REGISTERED NUMBER: SC472460 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

South West Mull And Iona Development

Page

Company Information

1

Income Statement

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Rutger Emmelkamp

Hannah Elizabeth Fisher

Martin John Putsey

Matthew Oliver

Fiona Mailey

Owen Christopher Claxton-Ingham

Rachel Judith Wardle

Ailidh Lennon

Neil Douglas Harvey

REGISTERED OFFICE:

Columba Centre

Fionnphort

Isle Of Mull

Argyll

PA66 6BL

REGISTERED NUMBER:

SC472460 (Scotland)

ACCOUNTANTS:

Mackay & Co CA

120 George Street

Oban

Argyll

PA34 5NT

TURNOVER

313,787

30,294

Cost of sales

66,734

45,651

GROSS SURPLUS/(DEFICIT)

247,053

(15,357

)

Administrative expenses

257,017

267,614

(9,964

)

(282,971

)

Other operating income

111,499

137,181

OPERATING SURPLUS/(DEFICIT) and

SURPLUS/(DEFICIT) BEFORE TAXATION

101,535

(145,790

)

Tax on surplus/(deficit)

5

-

-

SURPLUS/(DEFICIT) FOR THE FINANCIAL YEAR

101,535

(145,790

)

FIXED ASSETS

Tangible assets

6

1,524,423

1,543,219

CURRENT ASSETS

Debtors

7

8,917

12,884

Cash at bank and in hand

228,400

136,788

237,317

149,672

CREDITORS

Amounts falling due within one year

8

62,339

78,000

NET CURRENT ASSETS

174,978

71,672

TOTAL ASSETS LESS CURRENT LIABILITIES

1,699,401

1,614,891

CREDITORS

Amounts falling due after more than one year

9

(137,344

)

(154,369

)

ACCRUALS & DEFERRED INCOME

10

(1,159,737

)

(1,159,737

)

NET ASSETS

402,320

300,785

RESERVES

Income and expenditure account

11

402,320

300,785

402,320

300,785

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

Owen Christopher Claxton-Ingham - Director

Martin John Putsey - Director

1.	STATUTORY INFORMATION

South West Mull And Iona Development 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.

Tangible fixed assets

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

Improvements to property

-

4% on cost

Plant and machinery

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

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 or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2024 - 10 ) .

4.	OPERATING SURPLUS/(DEFICIT)

The operating surplus (2024 - operating deficit) is stated after charging:

31.3.25

31.3.24

£

£

Depreciation - owned assets

22,511

25,223

5.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 March 2025 nor for the year ended 31 March 2024.

6.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 April 2024

1,361,779

64,978

182,408

Additions

-

-

715

At 31 March 2025

1,361,779

64,978

183,123

DEPRECIATION

At 1 April 2024

-

7,068

64,136

Charge for year

-

2,599

17,848

At 31 March 2025

-

9,667

81,984

NET BOOK VALUE

At 31 March 2025

1,361,779

55,311

101,139

At 31 March 2024

1,361,779

57,910

118,272

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

9,000

1,100

1,619,265

Additions

3,000

-

3,715

At 31 March 2025

12,000

1,100

1,622,980

DEPRECIATION

At 1 April 2024

3,938

904

76,046

Charge for year

2,015

49

22,511

At 31 March 2025

5,953

953

98,557

NET BOOK VALUE

At 31 March 2025

6,047

147

1,524,423

At 31 March 2024

5,062

196

1,543,219

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

4,451

6,466

VAT

3,216

5,168

Prepayments

1,250

1,250

8,917

12,884

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

-

233

Other creditors

387

484

Deferred grants

61,064

76,111

Accrued expenses

888

1,172

62,339

78,000

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Deferred Grants

137,344

154,369

10.	ACCRUALS & DEFERRED INCOME

31.3.25

31.3.24

£

£

Deferred government grants

1,159,737

1,159,737

Deferred Government Grants

In 2015 the organisation received £750,000 from The Scottish Land Fund to purchase the land and forest at Tiroran to allow the creation of Tiroran Community Forest.

On 22 October 2019 the organisation purchased land and property at Bendoran at a cost of £436,450; to assist with this purchase another grant was received from The Scottish Land Fund.

Total capital grant funding received from the Scottish Land Fund for this project was £409,737; this was fully utilized on the purchase of the land and property at Bendoran.

The generally accepted accounting policy for the treatment of Government Grants used to purchase a capital asset, is to defer recognising the whole grant as income at the time of receipt and instead recognise the grant over the useful life of the asset funded. For a wasting asset this grant recognition would normally be on the same terms as the depreciation policy associated with that asset.

In the case of both Tiroran Community Forest and Bendoran the Directors have taken the view that the asset has an infinite useful life and have therefore chosen not to depreciate it. An equivalent policy has been adopted in respect of the Government Grant and as such, none of the deferred grant is recognised as in the income statement.

11.

RESERVES

Income

and

expenditur

account

£

At 1 April 2024

300,785

Surplus for the year

101,535

At 31 March 2025

402,320