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COMPANY REGISTRATION NUMBER: 07385253
CHILLI BUGS HOT SAUCES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2024
CHILLI BUGS HOT SAUCES LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
1,796
2,630
CURRENT ASSETS
Stocks
26,462
14,553
Debtors
6
2,107
4,450
Cash at bank and in hand
2
170
--------
--------
28,571
19,173
CREDITORS: amounts falling due within one year
7
42,111
18,553
--------
--------
NET CURRENT (LIABILITIES)/ASSETS
( 13,540)
620
--------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 11,744)
3,250
CREDITORS: amounts falling due after more than one year
8
10,833
20,833
--------
--------
NET LIABILITIES
( 22,577)
( 17,583)
--------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
2
2
Profit and loss account
( 22,579)
( 17,585)
--------
--------
SHAREHOLDERS DEFICIT
( 22,577)
( 17,583)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CHILLI BUGS HOT SAUCES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 23 April 2025 , and are signed on behalf of the board by:
Mrs M Brown
Director
Company registration number: 07385253
CHILLI BUGS HOT SAUCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Breezehill, Wootton Fields, Northampton, Northamptonshire, NN4 6AG.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company currently meets its daily working capital requirements through operating revenues and banking facilities. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 October 2023
4,069
170
4,632
8,871
Additions
344
344
-------
----
-------
-------
At 30 September 2024
4,069
170
4,976
9,215
-------
----
-------
-------
Depreciation
At 1 October 2023
2,617
166
3,458
6,241
Charge for the year
475
1
702
1,178
-------
----
-------
-------
At 30 September 2024
3,092
167
4,160
7,419
-------
----
-------
-------
Carrying amount
At 30 September 2024
977
3
816
1,796
-------
----
-------
-------
At 30 September 2023
1,452
4
1,174
2,630
-------
----
-------
-------
6. DEBTORS
2024
2023
£
£
Other debtors
2,107
4,450
-------
-------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
4,859
2,942
Social security and other taxes
375
300
Other creditors
26,877
5,311
--------
--------
42,111
18,553
--------
--------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,833
20,833
--------
--------
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs M Brown
2,308
( 13,084)
( 10,776)
-------
----
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs M Brown
( 1,735)
6,384
( 2,341)
2,308
-------
-------
-------
-------
10. GOING CONCERN
The directors have considered the period to 23 April 2026 when assessing the company's ability to continue as a going concern. It is believed that the company will be able to satisfy it's liabilities as these become payable.