The Ironworks Venue Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC348446

The Ironworks Venue Limited

Filleted Unaudited Financial Statements

30 September 2024

The Ironworks Venue Limited

Statement of Financial Position

30 September 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		2,718	10,204

Current assets

Stocks		–	2,285
Debtors	6	37,179	74,466
Cash at bank and in hand		56,173	1,656
		--------	--------
		93,352	78,407

Creditors: amounts falling due within one year	7	75,839		59,496
		--------		--------
Net current assets			17,513	18,911
			--------	--------
Total assets less current liabilities			20,231	29,115

Creditors: amounts falling due after more than one year	8		10,510	20,765

Provisions

Taxation including deferred tax	516	1,939
	--------	--------
Net assets	9,205	6,411
	--------	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	8,205	5,411
	-------	-------
Shareholders funds	9,205	6,411
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

The Ironworks Venue Limited

Statement of Financial Position (continued)

30 September 2024

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

Mrs C Campbell
Director

Company registration number: SC348446

The Ironworks Venue Limited

Notes to the Financial Statements

Year ended 30 September 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The director anticipates that the company will continue to make a profit in the future and on this basis finds it appropriate that the accounts are prepared on the going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Office Equipment	-	10%-33% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2023: 9 ).

5. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 October 2023 and 30 September 2024	59,574	13,413	72,987
	--------	--------	--------
Depreciation
At 1 October 2023	49,370	13,413	62,783
Charge for the year	7,486	–	7,486
	--------	--------	--------
At 30 September 2024	56,856	13,413	70,269
	--------	--------	--------
Carrying amount
At 30 September 2024	2,718	–	2,718
	--------	--------	--------
At 30 September 2023	10,204	–	10,204
	--------	--------	--------

6. Debtors

	2024	2023
	£	£
Trade debtors	4,042	–
Other debtors	33,137	74,466
	--------	--------
	37,179	74,466
	--------	--------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,255	10,822
Trade creditors	–	4,444
Social security and other taxes	6,755	7,433
Other creditors	58,829	36,797
	--------	--------
	75,839	59,496
	--------	--------

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	10,510	20,765
	--------	--------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs C Campbell	( 14,971)	82,868	( 68,068)	( 171)
	--------	--------	--------	----

	2023
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs C Campbell	29	–	( 15,000)	( 14,971)
	----	----	--------	--------

This loan is interest free and has no definite terms of repayment .

10. Related party transactions

During the year the director was paid £ 73,123 (2023 - £53,000 for book-keeping and management services .