Registered number:
For the Year Ended
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CHILLITALK LIMITED
Company Information
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CHILLITALK LIMITED
Contents
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CHILLITALK LIMITED
Directors' Report
For the Year Ended 31 December 2019
The Directors present their report and the financial statements for the year ended 31 December 2019.
The Director who served during the year was:
Under section 487(2) of the Companies Act 2006, ASN Partnership Ltd will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
The Director considers it appropriate to prepare the financial statements on a going concern basis as its parent company has confirmed that it will continue to provide financial support for the foreseeable future.
The events since the balance sheet caused by COVID-19 has caused interruption to the trading of the company and to our parent company. Our parent company has sufficient resources to be able to continue provide financial support. In addition to the support that will be provided by our parent company The UK Government has also announced an "unprecedented" set of financial measures to support the UK economy through COVID-19 and we are of the opinion this will also enable us to continue as a going concern.
Since the balance sheet date, the emergence of the COVID-19 virus has had a significant impact throughout the world. Our operations have been greatly reduced since mid-March. We do however remain hopeful that due to the financial resources of our parent company and the support it has confirmed it will provide to us that we will recover from this downturn in our operations. The events of COVID-19 are considered to be non-adjusting.
The Directors continue to monitor the pending changes arising from UK's Brexit deal, the Directors anticipate some potential impact and will assess, and actions changes to ensure the company operations are not affected.
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CHILLITALK LIMITED
Directors' Report (continued)
For the Year Ended 31 December 2019
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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CHILLITALK LIMITED
Directors' Responsibilities Statement
For the Year Ended 31 December 2019
The Directors are responsible for preparing the Directors' Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year
. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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CHILLITALK LIMITED
Independent Auditors' Report to the Members of CHILLITALK LIMITED
We have audited the financial statements of CHILLITALK LIMITED (the 'Company') for the year ended 31 December 2019, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the Directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the Directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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CHILLITALK LIMITED
Independent Auditors' Report to the Members of CHILLITALK LIMITED (continued)
The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Directors' Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
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CHILLITALK LIMITED
Independent Auditors' Report to the Members of CHILLITALK LIMITED (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Certified Accountants
Statutory Auditor
47 York Road
IG1 3AD
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CHILLITALK LIMITED
Profit and Loss Account
For the Year Ended 31 December 2019
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CHILLITALK LIMITED
Registered number:
05506630
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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CHILLITALK LIMITED
Statement of Changes in Equity
For the Year Ended
31 December 2019
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CHILLITALK LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2019
Chillitalk Limited is a private company limited by shares incorporated in England and Wales. The company registered office is 54 Marsh Wall, Canary Wharf, London, E14 9TP.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention 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
.
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙
the requirements of Section 7 Statement of Cash Flows;
∙
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Vectone Investment Holding
Limited as at 31 December 2019 and these financial statements may be obtained from its registered office, 54 Marshall Wall, Canary Wharf, London, E14 9TP.
At the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.Thus, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements. At 31 December 2019 the company’s had net current assets of £13,163 (2018: £30,215) and an net lprofit of £104,993 (2018: £149,146).
The World Health Organisation declared the outbreak of a coronavirus (COVID-19) a pandemic. The COVID-19 outbreak in the United Kingdom has resulted in the temporary lockdown and reduction of operations which have been government mandated. At the current time, the Directors are unable to quantify the potential effects of this pandemic on future reporting periods. Based on the current budgeted forecasts and demand for its telecoms services and governments continue to support telecom industry, the Directors consider it appropriate to adopt a going concern basis in preparing the financial statements.
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CHILLITALK LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2019
2.
Accounting policies (continued)
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.
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CHILLITALK LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2019
2.
Accounting policies (continued)
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CHILLITALK LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2019
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CHILLITALK LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2019
The Directors continue to monitor the pending changes arising from UK's Brexit deal, the Directors anticipate some potential impact and will assess, and actions changes to ensure the group operations are not affected.
The immediate parent company is Vectone Holding Limited (company registration number 05888974), a company registered in England and Wales. The Ultimate parent company is Vectone Investment Holding Limited (company registration number 05506602), a company registered in England and Wales.
The ultimate controlling party is Mr B. Allirajah.
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