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REGISTERED NUMBER: 08391197 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

IONA ART GLASS LIMITED

IONA ART GLASS LIMITED (REGISTERED NUMBER: 08391197)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IONA ART GLASS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: C M Chesney
Ms A E F Milligan





REGISTERED OFFICE: 2 Woodlands
Warkworth
Morpeth
Northumberland
NE65 0SY





REGISTERED NUMBER: 08391197 (England and Wales)





ACCOUNTANTS: Greaves Grindle
Chartered Accountants
Victoria House
Bondgate Within
Alnwick
Northumberland
NE66 1TA

IONA ART GLASS LIMITED (REGISTERED NUMBER: 08391197)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,965 7,034

CURRENT ASSETS
Stocks 3,500 3,500
Debtors 5 15,839 5,025
Cash at bank 7,780 11,613
27,119 20,138
CREDITORS
Amounts falling due within one year 6 28,854 28,225
NET CURRENT LIABILITIES (1,735 ) (8,087 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,230

(1,053

)

PROVISIONS FOR LIABILITIES 943 1,336
NET ASSETS/(LIABILITIES) 2,287 (2,389 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,187 (2,489 )
SHAREHOLDERS' FUNDS 2,287 (2,389 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

IONA ART GLASS LIMITED (REGISTERED NUMBER: 08391197)

BALANCE SHEET - continued
31 MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by:





C M Chesney - Director


IONA ART GLASS LIMITED (REGISTERED NUMBER: 08391197)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Iona Art Glass Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 50% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

IONA ART GLASS LIMITED (REGISTERED NUMBER: 08391197)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023
and 31 March 2024 9,082 203 16,754 29,479 55,518
DEPRECIATION
At 1 April 2023 7,080 78 12,778 28,548 48,484
Charge for year 400 19 994 656 2,069
At 31 March 2024 7,480 97 13,772 29,204 50,553
NET BOOK VALUE
At 31 March 2024 1,602 106 2,982 275 4,965
At 31 March 2023 2,002 125 3,976 931 7,034

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 15,753 4,949
Other debtors 86 76
15,839 5,025

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,519 5,947
Taxation and social security 6,713 7,220
Other creditors 18,622 15,058
28,854 28,225