IRIS Accounts Production v24.2.0.383 SC262354 Board of Directors 1.1.23 31.12.23 31.12.23 10.9.24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2623542022-12-31SC2623542023-12-31SC2623542023-01-012023-12-31SC2623542021-12-31SC2623542022-01-012022-12-31SC2623542022-12-31SC262354ns15:Scotland2023-01-012023-12-31SC262354ns14:PoundSterling2023-01-012023-12-31SC262354ns10:Director12023-01-012023-12-31SC262354ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC262354ns10:SmallEntities2023-01-012023-12-31SC262354ns10:Audited2023-01-012023-12-31SC262354ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC262354ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC262354ns10:FullAccounts2023-01-012023-12-31SC262354ns10:Director22023-01-012023-12-31SC262354ns10:Director42023-01-012023-12-31SC262354ns10:Director52023-01-012023-12-31SC262354ns10:Director62023-01-012023-12-31SC262354ns10:Director72023-01-012023-12-31SC262354ns10:Director82023-01-012023-12-31SC262354ns10:RegisteredOffice2023-01-012023-12-31SC262354ns5:CurrentFinancialInstruments2023-12-31SC262354ns5:CurrentFinancialInstruments2022-12-31SC262354ns5:Non-currentFinancialInstruments2023-12-31SC262354ns5:Non-currentFinancialInstruments2022-12-31SC262354ns5:ShareCapital2023-12-31SC262354ns5:ShareCapital2022-12-31SC262354ns5:RevaluationReserve2023-12-31SC262354ns5:RevaluationReserve2022-12-31SC262354ns5:RetainedEarningsAccumulatedLosses2023-12-31SC262354ns5:RetainedEarningsAccumulatedLosses2022-12-31SC262354ns5:LandBuildings2023-01-012023-12-31SC262354ns5:PlantMachinery2023-01-012023-12-31SC262354ns5:LandBuildings2022-12-31SC262354ns5:PlantMachinery2022-12-31SC262354ns5:LandBuildings2023-12-31SC262354ns5:PlantMachinery2023-12-31SC262354ns5:LandBuildings2022-12-31SC262354ns5:PlantMachinery2022-12-31SC262354ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-31SC262354ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-012023-12-31SC262354ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-31SC262354ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-31SC262354ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC262354ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC262354ns5:HirePurchaseContractsns5:WithinOneYear2023-12-31SC262354ns5:HirePurchaseContractsns5:WithinOneYear2022-12-31SC262354ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-31SC262354ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-31SC262354ns5:HirePurchaseContracts2023-12-31SC262354ns5:HirePurchaseContracts2022-12-31SC262354ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC262354ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC262354ns5:WithinOneYear2023-12-31SC262354ns5:WithinOneYear2022-12-31SC262354ns5:BetweenOneFiveYears2023-12-31SC262354ns5:BetweenOneFiveYears2022-12-31SC262354ns5:AllPeriods2023-12-31SC262354ns5:AllPeriods2022-12-31SC262354ns5:RevaluationReserve2022-12-31
REGISTERED NUMBER: SC262354 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

Storas Uibhist Limited

Storas Uibhist Limited (Registered number: SC262354)






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


Storas Uibhist Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M T Schmoller
N D MacAskill
D J Steele
D J Cameron
C M Walker
R J MacKenzie
I S Morrison



REGISTERED OFFICE: Oifis Storas
Daliburgh
South Uist
Western Isles
HS8 5SS



REGISTERED NUMBER: SC262354 (Scotland)



SENIOR STATUTORY AUDITOR: Angus McCuaig



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

Storas Uibhist Limited (Registered number: SC262354)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 966,029 587,677

CURRENT ASSETS
Stocks 30,373 29,948
Debtors 6 429,346 480,022
Prepayments and accrued income 12,526 10,002
Cash at bank and in hand 35,784 21,426
508,029 541,398
CREDITORS
Amounts falling due within one year 7 5,466,234 4,639,580
NET CURRENT LIABILITIES (4,958,205 ) (4,098,182 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,992,176

)

(3,510,505

)

