Registered number
09884738
Chilli Padi Limited
Unaudited Filleted Accounts
31 March 2023
Chilli Padi Limited
Registered number: 09884738
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 32,277 41,922
Current assets
Debtors 4 200,286 136,500
Cash at bank and in hand 1,242 8,997
201,528 145,497
Creditors: amounts falling due within one year 5 (644,478) (598,069)
Net current liabilities (442,950) (452,572)
Total assets less current liabilities (410,673) (410,650)
Creditors: amounts falling due after more than one year 6 (33,390) (40,712)
Net liabilities (444,063) (451,362)
Capital and reserves
Called up share capital 100 100
Profit and loss account (444,163) (451,462)
Shareholder's funds (444,063) (451,362)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms S C Chew
Director
Approved by the board on 6 December 2023
Chilli Padi Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 10% SL
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group accounts as it is exempt from the requirement to do so by section 399 of the Companies Act 2006 due to the company is subject to the small companies regime.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 104,631 114,970 219,601
Additions - 1,067 1,067
At 31 March 2023 104,631 116,037 220,668
Depreciation
At 1 April 2022 62,779 114,900 177,679
Charge for the year 10,463 249 10,712
At 31 March 2023 73,242 115,149 188,391
Net book value
At 31 March 2023 31,389 888 32,277
At 31 March 2022 41,852 70 41,922
4 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 63,786 -
Other debtors 136,500 136,500
200,286 136,500
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,152 7,152
Amounts owed to group undertakings and undertakings in which the company has a participating interest 599,269 551,771
Other creditors 38,057 39,146
644,478 598,069
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 33,390 40,712
7 Related party transactions
The company has taken advantages of exemption from disclosure in paragraph 33.1A under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose transactions or balances between the wholly owned members of the group.
8 Controlling party
The parent company is Abacus Lease Investment Limited, a company registered in England and Wales. Abacus Lease Investment Limited holds 100% of the shares in the company.
9 Other information
Chilli Padi Limited is a private company limited by shares and incorporated in England. Its registered office is:
15 Frith Street
1st Floor
London
England
W1D 4RE
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