Ion Technologies Limited
Unaudited Accounts
for the year ended
31 December 2023
Registered number
NI036616
Ion Technologies Limited
Registered number: NI036616
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 9,710 10,436
Current assets
Debtors 4 274,346 314,540
Cash at bank and in hand 19,923 -
294,269 314,540
Creditors: amounts falling due within one year 5 (73,290) (65,866)
Net current assets 220,979 248,674
Total assets less current liabilities 230,689 259,110
Creditors: amounts falling due after more than one year 6 (15,661) (25,780)
Net assets 215,028 233,330
Capital and reserves
Called up share capital 32,000 32,000
Capital redemption reserve 4,782 4,782
Profit and loss account 178,246 196,548
Shareholders' funds 215,028 233,330
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 members have 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.
Niall McKeown
Director
Approved by the Board on 29 August 2024
Ion Technologies Limited
Notes to the Accounts
for the year ended 31 December 2023
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 4 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Office equipment
£
Cost
At 1 January 2023 70,966
Additions 3,654
At 31 December 2023 74,620
Depreciation
At 1 January 2023 60,530
Charge for the year 4,380
At 31 December 2023 64,910
Net book value
At 31 December 2023 9,710
At 31 December 2022 10,436
4 Debtors 2023 2022
£ £
Trade debtors 162,111 101,849
Other debtors 112,235 212,691
274,346 314,540
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,119 19,674
Trade creditors 14,448 7,406
Taxation and social security costs 20,301 10,313
Other creditors 28,422 28,473
73,290 65,866
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,661 25,780
7 Pension commitments
The company operates a defined contribution scheme for its directors and employees. The assets of the scheme are held separately from those of the company in an independently adminstered fund. The pension cost for the year was £5,667 (2022: £5,861). Contributions totalling £2,465 (2022: £1,003) were payable at 31 December 2023.
8 Contingent liabilities
There is a contingent liability to repay certain government grants received under the terms of a letter of offer from Invest NI if the company fails to achieve and maintain the specified conditions. In the opinion of the directors the terms of the letter of offer have been complied with and no loss is expected.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Niall McKeown
A director's current account owing by Mr Niall McKeown of £52,835 is included within Other Debtors (Note 4). The transactions of £21,613 relate to withdrawals during the year and the maximum balance outstanding balance during the year was £139,882. 139,731 21,613 (108,509) 52,835
139,731 21,613 (108,509) 52,835
10 Related party transactions
The company has identified the following transactions involving directors for disclosure under the terms of FRS102. Mr John Briggs charged professional fees of £7,200 (2022: £7,200) to the company during the year. The balance outstanding at the financial year end in relation to such professional fees was £600 (2022: £600). This amount is included within trade creditors and accruals.
11 Controlling party
The ultimate controlling party is Mr Niall McKeown by virtue of his shareholding.
12 Other information
Ion Technologies Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
Ormeau Business Park
8 Cromac Avenue
Belfast
BT7 2JA
Ion Technologies Limited NI036616 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 Niall McKeown No description of principal activity NI036616 2022-01-01 2022-12-31 NI036616 core:WithinOneYear 2022-12-31 NI036616 core:AfterOneYear 2022-12-31 NI036616 core:ShareCapital 2022-12-31 NI036616 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI036616 2023-01-01 2023-12-31 NI036616 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI036616 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI036616 bus:Director40 2023-01-01 2023-12-31 NI036616 1 2023-01-01 2023-12-31 NI036616 2 2023-01-01 2023-12-31 NI036616 core:PlantMachinery 2023-01-01 2023-12-31 NI036616 bus:Director1 2023-01-01 2023-12-31 NI036616 bus:Director1 1 2023-01-01 2023-12-31 NI036616 countries:England 2023-01-01 2023-12-31 NI036616 bus:FRS102 2023-01-01 2023-12-31 NI036616 bus:FilletedAccounts 2023-01-01 2023-12-31 NI036616 2023-12-31 NI036616 core:WithinOneYear 2023-12-31 NI036616 core:AfterOneYear 2023-12-31 NI036616 core:ShareCapital 2023-12-31 NI036616 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI036616 core:PlantMachinery 2023-12-31 NI036616 bus:Director1 1 2023-12-31 NI036616 2022-12-31 NI036616 core:PlantMachinery 2022-12-31 NI036616 bus:Director1 1 2022-12-31 iso4217:GBP xbrli:pure