REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 14TH DECEMBER 2023 |
FOR |
SS GLOBAL MERCHANTS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 14TH DECEMBER 2023 |
FOR |
SS GLOBAL MERCHANTS LIMITED |
SS GLOBAL MERCHANTS LIMITED (REGISTERED NUMBER: 10821149) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 14TH DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SS GLOBAL MERCHANTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 14TH DECEMBER 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
1 Doughty Street |
London |
WC1N 2PH |
SS GLOBAL MERCHANTS LIMITED (REGISTERED NUMBER: 10821149) |
BALANCE SHEET |
14TH DECEMBER 2023 |
2023 | 2022 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SS GLOBAL MERCHANTS LIMITED (REGISTERED NUMBER: 10821149) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 14TH DECEMBER 2023 |
1. | STATUTORY INFORMATION |
SS Global Merchants Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The Company has two sources of income: |
a. Sale of Goods | Revenue for sale of goods is recognised when the significant risks and rewards of the ownership have been transferred to the buyer, there is no continuous involvement with the goods, and the amount of revenue can be measured reliably. Transfer of risks and rewards varies depending on the individual terms of the contract of sale, including the delivery conditions agreed with the customers. Revenue is recorded net of trade promotion and discounts, which is recognised as incurred, generally at the time of sale. |
b. Profit sharing income | The Company earns a share of profit made on the sale of certain products by a financier to customers. The share of profit is recognised on an accruals basis. |
Tangible fixed assets |
Plant and machinery etc | - |
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 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Foreign currencies |
The presentation currency is USD ($). |
Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
SS GLOBAL MERCHANTS LIMITED (REGISTERED NUMBER: 10821149) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 14TH DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Going concern |
The Board of directors has assessed the going concern risks to the Company and has concluded that: |
- | the company has been able to retain its customer base and has received sufficient contracts from them. |
- | the company has favourable credit terms from its main supplier, a related party. |
- | based on the financial forecasts, the Company can meet its liabilities as they fall due over the next twelve months from the date of approval of these financial statements. |
Based on these indications, the Board of directors believes that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
$ |
COST |
At 15th December 2022 |
Additions |
At 14th December 2023 |
DEPRECIATION |
At 15th December 2022 |
Charge for year |
At 14th December 2023 |
NET BOOK VALUE |
At 14th December 2023 |
At 14th December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Trade creditors |
Taxation and social security |
Other creditors |
SS GLOBAL MERCHANTS LIMITED (REGISTERED NUMBER: 10821149) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 14TH DECEMBER 2023 |
7. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | $ | $ |
Ordinary | £1 | 12,615 | 12,615 |
The entire share capital is unpaid. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 14th December 2023 and 14th December 2022: |
2023 | 2022 |
$ | $ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
10. | RELATED PARTY DISCLOSURES |
During the year, the company undertook the following transactions with Shiv Mondial Trading House DMCC, which has common director and shareholder: |
2023 | 2022 |
$ | $ |
- | Management charges paid to related party | - | 70,000 |
- | Purchases from related party, including freight | 12,477,419 | 17,722,055 |
- | Sales to related party | - | 264,387 |
- | Amounts due from related party at the year end | 444,645 | 302,209 |
The Company acquires forward contracts on behalf of Shiv Mondial Trading House DMCC and the gains and losses arising from these forward contracts belong to the related party. There were no open forward contracts as at year-end (2022: $Nil). |
During the year, the company also undertook the following transactions with 3D Trade Limited, a company wholly owned by the spouse of a key employee/officer of the Company: |
2023 | 2022 |
$ | $ |
- | Commission receivable from related party | 189,323 | - |
- | Purchases from related party | - | 761,010 |
- | Commission payable to related party | 220,875 | - |
- | Advance received from related party | 99,991 | - |
- | Amounts due (to)/from related parties at the year end | (98,082 | ) | 9,960 |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr S Purohit. |