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REGISTERED NUMBER: SC280169 (Scotland)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

IONA FINE ARTS LTD

IONA FINE ARTS LTD (REGISTERED NUMBER: SC280169)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 10

IONA FINE ARTS LTD

Company Information
for the Year Ended 29 February 2024







DIRECTORS: M S Gordon
Mrs K J Gordon





REGISTERED OFFICE: Duncraig
Isle of Iona
Argyll
PA76 6SJ





REGISTERED NUMBER: SC280169 (Scotland)





ACCOUNTANTS: McAllisters
Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL

IONA FINE ARTS LTD (REGISTERED NUMBER: SC280169)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 469,739 508,522

CURRENT ASSETS
Stocks 5 161,114 112,284
Debtors 6 7,698 3,269
Cash at bank and in hand 55,685 58,038
224,497 173,591
CREDITORS
Amounts falling due within one year 7 512,746 456,018
NET CURRENT LIABILITIES (288,249 ) (282,427 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

181,490

226,095

CREDITORS
Amounts falling due after more than one
year

8

(26,111

)

(37,578

)

PROVISIONS FOR LIABILITIES (7,251 ) -
NET ASSETS 148,128 188,517

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 148,028 188,417
SHAREHOLDERS' FUNDS 148,128 188,517

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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 FINE ARTS LTD (REGISTERED NUMBER: SC280169)

Balance Sheet - continued
29 February 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2024 and were signed on its behalf by:





M S Gordon - Director


IONA FINE ARTS LTD (REGISTERED NUMBER: SC280169)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Iona Fine Arts Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes. Turnover includes revenue earned from the sale of goods.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged to profit or loss over the estimated useful economic lives, as follows:

Plant & Machinery - 20% on cost
Fixtures & Fittings - 20% on cost
Computer Equipment - 33% on cost
Motor vehicles - 20% on cost
Leasehold Property - 10% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use.
Any impairment loss is recognised immediately as an expense within profit or loss.

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

IONA FINE ARTS LTD (REGISTERED NUMBER: SC280169)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

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

IONA FINE ARTS LTD (REGISTERED NUMBER: SC280169)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Liabilities are secured over the assets to which they relate.

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.

Provisions
A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
prop machinery fittings
£    £    £   
COST
At 1 March 2023 534,835 25,181 32,921
Additions 2,381 6,889 6,569
Disposals - - -
At 29 February 2024 537,216 32,070 39,490
DEPRECIATION
At 1 March 2023 53,483 22,114 14,929
Charge for year 53,484 2,564 6,108
Eliminated on disposal - - -
At 29 February 2024 106,967 24,678 21,037
NET BOOK VALUE
At 29 February 2024 430,249 7,392 18,453
At 28 February 2023 481,352 3,067 17,992

IONA FINE ARTS LTD (REGISTERED NUMBER: SC280169)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 69,253 28,581 690,771
Additions 12,000 4,613 32,452
Disposals (48,353 ) - (48,353 )
At 29 February 2024 32,900 33,194 674,870
DEPRECIATION
At 1 March 2023 65,073 26,650 182,249
Charge for year 6,580 2,499 71,235
Eliminated on disposal (48,353 ) - (48,353 )
At 29 February 2024 23,300 29,149 205,131
NET BOOK VALUE
At 29 February 2024 9,600 4,045 469,739
At 28 February 2023 4,180 1,931 508,522

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£   
COST
At 1 March 2023 48,353
Disposals (48,353 )
At 29 February 2024 -
DEPRECIATION
At 1 March 2023 48,353
Eliminated on disposal (48,353 )
At 29 February 2024 -
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

5. STOCKS
29.2.24 28.2.23
£    £   
Stocks 161,114 112,284

IONA FINE ARTS LTD (REGISTERED NUMBER: SC280169)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
VAT 7,496 1,595
Prepayments and accrued income 202 1,674
7,698 3,269

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 10,000 10,000
Other loans 1,467 1,467
Trade creditors 44,262 14,249
Tax - 10,461
Social security and other taxes - (5,762 )
Other creditors 5,283 1,672
Directors' current accounts 451,734 423,931
512,746 456,018

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 7,338 17,338
Other loans - 1-2 years 2,926 2,926
Other loans - 2-5 years 5,847 7,314
26,111 37,578

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
29.2.24 28.2.23
£    £   
Within one year 12,998 -
Between one and five years 12,998 -
25,996 -

10. SECURED DEBTS

The HP liability is secured against the corresponding assets.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
100 Ordinary £1 100 100

IONA FINE ARTS LTD (REGISTERED NUMBER: SC280169)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

12. ULTIMATE CONTROLLING PARTY

Mr and Mrs Gordon together are considered to be the ultimate controlling parties.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Iona Fine Arts Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Iona Fine Arts Ltd for the year ended 29 February 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Iona Fine Arts Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Iona Fine Arts Ltd and state those matters that we have agreed to state to the Board of Directors of Iona Fine Arts Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Iona Fine Arts Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Iona Fine Arts Ltd. You consider that Iona Fine Arts Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Iona Fine Arts Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






McAllisters
Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL


24 October 2024