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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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SS PROTECT LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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SS PROTECT LIMITED |
SS PROTECT LIMITED (REGISTERED NUMBER: 10161957) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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SS PROTECT LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
and Chartered Tax Advisers |
Larch House |
Parklands Business Park |
Denmead |
Hampshire |
PO7 6XP |
SS PROTECT LIMITED (REGISTERED NUMBER: 10161957) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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31.12.17 | 31.12.16 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES |
( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors on
and were signed on its behalf by: |
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SS PROTECT LIMITED (REGISTERED NUMBER: 10161957) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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SS Protect Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company's balance sheet at the year end shows net current liabilities and net liabilities. This |
position is due to a combination of amounts owed to shareholders ($19,221K) and deferred income |
($9,531K). Those shareholders who are owed money by the company at the balance sheet date have |
agreed not to seek repayment of the amounts they are owed unless the company has sufficient funds |
to do so. The deferred income will be released to the income statement during the next year. The |
company has the continued financial support of its shareholders for the foreseeable future to meet its |
liabilities as they fall due. On this basis the directors have prepared the financial statements on the |
going concern basis. |
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Turnover |
The company generates revenue primarily from selling subscriptions for computer protection software. |
The subscriptions are provided under contracts pursuant to which the company has ongoing |
obligations to support the subscriber. These contracts range from service periods of between 1 and 12 |
months and typically require payment in advance. The company recognises the associated revenue |
ratably over the service period. This includes revenue in respect of add-ons. |
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Revenue is measured excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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SS PROTECT LIMITED (REGISTERED NUMBER: 10161957) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
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. |
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Functional currency |
The directors have reviewed the functional currency of the company and concluded that it is US |
Dollars and therefore the financial statements have been prepared in this currency. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
$ |
COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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SS PROTECT LIMITED (REGISTERED NUMBER: 10161957) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
$ |
COST |
Additions |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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The company's investments at the Balance Sheet date in the share capital of companies include the |
following: |
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Registered office: Larch House, Parklands Business Park, Denmead, Hampshire, PO7 6XP |
Nature of business:
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Class of shares: | holding |
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Registered office: Larch House, Parklands Business Park, Denmead, Hampshire, PO7 6XP |
Nature of business:
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% |
Class of shares: | holding |
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Registered office: Larch House, Parklands Business Park, Denmead, Hampshire, PO7 6XP |
Nature of business:
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% |
Class of shares: | holding |
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Registered office: Larch House, Parklands Business Park, Denmead, Hampshire, PO7 6XP |
Nature of business:
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% |
Class of shares: | holding |
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Registered office: 5a Little Park Farm Road, Fareham, Hampshire, PO15 5SJ |
Nature of business:
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% |
Class of shares: | holding |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
$ | $ |
Amounts owed by group undertakings |
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Other debtors |
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SS PROTECT LIMITED (REGISTERED NUMBER: 10161957) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
$ | $ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.17 | 31.12.16 |
$ | $ |
Amounts owed to group | 6,496,588 | - |
Other creditors | 8,000,000 | - |
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Amounts owed to group and other creditors are secured by a floating charge over the company's |
assets. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.17 | 31.12.16 |
value: | $ | $ |
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Ordinary | £1 | 14,000 | 14,000 |
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10. | RELATED PARTY DISCLOSURES |
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During the year the company was charged rent, management fees and interest by group undertakings |
totalling $575,784 (31.12.16: $nil). |
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The aggregate amount owed to group undertakings at the balance sheet date is $6,489,186 (31.12.16: |
by group undertakings $638,022). |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party was Just Develop It Limited until 15 May 2017. |
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The ultimate controlling party was Chris Phillips until 15 May 2017. |
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From 15 May 2017 the company was not controlled by any one individual or entity. |