Company Registration No. SC352880 (Scotland)
Iona Crawford Limited
Unaudited accounts
for the year ended 31 December 2024
Iona Crawford Limited
Unaudited accounts
Contents
Iona Crawford Limited
Company Information
for the year ended 31 December 2024
Directors
Iona Margaret Crawford
Tracey Lorraine Anderson
Company Number
SC352880 (Scotland)
Registered Office
0/2
5 Lynedoch Street
Glasgow
Lanarkshire
G3 6EF
Scotland
Accountants
SK and Co
3rd Floor, St. Georges Building
5 St. Vincent Place
Glasgow
G1 2DH
Iona Crawford Limited
Statement of financial position
as at 31 December 2024
Intangible assets
7,089
14,028
Tangible assets
2,935
3,913
Cash at bank and in hand
25,433
9,883
Creditors: amounts falling due within one year
(37,876)
(54,475)
Net current assets
52,610
1,980
Total assets less current liabilities
62,634
19,921
Creditors: amounts falling due after more than one year
(217,586)
(203,727)
Net liabilities
(154,952)
(183,806)
Called up share capital
133
133
Share premium
29,967
29,967
Profit and loss account
(185,052)
(213,906)
Shareholders' funds
(154,952)
(183,806)
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by
Iona Margaret Crawford
Director
Company Registration No. SC352880
Iona Crawford Limited
Notes to the Accounts
for the year ended 31 December 2024
Iona Crawford Limited is a private company, limited by shares, registered in Scotland, registration number SC352880. The registered office is 0/2, 5 Lynedoch Street, Glasgow, Lanarkshire, G3 6EF, Scotland.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
The accounts are presented in £ sterling.
Intangible fixed assets other than Goodwill
Intangible assets comprise of website development costs and patents. Such as assets are defined as having
finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives.
Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an
indication that the carrying value may be impaired.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their
useful lives on the following bases:
Other intangibles - 20% straight line
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% Reducing Balance
Computer equipment
25% Reducing Balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Iona Crawford Limited
Notes to the Accounts
for the year ended 31 December 2024
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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Intangible fixed assets
Other
At 31 December 2024
35,229
At 31 December 2024
28,140
At 31 December 2023
14,028
Iona Crawford Limited
Notes to the Accounts
for the year ended 31 December 2024
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Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2024
12,397
5,993
18,390
At 31 December 2024
12,397
5,993
18,390
At 1 January 2024
9,681
4,796
14,477
Charge for the year
679
299
978
At 31 December 2024
10,360
5,095
15,455
At 31 December 2024
2,037
898
2,935
At 31 December 2023
2,716
1,197
3,913
Amounts falling due within one year
Trade debtors
17,513
18,517
Deferred tax asset
22,540
-
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
22,586
29,093
Taxes and social security
4,464
20,149
8
Creditors: amounts falling due after more than one year
2024
2023
Loans from directors
217,586
203,727
Iona Crawford Limited
Notes to the Accounts
for the year ended 31 December 2024
9
Deferred taxation
2024
2023
Accelerated capital allowances
2,936
-
Tax losses carried forward
(25,476)
-
Credited to the profit and loss account
(22,540)
-
Provision at end of year
(22,540)
-
A rent break was agreed upon in the year ending 31/12/2023 to allow the company to recover from the effects of trading through Covid. This break continued through the year ending 31/12/2024.
A decision will be made on whether to pursue this rent in the year to 31/12/2025. However, until this decision is made, interest is being charged on any underpaid rent at 8% per annum on any uncharged rent at each year end.
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Average number of employees
During the year the average number of employees was 5 (2023: 5).