Registered number
SC577246
Iona Energy Limited
Unaudited Filleted Accounts
31 March 2024
Iona Energy Limited
Registered number: SC577246
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 1,657 809
Cash at bank and in hand 7,190 28,907
8,847 29,716
Creditors: amounts falling due within one year 4 (40,305) (66,083)
Net current liabilities (31,458) (36,367)
Total assets less current liabilities (31,458) (36,367)
Creditors: amounts falling due after more than one year 5 (5,460) -
Net liabilities (36,918) (36,367)
Capital and reserves
Called up share capital 100 100
Profit and loss account (37,018) (36,467)
Shareholder's funds (36,918) (36,367)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jane Martin
Director
Approved by the board on 29 August 2024
Iona Energy Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2024 2023
£ £
Prepayments & Accrued Income 419 71
Loan to Iona Renewables - 240
Corporation Tax - 317
PAYE/NIC Reclaimable 421 -
Deferred Tax 129 -
VAT Reclaimable 688 181
1,657 809
4 Creditors: amounts falling due within one year 2024 2023
£ £
Pensions Payable - 153
Deferred Income 3,267 30,622
Trade Creditors - 46
Accruals 26,227 25,625
Wages Payable 2,486 1,104
PAYE/NIC Payable - 208
Other Creditors 8,325 8,325
40,305 66,083
5 Creditors: amounts falling due after one year 2024 2023
£ £
Loan from Iona Renewables 5,460 -
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 Energy Ltd is wholly owned by Iona Renewables (SCIO SC047510).

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.
8 Government Grants
Scottish Government grants were received in the year via Firstport Social Entrepreneurs Ltd. Due to the application of the accruals basis to these grants the total amount received and relating to the year was £31,470. These grants were provided to fund salaries, payroll processing costs, accountancy fees and third party consultancy as the company moves towards developing a ground source heat network for the Isle of Iona.

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.
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
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