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Registered number: SC722925
Iron Works Inc Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2025
Calculus Accountants (Scotland) Ltd
10 Avonhead Road
Condorrat
Glasgow
G67 4RA
Iron Works Inc Ltd
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—5

Page 1
Iron Works Inc Ltd
Balance Sheet
As At 28 February 2025
Balance Sheet
Registered number: SC722925

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 4 |  | 154,615 |  | 88,830
|  |  | 154,615 |  | 88,830
CURRENT ASSETS
Stocks | 5 | 3,250 |  | 1,935 |
Debtors | 6 | 6,144 |  | 2,512 |
Cash at bank and in hand |  | 1,863 |  | 490 |
|  | 11,257 |  | 4,937 |
Creditors: Amounts Falling Due Within One Year | 7 | (90,425 ) |  | (33,035 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (79,168 ) |  | (28,098 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 75,447 |  | 60,732
PROVISIONS FOR LIABILITIES
Deferred Taxation | 8 |  | (38,654 ) |  | (22,208 )
NET ASSETS |  |  | 36,793 |  | 38,524
CAPITAL AND RESERVES
Called up share capital | 10 |  | 100 |  | 100
Profit and Loss Account |  |  | 36,693 |  | 38,424
SHAREHOLDERS' FUNDS |  |  | 36,793 |  | 38,524

Page 1
Page 2
Iron Works Inc Ltd
Balance Sheet (continued)
As At 28 February 2025
For the year ending 28 February 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 John Paul Bryce Director
21/11/2025

The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Iron Works Inc Ltd
Notes to the Financial Statements
For The Year Ended 28 February 2025
Notes to the Financial Statements
1. General Information
Iron Works Inc Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC722925 . The registered office is 10 Avonhead Road, Condorrat, Glasgow, G67 4RA.
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. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has paid for the supply of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the each part of the training contract.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery | 20% - reducing balance basis
Motor Vehicles | 20% - reducing balance basis
Fixtures & Fittings | 15% - reducing balance basis
Computer Equipment | 20% - reducing balance basis

2.4. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
Page 3
Page 4
Iron Works Inc Ltd
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2025
4. Tangible Assets

| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
Cost
As at 1 March 2024 | 104,278 | 7,476 | - | 15,843 | 127,597
Additions | 87,129 | - | 9,760 | - | 96,889
Disposals | (4,000 ) | - | - | - | (4,000 )
As at 28 February 2025 | 187,407 | 7,476 | 9,760 | 15,843 | 220,486
Depreciation
As at 1 March 2024 | 32,354 | 2,866 | - | 3,547 | 38,767
Provided during the period | 26,750 | 922 | 134 | 2,459 | 30,265
Disposals | (3,161 ) | - | - | - | (3,161 )
As at 28 February 2025 | 55,943 | 3,788 | 134 | 6,006 | 65,871
Net Book Value
As at 28 February 2025 | 131,464 | 3,688 | 9,626 | 9,837 | 154,615
As at 1 March 2024 | 71,924 | 4,610 | - | 12,296 | 88,830

5. Stocks

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Stock - vitamins, supplements and health products | 3,250 |  | 1,935

6. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Prepayments and accrued income | 3,632 |  | -
Other debtors - rent deposit | 2,512 |  | 2,512
| 6,144 |  | 2,512

7. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Trade creditors | 4,627 |  | 2,159
Corporation tax | 2,182 |  | 2,182
Other creditors - prepaid memberships and training fees | 8,640 |  | 6,975
Accrued charges | 4,452 |  | 2,983
Director's loan account | 70,524 |  | 18,736
| 90,425 |  | 33,035

The directors loan account is unsecured, interest free and has no fixed terms of repayment.
A bank loan was obtained in the year to assist in meeting the costs of the new equipment additions and leasehold property repairs, which loan was however fully repaid within the year.
Page 4
Page 5
Iron Works Inc Ltd
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2025
8. Deferred Taxation
The provision for deferred tax is made up as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other timing differences | 38,654 |  | 22,208

9. Provisions for Liabilities

| Deferred Tax | Total
--- | --- | ---
| £ | £
As at 1 March 2024 | 22,208 | 22,208
Additions | 16,446 | 16,446
Balance at 28 February 2025 | 38,654 | 38,654

10. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 100 |  | 100

11. Directors Advances, Credits and Guarantees
Dividends paid to directors

| 2025 | 2024
--- | --- | ---
| £ | £
Mr John Paul Bryce | 16,000 | 20,000

12. Ultimate Controlling Party
The company's ultimate controlling party is the director by virtue of his ownership of 80% of the issued share capital in the company.
Page 5