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REGISTERED NUMBER: SC059013 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Chilli Refrigeration Limited

Chilli Refrigeration Limited (Registered number: SC059013)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Chilli Refrigeration Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: R J Walker





REGISTERED OFFICE: Station Road Industrial Estate
Station Road
Mauchline
Ayrshire
KA5 5EU





REGISTERED NUMBER: SC059013 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

Chilli Refrigeration Limited (Registered number: SC059013)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,319 26,958

CURRENT ASSETS
Stocks 16,421 16,119
Debtors 5 232,770 265,368
Cash at bank and in hand 104,670 65,266
353,861 346,753
CREDITORS
Amounts falling due within one year 6 31,663 29,720
NET CURRENT ASSETS 322,198 317,033
TOTAL ASSETS LESS CURRENT
LIABILITIES

341,517

343,991

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 341,417 343,891
SHAREHOLDERS' FUNDS 341,517 343,991

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 November 2024 and were signed by:





R J Walker - Director


Chilli Refrigeration Limited (Registered number: SC059013)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Chilli Refrigeration Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors consider on a regular basis, the company's requirements in satisfaction of its commitments falling due now and over the next twelve months. This involves a detailed review of trading conditions and budgeted outgoings . Having carried out this exercise and taking account of current resources, the directors are of the view that commitments can be met as they fall due for the next year. On that basis they have prepared the accounts on a going concern basis

Significant judgements and estimates
The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the company's activities are met.

Revenue recognition
Unbilled revenue is included in debtors under "amounts recoverable on contracts".

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Tenants property improvements - 10% on cost
Plant and machinery - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less depreciation.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Chilli Refrigeration Limited (Registered number: SC059013)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal. Work in progress is valued at the lower of cost and net realisable value. Cost consists of direct materials, labour and attributable overheads. Net realisable value is based on estimated selling price less further costs to completion and disposal.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account over the shorter of estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight line basis over the terms of the lease.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Employee benefits
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Chilli Refrigeration Limited (Registered number: SC059013)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Provisions for liabilities
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 10 ) .

Chilli Refrigeration Limited (Registered number: SC059013)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Tenants
property Plant and Motor Computer
improvements machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 23,582 17,023 111,518 30,551 182,674
Disposals - - (16,003 ) - (16,003 )
At 31 March 2024 23,582 17,023 95,515 30,551 166,671
DEPRECIATION
At 1 April 2023 20,150 11,039 93,976 30,551 155,716
Charge for year 924 1,282 4,037 - 6,243
Eliminated on disposal - - (14,607 ) - (14,607 )
At 31 March 2024 21,074 12,321 83,406 30,551 147,352
NET BOOK VALUE
At 31 March 2024 2,508 4,702 12,109 - 19,319
At 31 March 2023 3,432 5,984 17,542 - 26,958

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 67,291 76,720
Amounts owed by group undertakings 92,981 102,981
Amounts recoverable on contract 49,991 55,766
Other debtors 22,507 29,901
232,770 265,368

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 17,201 14,449
Taxation and social security 9,617 5,004
Other creditors 4,845 10,267
31,663 29,720

The hire purchase creditors are secured over the assets being financed.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

Chilli Refrigeration Limited (Registered number: SC059013)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
R J Walker
Balance outstanding at start of year 6,868 -
Amounts advanced - 8,933
Amounts repaid (6,868 ) (2,065 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 6,868

The overdrawn director's loan account was repaid within nine months of the year end.

9. RELATED PARTY DISCLOSURES

During the year the company paid dividends of £6,600 (2023 NIL) and management charges of £10,000 (2023 NIL) to Walker All Trades Ltd, a company of which R J Walker is a director.

10. CONTROLLING PARTY

Walker All Trades Ltd owns all the share capital and is under the control of Robbie Walker.