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REGISTERED NUMBER: SC290324 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

Sealladh Na Beinne Moire

Sealladh Na Beinne Moire (Registered number: SC290324)






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


Sealladh Na Beinne Moire

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
I S Morrison
R J MacKenzie



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



REGISTERED NUMBER: SC290324 (Scotland)



SENIOR STATUTORY AUDITOR: Angus McCuaig



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

Sealladh Na Beinne Moire (Registered number: SC290324)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 25,006 25,006
Investments 6 4,265,768 4,265,768
4,290,774 4,290,774

CURRENT ASSETS
Debtors 7 1,788,286 1,054,942
Prepayments and accrued income 21,479 10,548
Cash at bank 1,401,028 2,107,158
3,210,793 3,172,648
CREDITORS
Amounts falling due within one year 8 3,621,792 3,487,831
NET CURRENT LIABILITIES (410,999 ) (315,183 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,879,775

3,975,591

CREDITORS
Amounts falling due after more than one
year

9

(51,200

)

(53,600

)

ACCRUALS AND DEFERRED INCOME (14,828 ) (14,675 )
NET ASSETS 3,813,747 3,907,316

RESERVES
Retained earnings 3,813,747 3,907,316
3,813,747 3,907,316

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


Sealladh Na Beinne Moire (Registered number: SC290324)

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

1. STATUTORY INFORMATION

Sealladh Na Beinne Moire is a private company, limited by guarantee of £1, 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 holding the share capital of South Uist Estates Ltd on behalf of the communities of South Uist, Eriskay and Benbecula.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land & Buildings - Depreciation is not provided on heritable buildings. The life of the company's buildings is so long and the residual value so high, that any depreciation would be immaterial.

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.

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.

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.


Sealladh Na Beinne Moire (Registered number: SC290324)

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

3. ACCOUNTING POLICIES - continued
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.

Fixed asset investments
Investments held as fixed assets are included in the accounts at cost, less any provision for impairment.

Going concern
The company depends on its existing group bank facilities to meet its day to day working capital requirements. 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 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 NIL (2022 - NIL).

5. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1 January 2023
and 31 December 2023 25,006
NET BOOK VALUE
At 31 December 2023 25,006
At 31 December 2022 25,006

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 4,265,768
NET BOOK VALUE
At 31 December 2023 4,265,768
At 31 December 2022 4,265,768

Sealladh Na Beinne Moire (Registered number: SC290324)

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

6. FIXED ASSET INVESTMENTS - continued

Fixed asset investments are stated at historical cost and do not reflect the current valuation of the underlying land and property owned by the company's subsidiary South Uist Estates Ltd, and its subsidiary Storas Uibhist Limited.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Amounts owed by group undertakings 1,788,286 1,054,942

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Amounts owed to group undertakings 3,619,392 3,485,431
Other loan and creditors 2,400 2,400
3,621,792 3,487,831

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/12/23 31/12/22
£    £   
Other creditors 51,200 53,600

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 41,600 44,000

10. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Other loans 53,600 56,000

Other loans consist of borrowing from Comhairle nan Eilean Siar (CNES), with security in the form of a floating charge in favour of CNES.

11. 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.

12. CONTROLLING PARTIES

The company is controlled by its ordinary members with general control and supervision delegated to elected directors. Ordinary membership is open to community residents and crofters within the estates geographical area.

There is no ultimate controlling party.