REGISTERED NUMBER: SC256859 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

TOBERMORY HARBOUR ASSOCIATION

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Edward Hewitt

Emma Clare MacDonald

John Henderson MacDonald

Michael Campbell Stirling

James Traynor

Mary Hutchison Macgregor

Paul Edward Mcadam

Ian David Wildgoose

SECRETARY:

Anne Fraser

REGISTERED OFFICE:

Taigh Solais

Ledaig

Tobermory

ISLE OF MULL

Argyll

PA75 6NR

REGISTERED NUMBER:

SC256859 (Scotland)

ACCOUNTANTS:

R A Clement Associates

5 Argyll Square

OBAN

Argyll

PA34 4AZ

FIXED ASSETS

Intangible assets

4

13,300

15,200

Tangible assets

5

2,041,021

2,096,913

Investments

6

250

250

2,054,571

2,112,363

CURRENT ASSETS

Stocks

104,272

89,616

Debtors

7

28,819

57,151

Cash at bank and in hand

34,473

67,020

167,564

213,787

CREDITORS

Amounts falling due within one year

8

79,033

61,797

NET CURRENT ASSETS

88,531

151,990

TOTAL ASSETS LESS CURRENT LIABILITIES

2,143,102

2,264,353

CREDITORS

Amounts falling due after more than one year

9

(160,435

)

(241,426

)

PROVISIONS FOR LIABILITIES

(14,000

)

(14,000

)

ACCRUALS AND DEFERRED INCOME

11

(1,642,556

)

(1,716,332

)

NET ASSETS

326,111

292,595

RESERVES

Income and expenditure account

326,111

292,595

326,111

292,595

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2026 and were signed on its behalf by:

John Henderson MacDonald - Director

1.	STATUTORY INFORMATION

Tobermory Harbour Association 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Freehold property

-

Straight line over 30 years

Plant and machinery

-

25% on reducing balance and 15% on reducing balance

Fixtures and fittings

-

10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 taxation assets and liabilities are not discounted.

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

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.

Grants

Capital grants received are shown on the balance sheet under deferred income. These grants are released to the income statement on an annual basis in line with the deprecation policy applied to the asset for which the grant was used to finance.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2025 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2025

and 31 March 2026

19,000

AMORTISATION

At 1 April 2025

3,800

Amortisation for year

1,900

At 31 March 2026

5,700

NET BOOK VALUE

At 31 March 2026

13,300

At 31 March 2025

15,200

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2025

2,464,593

1,213,212

183,304

3,861,109

Additions

59,988

-

-

59,988

Disposals

-

(88,981

)

-

(88,981

)

At 31 March 2026

2,524,581

1,124,231

183,304

3,832,116

DEPRECIATION

At 1 April 2025

708,212

907,506

148,478

1,764,196

Charge for year

42,179

58,224

8,150

108,553

Eliminated on disposal

-

(81,654

)

-

(81,654

)

At 31 March 2026

750,391

884,076

156,628

1,791,095

NET BOOK VALUE

At 31 March 2026

1,774,190

240,155

26,676

2,041,021

At 31 March 2025

1,756,381

305,706

34,826

2,096,913

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2025

and 31 March 2026

250

NET BOOK VALUE

At 31 March 2026

250

At 31 March 2025

250

The fixed asset investment is five shares in the renewable energy company, Green Energy Mull Limited, a registered community benefit society.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

21,279

14,504

Other debtors

7,540

42,647

28,819

57,151

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts

11,176

17,390

Hire purchase contracts

2,039

2,039

Trade creditors

28,351

21,796

Taxation and social security

24,679

7,262

Other creditors

12,788

13,310

79,033

61,797

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans

160,435

239,328

Hire purchase contracts

-

2,098

160,435

241,426

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

126,039

177,823

10.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Nationwide Building Society

-

74,143

Virgin Money

145,512

146,463

145,512

220,606

The Nationwide Building Society (Formerly Dunfermline Building Society) hold a standard security over foreshore and seabed at Ledaig, title number ARG13184. The loan from Nationwide was paid off during the year.

Virgin Money group hold a standard security over over the building known as Taigh Solais

The Bounce back loan is an unsecured COVID-19 support loan outstanding 2026 £28,646 (2025: £34,985).

Argyll and Bute Council hold a standard security over Aros car park, title number ARG27065 in regards to Capital Grants paid to the Association.

11.	ACCRUALS AND DEFERRED INCOME

2026

2025

£

£

Deferred grants

1,642,556

1,716,332

Accruals and deferred income comprise of grants received by the company to assist with the purchase of capital items. The accounting policy is to recognise the grant to the income statement in line with the depreciation policy of the asset the grant has been used to fund.

It is estimated that in the next accounting period £85,000 of deferred grant will be transferred to the income statement.

Some of the grants received are subject to claw back should the conditions of the award not be met. The deferred grant provision does not reflect the value of grants still within their claw back period.

The Directors confirm that at 31 March 2026 none of the conditions of award have been breached.

12.	LIMITED BY GUARANTEE

The company is a private company, limited by guarantee. As such, it has no share capital, and each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of a liquidation.