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Unaudited Financial Statements for the Year Ended 28th February 2017 |
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Iona Fine Arts Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 28th February 2017 |
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for |
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Iona Fine Arts Ltd |
Iona Fine Arts Ltd (Registered number: SC280169) |
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Contents of the Financial Statements |
for the Year Ended 28th February 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Certified Accountants' Report | 7 |
Iona Fine Arts Ltd |
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Company Information |
for the Year Ended 28th February 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Second Floor |
Park Lane House |
47 Broad Street |
Glasgow |
Lanarkshire |
G40 2QW |
Iona Fine Arts Ltd (Registered number: SC280169) |
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Balance Sheet |
28th February 2017 |
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2016 | 2017 |
as restated |
£ | Notes | £ |
FIXED ASSETS |
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Property, plant and equipment | 4 |
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CURRENT ASSETS |
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Inventories |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
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) | Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
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Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
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Called up share capital |
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60,009 | Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Iona Fine Arts Ltd (Registered number: SC280169) |
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Balance Sheet - continued |
28th February 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Iona Fine Arts Ltd (Registered number: SC280169) |
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Notes to the Financial Statements |
for the Year Ended 28th February 2017 |
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1. | STATUTORY INFORMATION |
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Iona Fine Arts Ltd is a
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number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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I confirm that in accordance with the Financial Reporting Council’s recommendations that I have carried out a |
rigorous assessment of the company and have reached a view after that assessment that the company is entitled |
to be considered a going concern and that these accounts properly reflect that status as a basis for preparation of |
the accounts. |
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In completing my assessment, I have considered a period of time which is greater than 1 year from today's date. |
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Based upon my assessment, I consider that the disclosure in the accounts is balanced, proportionate and clear and |
reflects the facts as established during my assessment of the next twelve months. |
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Turnover |
Turnover is the amount derived from the ordinary activities of the company, after trade discounts and excluding |
value added tax. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
Iona Fine Arts Ltd (Registered number: SC280169) |
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Notes to the Financial Statements - continued |
for the Year Ended 28th February 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Plant and | and | Motor | Computer |
Totals | machinery | fittings | vehicles | equipment |
£ | £ | £ | £ | £ |
COST |
At 1st March 2016 |
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Additions |
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At 28th February 2017 |
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DEPRECIATION |
At 1st March 2016 |
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Charge for year |
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At 28th February 2017 |
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NET BOOK VALUE |
At 28th February 2017 |
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At 29th February 2016 |
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Iona Fine Arts Ltd (Registered number: SC280169) |
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Notes to the Financial Statements - continued |
for the Year Ended 28th February 2017 |
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4. | PROPERTY, PLANT AND EQUIPMENT - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1st March 2016 |
and 28th February 2017 |
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DEPRECIATION |
Charge for year |
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At 28th February 2017 |
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NET BOOK VALUE |
At 28th February 2017 |
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At 29th February 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
as restated |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
as restated |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
as restated |
£ | £ |
Hire purchase contracts |
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8. | ULTIMATE CONTROLLING PARTY |
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The company is under the control of its directors, Mr M.S. Gordon and Mrs K. Gordon |
Chartered Certified Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Iona Fine Arts Ltd |
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The following reproduces the text of the report prepared for the directors and members 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. |
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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 28th February 2017 which comprise the Income Statement, |
Balance Sheet and the related notes from the company's accounting records and from information and explanations you |
have given us. |
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As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
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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 the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. 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. |
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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 profit of Iona Fine Arts Ltd. You consider that Iona Fine Arts Ltd is exempt from the statutory audit requirement for the year. |
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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. |
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Second Floor |
Park Lane House |
47 Broad Street |
Glasgow |
Lanarkshire |
G40 2QW |
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