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Balance Sheet | |||||||
as at |
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Notes | 2020 | 2019 | |||||
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Current assets | |||||||
Debtors | 3 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 4 | ( |
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Net current (liabilities)/assets | ( |
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Total assets less current liabilities | ( |
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Creditors: amounts falling due after more than one year | 5 | ( |
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Net liabilities | ( |
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Capital and reserves | |||||||
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Profit and loss account | ( |
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Shareholder's funds | ( |
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Jane Martin | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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Debtors | ||||||||
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Creditors | ||||||||
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2 | Employees | 2020 | 2019 | |||||
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Average number of persons employed by the company |
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3 | Debtors | 2020 | 2019 | |||||
£ | £ | |||||||
R&D tax credit |
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Amounts owed by group undertakings | - |
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VAT |
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4 | Creditors: amounts falling due within one year | 2020 | 2019 | |||||
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Accruals |
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Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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5 | Creditors: amounts falling due after one year | 2020 | 2019 | |||||
£ | £ | |||||||
CARES Development Loan |
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Loan from Iona Renewables |
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6 | Events after the reporting date | |||||||
In those circumstances, the CARES loan could not therefore be repaid and was eligible to be written off or converted to a grant post March 2020. The project capital funding remains in place and future post-COVID-19 options are under discussion with Scottish Government and necessary stakeholders. The final outcomes, yet to be finalised, will also impact the payment of monies currently owed in salaries of £8,325, disclosed in other creditors, and the amount of £24,975 owed to external consultants, disclosed in the accruals figure at the year end, both brought forward from the previous year. |
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7 | Related party transactions | |||||||
Iona Renewables reimbursed Iona Energy Ltd £356 in the year for software subscription costs, as agreed by the grant funders. £191 of this balance was still outstanding at the year end. Iona Energy Ltd reimbursed Iona Renewables £4,582 in the year for external consultancy costs that were due at the year ending 31/03/2019. Iona Energy Ltd also reimbursed Iona Renewables for £16,199 of wages and salaries paid on behalf of Iona Energy Ltd. During the year ending 31/03/2019 Iona Renewables provided a £4,000 loan to Iona Energy Ltd at a rate of 0.5% interest per annum. At the year end 31/03/2020 this loan was outstanding in full, along with total accrued interest of £38.33. The loan term is ten years. The partner of director Philip Ruhemann worked for Iona Energy Ltd in the year and was remunerated to the sum of £11,814 for her work specific to Iona Energy Ltd. This full amount was reimbursed from Iona Renewables in the year. At the year end there was an additional amount outstanding of £8,325, brought forward from the previous year and disclosed in the other creditors balance. This amount is not due for payment until the successful roll out of the heat network, the timing and certainty of which is unknown at this time. Directors' sought and followed legal advice on appointing skilled paid capacity in a small remote community and conflict of interest policy. |
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8 | Other information | |||||||
Iona Energy Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: | ||||||||
Fiuran | ||||||||
Isle of Iona | ||||||||
Argyll & Bute | ||||||||
PA76 6SP |