Registered number
01929440
Irondane Limited
Unaudited Filleted Accounts
31 August 2024
Irondane Limited
Registered number: 01929440
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 485,516 485,314
Current assets
Debtors 4 89,158 7,731
Cash at bank and in hand 269,485 317,331
358,643 325,062
Creditors: amounts falling due within one year 5 (166,092) (148,662)
Net current assets 192,551 176,400
Net assets 678,067 661,714
Capital and reserves
Allotted called up and fully paid share capital 8 8
Profit and loss account 678,059 661,706
Shareholders' funds 678,067 661,714
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.
M H Overend
Director
Approved by the board on 23 October 2024
Irondane Limited
Notes to the Accounts
for the year ended 31 August 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.
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:
Leasehold improvements 20% straight line
Computer equipment 25% straight line
Fixtures and fittings 15% straight line
Investment properties
Properties held for investment purposes are not subject to periodic charges for depreciation, they are included in the balance sheet at their open market value.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 September 2023 485,000 18,406 503,406
Additions - 600 600
Disposals - (17,712) (17,712)
At 31 August 2024 485,000 1,294 486,294
Depreciation
At 1 September 2023 - 18,092 18,092
Charge for the year - 88 88
On disposals - (17,402) (17,402)
At 31 August 2024 - 778 778
Net book value
At 31 August 2024 485,000 516 485,516
At 31 August 2023 485,000 314 485,314
Freehold land and buildings: 2024 2023
£ £
Historical cost 510,193 510,193
Cumulative depreciation based on historical cost - -
510,193 510,193
The land and buildings are all investment properties and were revalued on an open market basis at 9 August 2021 by WBW Surveyors Ltd
4 Debtors 2024 2023
£ £
Deferred tax asset 4,717 4,398
Other debtors 84,441 3,333
89,158 7,731
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 20,903 803
Other creditors 145,189 147,859
166,092 148,662
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
M H Overend
Interest free with no fixed terms for repayment (1,525) - - (1,525)
J W Overend
Loan - 60,000 - 60,000
(1,525) 60,000 - 58,475
7 Other information
Irondane Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 St Phillips Drive
Burley in Wharfdale
Ilkley
West Yorkshire
LS29 7EN
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