Company No: SC350620 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	5,664,620		5,797,030
		5,664,620		5,797,030
Current assets
Stocks		18,764		14,417
Debtors	4	446,356		504,430
Cash at bank and in hand		1,175,288		2,153,041
		1,640,408		2,671,888
Creditors: amounts falling due within one year	5	( 506,991)		( 1,472,911)
Net current assets		1,133,417		1,198,977
Total assets less current liabilities		6,798,037		6,996,007
Creditors: amounts falling due after more than one year	6	( 4,182,102)		( 4,289,015)
Provision for liabilities	7	( 77,066)		( 89,011)
Net assets		2,538,869		2,617,981
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		2,538,769		2,617,881
Total shareholders' funds		2,538,869		2,617,981

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Kishorn Port Limited (registered number: SC350620) were approved and authorised for issue by the Board of Directors on 15 September 2025. They were signed on its behalf by:

Alasdair Ferguson Director

Ian Leith Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kishorn Port Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Ferguson Transport (Spean Bridge) Limited, Annat, Corpach, PH33 7NN, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors anticipate the company will continue to generate sufficient cash from its operations to meet its liabilities as they fall due. Subsequent to the reporting date, the company has converted amounts owed to the joint owners of the company at 31 December 2024 of £2,279,952 to ordinary share capital. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and as such they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Profit and Loss Account.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Rents receivable are recognised on a straight line basis over the duration of the lease.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	10 - 50 years straight line
Assets under construction	not depreciated
Plant and machinery	5 - 25 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Tangible assets

	Land and buildings		Assets under construc- tion		Plant and machinery		Total
	£		£		£		£
Cost
At 01 January 2024	3,877,270		1,355,080		1,843,576		7,075,926
Additions	81,457		163,501		56,446		301,404
Disposals	0		( 79,657)		0		( 79,657)
At 31 December 2024	3,958,727		1,438,924		1,900,022		7,297,673
Accumulated depreciation
At 01 January 2024	568,200		0		710,696		1,278,896
Charge for the financial year	173,220		0		180,937		354,157
At 31 December 2024	741,420		0		891,633		1,633,053
Net book value
At 31 December 2024	3,217,307		1,438,924		1,008,389		5,664,620
At 31 December 2023	3,309,070		1,355,080		1,132,880		5,797,030

4. Debtors

	2024		2023
	£		£
Trade debtors	134,269		275,181
Other debtors	312,087		229,249
	446,356		504,430

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	115,267		134,135
Taxation and social security	5,692		325,140
Other creditors	386,032		1,013,636
	506,991		1,472,911

Included within other creditors is £151,404 (2023 £151,404) in relation to deferred capital grants received.

6. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Amounts owed to related parties	2,279,952		2,279,952
Other creditors	1,902,150		2,009,063
	4,182,102		4,289,015

Amounts owed to related parties
The above balance relates to unsecured amounts due to the company’s controlling entities. These amounts have been classified as due after more than one year due to support provided that the controlling entities would not seek repayment until sufficient funds were available to do so. Subsequent to the reporting date, these amounts have been fully converted to ordinary share capital.

Other creditors
Included within other creditors is £1,902,150 (2023 £2,009,063) in relation to deferred capital grants received.

7. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 89,011)		( 31,478)
Credited/(charged) to the Profit and Loss Account	11,945		( 57,533)
At the end of financial year	( 77,066)		( 89,011)

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Related party transactions

Other related party transactions

	2024		2023
	£		£
Amounts owed to entities with control, joint control or significant influence over the company	2,279,952		2,279,952
Amounts owed by entities with control, joint control or significant influence over the company	(100,000)		0

These amounts are unsecured, interest free and have no fixed terms of repayment.

Subsequent to year end the amount of £2,279,952 has been converted to ordinary share capital.

10. Operating Lease commitments

The company is subject to an operating lease arrangement which is due to expire on 27 November 2035. The annual commitment for this lease is £78,714.

11. Events after the reporting date

Subsequent to the year end, the company issued 2,279,952 £1 ordinary shares at par.