| REGISTERED NUMBER: |
| Iona Properties Limited |
| Unaudited Financial Statements |
| for the Year Ended 3 March 2025 |
| REGISTERED NUMBER: |
| Iona Properties Limited |
| Unaudited Financial Statements |
| for the Year Ended 3 March 2025 |
| Iona Properties Limited (Registered number: NI006296) |
| Contents of the Financial Statements |
| for the Year Ended 3 March 2025 |
| Page |
| Company information | 1 |
| Statement of financial position | 2 |
| Notes to the financial statements | 3 | to | 5 |
| Iona Properties Limited |
| Company Information |
| for the Year Ended 3 March 2025 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| Chartered Accountants |
| Armagh Business Centre |
| 2 Loughgall Road |
| Armagh |
| BT61 7NH |
| Iona Properties Limited (Registered number: NI006296) |
| Statement of Financial Position |
| 3 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| Fixed assets |
| Property, plant and equipment | 4 |
| Current assets |
| Inventories | 5 |
| Receivables | 6 |
| Cash at bank |
| Payables |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| Net current assets |
| Total assets less current liabilities |
| Capital and reserves |
| Called up share capital | 8 |
| Retained earnings |
| Shareholders' funds |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Iona Properties Limited (Registered number: NI006296) |
| Notes to the Financial Statements |
| for the Year Ended 3 March 2025 |
| 1. | Statutory information |
| Iona Properties Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Revenue |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Receivables |
| Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| Iona Properties Limited (Registered number: NI006296) |
| Notes to the Financial Statements - continued |
| for the Year Ended 3 March 2025 |
| 2. | Accounting policies - continued |
| Payables |
| Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Provisions for liabilities |
| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. |
| Critical accounting judgements and key sources of estimation uncertainty |
| Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: |
| Closing inventories |
| The company recognises closing inventories in respect of the stage of completion of each property unit at the reporting date. Valuations are based on an independent report made to the company by a third party quantity surveyor. This involves a detailed estimation of the stage of completion of each particular property. The carrying amount of closing inventories at 3 March 2025 was £574,535 (2024: £773,753). |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Property, plant and equipment |
| Plant and | Motor | Computer |
| machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| Cost |
| At 4 March 2024 |
| Additions |
| At 3 March 2025 |
| Depreciation |
| At 4 March 2024 |
| Charge for year |
| At 3 March 2025 |
| Net book value |
| At 3 March 2025 |
| At 3 March 2024 |
| Iona Properties Limited (Registered number: NI006296) |
| Notes to the Financial Statements - continued |
| for the Year Ended 3 March 2025 |
| 5. | Inventories |
| 2025 | 2024 |
| £ | £ |
| Work-in-progress |
| 6. | Receivables less than one year |
| 2025 | 2024 |
| £ | £ |
| Trade receivables |
| Other receivables |
| VAT |
| 7. | Payables less than one year |
| 2025 | 2024 |
| £ | £ |
| PAYE | 1,901 | 1,624 |
| Connected parties | 62,562 | 62,562 |
| Accruals |
| Connected parties | 2025 | 2024 |
| £ | £ |
| Mr J Allen | 31,281 | 31,281 |
| Miss A Allen | 31,281 | 31,281 |
| 62,562 | 62,562 |
| Mr J Allen and Miss A Allen are considered to be connected parties as they are directors and shareholders in Iona Properties Limited. |
| 8. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary shares | 1 | 770 | 770 |