COMPANY REGISTRATION NUMBER:
SC398443
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Caithness & North Sutherland Fund |
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|
Company Limited by Guarantee |
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Filleted Financial Statements |
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Caithness & North Sutherland Fund |
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Company Limited by Guarantee |
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Statement of Financial Position |
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31 March 2025
Current assets
|
Cash at bank and in hand |
570,571 |
913,702 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
246,781 |
426,893 |
|
--------- |
--------- |
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Net current assets |
323,790 |
486,809 |
|
--------- |
--------- |
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Total assets less current liabilities |
323,790 |
486,809 |
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--------- |
--------- |
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Net assets |
323,790 |
486,809 |
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--------- |
--------- |
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|
|
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Capital and reserves
|
Profit and loss account |
323,790 |
486,809 |
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--------- |
--------- |
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Members funds |
323,790 |
486,809 |
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--------- |
--------- |
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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.
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.
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:
Company registration number:
SC398443
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Caithness & North Sutherland Fund |
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Company Limited by Guarantee |
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Notes to the Financial Statements |
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Year ended 31 March 2025
1.
General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is Naver Business Centre, Naver House, Naver Road, Thurso, KW14 7QA.
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.
Grant awards
Grants payable to applicants are recognised in the income statement in the year in which the board formally approve the award. Any such awards which remain unpaid at the year end are included in creditors falling due within one year in the balance sheet.
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.
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.
4.
Company limited by guarantee
The company has no share capital but the liability of the member is limited by guarantee. In the event of the Company being wound up each member's liability is limited to £1.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2024: Nil).
6.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Trade creditors |
3,832 |
18 |
|
Corporation tax |
2,596 |
2,941 |
|
Provision for grant awards |
234,569 |
416,734 |
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Other creditors |
5,784 |
7,200 |
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--------- |
--------- |
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246,781 |
426,893 |
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--------- |
--------- |
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7.
Events after the end of the reporting period
Since the year end the Nuclear Decommissioning Authority has committed to provided £1million in funding over the next 3 years.
8.
Summary audit opinion
The auditor's report dated
5 December 2025
was
unqualified
.
The senior statutory auditor was
Daniel Palombo, MA (Hons) CA
, for and on behalf of
Ritsons
.
9.
Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
10.
Controlling party
The company is under the control of the Board of Directors, who are responsible for determining grant awards. Representatives from NDA and NRS Dounreay are present during the award making process to assess whether the grant awards are in accordance with the policy of the fund.