Sealladh Na Beinne Moire - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC290324 (Scotland)

Financial Statements for the Year Ended 31 December 2018

for

Sealladh Na Beinne Moire

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A MacMillan

M T Schmoller

C MacMillan

R MacGillivray

A Laing

D A Aitken

N D MacAskill

REGISTERED OFFICE:

Oifis Storas

Daliburgh

South Uist

Western Isles

HS8 5SS

REGISTERED NUMBER:

SC290324 (Scotland)

SENIOR STATUTORY AUDITOR:

Michael Harkness

AUDITOR:

Scott-Moncrieff

Exchange Place 3

Semple Street

Edinburgh

EH3 8BL

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

4,265,768

4,265,768

4,265,768

4,265,768

CURRENT ASSETS

Debtors

6

1,114,947

1,152,087

Cash at bank

20,501

458

1,135,448

1,152,545

CREDITORS

Amounts falling due within one year

7

1,083,414

1,047,486

NET CURRENT ASSETS

52,034

105,059

TOTAL ASSETS LESS CURRENT LIABILITIES

4,317,802

4,370,827

CREDITORS

Amounts falling due after more than one year

8

(219,832

)

(273,011

)

ACCRUALS AND DEFERRED INCOME

(13,535

)

(13,439

)

NET ASSETS

4,084,435

4,084,377

RESERVES

Retained earnings

4,084,435

4,084,377

4,084,435

4,084,377

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 8 August 2019 and were signed on its behalf by:

M T Schmoller - Director

1.	STATUTORY INFORMATION

Sealladh Na Beinne Moire is a private company, limited by guarantee of £1, registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal activity of the company in the year under review was that of holding the share capital of South Uist

Estates Ltd on behalf of the communities of South Uist, Eriskay and Benbecula.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical

accounting estimates. It also requires management to exercise judgement in applying the company's accounting

policies.

Related party exemption

The company has taken advantage of the exemption, under section 33 of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

There were no significant estimates and assumptions made in preparing these financial statements.

Tangible fixed assets

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

Plant and machinery etc

-

25% on straight line

Financial instruments

Interest free intercompany loan balances between group members have been reviewed and a notional interest

rate of 2.5% has been applied against the average balance owed during the year.

Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and

subsequently measured at amortised cost determined using the effective interest method.

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.

Fixed asset investments

Investments held as fixed assets are included in the accounts at cost, less any provision for impairment.

Going concern

The directors have prepared forecasts that demonstrate profits will continue to be achieved, subject to continuing

availability of group banking facilities. The directors do not anticipate facilities to be withdrawn in the foreseeable

future and therefore consider it appropriate to prepare accounts on a going concern basis.

Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with

maturities of three months or less.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment

losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

and 31 December 2018

1,331

DEPRECIATION

At 1 January 2018

and 31 December 2018

1,331

NET BOOK VALUE

At 31 December 2018

-

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2018

and 31 December 2018

4,265,768

NET BOOK VALUE

At 31 December 2018

4,265,768

At 31 December 2017

4,265,768

Fixed asset investments are stated at historical cost and do not reflect the current valuation of the underlying

land and property owned by the company's subsidiary South Uist Estates Ltd, and its subsidiary Storas Uibhist

Limited.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Amounts owed by group undertakings

1,114,393

1,152,087

Other debtors

554

-

1,114,947

1,152,087

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts

50,377

55,809

Amounts owed to group undertakings

1,030,637

988,726

Taxation and social security

-

551

Other loan and creditors

2,400

2,400

1,083,414

1,047,486

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans

161,632

212,411

Other creditors

58,200

60,600

219,832

273,011

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

9,599

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Bank overdraft

-

7,237

Bank loans

212,009

260,983

Other loans

60,600

63,000

272,609

331,220

The bank loan and overdraft are secured by a floating charge over the assets of the company and its

subsidiaries.

Other loans consist of borrowing from Comhairle nan Eilean Siar (CNES), with security in the form of a floating

charge in favour of CNES, which ranks after the floating charges in favour of Highlands and Islands Enterprise,

Big Lottery Fund and the Co-operative Bank plc.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The audit report for these accounts was unqualified and did not include any matter to which the auditor drew

attention by way of emphasis. The senior statutory auditor who signed the audit report was Michael Harkness

and the auditor was Scott-Moncrieff.

11.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was Nil.

12.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to advise us on corporate

financial matters.

13.	CHARGE ON GROUP ASSETS

The bank loan and overdraft of the parent company, Sealladh na Beinne Moire are secured by a floating charge

over the assets of the parent company and its subsidiaries.

The bank loans of the sub-subsidiary company, Storas Uibhist, in respect of the office premises in Daliburgh, are

secured by a first security over those premises and guaranteed by South Uist Estates and Sealladh na Beinne

Moire, supported by a bond and floating charge over the assets of these companies.

14.	CONTROLLING PARTIES

The company is controlled by its ordinary members with general control and supervision delegated to elected

directors. Ordinary membership is open to community residents and crofters within the estates geographical

area.

There is no ultimate controlling party.