The Chilli Doctor (Italy) Limited 11196879 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is as a supplier of bulk chilli ingredients. Digita Accounts Production Advanced 6.30.9574.0 true true 11196879 2022-03-01 2023-02-28 11196879 2023-02-28 11196879 bus:OrdinaryShareClass1 2023-02-28 11196879 core:CurrentFinancialInstruments 2023-02-28 11196879 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 11196879 core:FurnitureFittingsToolsEquipment 2023-02-28 11196879 bus:SmallEntities 2022-03-01 2023-02-28 11196879 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11196879 bus:FullAccounts 2022-03-01 2023-02-28 11196879 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 11196879 bus:RegisteredOffice 2022-03-01 2023-02-28 11196879 bus:CompanySecretaryDirector1 2022-03-01 2023-02-28 11196879 bus:Director2 2022-03-01 2023-02-28 11196879 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 11196879 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11196879 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 11196879 core:OfficeEquipment 2022-03-01 2023-02-28 11196879 countries:EnglandWales 2022-03-01 2023-02-28 11196879 core:FurnitureFittingsToolsEquipment 2022-02-28 11196879 2022-02-28 11196879 bus:OrdinaryShareClass1 2022-02-28 11196879 core:CurrentFinancialInstruments 2022-02-28 11196879 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 11196879 core:FurnitureFittingsToolsEquipment 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11196879

Prepared for the registrar

The Chilli Doctor (Italy) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

The Chilli Doctor (Italy) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

The Chilli Doctor (Italy) Limited

Company Information

Directors

N J B Barnes

G Avolio

Company secretary

N J B Barnes

Registered office

Unit E, Liddington Industrial Estate
Old Station Drive
Cheltenham
GL53 0DL

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

The Chilli Doctor (Italy) Limited

(Registration number: 11196879)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

160

391

Current assets

 

Debtors

5

441

600

Cash at bank and in hand

 

2,560

3,704

 

3,001

4,304

Creditors: Amounts falling due within one year

6

-

(198)

Net current assets

 

3,001

4,106

Total assets less current liabilities

 

3,161

4,497

Deferred tax liabilities

 

-

(89)

Net assets

 

3,161

4,408

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

3,061

4,308

Shareholders' funds

 

3,161

4,408

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 November 2023 and signed on its behalf by:
 


N J B Barnes
Company secretary and director

 

The Chilli Doctor (Italy) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit E, Liddington Industrial Estate
Old Station Drive
Cheltenham
GL53 0DL

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

The directors have prepared forecast information which indicate that the company will remain within its existing facilities. On the basis of this information, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

The Chilli Doctor (Italy) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the customer, which is deemed to be upon delivery of the goods.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings & equipment

33% on cost

 

The Chilli Doctor (Italy) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

 

The Chilli Doctor (Italy) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The company had no employees during the period (2022 - nil).

 

4

Tangible assets

Office equipment
 £

Cost

At 1 March 2022

699

At 28 February 2023

699

Depreciation

At 1 March 2022

308

Charge for the year

231

At 28 February 2023

539

Carrying amount

At 28 February 2023

160

At 28 February 2022

391

 

5

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

-

500

Other debtors

 

243

100

Corporation tax asset

198

-

   

441

600

 

6

Creditors

2023
 £

2022
 £

Due within one year

Corporation tax liability

-

198

 

7

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

-

2022

Liability
£

Fixed asset timing differences

89

 

The Chilli Doctor (Italy) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

 

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

9

Parent and ultimate parent undertaking

There is no overall controlling party due to the shareholding of the company.