Iona Energy Limited - Filleted accounts

Registered number

SC577246

Iona Energy Limited

Unaudited Filleted Accounts

31 March 2025

Iona Energy Limited
Registered number:		SC577246
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Current assets
Debtors	3	7,154			1,657
Cash at bank and in hand		1,157			7,190
		8,311			8,847

Creditors: amounts falling due within one year	4	(18,256)			(40,305)

Net current liabilities			(9,945)			(31,458)

Total assets less current liabilities			(9,945)			(31,458)

Creditors: amounts falling due after more than one year	5		-			(5,460)



Net liabilities			(9,945)			(36,918)

Capital and reserves
Called up share capital			100			100
Profit and loss account			(10,045)			(37,018)

Shareholder's funds			(9,945)			(36,918)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Jane Martin
Director
Approved by the board on 29 September 2025

Iona Energy Limited
Notes to the Accounts
for the year ended 31 March 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared on a basis other than going concern and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Government grants
	Government grants received in the year were revenue grants and have been recognised on the accruals basis. Further detail provided in the subsequent balance sheet notes.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees	2025		2024
Number			Number

	Average number of persons employed by the company	2		2


3	Debtors	2025		2024
£			£

	Prepayments & Accrued Income	-		419
	PAYE/NIC Reclaimable	12		421
	Deferred Tax	-		129
	VAT Reclaimable	7,142		688
		7,154		1,657


4	Creditors: amounts falling due within one year	2025		2024
£			£

	Loan from Iona Renewables	5,139		-
	Deferred Income	2,885		3,267
	Director's Loan Account	4,000		-
	Accruals	-		26,227
	Wages Payable	-		2,486
	Corporation Tax Payable	6,198		-
	Pensions Payable	34		-
	Other Creditors	-		8,325
		18,256		40,305


5	Creditors: amounts falling due after one year	2025		2024
£			£

	Loan from Iona Renewables	-		5,460

6	Related party transactions

	Iona Energy Ltd is wholly owned by Iona Renewables (SCIO SC047510). Iona Renewables loaned Iona Energy Ltd £Nil in the year (2024: £5,760). This loan had been made on commercial terms as agreed by the trustees of Iona Renewables. The interest rate charged to Iona Energy Ltd by Iona Renewables was 5.5% per annum in 2024 and was repayable by the 31st March 2030. Iona Energy Ltd repaid £321 of this loan in the year ending 31st March 2025 (2024: £507). Now that Iona Energy Ltd is ceasing to trade, and will be dissolved post year end in 2025, loan interest has not been accrued for in the year ending 31st March 2025 as the loan will not be repaid in full due to the lack of available funds pre dissolution in Iona Energy Ltd. The balance of the loan at the 31st March 2025 was £5,139. Any remaining funds in the bank account pre dissolution will be used to partially repay the loan to the charity. To satisfy the timing requirements from grant funders of the payment of grant funded expenditure the director Pillip Ruhemann was required to loan the company £4,000 in March 2025. This was repaid in full post year end following the VAT reclaim due for the quarter ending 31st March 2025. The partner of director Philip Ruhemann worked for Iona Energy Ltd in the year ending 31st March 2019 (and in the years since) and £8,325 of the 2019 work done has been outstanding for payment since, disclosed in other creditors. This amount was not due for payment until all other financial obligations of the company had been met, following the successful roll out of the heat network, and the company was generating a healthy profit with retained cash reserves. The directors have now concluded that it is not viable to continue working with Scottish Government to develop the project, or on low carbon heat, due to lack of progress since 2021. Therefore the company will be dissolved in 2025 so this amount has been written off to the profit and loss in the year ending 31st March 2025. Directors' sought and followed legal advice on appointing skilled paid capacity in a small remote community and conflict of interest policy.

7	Government & other grants

	Scottish Government grants were received in the year via Firstport Social Entrepreneurs Ltd, £8,151, and Crown Estate Scotland, £47,000. Due to the application of the accruals basis to these grants the total amount received and relating to the year was £8,151 and £47,000 respectively. These grants were provided to fund salaries, payroll processing costs, accountancy fees, travel costs, software costs and third party consultancy fees as the company moved towards developing a ground source heat network for the Isle of Iona, on which it is no longer viable to continue working with Scottish Government. Both grants received have been spent in the year ending 31st March 2025. The company also received a grant from Development Trusts Association Scotland (SC034231), via Iona Renewables, totalling £9,000 in the year ending 31st March 2025. This grant was provided to fund heat network related consultancy fees. The grant funder agreed that the grant provided to Iona Renewables could be regranted to Iona Energy Ltd and it was all spent in the year. A further grant of £3,500 from a third party organisation was received in the year ending 31st March 2024 to cover company costs not covered by the above grant funders. Of this grant £233 was utilised in 2024 and £382 was utilised in 2025, leaving a remaining balance of £2,885 at the 31st March 2025 (disclosed as deferred income). The remaining funds at the 31st March 2025 have been used to pay for bank fees, professional fees, accounting software and a part repayment of the outstanding loan from Iona Renewables post year end (detailed in note 6).

8	Other information

	A third party consultancy subcontractor worked for Iona Energy Ltd in the year ending 31st March 2019 and £24,975 of this work done has been outstanding for payment since, disclosed in accruals. This amount was not due for payment until all other financial obligations of the company had been met, following the successful roll out of the heat network, and the company was generating a healthy profit with retained cash reserves. The directors have now concluded that it is no longer viable to continue working with Scottish Government to progress the heat network, or on low carbon heat, and the company will be dissolved in 2025 so this amount has been written off to the profit and loss in the year ending 31st March 2025.

	Iona Energy Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
	Fiuran
	Isle of Iona
	Argyll & Bute
	PA76 6SP