2SPICY LTD


Director	ATWAL, Harjinder Singh


Registered Address	108/1 George Street
	Edinburgh
	EH2 4LH


Registered Number	SC399634 (Scotland)

Balance Sheet as at
31 December 2024

	Notes	2024		2023
		£	£	£	£
Current assets
Debtors	3	76,477		64,300
Cash at bank and on hand		1,172		1,649
		77,649		65,949
Creditors amounts falling due within one year	4	(26,002)		(8,111)
Net current assets (liabilities)			51,647		57,838
Total assets less current liabilities			51,647		57,838
Creditors amounts falling due after one year	5		(24,523)		(28,936)
Net assets			27,124		28,902
Capital and reserves
Called up share capital			1		1
Profit and loss account			27,123		28,901
Shareholders' funds			27,124		28,902

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Director on 22 September 2025, 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 December 2024

1.	Accounting policies

	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.

	Statement of compliance
	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.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	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.

	Current taxation
	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
	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.

Deferred tax

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.

	Financial instruments
	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.

Financial instruments

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.

	Share capital
	Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	1		1

3.	Debtors: amounts due within one year

	2024	2023
	£	£
Amounts owed by group undertakings	14,500	-
Other debtors	61,977	64,300
Total	76,477	64,300

4.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	-	724
Bank borrowings and overdrafts	5,351	6,288
Taxation and social security	-	349
Other creditors	19,900	-
Accrued liabilities and deferred income	751	750
Total	26,002	8,111

5.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	24,523	28,936
Total	24,523	28,936


	Included within other creditors falling due within one year and creditors falling due after more than one year is £29,874 (2023: £35,225) in respect of a bank loan which is guaranteed by the government under Bounce Bank Loan Scheme.

6.	Related party transactions
	Included in debtors falling due within one year are due from companies connected to the director. PB Edinburgh Ltd £61,650 (2023: £64,150) Included in creditors falling due within one year are due to the companies connected to the director. PAD Developments Ltd £3,900 (2023: Nil) Included in creditors due with in one year is an amount due to the director, H Atwal. £16,000 (2023: Nil).

7.	Controlling party
	Parent company: The Ultimate parent company is Icon Brands (Global) Ltd, a company registered in England and Wales. It's registered office address is First Floor, 108 George Street, Edinburgh, Midlothian, EH2 4LH