1 January 2024 v2025.31.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPNI0618482024-01-012024-12-31NI0618482024-12-31NI0618482023-12-31NI061848core:WithinOneYear2024-12-31NI061848core:WithinOneYear2023-12-31NI061848core:AfterOneYear2024-12-31NI061848core:AfterOneYear2023-12-31NI061848core:ShareCapital2024-12-31NI061848core:ShareCapital2023-12-31NI061848core:RetainedEarningsAccumulatedLosses2024-12-31NI061848core:RetainedEarningsAccumulatedLosses2023-12-31NI061848bus:Director12024-01-012024-12-31NI061848bus:Director22024-01-012024-12-31NI061848bus:RegisteredOffice2024-01-012024-12-31NI0618482023-01-012023-12-31NI061848core:CostValuation2024-01-01NI061848core:CostValuation2024-12-31NI061848countries:NorthernIreland2024-01-012024-12-31NI061848bus:AuditExempt-NoAccountantsReport2024-01-012024-12-31NI061848bus:PrivateLimitedCompanyLtd2024-01-012024-12-31NI061848bus:SmallEntities2024-01-012024-12-31NI061848bus:FullAccounts2024-01-012024-12-31
Company registration number:
NI061848
Iaco One Ltd
Unaudited Filleted Financial Statements for the year ended
31 December 2024
Iaco One Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Iaco One Ltd
Year ended
31 December 2024
As described on the statement of financial position, the Board of Directors of
Iaco One Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 December 2024
, which comprise the income statement, statement of total comprehensive income, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Iaco One Ltd
Statement of Financial Position
31 December 2024
20242023
Note££
Fixed assets    
Investments 5
8,625,000
 
8,625,000
 
Current assets    
Debtors 6
600,000
 
650,000
 
Cash at bank and in hand
352,468
 
331,094
 
952,468
 
981,094
 
Creditors: amounts falling due within one year 7
(577,854
 )
(575,942
 )
Net current assets
374,614
 
405,152
 
Total assets less current liabilities 8,999,614   9,030,152  
Creditors: amounts falling due after more than one year 8
(1,726,036
 )
(2,151,036
 )
Net assets
7,273,578
 
6,879,116
 
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
7,273,577
 
6,879,115
 
Shareholders funds
7,273,578
 
6,879,116
 
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.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
30 June 2025
, and are signed on behalf of the board by:
Philip Agnew
Andrew Agnew
DirectorDirector
Company registration number:
NI061848
Iaco One Ltd
Notes to the Financial Statements
Year ended
31 December 2024

1 General information

The company is a private company limited by shares and is registered in Northern Ireland. The address of the registered office is
Upper Floors
,
336 Lisburn Road
,
Belfast
,
BT9 6GH
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Investment properties

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2.00
).

5 Investments

Other investments other than loans
£
Cost  
At
1 January 2024
8,625,000
 
At
31 December 2024
8,625,000
 
Impairment  
At
1 January 2024
and
31 December 2024
 -  
Carrying amount  
At
31 December 2024
8,625,000
 
At 31 December 2023
8,625,000
 
Other Investments other than loans is Investment Property. The Directors have revalued Investment Property to reflect open market value.

Investments held at valuation

6 Debtors

20242023
££
Amounts owed by group undertakings and undertakings in which the company has a participating interest
600,000
 
650,000
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
275,000
 
275,000
 
Trade creditors
(214
 ) -  
Taxation and social security
90,959
 
84,985
 
Other creditors
212,109
 
215,957
 
577,854
 
575,942
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
1,726,036
 
2,151,036
 
The bank loan is secured by way of a Debenture and first legal all monies charge over the Property.

9 Guarantees and other financial commitments

An intracompany guarantee between Iaco One Ltd and Iaco Three Ltd operates by way of security to Ulster Bank Ltd.

10 Controlling party

The ultimate controlling party is considered to be the Agnew family.
The company's parent undertaking at 31 December 2024 is Agnew PropCo Ltd, a company incorporated in Northern Ireland.