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Registered number: 04002664









CHILLISAUCE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
CHILLISAUCE LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CHILLISAUCE LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chillisauce Limited for the year ended 30 September 2024 which comprise  the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Chillisauce Limited, as a body, in accordance with the terms of our engagement letter dated 16 August 2021Our work has been undertaken solely to prepare for your approval the financial statements of Chillisauce Limited and state those matters that we have agreed to state to the Board of Directors of Chillisauce Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chillisauce Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Chillisauce Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chillisauce Limited. You consider that Chillisauce Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Chillisauce Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA
5 February 2025
Page 1

 
CHILLISAUCE LIMITED
REGISTERED NUMBER: 04002664

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
259,598
308,544

Tangible assets
 5 
26,450
24,150

  
286,048
332,694

Current assets
  

Debtors: amounts falling due after more than one year
 6 
750,000
1,025,000

Debtors: amounts falling due within one year
 6 
1,322,989
1,269,818

Cash at bank and in hand
 7 
294,571
525,043

  
2,367,560
2,819,861

Creditors: amounts falling due within one year
 8 
(2,461,222)
(2,950,384)

Net current liabilities
  
 
 
(93,662)
 
 
(130,523)

Total assets less current liabilities
  
192,386
202,171

Provisions for liabilities
  

Bad debt provisions
 10 
(5,205)
(4,794)

  
 
 
(5,205)
 
 
(4,794)

Net assets
  
187,181
197,377


Capital and reserves
  

Called up share capital 
  
1,084
1,084

Share premium account
 11 
51,067
51,067

Cash flow hedging reserve
 11 
(13,638)
-

Profit and loss account
 11 
148,668
145,226

  
187,181
197,377


Page 2

 
CHILLISAUCE LIMITED
REGISTERED NUMBER: 04002664
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 February 2025.



M J Hull
Director

The notes on pages 5 to 19 form part of these financial statements.

Page 3

 
CHILLISAUCE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Cash flow hedging reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 October 2022
1,084
51,067
-
(123,144)
(70,993)


Comprehensive income for the year

Profit for the year
-
-
-
268,370
268,370



At 1 October 2023
1,084
51,067
-
145,226
197,377


Comprehensive income for the year

Profit for the year
-
-
-
3,442
3,442

Fair value loss on cash flow hedges
-
-
(13,638)
-
(13,638)


At 30 September 2024
1,084
51,067
(13,638)
148,668
187,181


The notes on pages 5 to 19 form part of these financial statements.

Page 4

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

As disclosed in the Directors' Report, the principal activity of the Company during the year was that of an intermediary for the provision of activity-based group travel and organisation of corporate events.
The Company is a private company limited by shares and is incorporated in England. The address of the Company's principal place of business, being different to the registered office is 1 Paris Garden, London, SE1 8ND. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

Recent world events, including pandemics, geopolitical wars and cost of living increases, have had a major impact upon the global economy and in particular upon the travel industry, causing many consumers to cancel, amend their travel arrangements or not travel at all. This has reduced the disposable income available to consumers and as a result, the directors have continued to closely monitor the Company’s financial position to ensure it has sufficient liquidity to continue in business.
The ongoing uncertainty caused by general cost increases across the economy and the potential risk of forecasts being missed could result in the Company generating insufficient working capital to meet its ongoing liabilities as they fall due. The management have therefore continued to prepare robust budgets and forecasts. Additionally, they have also performed sensitivity analyses on these budgets and forecasts to assess the financial impact of any potential slowdown in trading and its impact on the liquidity of the business. This sensitivity analysis shows that the Company has enough liquidity and cash to trade through a further slowdown.
Company management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. The Company has been well placed to meet and service the additional volume generated as demand has recovered.
As a result, and with the Company continuing to receive the full support of its shareholders and bankers, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 5

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.3

Gross Retail Turnover

Gross Retail Turnover (GRT) is the total gross sales amounts receivable in respect of  travel sales for the year. GRT does not represent statutory turnover.
In order to provide the user of the financial statements with a measure of the gross value of business the total value of all sales transactions is shown as a memorandum item at the top of the income statement.
Trade debtors still represent gross amounts receivable and trade creditors still represent gross amounts payable, in respect of product/service sold.
Whether the Company acts as principal or agent, GRT represents the price at which products or services are sold, net of any value added taxes and discounts.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Turnover

Turnover represents the aggregate amount of gross revenue receivable from inclusive tours & events, travel agency commissions receivables, cancellation income and other services supplied to customers in the ordinary course of business.
Turnover derived from ordinary activities is recognised in the income statement on holiday departure date and is stated after trade discounts, net of VAT and after any other sales taxes.
Included within other operating income is commission received from resold tour packages.

