Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Current assets | |||||||
Debtors | 3 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 4 | ( |
( |
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Net current liabilities | ( |
( |
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Total assets less current liabilities | ( |
( |
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Creditors: amounts falling due after more than one year | 5 | ( |
- | ||||
Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
( |
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Shareholder's funds | ( |
( |
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Jane Martin | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Turnover | ||||||||
Government grants | ||||||||
Government grants received in the year were revenue grants and have been recognised on the accruals basis. A further grant was received post year end and has been accrued for, in part, to cover the related costs incurred in the year. | ||||||||
Debtors | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Pensions | ||||||||
2 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Prepayments & Accrued Income | ||||||||
Loan to Iona Renewables | - | |||||||
Corporation Tax | - | |||||||
PAYE/NIC Reclaimable | 421 | - | ||||||
Deferred Tax | 129 | - | ||||||
VAT Reclaimable | ||||||||
4 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Pensions Payable | - | |||||||
Deferred Income | ||||||||
Trade Creditors | - | |||||||
Accruals | ||||||||
Wages Payable | ||||||||
PAYE/NIC Payable | - | |||||||
Other Creditors | ||||||||
5 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
£ | £ | |||||||
Loan from Iona Renewables | - | |||||||
6 | Loans | 2024 | 2023 | |||||
£ | £ | |||||||
Creditors include: | ||||||||
Amounts payable otherwise than by instalment falling due for payment after more than five years | 5,460 | - | ||||||
7 | Related party transactions | |||||||
Iona Renewables owed Iona Energy Ltd £Nil in funds paid on behalf of the charity in the year (2023: £240). Iona Renewables loaned Iona Energy Ltd £5,760 in the year (2023: £Nil). This loan has been made on commercial terms as agreed by the trustees of Iona Renewables. The interest rate charged to Iona Energy Ltd by Iona Renewables is 5.5% per annum, the loan is repayable by the 31st March 2030 and can be repaid as and when funds are available during the term of the loan, there are no set installment terms. Iona Energy Ltd repaid £507 of this loan in the year and incurred £207 of interest, which has been added to the loan balance and is also repayable in line with the terms of the loan. The balance of the loan at the 31st March 2024 was £5,460. The partner of director Philip Ruhemann worked for Iona Energy Ltd in the year ending 31st March 2019 and £8,325 of this work done has been outstanding for payment since, disclosed in other creditors. This amount is not due for payment until all other financial obligations of the company have been met, following the successful roll out of the heat network, and the company is generating a healthy profit with retained cash reserves. The timing and certainty of the completion of the heat network remains unknown. Directors' sought and followed legal advice on appointing skilled paid capacity in a small remote community and conflict of interest policy. |
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8 | Government Grants | |||||||
The company also received a government grant via Argyll & Bute Climate Action Network, totalling £1,500, which was provided to fund a portion of salary costs incurred in the year. |
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9 | Other information | |||||||
A third party subcontractor worked for Iona Energy Ltd in the year ending 31st March 2019 and £24,975 of this work done has been outstanding for payment since, disclosed in accruals. This amount is not due for payment until all other financial obligations of the company have been met, following the successful roll out of the heat network, and the company is generating a healthy profit with retained cash reserves. The timing and certainty of the completion of the heat network remains unknown. | ||||||||
Iona Energy Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: | ||||||||
Fiuran | ||||||||
Isle of Iona | ||||||||
Argyll & Bute | ||||||||
PA76 6SP |