered office is 78 St James's Street, 2nd Floor, London, SW1A 1JB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Company is reliant on Schonfeld Strategic Advisors (UK) LLP ("the LLP") continuing to be a going concern as its main source of income is profit share from the LLP. The management of the LLP have prepared a three year cash flow forecast which predicts adequate liquidity and a surplus position in excess of capital requirements. In addition, they have prepared stress testing scenarios to assess the potential impact of adverse market events on the LLP’s operations, liquidity and regulatory capital position, which show that the LLP is able to continue to operate under these stressed conditions. The LLP’s management have therefore determined that it is reasonably expected to continue as a going concern for at least 12 months from the date of the authorisation of its financial statements for the year ended 31 December 2023.true

 

On that basis, at the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the signing date of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable as a profit share from the LLP.

 

Turnover also includes reimbursement for pass through expenses which are recognised as follows:

 

Reimbursement for Pass-Through Expenses

The Company employs an expense-based pass-through model and does not receive a management fee or any other asset-based fee. Rather, Schonfeld Strategic Advisors LLC (the "Parent Company") will generally be subject to their pro-rata share of the Company’s pass through expenses (“PTEs”).

The amount of PTEs that will be charged to the Parent Company is based on a methodology that the Company, in its sole discretion, believes to be fair and equitable after considering the nature of the expense and related accounting conventions. Any PTE may be accrued or charged to the Parent Company over multiple accounting periods in the sole discretion of the Company.

The Company is the primary obligor for those expenses eligible for PTE reimbursement. Accordingly, in the statement of comprehensive income, such expenses are recorded by the Company in their respective categories with the related reimbursements revenue presented gross.

SSA (UK) 2, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.4
Fixed asset investments

Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

The Company is exempt from preparing consolidated financial statements under FRS 102 paragraphs 9.3-6 on the basis that it does not exercise control over the financial and operating policies of the entity so as to obtain benefits from its activities.

At 31 December 2023, the Company's only investment was in the LLP.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

1.6
Financial instruments

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

 

At 31 December 2023, the Company held no such investments.

SSA (UK) 2, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

SSA (UK) 2, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year less payments made under the quarterly instalment payment regime. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SSA (UK) 2, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Profit share
356,700
842,718
PTE reimbursement
36,922
33,536
393,622
876,254
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the Company's auditor for the audit of the Company's financial statements
21,600
18,513
Fees payable to the Company's auditor for all other non-audit services
5,583
7,827
5
Employees

The average monthly number of persons employed by the Company during the year was 0 (2022 - 0).

6
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
3,883
-
0
7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current year
83,989
241,320
Adjustments in respect of prior periods
(175,805)
-
0
Total current tax
(91,816)
241,320
Deferred tax
Origination and reversal of timing differences
(204,083)
-
0
Total tax (credit)/charge
(295,899)
241,320
SSA (UK) 2, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Taxation
(Continued)
- 16 -

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
356,700
842,718
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
83,896
160,116
Tax effect of expenses that are not deductible in determining taxable profit
93
81,232
Adjustments in respect of prior years
(175,805)
(28)
Deferred tax in respect of undistributed profits
(204,083)
-
0
Taxation (credit)/charge for the year
(295,899)
241,320
8
Fixed asset investments
2023
2022
£
£
Unlisted investments:
Investment in LLP
13,171,158
9,711,658
Movements in fixed asset investments
Investments
£
Cost
At 1 January 2023
9,711,658
Additions
3,459,500
At 31 December 2023
13,171,158
Carrying amount
At 31 December 2023
13,171,158
At 31 December 2022
9,711,658

The company holds an investment in Schonfeld Strategic Advisors (UK) LLP, a limited liability partnership registered in England & Wales, over which it has joint control. Additions represent capital contributions made in the year.

SSA (UK) 2, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
347,953
-
0
Amounts owed by group undertakings
1,416,731
1,391,288
1,764,684
1,391,288
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 11)
204,083
-
0
Total debtors
1,968,767
1,391,288
10
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
-
0
34,080
Corporation tax
-
0
148,845
Accruals
36,363
35,641
36,363
218,566
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Undistributed profits
204,083
-
2023
Movements in the year:
£
Asset at 1 January 2023
-
Credit to profit or loss
(204,083)
Asset at 31 December 2023
(204,083)
SSA (UK) 2, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
12
Share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
5
3

During the year the Company exchanged an intra-group loan totalling £1,469,000 for the issue and allotment of one ordinary share of £1. Amounts totalling £1,468,999 in respect of this share issue are shown in the Company's share premium account. As at 31 December 2022, £65,100 of this intra-group loan was included within the amounts owed to group undertakings within creditors: amounts falling due within one year, net of £31,020 receivable in respect of PTE reimbursements.

During the year the Company received £2,100,000 in exchange for the issue and allotment of one ordinary share of £1. Amounts totalling £2,099,999 in respect of this share issue are shown in the Company's share premium account.

13
Related party transactions

During the year, the Company recognised profit share from the LLP of £356,700 (2022: £842,718) and at the balance sheet date was owed £1,391,289 (2022: £1,391,288) in respect of unpaid LLP profit shares which is included within debtors.

 

During the year, the Company recorded reimbursements for PTEs amounting to £36,922 (2022: £33,536) of which £27,493 (2022: £nil) was receivable at the balance sheet date and is included within debtors.

 

As discussed in note 12, the Company issued two ordinary shares of £1 (2022: one ordinary share of £1) during the year to its Parent Company in return for a total consideration of £3,569,000 (2022: £1,582,900).

 

During the year the Company made capital contributions to the LLP amounting to £3,459,500 (2022: £1,500,000).

14
Ultimate controlling party

Schonfeld Strategic Advisors LLC, registered at 590 Madison Ave, 23rd Floor, New York, NY 10022, United States, is the parent of the smallest and largest group into which the Company's results are consolidated.

 

The ultimate controlling party is Steven Schonfeld.

15
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
652,599
601,398
Adjustments for:
Taxation (credited)/charged
(295,899)
241,320
Interest Receivable
(3,883)
-
0
Movements in working capital:
Increase in debtors
(25,443)
(828,781)
(Decrease)/increase in creditors
(33,358)
49,101
Cash generated from operations
294,016
63,038
SSA (UK) 2, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
16
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,858
2,417
4,275
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