The Ironworks Venue Limited Filleted accounts for Companies House (small and micro)

THE IRONWORKS VENUE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC348446

The Ironworks Venue Limited

Filleted Unaudited Financial Statements

30 September 2021

The Ironworks Venue Limited

Statement of Financial Position

30 September 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		28,349	24,863

Current assets

Stocks		5,178	6,700
Debtors	6	139,020	77,073
Cash at bank and in hand		59,215	138,384
		---------	---------
		203,413	222,157

Creditors: amounts falling due within one year	7	103,595		117,805
		---------		---------
Net current assets			99,818	104,352
			---------	---------
Total assets less current liabilities			128,167	129,215

Creditors: amounts falling due after more than one year	8		40,504	50,000

Provisions

Taxation including deferred tax	5,387	4,724
	---------	---------
Net assets	82,276	74,491
	---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	81,276	73,491
	--------	--------
Shareholders funds	82,276	74,491
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

The Ironworks Venue Limited

Statement of Financial Position (continued)

30 September 2021

These financial statements were approved by the board of directors and authorised for issue on 4 July 2022 , and are signed on behalf of the board by:

Mrs C Campbell
Director

Company registration number: SC348446

The Ironworks Venue Limited

Notes to the Financial Statements

Year ended 30 September 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The director anticipates that the company will continue to make a profit in the future and on this basis finds it appropriate that the accounts are prepared on the going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Office Equipment	-	10%-33% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2020: 13 ).

5. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 October 2020	45,984	13,413	59,397
Additions	13,590	–	13,590
	--------	--------	--------
At 30 September 2021	59,574	13,413	72,987
	--------	--------	--------
Depreciation
At 1 October 2020	23,631	10,903	34,534
Charge for the year	9,087	1,017	10,104
	--------	--------	--------
At 30 September 2021	32,718	11,920	44,638
	--------	--------	--------
Carrying amount
At 30 September 2021	26,856	1,493	28,349
	--------	--------	--------
At 30 September 2020	22,353	2,510	24,863
	--------	--------	--------

6. Debtors

	2021	2020
	£	£
Trade debtors	59,848	41,564
Other debtors	79,172	35,509
	---------	--------
	139,020	77,073
	---------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	9,496	–
Trade creditors	13,536	17,519
Corporation tax	4,229	16,991
Social security and other taxes	10,688	8,309
Other creditors	65,646	74,986
	---------	---------
	103,595	117,805
	---------	---------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	40,504	50,000
	--------	--------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	60,000	60,000
Later than 1 year and not later than 5 years	60,000	120,000
	---------	---------
	120,000	180,000
	---------	---------

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs C Campbell	2,332	–	( 2,403)	( 71)
	-------	----	-------	----

	2020
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs C Campbell	( 10,479)	51,811	( 39,000)	2,332
	--------	--------	--------	-------

11. Related party transactions

During the year the director was paid £58,000 (2020 - £48,000) for book-keeping and management services . At the year end date the company owed the director £ 71 (2020 - the director owed the company £2,332). This loan is interest free and has no definite terms of repayment.