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REGISTERED NUMBER: SC256859 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

TOBERMORY HARBOUR ASSOCIATION

TOBERMORY HARBOUR ASSOCIATION (REGISTERED NUMBER: SC256859)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOBERMORY HARBOUR ASSOCIATION

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTORS: John Alexander MacDonald
Allan MacLean
Lee Aaron Gallagher
Edward Hewitt
Jonathon Patrick Marks
Emma Clare MacDonald
Samuel James Lloyd
John Henderson MacDonald
Margo Wilkie





SECRETARY: Anne Fraser





REGISTERED OFFICE: Taigh Solais
Ledaig
Tobermory
ISLE OF MULL
Argyll
PA75 6NR





REGISTERED NUMBER: SC256859 (Scotland)





ACCOUNTANTS: R A Clement Associates
5 Argyll Square
OBAN
Argyll
PA34 4AZ

TOBERMORY HARBOUR ASSOCIATION (REGISTERED NUMBER: SC256859)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 17,100 -
Tangible assets 5 1,798,147 1,391,509
Investments 6 250 250
1,815,497 1,391,759

CURRENT ASSETS
Stocks 78,501 5,210
Debtors 7 51,086 105,731
Cash at bank and in hand 87,189 66,991
216,776 177,932
CREDITORS
Amounts falling due within one year 8 132,886 34,009
NET CURRENT ASSETS 83,890 143,923
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,899,387

1,535,682

CREDITORS
Amounts falling due after more than one year 9 (259,039 ) (127,824 )

PROVISIONS FOR LIABILITIES (14,500 ) (17,071 )

ACCRUALS AND DEFERRED INCOME 11 (1,328,818 ) (1,116,563 )
NET ASSETS 297,030 274,224

RESERVES
Income and expenditure account 297,030 274,224
297,030 274,224

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TOBERMORY HARBOUR ASSOCIATION (REGISTERED NUMBER: SC256859)

BALANCE SHEET - continued
31 March 2024


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 18 September 2024 and were signed on its behalf by:





John Henderson MacDonald - Director


TOBERMORY HARBOUR ASSOCIATION (REGISTERED NUMBER: SC256859)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Tobermory Harbour Association is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 30 years
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 10% on cost

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

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 taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit 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.

Grants
Capital grants received are shown on the balance sheet under deferred income. These grants are released to the income statement on an annual basis in line with the deprecation policy applied to the asset for which the grant was used to finance.

TOBERMORY HARBOUR ASSOCIATION (REGISTERED NUMBER: SC256859)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 19,000
At 31 March 2024 19,000
AMORTISATION
Amortisation for year 1,900
At 31 March 2024 1,900
NET BOOK VALUE
At 31 March 2024 17,100

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 April 2023 1,491,972 1,200,690 168,194 2,860,856
Additions 555,150 12,522 15,110 582,782
At 31 March 2024 2,047,122 1,213,212 183,304 3,443,638
DEPRECIATION
At 1 April 2023 623,854 722,321 123,172 1,469,347
Charge for year 42,179 119,461 14,504 176,144
At 31 March 2024 666,033 841,782 137,676 1,645,491
NET BOOK VALUE
At 31 March 2024 1,381,089 371,430 45,628 1,798,147
At 31 March 2023 868,118 478,369 45,022 1,391,509

TOBERMORY HARBOUR ASSOCIATION (REGISTERED NUMBER: SC256859)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 250
NET BOOK VALUE
At 31 March 2024 250
At 31 March 2023 250

The fixed asset investment is five shares in the company renewable energy company, Green Energy Mull Limited, a registered community benefit society.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 20,636 8,556
Other debtors 30,450 97,175
51,086 105,731

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 16,500 13,211
Hire purchase contracts 2,038 2,039
Trade creditors 87,647 37
Taxation and social security 9,504 12,277
Other creditors 17,197 6,445
132,886 34,009

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 254,961 121,708
Hire purchase contracts 4,078 6,116
259,039 127,824

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 183,306 52,719

TOBERMORY HARBOUR ASSOCIATION (REGISTERED NUMBER: SC256859)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Nationwide Building Society 80,810 87,523
Virgin Money 149,696 -
230,506 87,523

The Nationwide Building Society (Formerly Dumfermline Building Society) hold a standard security and floating charge over the assets of the company.

Virgin Money group hold a standard security over over the building known as Taigh Solais

The Bounce back loan is an unsecured COVID-19 support loan outstanding 2024 £40,955 (2023: £47,396).

Argyll and Bute Council hold a standard security over Aros car park, title number ARG27065 in regards to Capital Grants paid to the Association.

11. ACCRUALS AND DEFERRED INCOME
2024 2023
£    £   
Deferred grants 1,328,818 1,116,563

Accruals and deferred income comprise of grants received by the company to assist with the purchase of capital items. The accounting policy is to recognise the grant to the income statement in line with the depreciation policy of the asset the grant has been used to fund.

It is estimated that in the next accounting period £122,000 of deferred grant will be transferred to the income statement.

Some of the grants received are subject to claw back should the conditions of the award not be met. The deferred grant provision does not reflect the value of grants still within their claw back period.

The Directors confirm that at 31 March 2024 none of the conditions of award have been breached.

12. LIMITED BY GUARANTEE

The company is a private company, limited by guarantee. As such, it has no share capital, and each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of a liquidation.