CREDITORS
Amounts falling due after more than one
year

8

(7,693

)

(10,110

)

ACCRUALS AND DEFERRED INCOME (67,112 ) (175,946 )
NET LIABILITIES (4,066,981 ) (3,696,561 )

CAPITAL AND RESERVES
Called up share capital 1 1
Revaluation reserve 11 97,693 97,693
Retained earnings (4,164,675 ) (3,794,255 )
SHAREHOLDERS' FUNDS (4,066,981 ) (3,696,561 )

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


Storas Uibhist Limited (Registered number: SC262354)

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

1. STATUTORY INFORMATION

Storas Uibhist Limited 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 in the year under review was that of operating Grogarry Lodge and management of the fishing, sporting and development activities of South Uist Estate.

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 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
There were no significant estimates and assumptions made in preparing these financial statements.

Turnover
Turnover is stated net of VAT and is derived from the rental of Grogarry lodge and shooting, stalking and fishing activities.

Turnover from the sale of goods is recognised when goods have been delivered. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where the contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value. Non refundable deposits are recognised when receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost after assets brought into use
Plant and machinery etc - 25% on straight line, 20% on straight line and 10% on straight line

Fixed assets with an expected life of more than one year are capitalised when acquired.

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.

Storas Uibhist Limited (Registered number: SC262354)

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
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.

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.

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 directors note the company has net liabilities as at 31 December 2023. The company depends on support from its immediate parent company, which has been given. The company also depends on its existing group bank facilities to meet its day to day working capital requirements.

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 20 (2022 - 13 ) .

Storas Uibhist Limited (Registered number: SC262354)

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

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 538,510 635,256 1,173,766
Additions 366,173 72,836 439,009
Disposals - (3,908 ) (3,908 )
At 31 December 2023 904,683 704,184 1,608,867
DEPRECIATION
At 1 January 2023 45,674 540,415 586,089
Charge for year 11,930 46,630 58,560
Eliminated on disposal - (1,811 ) (1,811 )
At 31 December 2023 57,604 585,234 642,838
NET BOOK VALUE
At 31 December 2023 847,079 118,950 966,029
At 31 December 2022 492,836 94,841 587,677

Included in cost of land and buildings is freehold land of £ 70,000 (2022 - £ 70,000 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 84,075
DEPRECIATION
At 1 January 2023 74,093
Charge for year 3,333
At 31 December 2023 77,426
NET BOOK VALUE
At 31 December 2023 6,649
At 31 December 2022 9,982

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 92,597 51,469
Amounts owed by group undertakings 332,349 423,553
Other debtors 4,400 5,000
429,346 480,022

Storas Uibhist Limited (Registered number: SC262354)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Hire purchase contracts (see note 9) 2,470 8,337
Trade creditors 25,586 49,220
Amounts owed to group undertakings 5,432,122 4,578,608
Taxation and social security 5,803 3,415
Other creditors 253 -
5,466,234 4,639,580

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/12/23 31/12/22
£    £   
Hire purchase contracts (see note 9) 7,693 10,110

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/12/23 31/12/22
£    £   
Gross obligations repayable:
Within one year 2,470 7,830
Between one and five years 7,693 10,110
10,163 17,940

Finance charges repayable:
Within one year - (507 )

Net obligations repayable:
Within one year 2,470 8,337
Between one and five years 7,693 10,110
10,163 18,447

Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Within one year 8,337 8,337
Between one and five years 20,979 29,317
29,316 37,654

10. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Hire purchase contracts 10,163 18,447

The hire purchase leasing agreement is secured against the assets held under the agreement.

Storas Uibhist Limited (Registered number: SC262354)

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

11. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 97,693

Revaluation reserve consists of land & property gains arising from a revaluation survey carried out in the year ended 31 December 2011.

12. 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.

13. CONTROLLING PARTIES

The ultimate parent company is Sealladh na Beinne Moire which owns and controls 100% of the ordinary share capital of South Uist Estates Limited, the immediate parent company of Storas Uibhist Limited. There is no ultimate controlling party.