Iona Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC498877 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2019

for

Iona Property Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Eric McDermott

REGISTERED OFFICE:

59 James Watt Street

Glasgow

G2 8NF

REGISTERED NUMBER:

SC498877 (Scotland)

ACCOUNTANTS:

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Tangible assets

4

574,569

706,782

CURRENT ASSETS

Cash at bank

3,546

1,280

CREDITORS

Amounts falling due within one year

5

70,750

66,993

NET CURRENT LIABILITIES

(67,204

)

(65,713

)

TOTAL ASSETS LESS CURRENT LIABILITIES

507,365

641,069

CREDITORS

Amounts falling due after more than one year

6

415,456

589,695

NET ASSETS

91,909

51,374

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

91,809

51,274

SHAREHOLDERS' FUNDS

91,909

51,374

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 9 January 2020 and were signed by:

Eric McDermott - Director

1.	STATUTORY INFORMATION

Iona Property Limited 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.

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.

Turnover

Turnover represents Rental Income receivable in the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Heritable property

-

2% on cost

Financial instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and receivable

or payable within one year, are recorded at transaction price. Any losses arising from impairment are

recognised in the profit and loss account in administrative expenses.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Heritable

property

£

COST

At 1 June 2018

721,205

Disposals

(122,698

)

At 31 May 2019

598,507

DEPRECIATION

At 1 June 2018

14,423

Charge for year

11,969

Eliminated on disposal

(2,454

)

At 31 May 2019

23,938

NET BOOK VALUE

At 31 May 2019

574,569

At 31 May 2018

706,782

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

57,231

57,231

Taxation and social security

9,495

5,533

Other creditors

4,024

4,229

70,750

66,993

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

244,575

305,793

Other creditors

170,881

283,902

415,456

589,695

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

122,491

183,709

7.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

301,806

363,024

The bank loan is secured over the company's heritable property.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100