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REGISTERED NUMBER: SC534350 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Iolaire Financial Limited

Iolaire Financial Limited (Registered number: SC534350)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Iolaire Financial Limited (Registered number: SC534350)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 20,000 27,200
Tangible assets 5 38,062 49,745
58,062 76,945

CURRENT ASSETS
Stocks 2,320 11,771
Debtors 6 195,463 132,088
Cash at bank and in hand 80,943 65,025
278,726 208,884
CREDITORS
Amounts falling due within one year 7 (102,353 ) (43,331 )
NET CURRENT ASSETS 176,373 165,553
TOTAL ASSETS LESS CURRENT
LIABILITIES

234,435

242,498

CREDITORS
Amounts falling due after more than one
year

8

(22,928

)

(32,576

)

PROVISIONS FOR LIABILITIES (9,532 ) (9,451 )
NET ASSETS 201,975 200,471

CAPITAL AND RESERVES
Called up share capital 1,000 100
Retained earnings 200,975 200,371
201,975 200,471

Iolaire Financial Limited (Registered number: SC534350)

Balance Sheet - continued
31 May 2024


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

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

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 14 October 2024 and were signed on its behalf by:




Mr D A Smith - Director



Mrs L M Upperton - Director


Iolaire Financial Limited (Registered number: SC534350)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Iolaire Financial Limited is a private company, limited by shares, domiciled in Scotland, registration number SC534350. The registered office is 50 High Street, Auchterarder, PH3 1DB.

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 represents net invoiced sales of goods and services in respect of wealth management and mortgage advice, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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.


Iolaire Financial Limited (Registered number: SC534350)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
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.

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

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
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 72,000
AMORTISATION
At 1 June 2023 44,800
Charge for year 7,200
At 31 May 2024 52,000
NET BOOK VALUE
At 31 May 2024 20,000
At 31 May 2023 27,200

Iolaire Financial Limited (Registered number: SC534350)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 8,265 19,894 76,779 - 104,938
Additions - - - 1,199 1,199
Disposals (6,430 ) (19,894 ) - - (26,324 )
At 31 May 2024 1,835 - 76,779 1,199 79,813
DEPRECIATION
At 1 June 2023 6,600 19,894 28,699 - 55,193
Charge for year 590 - 12,020 206 12,816
Eliminated on disposal (6,364 ) (19,894 ) - - (26,258 )
At 31 May 2024 826 - 40,719 206 41,751
NET BOOK VALUE
At 31 May 2024 1,009 - 36,060 993 38,062
At 31 May 2023 1,665 - 48,080 - 49,745

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 249 487
Amounts owed by group undertakings 195,214 123,000
Other debtors - 8,601
195,463 132,088

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Taxation and social security 89,705 31,326
Other creditors 12,648 12,005
102,353 43,331

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Other creditors 22,928 32,576