REGISTERED NUMBER: SC534350 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2025

for

Iolaire Financial Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

12,800

20,000

Tangible assets

5

29,217

38,062

42,017

58,062

CURRENT ASSETS

Stocks

8,148

2,320

Debtors

6

154,558

195,463

Cash at bank and in hand

129,085

80,943

291,791

278,726

CREDITORS

Amounts falling due within one year

7

(111,308

)

(102,353

)

NET CURRENT ASSETS

180,483

176,373

TOTAL ASSETS LESS CURRENT LIABILITIES

222,500

234,435

CREDITORS

Amounts falling due after more than one year

8

(13,280

)

(22,928

)

PROVISIONS FOR LIABILITIES

(7,305

)

(9,532

)

NET ASSETS

201,915

201,975

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

200,915

200,975

201,915

201,975

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 11 August 2025 and were signed by:

Mr D A Smith - Director

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

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.

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 7 (2024 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2024

and 31 May 2025

72,000

AMORTISATION

At 1 June 2024

52,000

Charge for year

7,200

At 31 May 2025

59,200

NET BOOK VALUE

At 31 May 2025

12,800

At 31 May 2024

20,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2024

1,835

76,779

1,199

79,813

Additions

-

-

1,250

1,250

At 31 May 2025

1,835

76,779

2,449

81,063

DEPRECIATION

At 1 June 2024

826

40,719

206

41,751

Charge for year

276

9,015

804

10,095

At 31 May 2025

1,102

49,734

1,010

51,846

NET BOOK VALUE

At 31 May 2025

733

27,045

1,439

29,217

At 31 May 2024

1,009

36,060

993

38,062

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Trade debtors

373

249

Amounts owed by group undertakings

144,701

195,214

Other debtors

9,484

-

154,558

195,463

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Taxation and social security

97,817

89,705

Other creditors

13,491

12,648

111,308

102,353

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.25

31.5.24

£

£

Other creditors

13,280

22,928