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REGISTERED NUMBER: SC573980 (Scotland)
















Unaudited Financial Statements for the Year Ended 5 April 2024

for


IAN ALLAN ASSOCIATES LIMITED


IAN ALLAN ASSOCIATES LIMITED (REGISTERED NUMBER: SC573980)







Contents of the Financial Statements

for the Year Ended 5 April 2024





Page



Company Information  

1



Balance Sheet  

2



Notes to the Financial Statements  

3



Chartered Accountants' Report  

8



IAN ALLAN ASSOCIATES LIMITED


Company Information

for the Year Ended 5 April 2024









DIRECTORS:

R David


R J McGhee


K O'Brien







REGISTERED OFFICE:

Paxton House


11 Woodside Crescent


Charing Cross


Glasgow


G3 7UL







REGISTERED NUMBER:

SC573980 (Scotland)







ACCOUNTANTS:

McAllisters


Paxton House


11 Woodside Crescent


Charing Cross


Glasgow


G3 7UL


IAN ALLAN ASSOCIATES LIMITED (REGISTERED NUMBER: SC573980)


Balance Sheet

5 April 2024



5.4.24

5.4.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Investments

4

1,055,959


1,055,959




CURRENT ASSETS

Cash in hand

3


3




CREDITORS

Amounts falling due within one year

5

1,021,200


1,019,004



NET CURRENT LIABILITIES

(1,021,197

)

(1,019,001

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

34,762


36,958




CAPITAL AND RESERVES

Called up share capital

6

3


3



Other reserves

7

29,890


29,890



Retained earnings

7

4,869


7,065



SHAREHOLDERS' FUNDS

34,762


36,958




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.  


The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 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 Statement of Income and Retained Earnings has not been delivered.  


The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:






R David - Director



IAN ALLAN ASSOCIATES LIMITED (REGISTERED NUMBER: SC573980)


Notes to the Financial Statements

for the Year Ended 5 April 2024


1.

STATUTORY INFORMATION



Ian Allan Associates Limited 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.    



Preparation of consolidated financial statements

The financial statements contain information about Ian Allan Associates Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.


Related party exemption


The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



Significant judgements and estimates

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements


Investments in subsidiaries


Fixed asset investments represent the shares in the company's wholly owned subsidiary Ian Allan Associates (UK) Ltd. These shares are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.


IAN ALLAN ASSOCIATES LIMITED (REGISTERED NUMBER: SC573980)


Notes to the Financial Statements - continued

for the Year Ended 5 April 2024


2.

ACCOUNTING POLICIES - continued



Financial instruments

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits

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

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.


Provisions


A provision is recognised when company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.


IAN ALLAN ASSOCIATES LIMITED (REGISTERED NUMBER: SC573980)


Notes to the Financial Statements - continued

for the Year Ended 5 April 2024


2.

ACCOUNTING POLICIES - continued



Share based payments


The company provides share-based payment arrangements to certain employees in the form of share option agreements.



All of the company's share option agreements are equity-settled arrangements and they were granted in the financial year to 5 April 2022. There are no vesting conditions to be satisfied and therefore the options vest and can be exercised at any point from the grant date up until 31 October 2024 when they will lapse and cease to exist if they have not been exercised.



In accordance with FRS 102 these share option agreements are accounted for in the financial statements. The share options are valued at fair value (excluding the effect of non-market based vesting conditions) at the date they are granted. This value is £90 per share. The grant date and vesting date are the same date and therefore the fair value of the share options is  expensed in full in the income statement in which the options are granted and a fair value reserve is created in the balance sheet. This reserve will be adjusted as circumstances change or share options lapse.



Fair value of £90 per share at the grant date has been established and agreed with HMRC based on entity-specific prior years financial information, taking into account other commercial factors at the date of the grant and from discussion with the relevant tax clearance offices.



Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised in the income statement. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment.



