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2SPICY LTD

(formerly INV (EDINBURGH) LIMITED)

Registered Number
SC399634
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2023

2SPICY LTD
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

ATWAL, Harjinder Singh

Registered Address

108/1 George Street
Edinburgh
EH2 4LH

Registered Number

SC399634 (Scotland)
2SPICY LTD
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Current assets
Debtors686,5722,894
Cash at bank and on hand4,29998,090
90,871100,984
Creditors amounts falling due within one year7(30,889)(32,563)
Net current assets (liabilities)59,98268,421
Total assets less current liabilities59,98268,421
Creditors amounts falling due after one year8(29,237)(33,333)
Net assets30,74535,088
Capital and reserves
Called up share capital11
Profit and loss account30,74435,087
Shareholders' funds30,74535,088
The financial statements were approved and authorised for issue by the Director on 16 January 2024, and are signed on its behalf by:
ATWAL, Harjinder Singh
Director
Registered Company No. SC399634
2SPICY LTD
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
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.
Government grants and other government assistance policy
Government grants are recognised at the fair value of consideration received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Valuation of financial instruments policy
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities: Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortized cost using the effective interest method.
4.Employee information

20232022
Average number of employees during the year11
5.Description of nature of transactions and balances with related parties
Included in debtors falling due within one year are due from companies connected to the director. PB Edinburgh Ltd £85,000 (2022: £0). Included in creditors falling due within one year is due to companies connected to the director. Hadplaid Limited £2,700 (2022: £1,048); Jedco Ltd £4,200 (2022: £0).
6.Debtors

2023

2022

££
Other debtors86,5722,894
Total86,5722,894
7.Creditors within one year

2023

2022

££
Trade creditors / trade payables9,2562,771
Bank borrowings and overdrafts10,00010,000
Taxation and social security10,88310,883
Other creditors-1,048
Accrued liabilities and deferred income7507,861
Total30,88932,563
8.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts29,23733,333
Total29,23733,333
Included within other creditors falling due within one year and creditors falling due after more than one year is £39,237 (2022: £43,333) in respect of a bank loan which is guaranteed by the government under Bounce Bank Loan Scheme. The loan is repayable by July 2026 and interest is charged at 3.99% above base rate per annum on this loan.