REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS FOR THE YEAR ENDED 14TH DECEMBER 2020 |
|
FOR |
|
SS GLOBAL MERCHANTS LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS FOR THE YEAR ENDED 14TH DECEMBER 2020 |
|
FOR |
|
SS GLOBAL MERCHANTS LIMITED |
SS GLOBAL MERCHANTS LIMITED (REGISTERED NUMBER: 10821149) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 14TH DECEMBER 2020 |
|
|
|
|
|
|
|
|
|
|
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 2020 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
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 2020 |
|
2020 | 2019 |
Notes | $ | $ |
CURRENT ASSETS |
Debtors | 4 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 5 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings | 6 |
|
|
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 2020 |
|
|
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. |
|
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 |
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. |
|
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. |
SS GLOBAL MERCHANTS LIMITED (REGISTERED NUMBER: 10821149) |
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 14TH DECEMBER 2020 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Going concern |
COVID-19 pandemic remains unclear at this time. Therefore it is not possible to accurately estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company in the short or medium term. |
|
The directors have assessed the going concern risks to the Company and have concluded that: |
- Although the level of activity was adversely affected by the pandemic, the company has been able to retain its customer base and has received sufficient contracts from them. |
|
- The directors are of the opinion that the prices and demand for nuts will remain as normal. |
|
- The Company has sufficient banking facilities available so that it can meet its liabilities as they fall due over the next twelve months from the date of approval of these financial statements and therefore continue as a going concern. |
|
The directors are of the opinion that the company will continue to receive these facilities from the bank. The company has so far been able to service the import and export loans and meet the interest repayments and the Board believe that the companies will continue to operate within the currently available facilities. |
|
Based on these indications, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However, these circumstances represent a material uncertainty that may cast doubt on the company's ability to continue as a going concern and therefore, to continue realising the company's assets and discharging the company's liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. |
|
Presentation currency |
The presentation currency is USD ($). |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
$ | $ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
$ | $ |
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 2020 |
|
|
6. | RESERVES |
Retained |
earnings |
$ |
|
At 15th December 2019 |
|
Profit for the year |
|
At 14th December 2020 |
|
|
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was qualified on the following basis: |
|
Basis for qualified 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 qualified opinion. |
|
Opening Balances and Comparatives |
As required by International Standard on Auditing 510 Initial Audit Engagements - Opening Balances, we have performed certain specific audit procedures with a view to obtaining evidence regarding the opening balances of the Company. Since the company only met the criteria for an audit for the first time for the current period-end, the opening balances and comparatives were not audited. We are unable to reasonably conclude that we have, as of the date of this report, obtained sufficient appropriate audit evidence that the opening balances and comparatives do not contain misstatements that may materially affect the financial statements of the Company for the year ended 14 December 2020. |
|
|
for and on behalf of
|
|
8. | RELATED PARTY DISCLOSURES |
|
During the year, the company purchased goods of $3,140,005 from Shiv Mondial Trading House DMCC, where Mr S Purohit is a common director and shareholder. |
|
The amount due from Shiv Mondial Trading House DMCC at the year end was $194,973. |
|
9. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is S Purohit. |