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REGISTERED COMPANY NUMBER: SC201756 (Scotland)
REGISTERED CHARITY NUMBER: 029619
























REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

PORT OF NESS HARBOUR LIMITED

PORT OF NESS HARBOUR LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 12

PORT OF NESS HARBOUR LIMITED (REGISTERED NUMBER: SC201756)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are to improve the Port Of Ness Harbour and the immediate vicinity.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
The last financial year has seen income being generated through the annual collection of harbour dues.

The trustees remain committed to ensuring the harbour is well maintained and improved where possible to ensure it remains a valuable community asset.

FINANCIAL REVIEW
Reserves policy
During the year the charity's outgoing resources exceeded incoming resources resulting in a deficit of £7,361 (2023 - £65,316 deficit) for the year. Unrestricted funds total £97,365 as a result (2023 - £104,726) and restricted funds total £11,451 (2023 - £11,451). The level of reserves are kept under review by the trustees. In the opinion of the trustees, the current level of reserves is satisfactory.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Port Of Ness Harbour Limited is a charitable company limited by guarantee, incorporated on 23 November 1999. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Recruitment and appointment of new trustees
Nominations for new trustees are always welcome from anyone with an interest in Port Of Ness Harbour.

Related parties
Barr 'A Yard Limited, a wholly owned subsidiary of the charity, has taken over the management and leasing of the restaurant, 'The Breakwater'.

Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
SC201756 (Scotland)

Registered Charity number
029619

Registered office
63 Kenneth Street
Stornoway
Isle of Lewis
HS1 2DS


PORT OF NESS HARBOUR LIMITED (REGISTERED NUMBER: SC201756)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024


Trustees
D Macleod
M Murray
G Maclean

Company Secretary
C Murray

Independent Examiner
Iain Morrison ACMA
CIB Services
Chartered Accountants
63 Kenneth Street
Stornoway
Isle of Lewis
Western Isles
HS1 2DS

Approved by order of the board of trustees on 27 May 2025 and signed on its behalf by:





D Macleod - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
PORT OF NESS HARBOUR LIMITED



I report on the accounts for the year ended 31 August 2024 set out on pages four to twelve.

Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of the independent examiner's report
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement
In connection with my examination, no matter has come to my attention :

(1) which gives me reasonable cause to believe that, in any material respect, the requirements

- to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.








Iain Morrison ACMA
The Chartered Institute of Management Accountants

CIB Services
Chartered Accountants
63 Kenneth Street
Stornoway
Isle of Lewis
Western Isles
HS1 2DS

27 May 2025

PORT OF NESS HARBOUR LIMITED

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.24 31.8.23
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3,770 - 3,770 3,774

Charitable activities
Harbour maintenance, utilisation & improvement 240 - 240 690
Total 4,010 - 4,010 4,464

EXPENDITURE ON
Raising funds 2 - - - 15

Charitable activities
Harbour maintenance, utilisation & improvement 11,371 - 11,371 69,765
Total 11,371 - 11,371 69,780

NET INCOME/(EXPENDITURE) (7,361 ) - (7,361 ) (65,316 )


RECONCILIATION OF FUNDS
Total funds brought forward 104,726 11,451 116,177 181,493

TOTAL FUNDS CARRIED FORWARD 97,365 11,451 108,816 116,177

PORT OF NESS HARBOUR LIMITED (REGISTERED NUMBER: SC201756)

BALANCE SHEET
31 AUGUST 2024

31.8.24 31.8.23
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 88,555 - 88,555 91,238
Investments 7 1 - 1 1
88,556 - 88,556 91,239

CURRENT ASSETS
Debtors 8 3,069 2,185 5,254 22,760
Cash at bank and in hand 7,682 9,266 16,948 4,118
10,751 11,451 22,202 26,878

CREDITORS
Amounts falling due within one year 9 (1,942 ) - (1,942 ) (1,940 )

NET CURRENT ASSETS 8,809 11,451 20,260 24,938

TOTAL ASSETS LESS CURRENT LIABILITIES 97,365 11,451 108,816 116,177

NET ASSETS 97,365 11,451 108,816 116,177
FUNDS 10
Unrestricted funds 97,365 104,726
Restricted funds 11,451 11,451
TOTAL FUNDS 108,816 116,177

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


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


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that 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 charitable 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 charitable company.


