Ian Elliot Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—3

Registered number: SC456424

		31 March 2025		30 June 2024
	Notes	£	£	£	£
CURRENT ASSETS
Stocks	4	751,628		736,243
Debtors	5	1,000		17,400
Cash at bank and in hand		5,691		2,875

		758,319		756,518
Creditors: Amounts Falling Due Within One Year	6	(797,720 )		(794,480 )

NET CURRENT ASSETS (LIABILITIES)			(39,401 )		(37,962 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(39,401 )		(37,962 )

NET LIABILITIES			(39,401 )		(37,962 )

CAPITAL AND RESERVES
Called up share capital	7		100		100
Profit and Loss Account			(39,501 )		(38,062 )

SHAREHOLDERS' FUNDS			(39,401)		(37,962)

For the period ending 31 March 2025 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 Gordon Simpson

Director

11/09/2025

The notes on pages 2 to 3 form part of these financial statements.

1. General Information

Ian Elliot Limited is a private company, limited by shares, incorporated in Scotland, registered number SC456424 . The registered office is 23 Wellhouse, Beauly, IV4 7AS.

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. Going Concern Disclosure

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £39,401. The company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements and all third party liabilities can be met within agreed payment terms. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to

the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at

transaction price including transaction costs and are subsequently carried at amortised cost using the

effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the

financial asset expire or are settled.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the

financial asset expire or are settled, or the Company transfers to another party substantially all of the risks

and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all,

significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised

at transaction price and subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one

year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at

...CONTINUED

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Ian Elliot Limited

Notes to the Financial Statements (continued)

For the Period 1 July 2024 to 31 March 2025

2.5. Financial Instruments - continued

transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments

Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs

3. Average Number of Employees

Average number of employees, including directors, during the period was: 1 (2024: 1)

4. Stocks

	31 March 2025	30 June 2024
	£	£
Work in progress	751,628	736,243

5. Debtors

	31 March 2025	30 June 2024
	£	£
Due within one year
Trade debtors	-	17,400
Other debtors	1,000	-

	1,000	17,400

6. Creditors: Amounts Falling Due Within One Year

	31 March 2025	30 June 2024
	£	£
Trade creditors	4,200	3,000
Amounts owed to group undertakings	791,920	788,920
Other creditors	1,600	1,500
Taxation and social security	-	1,060

	797,720	794,480

7. Share Capital

	31 March 2025	30 June 2024
	£	£
Allotted, Called up and fully paid	100	100

100 Ordinary Shares of £1.00 each

8. Related Party Transactions

As at 31 March 2025, shareholders with a participating interest in the company were owed £791,920 (2024 - £788,920) at the year end. This loan is unsecured, interest free and has no fixed terms of repayment.

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