Page 6

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 7

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Domain names
-
20% straight line
IT Development
-
20% straight line

Page 8

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25% straight line
Computer equipment
-
30% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 9

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 
Page 10

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Page 11

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
The Company designates certain derivatives as either:
- Hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge)
- Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge); or
- Hedges of a net investment in a foreign operation (net investment hedge).
The Company documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Company also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.
The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining hedged item is recognised after more than 12 months, and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.21

Hedge accounting

The Company uses foreign currency forward contracts where appropriate to manage its exposure to cash flow risk on its future creditors payable in foreign currencies. These derivatives are measured at fair value at each reporting date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

Page 12

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.22

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or are capitalised as an intangible fixed asset or a tangible fixed asset.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. 
The best estimate of the expenditure required to settle an obligation for termination benefits is recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales
28
29



Administration
12
12

40
41

Page 13

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Intangible assets




IT Development

£



Cost


At 1 October 2023
949,196


Additions - internal
110,839



At 30 September 2024

1,060,035



Amortisation


At 1 October 2023
640,652


Charge for the year on owned assets
159,785



At 30 September 2024

800,437



Net book value



At 30 September 2024
259,598



At 30 September 2023
308,544

IT development costs are being amortised in equal annual instalments over their estimated economic life of five years.



Page 14

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 October 2023
1,497
70,165
71,662


Additions
-
24,735
24,735


Disposals
-
(41,362)
(41,362)



At 30 September 2024

1,497
53,538
55,035



Depreciation


At 1 October 2023
534
46,978
47,512


Charge for the year on owned assets
374
18,592
18,966


Disposals
-
(37,893)
(37,893)



At 30 September 2024

908
27,677
28,585



Net book value



At 30 September 2024
589
25,861
26,450



At 30 September 2023
963
23,187
24,150

Page 15

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
750,000
1,025,000

750,000
1,025,000


2024
2023
£
£

Due within one year

Trade debtors
42,637
46,069

Other debtors
836,036
786,218

Prepayments and accrued income
258,111
312,084

Deferred taxation
186,205
125,447

1,322,989
1,269,818


Included within other debtors due after more than one year is a cash deposit to part secure a bond in favour of the Association of Bonded Travel Organisers Trust ('ABTOT') of £750,000 (2023: £1,000,000) and a cash backed bond in favour of the Association of British Travel Agents ('ABTA') of £Nil (2023: £25,000) that is recoverable in more than one year's time (see note 13 below).
Included within other debtors due within one year is a rent deposit balance of £48,000 (2023: £48,000). 
Included within prepayments and accrued income are payments made to suppliers relating to bookings departing after the year end, where the Company is acting as principal. The total of these prepaid costs at 30 September 2024 was £133,371 (2023: £130,773).


7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
294,571
525,043


Page 16

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
40,571
13,566

Other taxation and social security
195,974
112,411

Other creditors
174,708
553,252

Accruals and deferred income
2,036,331
2,271,155

Financial instruments
13,638
-

2,461,222
2,950,384


Included within accruals and deferred income are receipts from customers relating to bookings departing after the year end, less amounts already recognised during the year in line with the Company's turnover policies, where the Company is acting as principal. The total of these receipts taken in advance at 30 September 2024 was £1,758,416 (2023: £1,875,703).
Included within other creditors is an amount of £Nil (2023: £347,749) estimated to be due to unsecured creditors of the CVA.

Page 17

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Deferred taxation




2024
2023


£

£






At beginning of year
125,447
128,408


Charged to profit or loss
60,758
(2,961)



At 30 September 2024
186,205
125,447

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,295)
447

Tax losses carried forward
187,500
125,000

186,205
125,447

Deferred tax assets relating to accelerated capital allowances will be reversed as the Company claims capital allowances on the tax value of its tangible fixed assets, being on a reducing balance basis at 18%. Deferred tax assets relating to tax losses carried forward will be reversed in their entirety in following periods against taxable profits.


10.


Provisions




Bad Debt Provision

£





At 1 October 2023
4,794


Charged to profit or loss
411



At 30 September 2024
5,205

The Company has provided for bad debts on supplier payments and credit notes for which their recovery is uncertain. 

Page 18

 
CHILLISAUCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Reserves

Share premium account

The share premium account represents the additional amount shareholders have paid for their issued shares that was in excess of the par value of those shares.

Cash flow hedging reserve

The cash flow hedging reserve is a reserve to which, in accordance with the Company's accounting policies, the effective portion of changes in the fair value of foreign exchange forward contract derivatives are recognised.

Profit and loss account

The profit and loss account represents all current and prior period retained profits and losses, less any dividends paid to the Company's shareholders.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £140,240 (2023 - £245,320). Contributions totalling £19,918 (2023 - £23,032) were payable to the fund at the reporting date and are included in creditors.

 
Page 19