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Company Registration No. SC352880 (Scotland)
Iona Crawford Limited Unaudited accounts for the year ended 31 December 2024
Iona Crawford Limited Unaudited accounts Contents
Page
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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
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Iona Crawford Limited Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
7,089 
14,028 
Tangible assets
2,935 
3,913 
10,024 
17,941 
Current assets
Inventories
25,000 
25,000 
Debtors
40,053 
21,572 
Cash at bank and in hand
25,433 
9,883 
90,486 
56,455 
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)
Capital and reserves
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
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Iona Crawford Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
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.
2
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
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.
Presentation currency
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
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.
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Iona Crawford Limited Notes to the Accounts for the year ended 31 December 2024
Financial instruments
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.
Pension costs
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
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.
Foreign exchange
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 taxation
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.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 January 2024
35,229 
At 31 December 2024
35,229 
Amortisation
At 1 January 2024
21,201 
Charge for the year
6,939 
At 31 December 2024
28,140 
Net book value
At 31 December 2024
7,089 
At 31 December 2023
14,028 
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Iona Crawford Limited Notes to the Accounts for the year ended 31 December 2024
5
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 
Depreciation
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 
Net book value
At 31 December 2024
2,037 
898 
2,935 
At 31 December 2023
2,716 
1,197 
3,913 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
- 
3,055 
Trade debtors
17,513 
18,517 
Deferred tax asset
22,540 
40,053 
21,572 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
3,047 
- 
Trade creditors
22,586 
29,093 
Taxes and social security
4,464 
20,149 
Other creditors
- 
1,000 
Accruals
7,779 
4,233 
37,876 
54,475 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Loans from directors
217,586 
203,727 
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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)
- 
(22,540)
- 
2024 
2023 
£ 
£ 
Credited to the profit and loss account
(22,540)
- 
Provision at end of year
(22,540)
- 
10
Contingent liabilities
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.
11
Average number of employees
During the year the average number of employees was 5 (2023: 5).
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