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REGISTERED NUMBER: SC395179 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

Lochboisdale Development Ltd

Lochboisdale Development Ltd (Registered number: SC395179)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lochboisdale Development Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A Campbell
M T Schmoller
P P Steele
D J Steele
C MacDonald
I S Morrison
D J Cameron



REGISTERED OFFICE: Oifis Storas
Daliburgh
Isle of South Uist
HS8 8SS



REGISTERED NUMBER: SC395179 (Scotland)



SENIOR STATUTORY AUDITOR: Angus McCuaig



AUDITORS: Anderson Anderson & Brown Audit LLP
133 Finnieston Street
Glasgow
G3 8HB

Lochboisdale Development Ltd (Registered number: SC395179)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 6,645,392 7,052,283

CURRENT ASSETS
Stocks 9,861 5,042
Debtors 6 115,396 106,518
Prepayments and accrued income 24,985 42,614
Cash at bank and in hand 7,824 31,414
158,066 185,588
CREDITORS
Amounts falling due within one year 7 1,634,220 1,496,071
NET CURRENT LIABILITIES (1,476,154 ) (1,310,483 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,169,238

5,741,800

CREDITORS
Amounts falling due after more than one
year

8

(841,090

)

(797,536

)

ACCRUALS AND DEFERRED INCOME (28,124 ) (24,712 )
NET ASSETS 4,300,024 4,919,552

CAPITAL AND RESERVES
Called up share capital 1 1
Capitalised loan 398,474 398,474
Retained earnings 3,901,549 4,521,077
SHAREHOLDERS' FUNDS 4,300,024 4,919,552

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





M T Schmoller - Director


Lochboisdale Development Ltd (Registered number: SC395179)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Lochboisdale Development Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company is to manage Lochboisdale harbour.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the historical cost convention, unless otherwise specifically stated in these accounting policies.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

Related party exemption
The company has taken advantage of the exemption, under section 33 of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The depreciation of fixed assets is a significant judgement and estimate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 4% on cost
Plant and machinery etc - 20% on straight line

Government grants
Grants that do not impose specified future performance-related conditions are recognised as income when the proceeds are received or receivable. Grants that impose specified future performance-related conditions are recognised as income only when the performance-related conditions have been met.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Intercompany loan balances between group members have been reviewed and a notional interest rate of 7.38% has been applied against the average balance owed during the year.

Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.


Lochboisdale Development Ltd (Registered number: SC395179)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The company depends on its existing group bank facilities to meet its day to day working capital requirements and continued loan support from Comhairle nan Eilean Siar. The company expects to be able to operate within these facilities for the foreseeable future.

Having considered budgets and cash flows, monthly management accounts and available working capital, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors continue to believe the going concern basis of accounting appropriate in preparing the financial statements.

Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less.

Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.

Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

Lochboisdale Development Ltd (Registered number: SC395179)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Harbour Plant and Motor
assets machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 9,989,615 110,490 39,000 10,139,105
Additions - 890 - 890
At 31 December 2023 9,989,615 111,380 39,000 10,139,995
DEPRECIATION
At 1 January 2023 2,969,378 109,644 7,800 3,086,822
Charge for year 399,592 389 7,800 407,781
At 31 December 2023 3,368,970 110,033 15,600 3,494,603
NET BOOK VALUE
At 31 December 2023 6,620,645 1,347 23,400 6,645,392
At 31 December 2022 7,020,237 846 31,200 7,052,283

Lochboisdale harbour assets were available for use in July 2015 and have been depreciated from that date.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 31,067 33,506
Amounts owed by group undertakings 69,851 65,052
Other debtors 14,478 7,960
115,396 106,518

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Other loan - less than 1 year 30,033 32,107
Trade creditors 13,734 26,131
Amounts owed to group undertakings 1,590,444 1,437,833
Other creditors 9 -
1,634,220 1,496,071

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/12/23 31/12/22
£    £   
Other Loan - 1-2 years 31,534 33,712
Other Loan - 2-5 years 104,283 111,591
Other Loan - more 5yrs instal 705,273 652,233
841,090 797,536

Amounts falling due in more than five years:

Repayable by instalments
Other Loan - more 5yrs instal 705,273 652,233

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The audit report for these accounts was unqualified and did not include any matter to which the auditor drew attention by way of emphasis. The senior statutory auditor who signed the audit report was Angus McCuaig and the auditor was Anderson Anderson & Brown Audit LLP.

Lochboisdale Development Ltd (Registered number: SC395179)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. CONTROLLING PARTIES

Lochboisdale Development Limited is a wholly owned subsidiary of South Uist Estates Limited. The ultimate parent company is Sealladh na Beinne Moire Limited.

There is no ultimate controlling party.