PORT OF NESS HARBOUR LIMITED (REGISTERED NUMBER: SC201756)

BALANCE SHEET - continued
31 AUGUST 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 27 May 2025 and were signed on its behalf by:





D Macleod - Trustee

PORT OF NESS HARBOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

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

Going concern
The trustees have assessed the charity's ability to continue as a going concern and do not consider there to be any material uncertainties about the charity's ability to continue as a going concern.

Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions that affect the amounts reported for assets, liabilities, income and expenditure.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods should it affect future periods.

The estimates and assumptions which carry a higher degree of risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. They are amended when necessary to reflect current estimates, future investment, economic utilisation and the physical condition of the assets. See note 9 for details of the values of tangible fixed assets.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

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



PORT OF NESS HARBOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


1. ACCOUNTING POLICIES - continued

Tangible fixed assets
Freehold property - 2% on cost

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. RAISING FUNDS

Investment management costs
31.8.24 31.8.23
£    £   
Rent - 15

3. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.8.24 31.8.23
£    £   
Depreciation - owned assets 2,683 2,683

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.



PORT OF NESS HARBOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3,774 - 3,774

Charitable activities
Harbour maintenance, utilisation & improvement 690 - 690
Total 4,464 - 4,464

EXPENDITURE ON
Raising funds 15 - 15

Charitable activities
Harbour maintenance, utilisation & improvement 18,575 51,190 69,765
Total 18,590 51,190 69,780

NET INCOME/(EXPENDITURE) (14,126 ) (51,190 ) (65,316 )


RECONCILIATION OF FUNDS
Total funds brought forward 118,852 62,641 181,493

TOTAL FUNDS CARRIED FORWARD 104,726 11,451 116,177

6. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 September 2023 and 31 August 2024 134,166 20,255 154,421
DEPRECIATION
At 1 September 2023 42,928 20,255 63,183
Charge for year 2,683 - 2,683
At 31 August 2024 45,611 20,255 65,866
NET BOOK VALUE
At 31 August 2024 88,555 - 88,555
At 31 August 2023 91,238 - 91,238


PORT OF NESS HARBOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
MARKET VALUE
At 1 September 2023 and 31 August 2024 1
NET BOOK VALUE
At 31 August 2024 1
At 31 August 2023 1

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Barr 'A Yard Limited
Registered office: The registered office of the subsidiary is within the United KIngdom.
Nature of business: Property management
%
Class of share: holding
Ordinary 100
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 1 1

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Amounts owed by group undertakings 2,953 11,628
Other debtors 2,239 10,185
VAT - 721
Prepayments 62 226
5,254 22,760


PORT OF NESS HARBOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
VAT 37 -
Accrued expenses 1,905 1,940
1,942 1,940

10. MOVEMENT IN FUNDS
Net
movement At
At 1.9.23 in funds 31.8.24
£    £    £   
Unrestricted funds
General fund 13,488 (4,678 ) 8,810
New Building 91,238 (2,683 ) 88,555
104,726 (7,361 ) 97,365
Restricted funds
Maintenance Fund 357 - 357
Harbour Development Fund 11,094 - 11,094
11,451 - 11,451
TOTAL FUNDS 116,177 (7,361 ) 108,816

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 4,010 (8,688 ) (4,678 )
New Building - (2,683 ) (2,683 )
4,010 (11,371 ) (7,361 )
TOTAL FUNDS 4,010 (11,371 ) (7,361 )


PORT OF NESS HARBOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


10. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.9.22 in funds 31.8.23
£    £    £   
Unrestricted funds
General fund 24,931 (11,443 ) 13,488
New Building 93,921 (2,683 ) 91,238
118,852 (14,126 ) 104,726
Restricted funds
Maintenance Fund 357 - 357
Harbour Development Fund 62,284 (51,190 ) 11,094
62,641 (51,190 ) 11,451
TOTAL FUNDS 181,493 (65,316 ) 116,177

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 4,464 (15,907 ) (11,443 )
New Building - (2,683 ) (2,683 )
4,464 (18,590 ) (14,126 )
Restricted funds
Harbour Development Fund - (51,190 ) (51,190 )

TOTAL FUNDS 4,464 (69,780 ) (65,316 )

11. RELATED PARTY DISCLOSURES

Barr 'A Yard Limited, a wholly owned subsidiary of the charity, has taken over the management and leasing of the restaurant, 'The Breakwater'.

The subsidiary transfers any profits generated to the charity. This results in a payment to the charity for the year ended 31 August 2024 of £3,770 (2023 - £3,775).