COMPANY REGISTRATION NUMBER:
SC301805
North Highland Regeneration Fund
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Company Limited by Guarantee
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Filleted Financial Statements
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North Highland Regeneration Fund
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Company Limited by Guarantee
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Statement of Financial Position
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31 March 2022
Current assets
Debtors
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5
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257,612
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333,830
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Cash at bank and in hand
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351,607
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298,286
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---------
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---------
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609,219
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632,116
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Creditors: amounts falling due within one year
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6
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4,200
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4,100
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---------
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---------
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Net current assets
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605,019
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628,016
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---------
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---------
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Total assets less current liabilities
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605,019
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628,016
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---------
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---------
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Net assets
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605,019
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628,016
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---------
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---------
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Capital and reserves
Profit and loss account
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605,019
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628,016
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---------
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---------
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Members funds
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605,019
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628,016
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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
8 November 2022
, and are signed on behalf of the board by:
Company registration number:
SC301805
North Highland Regeneration 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 2022
1.
General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is D2003 Dounreay, Thurso, Caithness, KW14 7TZ.
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.
Basis of operations
The company contracts with the Nuclear Decommissioning Authority to promote commerce by providing financial assistance and advice to that area of the North Highlands of Scotland which may suffer an adverse social or economic effect due the decommissioning of the nuclear plant at Dounreay.
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, which include debtors, bank and cash balances and creditors 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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 the member's liability is limited to £100.
The member's contribution to funding the company's continuing activities are included in turnover. Contributions made to date are as follows:
Nuclear Decommissioning Authority
Contributions during the year - £nil (2021 -£nil)
Contributions to 31 March 2022 and 31 March 2021 - £1,850,000
5.
Debtors
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2022
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2021
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£
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£
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Other debtors
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257,612
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333,830
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---------
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The debtors above include the following amounts falling due after more than one year:
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2022
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2021
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£
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£
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Other debtors
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157,410
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256,011
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6.
Creditors:
amounts falling due within one year
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2022
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2021
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£
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£
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Other creditors
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4,200
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4,100
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-------
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-------
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7.
Summary audit opinion
The auditor's report for the year dated
30 November 2022
was
unqualified
.
The senior statutory auditor was
Daniel Palombo M.A. C.A.
, for and on behalf of
Ritsons
.
8.
Related party transactions
During the year, management and administration services were obtained from the
Caithness Chamber of Commerce
, the managing agent. The total charge in the period for these services amounted to £30,000 (2021 - £30,000).
9.
Ethical standards
In common with many other businesses of our size and nature we use our auditors to assist with the preparation of financial statements.