Iona Property Limited - Abbreviated accounts 16.3

Iona Property Limited - Abbreviated accounts 16.3

IONA PROPERTY LIMITED - Company Information

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SC498877 25.2.15 31.5.16 31.5.16 Company accounts Private Limited Company FY true false true false false false true false Ordinary 1.00000 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC4988772015-02-24SC4988772016-05-31SC4988772015-02-252016-05-31SC4988772015-02-24SC498877ns12:Scotland2015-02-252016-05-31SC498877ns14:PoundSterling2015-02-252016-05-31SC498877ns7:Director12015-02-252016-05-31SC498877ns7:OrdinaryShareClass12015-02-252016-05-31SC498877ns7:RegisteredOffice2015-02-252016-05-31SC498877ns7:EntityAccountantsOrAuditors2015-02-252016-05-31SC498877ns7:OrdinaryShareClass12016-05-31
REGISTERED NUMBER: SC498877 (Scotland)















Abbreviated Unaudited Accounts

for the Period 25 February 2015 to 31 May 2016

for

Iona Property Limited

Iona Property Limited (Registered number: SC498877)






Contents of the Abbreviated Accounts
for the Period 25 February 2015 to 31 May 2016




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

Iona Property Limited

Company Information
for the Period 25 February 2015 to 31 May 2016







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
Page 1
Iona Property Limited (Registered number: SC498877)

Abbreviated Balance Sheet
31 May 2016

Notes £    £   
FIXED ASSETS
Tangible assets 2 245,871

CURRENT ASSETS
Cash at bank 52,904

CREDITORS
Amounts falling due within one year 3 12,819
NET CURRENT ASSETS 40,085
TOTAL ASSETS LESS CURRENT
LIABILITIES
285,956

CREDITORS
Amounts falling due after more than one
year
3
270,684
NET ASSETS 15,272

CAPITAL AND RESERVES
Called up share capital 4 100
Profit and loss account 15,172
SHAREHOLDERS' FUNDS 15,272

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2016 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 notes form part of these abbreviated accounts

Page 2 continued...
Iona Property Limited (Registered number: SC498877)

Abbreviated Balance Sheet - continued
31 May 2016


The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


The financial statements were approved by the director on 18 November 2016 and were signed by:





Eric McDermott - Director


The notes form part of these abbreviated accounts

Page 3
Iona Property Limited (Registered number: SC498877)

Notes to the Abbreviated Accounts
for the Period 25 February 2015 to 31 May 2016

1. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance
with the Financial Reporting Standard for Smaller Entities (effective January 2015).

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.


Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date.

2. TANGIBLE FIXED ASSETS
Total
£   
COST
Additions 245,871
At 31 May 2016 245,871
NET BOOK VALUE
At 31 May 2016 245,871

3. CREDITORS

Creditors include an amount of £ 132,934 for which security has been given.

They also include the following debts falling due in more than five years:

£   
Repayable by instalments 92,434

4. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
100 Ordinary £1 100

100 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

Page 4