Red Hot Chilli Pipers Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC290884 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

RED HOT CHILLI PIPERS LTD.

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

K MacDonald

W G Armstrong

M McEwan

S Richmond

REGISTERED OFFICE:

Block 4 Midfield Road

Mitchelston Industrial Estate

Kirkcaldy

KY1 3PS

REGISTERED NUMBER:

SC290884 (Scotland)

ACCOUNTANTS:

MacDonald Morton Ltd

Chartered Accountants

67 March Road

Edinburgh

EH4 3SU

FIXED ASSETS

Tangible assets

4

70,047

58,748

Investments

5

91

91

70,138

58,839

CURRENT ASSETS

Stocks

43,294

35,390

Debtors

6

197,786

32,731

Cash at bank and in hand

32,162

20,499

273,242

88,620

CREDITORS

Amounts falling due within one year

7

182,347

89,009

NET CURRENT ASSETS/(LIABILITIES)

90,895

(389

)

TOTAL ASSETS LESS CURRENT LIABILITIES

161,033

58,450

CREDITORS

Amounts falling due after more than one year

8

(92,185

)

(55,936

)

PROVISIONS FOR LIABILITIES

(11,977

)

(9,745

)

NET ASSETS/(LIABILITIES)

56,871

(7,231

)

CAPITAL AND RESERVES

Called up share capital

70

70

Capital redemption reserve

30

30

Retained earnings

56,771

(7,331

)

SHAREHOLDERS' FUNDS

56,871

(7,231

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2022 and were signed on its behalf by:

K MacDonald - Director

1.	STATUTORY INFORMATION

Red Hot Chilli Pipers Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Website

-

33% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds the following basic financial instruments.

Financial assets

Cash and cash equivalents - comprise cash in hand and deposits held with banks.

Trade and other debtors are initially measured at the undiscounted amounts receivable from a customer, which is normally the invoiced price. Trade and other debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found an impairment loss is recognised.

Financial liabilities

Trade and other creditors are initially measured at the transaction price, including any transaction costs.

Directors loans are initially measured at the transaction price and are subsequently measured at the undiscounted amount of the cash expected to be paid within the appropriate period of creditors falling due within one year and creditors falling due after more than one year.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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 (2020 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

Website

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

94,595

5,610

42,749

33,536

176,490

Additions

6,969

14,510

-

12,325

33,804

At 31 December 2021

101,564

20,120

42,749

45,861

210,294

DEPRECIATION

At 1 January 2021

61,421

5,610

24,744

25,967

117,742

Charge for year

6,920

1,209

10,687

3,689

22,505

At 31 December 2021

68,341

6,819

35,431

29,656

140,247

NET BOOK VALUE

At 31 December 2021

33,223

13,301

7,318

16,205

70,047

At 31 December 2020

33,174

-

18,005

7,569

58,748

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 January 2021

and 31 December 2021

91

NET BOOK VALUE

At 31 December 2021

91

At 31 December 2020

91

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

155,021

8,197

Other debtors

42,765

24,534

197,786

32,731

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

23,896

14,940

Payments on account

46,023

55,148

Trade creditors

23,519

6,740

Taxation and social security

34,817

2,042

Other creditors

54,092

10,139

182,347

89,009

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans

92,185

55,936

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Bank loans

116,081

70,876