REGISTERED NUMBER: SC280169 (Scotland)

Unaudited Financial Statements for the Year Ended 28 February 2026

for

IONA FINE ARTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

Mr M S Gordon

Mrs K J Gordon

REGISTERED OFFICE:

Duncraig

Isle of Iona

Argyll

PA76 6SJ

REGISTERED NUMBER:

SC280169 (Scotland)

ACCOUNTANTS:

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

FIXED ASSETS

Tangible assets

4

354,247

415,126

CURRENT ASSETS

Stocks

5

151,294

129,167

Debtors

6

3,437

420

Cash at bank and in hand

24,868

50,574

179,599

180,161

CREDITORS

Amounts falling due within one year

7

467,619

480,743

NET CURRENT LIABILITIES

(288,020

)

(300,582

)

TOTAL ASSETS LESS CURRENT LIABILITIES

66,227

114,544

CREDITORS

Amounts falling due after more than one year

8

(5,839

)

(14,644

)

PROVISIONS FOR LIABILITIES

(5,008

)

(5,526

)

NET ASSETS

55,380

94,374

CAPITAL AND RESERVES

Called up share capital

10

128

100

Retained earnings

55,252

94,274

SHAREHOLDERS' FUNDS

55,380

94,374

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2026 in accordance with Section 476 of the Companies Act 2006.

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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

Mr M S Gordon - Director

1.	STATUTORY INFORMATION

Iona Fine Arts Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes. Turnover includes revenue earned from the 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 signed for the delivery of the goods.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged to profit or loss over the estimated useful economic lives, as follows:

Plant & Machinery - 20% on cost

Fixtures & Fittings - 20% on cost

Computer Equipment - 33% on cost

Motor vehicles - 20% on cost

Leasehold Property - 10% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use.

Any impairment loss is recognised immediately as an expense within profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Liabilities are secured over the assets to which they relate.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2025 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

prop

machinery

fittings

£

£

£

COST

At 1 March 2025

546,403

35,016

40,290

Additions

3,211

301

1,890

At 28 February 2026

549,614

35,317

42,180

DEPRECIATION

At 1 March 2025

161,607

27,700

27,122

Charge for year

54,962

2,501

6,432

At 28 February 2026

216,569

30,201

33,554

NET BOOK VALUE

At 28 February 2026

333,045

5,116

8,626

At 28 February 2025

384,796

7,316

13,168

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 March 2025

32,900

34,842

689,451

Additions

-

3,151

8,553

At 28 February 2026

32,900

37,993

698,004

DEPRECIATION

At 1 March 2025

25,700

32,196

274,325

Charge for year

2,400

3,137

69,432

At 28 February 2026

28,100

35,333

343,757

NET BOOK VALUE

At 28 February 2026

4,800

2,660

354,247

At 28 February 2025

7,200

2,646

415,126

5.

STOCKS

28.2.26

28.2.25

£

£

Stocks

151,294

129,167

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.26

28.2.25

£

£

Trade debtors

1,650

-

VAT

1,635

-

Prepayments and accrued income

152

420

3,437

420

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.26

28.2.25

£

£

Bank loans and overdrafts

7,338

10,000

Other loans

1,467

1,467

Trade creditors

9,252

18,246

Tax

5,769

2,168

VAT

-

3,140

Other creditors

195

2,124

Directors' current accounts

443,598

443,598

467,619

480,743

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.26

28.2.25

£

£

Bank loans - 1-2 years

-

7,338

Other loans - 1-2 years

2,926

2,926

Other loans - 2-5 years

2,913

4,380

5,839

14,644

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

28.2.26

28.2.25

£

£

Within one year

34,800

34,800

Between one and five years

23,200

58,000

58,000

92,800

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal value:

28.2.26

28.2.25

100

Ordinary

£1

100

100

10

A Ordinary

£1

10

-

10

B Ordinary

£1

10

-

8

C Ordinary

£1

8

-

The following shares were allotted and fully paid for cash at par during the year:

10 A Ordinary shares of £1 each

10 B Ordinary shares of £1 each

8 C Ordinary shares of £1 each

11.	ULTIMATE CONTROLLING PARTY

Mr and Mrs Gordon together are considered to be the ultimate controlling parties.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Iona Fine Arts Ltd for the year ended 28 February 2026 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Iona Fine Arts Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Iona Fine Arts Ltd and state those matters that we have agreed to state to the Board of Directors of Iona Fine Arts Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Iona Fine Arts Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Iona Fine Arts Ltd. You consider that Iona Fine Arts Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Iona Fine Arts Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

31 July 2026