Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 11 February 2022 false 1 March 2023 29 February 2024 29 February 2024 SC722925 Mr John Paul Bryce true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC722925 2023-02-28 SC722925 2024-02-29 SC722925 2023-03-01 2024-02-29 SC722925 frs-core:CurrentFinancialInstruments 2024-02-29 SC722925 frs-core:ComputerEquipment 2024-02-29 SC722925 frs-core:ComputerEquipment 2023-03-01 2024-02-29 SC722925 frs-core:ComputerEquipment 2023-02-28 SC722925 frs-core:MotorVehicles 2024-02-29 SC722925 frs-core:MotorVehicles 2023-03-01 2024-02-29 SC722925 frs-core:MotorVehicles 2023-02-28 SC722925 frs-core:PlantMachinery 2024-02-29 SC722925 frs-core:PlantMachinery 2023-03-01 2024-02-29 SC722925 frs-core:PlantMachinery 2023-02-28 SC722925 frs-core:ShareCapital 2024-02-29 SC722925 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 SC722925 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC722925 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 SC722925 frs-bus:SmallEntities 2023-03-01 2024-02-29 SC722925 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 SC722925 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 SC722925 1 2023-03-01 2024-02-29 SC722925 frs-core:DeferredTaxation 2023-03-01 2024-02-29 SC722925 frs-core:DeferredTaxation 2023-02-28 SC722925 frs-core:DeferredTaxation 2024-02-29 SC722925 frs-bus:Director1 2023-03-01 2024-02-29 SC722925 frs-countries:Scotland 2023-03-01 2024-02-29 SC722925 2022-02-10 SC722925 2023-02-28 SC722925 2022-02-11 2023-02-28 SC722925 frs-core:CurrentFinancialInstruments 2023-02-28 SC722925 frs-core:ShareCapital 2023-02-28 SC722925 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: SC722925
Iron Works Inc Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Calculus Accountants (Scotland) Ltd
10 Avonhead Road
Condorrat
Glasgow
G67 4RA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC722925
29 February 2024 28 February 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 88,830 92,332
88,830 92,332
CURRENT ASSETS
Stocks 5 1,935 775
Debtors 6 2,512 2,512
Cash at bank and in hand 490 1,731
4,937 5,018
Creditors: Amounts Falling Due Within One Year 7 (33,035 ) (78,090 )
NET CURRENT ASSETS (LIABILITIES) (28,098 ) (73,072 )
TOTAL ASSETS LESS CURRENT LIABILITIES 60,732 19,260
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (22,208 ) (17,543 )
NET ASSETS 38,524 1,717
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 38,424 1,617
SHAREHOLDERS' FUNDS 38,524 1,717
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Paul Bryce
Director
27/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Iron Works Inc Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC722925 . The registered office is 10 Avonhead Road, Condorrat, Glasgow, G67 4RA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services. 
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 paid for the supply of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the each part of the training contract. 
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% - reducing balance basis
Motor Vehicles 25% - reducing balance basis
Computer Equipment 20% - reducing balance basis
2.4. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 91,939 7,476 11,987 111,402
Additions 12,339 - 3,856 16,195
As at 29 February 2024 104,278 7,476 15,843 127,597
Depreciation
As at 1 March 2023 16,567 1,713 790 19,070
Provided during the period 15,787 1,153 2,757 19,697
As at 29 February 2024 32,354 2,866 3,547 38,767
Net Book Value
As at 29 February 2024 71,924 4,610 12,296 88,830
As at 1 March 2023 75,372 5,763 11,197 92,332
5. Stocks
29 February 2024 28 February 2023
£ £
Stock - vitamins, supplements and health products 1,935 775
6. Debtors
29 February 2024 28 February 2023
£ £
Due within one year
Other debtors - rent deposit 2,512 2,512
7. Creditors: Amounts Falling Due Within One Year
29 February 2024 28 February 2023
£ £
Trade creditors 2,159 2,392
Corporation tax 2,182 -
Other creditors - prepaid memberships and training fees 6,975 5,670
Accrued charges 2,983 1,873
Director's loan account 18,736 68,155
33,035 78,090
The directors loan account is unsecured, interest free and has no fixed terms of repayment.
8. Deferred Taxation
The provision for deferred tax is made up as follows:
29 February 2024 28 February 2023
£ £
Other timing differences 22,208 17,543
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9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 March 2023 17,543 17,543
Additions 4,665 4,665
Balance at 29 February 2024 22,208 22,208
10. Share Capital
29 February 2024 28 February 2023
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
29 February 2024 28 February 2023
£ £
Mr John Paul Bryce 20,000 10,000
12. Ultimate Controlling Party
The company's ultimate controlling party is the director John Paul Bryce by virtue of his ownership of 80% of the issued share capital in the company.
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