FLAVOURS OF ITALY LTD.


Director	BLYTH, Lorne


Registered Address	1 Miller Row
	Edinburgh
	EH4 3BQ


Registered Number	SC186163 (Scotland)

Statement of Financial Position
31 October 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		78,101		76,844
			78,101		76,844
Current assets
Debtors	5	488,226		432,312
Cash at bank and on hand		216,459		174,180
		704,685		606,492
Creditors amounts falling due within one year	6	(1,245,575)		(1,171,665)
Net current assets (liabilities)			(540,890)		(565,173)
Total assets less current liabilities			(462,789)		(488,329)
Creditors amounts falling due after one year	7		-		(5,328)
Provisions for liabilities	8		(19,096)		(19,096)
Net assets			(481,885)		(512,753)
Capital and reserves
Called up share capital			2		2
Profit and loss account			(481,887)		(512,755)
Shareholders' funds			(481,885)		(512,753)

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 29 October 2026, and are signed on its behalf by:

BLYTH, Lorne
Director
Registered Company No. SC186163

FLAVOURS OF ITALY LTD.

Notes to the Financial Statements
for the year ended 31 October 2025

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. The principal activity of the company continued to be that of the sale of cooking, painting, pilates, language and photography holidays.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Turnover policy
	Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Advance receipts and payments In respect of activities relating to tours, any refundable amounts received prior to the year end for bookings which do not depart until after the year end are included as advance receipts within accruals and deferred income. Amounts paid to suppliers in respect of these holidays are included as prepayments within prepayments and accrued income.

Turnover policy

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Advance receipts and payments

In respect of activities relating to tours, any refundable amounts received prior to the year end for bookings which do not depart until after the year end are included as advance receipts within accruals and deferred income.

Amounts paid to suppliers in respect of these holidays are included as prepayments within prepayments and accrued income.

	Operating leases
	Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	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.

	Tangible fixed assets and depreciation
	Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Leasehold improvements - 7% straight line Office Equipment - 20% straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss

Tangible fixed assets and depreciation

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements - 7% straight line
Office Equipment - 20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds  and the carrying value of the asset, and is credited or charged to profit or loss

2.	Average number of employees


		2025		2024
	Average number of employees during the year	14		14

3.	Prior period adjustment
	During the year, the directors identified errors in the timing of recognition of income and associated costs relating to holiday bookings. Revenue had previously been recognised when bookings were paid, rather than when the related holiday was provided. In addition, certain direct costs relating to holidays provided in previous years had been recognised in the year to 31 October 2025. In accordance with Section 10 of FRS 102 Section 1A, the comparative figures have been restated to correct these errors. The adjustments made to the comparative year ended 31 October 2024 were as follows: Reduction in turnover of £318,843 in respect of holiday income recognised in advance of the related holiday taking place. Increase in cost of sales of £230,408 in respect of costs relating to holidays taking place in the year to 31 October 2024 which had been recognised in the year to 31 October 2025. Reduction in corporation tax payable in relation to the prior period of £5,618. The combined effect of the prior period adjustment was to reduce the profit for the year ended 31 October 2024 and opening reserves at 1 November 2024 by £543,663.

Prior period adjustment

During the year, the directors identified errors in the timing of recognition of income and associated costs relating to holiday bookings. Revenue had previously been recognised when bookings were paid, rather than when the related holiday was provided. In addition, certain direct costs relating to holidays provided in previous years had been recognised in the year to 31 October 2025.

In accordance with Section 10 of FRS 102 Section 1A, the comparative figures have been restated to correct these errors.

The adjustments made to the comparative year ended 31 October 2024 were as follows:

Reduction in turnover of £318,843 in respect of holiday income recognised in advance of the related holiday taking place.

Increase in cost of sales of £230,408 in respect of costs relating to holidays taking place in the year to 31 October 2024 which had been recognised in the year to 31 October 2025.

Reduction in corporation tax payable in relation to the prior period of £5,618.

The combined effect of the prior period adjustment was to reduce the profit for the year ended 31 October 2024 and opening reserves at 1 November 2024 by £543,663.

4.	Tangible fixed assets

	Plant & machinery	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 November 24	119,350	25,740	145,090
Additions	-	3,563	3,563
At 31 October 25	119,350	29,303	148,653
Depreciation and impairment
At 01 November 24	50,381	17,865	68,246
Charge for year	493	1,813	2,306
At 31 October 25	50,874	19,678	70,552
Net book value
At 31 October 25	68,476	9,625	78,101
At 31 October 24	68,969	7,875	76,844

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Other debtors	373,862	347,265
Prepayments and accrued income	114,364	85,047
Total	488,226	432,312

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	18,887	172,802
Bank borrowings and overdrafts	80,934	74,247
Taxation and social security	10,984	18,952
Other creditors	2,792	26,584
Accrued liabilities and deferred income	1,131,978	879,080
Total	1,245,575	1,171,665

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	-	5,328
Total	-	5,328

8.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	19,096	19,096
Total	19,096	19,096

9.	Operating lease commitments
	At 31 October 2025 the company had future minimum lease payments under non-cancellable operating leases of £183,333 (2024 - £233,333).

10.	Directors advances, credits and guarantees
	Included within other debtors at the year-end is a balance due from the director, L Blyth, of £190,486 (2024 - £179,702). The loan is unsecured, repayable on demand and bears interest at HMRC's official rate applicable during the period