Settlements and cancellations are recognised immediately in the income statement.



The company has no cash-settled arrangements.


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was NIL (2023 - NIL).


4.

FIXED ASSET INVESTMENTS


Shares in


group


undertakings

£   



COST


At 6 April 2023


and 5 April 2024

1,055,959




NET BOOK VALUE


At 5 April 2024

1,055,959




At 5 April 2023

1,055,959




5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



5.4.24


5.4.23

£   

£   



Amounts owed to group undertakings

1,021,200


1,019,004




IAN ALLAN ASSOCIATES LIMITED (REGISTERED NUMBER: SC573980)


Notes to the Financial Statements - continued

for the Year Ended 5 April 2024


6.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

5.4.24


5.4.23


value:

£   

£   



3,000

A Ordinary

£0.00

1

3


3




During the year to 5 April 2022 each £1 ordinary share was sub-divided and converted into A ordinary £0.001 shares. The issued and allotted share capital at the end of the year therefore was 3000 A ordinary £0.001 shares.

During the year to 5 April 2022 a resolution was passed which authorised the directors of the company to allot 332 B ordinary shares of £0.001. None of these shares were issued during the year however share options were issued to two employees in relation to these shares. None of the options were exercised during the year.

7.

RESERVES


Retained


Other



earnings


reserves


Totals

£   

£   

£   




At 6 April 2023

7,065


29,890


36,955




Profit for the year

597,804


597,804




Dividends

(600,000

)

(600,000

)



At 5 April 2024

4,869


29,890


34,759




Other reserves relate to accumulating provisions in connection with share options granted by the company. The movement in the year represents the fair value of the share based payments that relate to this financial year, When share options are exercised amounts are released to share capital and share premium reserves. There were no share options exercised during the year.

8.

RELATED PARTY DISCLOSURES



During the year, dividends of £600,000 were proposed and became payable to the Directors (2023: £528,000).


IAN ALLAN ASSOCIATES LIMITED (REGISTERED NUMBER: SC573980)


Notes to the Financial Statements - continued

for the Year Ended 5 April 2024


9.

SHARE-BASED PAYMENT TRANSACTIONS


The company operates a share-based payment scheme for certain employees.

Service Agreement Options- EMI
Certain key members of staff and directors were granted share options in the company as part of the Service Agreement share scheme. The options are granted with a fixed exercise price and may be exercised at any time following granting..These options expire on 31 October 2024. Employees are not entitled to dividends until the options have been exercised. Employees are required to remain in employment within the company until exercise, otherwise the awards lapse. On exercise of the options by the employees the company issues new B ordinary £0.001 shares.

A reconciliation of share option movements over the year to 5 April 2024:

20242023
WeightedWeighted
averageaverage
exerciseexercise
priceprice
No.£   No.£   
Outstanding at 6 April 332£0.0010£0.00
Granted 0£0.000332£0.001
Forfeited0£0.0000£0.00
Exercised0£0.0000£0.00
Expired0£0.0000£0.00
Outstanding at 5 April332£0.001332£0.001
Exercisable at 5 April 332£0.001332£0.001

In accordance with FRS 102 the fair value of the share options at the grant date has been established and as all the options were exercisable at the date of granting this was expensed in the year to 5 April 2022. The total charge for this year is £nil (2023: £910).

None of the share options have been exercised thus far.

Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

Ian Allan Associates Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ian Allan Associates Limited for the year ended 5 April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.


As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.  


This report is made solely to the Board of Directors of Ian Allan Associates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ian Allan Associates Limited and state those matters that we have agreed to state to the Board of Directors of Ian Allan Associates Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.      


It is your duty to ensure that Ian Allan Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ian Allan Associates Limited. You consider that Ian Allan Associates Limited is exempt from the statutory audit requirement for the year.    


We have not been instructed to carry out an audit or a review of the financial statements of Ian Allan Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.  







McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL



22 August 2024