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REGISTERED NUMBER: SC046532 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

South Uist Estates Limited

South Uist Estates Limited (Registered number: SC046532)






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


South Uist Estates Limited

Company Information
for the Year Ended 31 December 2023







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



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



REGISTERED NUMBER: SC046532 (Scotland)



SENIOR STATUTORY AUDITOR: Angus McCuaig



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

South Uist Estates Limited (Registered number: SC046532)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 13,275,887 13,302,405
Investments 6 398,478 398,478
13,674,365 13,700,883

CURRENT ASSETS
Stocks - 2,677
Debtors 7 2,545,399 2,032,130
Investments 8 100 100
Prepayments and accrued income 57,597 67,518
Cash at bank and in hand 28,444 28,199
2,631,540 2,130,624
CREDITORS
Amounts falling due within one year 9 1,951,250 1,299,866
NET CURRENT ASSETS 680,290 830,758
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,354,655

14,531,641

ACCRUALS AND DEFERRED INCOME 62,339 127,516
NET ASSETS 14,292,316 14,404,125

CAPITAL AND RESERVES
Called up share capital 121,500 121,500
Revaluation reserve 10 11,326,224 11,326,224
Retained earnings 2,844,592 2,956,401
SHAREHOLDERS' FUNDS 14,292,316 14,404,125

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 21 August 2024 and were signed on its behalf by:





N D MacAskill - Director


South Uist Estates Limited (Registered number: SC046532)

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

1. STATUTORY INFORMATION

South Uist Estates 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 estate proprietors and managers in the islands of South Uist, Benbecula and Eriskay.

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, 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, 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.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements include estimation for the residual value of the land and heritable buildings.

Turnover
Turnover is principally derived from the leasing of commercial land and buildings, and of crofting land, owned by South Uist Estates and is recognised when the company earns the right to the consideration. Where the lease spans more than one financial year turnover is time apportioned.

The company is not VAT registered.

Other income

Government grants are measured at the fair value of the asset received or receivable. Grant income received in the year relating to Government Furlough Funding has been recognised by the company using the accruals method. The grant income is recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

South Uist Estates Limited (Registered number: SC046532)

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

3. ACCOUNTING POLICIES - continued

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

Office Equipment - 20% on straight line.
Golf Equipment - 25% on reducing balance and 25% straight line
Drainage - 5% on straight line.

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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from related parties. 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.

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 the estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

Pension costs and other post-retirement benefits
The company contributes to the personal pensions of employees. Contributions to pensions are recognised in the profit and loss account in the period in which they fall due.

South Uist Estates Limited (Registered number: SC046532)

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

3. ACCOUNTING POLICIES - continued

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 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 9 (2022 - 13 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 13,133,628 316,403 13,450,031
Additions - 2,200 2,200
At 31 December 2023 13,133,628 318,603 13,452,231
DEPRECIATION
At 1 January 2023 - 147,626 147,626
Charge for year - 28,718 28,718
At 31 December 2023 - 176,344 176,344
NET BOOK VALUE
At 31 December 2023 13,133,628 142,259 13,275,887
At 31 December 2022 13,133,628 168,777 13,302,405

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 398,478
NET BOOK VALUE
At 31 December 2023 398,478
At 31 December 2022 398,478

South Uist Estates Limited (Registered number: SC046532)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 59,732 46,926
Amounts owed by group undertakings 6,552,103 5,681,265
Other debtors 545 500
Intercompany provision (4,066,981 ) (3,696,561 )
2,545,399 2,032,130

8. CURRENT ASSET INVESTMENTS
31/12/23 31/12/22
£    £   
Unlisted investments 100 100

The company is a partner in Drimore Farm.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors 11,145 10,240
Amounts owed to group undertakings 1,918,553 1,279,226
Taxation and social security 17,131 10,350
Other creditors 4,421 50
1,951,250 1,299,866

10. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 11,326,224

Revaluation reserve consists of land & property gains arising from a revaluation survey carried out in previous accounting periods.

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. CHARGE ON GROUP ASSETS

The share capital of the subsidiary company, South Uist Renewable Energy Ltd is pledged as security for the bank loan provided to South Uist Renewable Energy Ltd.

A negative pledge exists over the above mentioned share capital.

13. CONTROLLING PARTIES

The immediate and ultimate parent company is Sealladh na Beinne Moire which owns and controls 100% of the ordinary share capital of the company. There is no ultimate controlling party.