REGISTERED NUMBER: SC535262

SPICE OF LIFE (CORP) LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2025

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

21,460

22,042

CURRENT ASSETS

Stocks

137,221

209,541

Debtors

5

324,322

320,177

Cash at bank

60,040

63,693

521,583

593,411

CREDITORS

Amounts falling due within one year

6

513,055

602,039

NET CURRENT ASSETS/(LIABILITIES)

8,528

(8,628

)

TOTAL ASSETS LESS CURRENT LIABILITIES

29,988

13,414

CREDITORS

Amounts falling due after more than one year

7

25,393

31,347

NET ASSETS/(LIABILITIES)

4,595

(17,933

)

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

4,592

(17,936

)

SHAREHOLDERS' FUNDS

4,595

(17,933

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

C S Samra - Director

1.	STATUTORY INFORMATION

Spice of Life (Corp) Ltd is a private company, limited by shares, registered in Scotland. The company's registered office is at Unit 5, Alpha Centre, South Douglas Street, Clydebank, Glasgow, Scotland, G81 1PD.

The presentation currency of the financial statements is 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. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. At the balance sheet date, the company's assets exceeded it's liabilities and it's ability to trade is dependent on the continued support of the directors and the company's creditors.

After due consideration of future commitments, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Turnover

Turnover represents the invoice value of goods sold during the year, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

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.

Land and buildings

-

Straight line over 10 years

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Stocks

Stocks are valued at the lower of cost and estimated selling price less cost to sell.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with bank and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2024 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 31 March 2024

15,143

103,302

118,445

Additions

-

6,600

6,600

At 30 March 2025

15,143

109,902

125,045

DEPRECIATION

At 31 March 2024

12,114

84,289

96,403

Charge for year

1,514

5,668

7,182

At 30 March 2025

13,628

89,957

103,585

NET BOOK VALUE

At 30 March 2025

1,515

19,945

21,460

At 30 March 2024

3,029

19,013

22,042

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

215,072

238,570

Other debtors

109,250

81,607

324,322

320,177

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

5,954

5,953

Trade creditors

465,528

562,892

Taxation and social security

23,986

18,293

Other creditors

17,587

14,901

513,055

602,039

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

25,393

31,347

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

1,580

7,534

8.	LEASING AGREEMENTS

At the year end, the company had an operating lease commitment totalling £103,750 (2024 - £131,250).