Cuillin Projects Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC736199

Cuillin Projects Limited

Filleted Unaudited Financial Statements

31 March 2025

Cuillin Projects Limited

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	5	68,141	–
Tangible assets	6	1,559,519	315,821
		------------	---------
		1,627,660	315,821

Current assets

Stocks		–	414
Debtors	7	16,743	12,345
Cash at bank and in hand		12,230	19,960
		--------	--------
		28,973	32,719

Creditors: amounts falling due within one year	8	856,651	145,376
		---------	---------
Net current liabilities		827,678	112,657
		------------	---------
Total assets less current liabilities		799,982	203,164

Creditors: amounts falling due after more than one year	9	545,284	50,000

Provisions	15,441	13,270
	---------	---------
Net assets	239,257	139,894
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	239,157	139,794
	---------	---------
Shareholders funds	239,257	139,894
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2025 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Cuillin Projects Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 3 December 2025 , and are signed on behalf of the board by:

Mrs R M Patience

Director

Company registration number: SC736199

Cuillin Projects Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 10 Black Park, Broadford, Isle of Skye, IV49 9DE, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Sligachan Self Catering	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Motor vehicles	-	25% straight line
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2024: Nil).

5. Intangible assets

	Sligachan Self Catering
	£
Cost
Additions	75,712
	--------
At 31 March 2025	75,712
	--------
Amortisation
Charge for the year	7,571
	--------
At 31 March 2025	7,571
	--------
Carrying amount
At 31 March 2025	68,141
	--------
At 31 March 2024	–
	--------

6. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2024	254,062	77,120	3,250	1,315	335,747
Additions	1,234,634	13,816	13,000	195	1,261,645
	------------	--------	--------	-------	------------
At 31 March 2025	1,488,696	90,936	16,250	1,510	1,597,392
	------------	--------	--------	-------	------------
Depreciation
At 1 April 2024	–	17,863	1,625	438	19,926
Charge for the year	–	16,630	813	504	17,947
	------------	--------	--------	-------	------------
At 31 March 2025	–	34,493	2,438	942	37,873
	------------	--------	--------	-------	------------
Carrying amount
At 31 March 2025	1,488,696	56,443	13,812	568	1,559,519
	------------	--------	--------	-------	------------
At 31 March 2024	254,062	59,257	1,625	877	315,821
	------------	--------	--------	-------	------------

7. Debtors

	2025	2024
	£	£
Other debtors	16,743	12,345
	--------	--------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	6,213	–
Trade creditors	44,564	38,547
Corporation tax	36,057	16,071
Social security and other taxes	1,710	–
Other creditors	768,107	90,758
	---------	---------
	856,651	145,376
	---------	---------

The Royal Bank of Scotland holds a Standard Security over Blackhouse 1, Blackhouse 2 and the Bunkhouse at Sligachan, Isle of Skye along with a Bond and Floating Charge over the company's assets.

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

	2025	2024
	£	£
Bank loans and overdrafts	440,284	–
Other creditors	105,000	50,000
	---------	--------
	545,284	50,000
	---------	--------

The Royal Bank of Scotland holds a Standard Security over Blackhouse 1, Blackhouse 2 and the Bunkhouse at Sligachan, Isle of Skye along with a Bond and Floating Charge over the company's assets.

Included within creditors: amounts falling due after more than one year is an amount of £397,763 (2024: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The amounts due to group undertakings falling due after more than five years are repayable by instalments at a fixed rate of interest of 2.35% over the base rate.

10. Related party transactions

At 31 March 2025 the company was due 2 (2024 - 2) directors £ 668,050 (2024 - £49,628). This loan is interest free and has no definite terms of repayment . At 31 March 2025 the company was due two (2024 - one) close family members of the directors £ 150,000 (2024 - £75,000). These loans are interest free . During the year to 31 March 2025 two (2024 - two) close family members of the directors invoiced the company for £14,012 (2024 - £20,254) general maintenance, general customer service, rent and electricy and gas costs .