j237504-23.htm
9. Financial Assets
| 2011-12 | Interests in Nationalised Industries & Limited Companies | Voted Loans | Total |
|---|---|---|---|
| £’000 | £’000 | £’000 | |
| Balance at 1 April 2011 | 20,550 | 54,770 | 75,320 |
| Add element reported within current assets | 0 | 2,038 | 2,038 |
| Advances and acquisitions | |||
| Cash advances | 0 | 7,550 | 7,550 |
| Repayments and disposals | 0 | (2,528) | (2,528) |
| Balance at 31 March 2012 | 20,550 | 61,830 | 82,380 |
| Loans repayable within 12 months transferred to current assets | 0 | (3,018) | (3,018) |
| Balance at 31 March 2012 | 20,550 | 58,812 | 79,362 |
| 2010-11 | Interests in Nationalised Industries & Limited Companies | Voted Loans | Total |
| £’000 | £’000 | £’000 | |
| Balance at 1 April 2010 | 20,550 | 46,006 | 66,556 |
| Add element reported within current assets | 0 | 2,038 | 2,038 |
| Advances and acquisitions | |||
| Cash advances | 0 | 10,802 | 10,802 |
| Repayments and disposals | 0 | (2,038) | (2,038) |
| Balance at 31 March 2011 | 20,550 | 56,808 | 77,358 |
| Loans repayable within 12 months transferred to current assets | 0 | (2,038) | (2,038) |
| Balance at 31 March 2011 | 20,550 | 54,770 | 75,320 |
Financial Assets have been measured and presented in accordance with IAS32, IAS39 and IFRS7 as modified by the FReM (see note 1.8).
As at 31 March 2012, the Scottish Ministers, represented by Transport Scotland, are the sole shareholder in Caledonian Maritime Assets Limited, David MacBrayne Limited and the Highlands and Islands Airports Limited. The Scottish Ministers hold the following investments:
| Caledonian Maritime Assets Limited | 1,500,000 ordinary shares of £10 each |
|---|---|
| David MacBrayne Limited | 5,500,002 ordinary shares of £1 each |
| Highlands and Islands Airports Limited | 50,000 ordinary shares of £1 each |
These organisations are operated and managed independently of the Scottish Government, and do not fall within the Departmental Accounting boundary. The companies publish an annual report and accounts. The net assets and results of the above bodies are summarised below.
| Highlands and Islands Airports Ltd | Caledonian Maritime Assets Ltd | David MacBrayne Ltd | |
|---|---|---|---|
| £m | £m | £m | |
| Net assets as at 31 March 2012 | (2.6) | 69.4 | 24.4 |
| Turnover | 17.2 | 19.3 | 201.6 |
| Profit/(Loss) for the financial year | (0.4) | (5.1) | 3.7 |
All results are draft as final accounts have yet to be published. The deficit in Caledonian Maritime Assets Limited relates to agreed additional expenditure from accumulated reserves.
Highlands and Islands Airports Limited (HIAL)
The Scottish Ministers are the sole shareholders in HIAL. The company's purpose is to maintain the safe operation of its airports to support economic and social development in the Highland and Islands. HIAL currently operates 10 airports in the Highlands and Islands of Scotland. In December 2007, HIAL assumed responsibility for the operation of Dundee Airport and now operates it via a wholly owned subsidiary company, Dundee Airport Limited.
Caledonian Maritime Assets Limited (CMAL)
Following a restructure of the Caledonian MacBrayne group in 2006, Caledonian MacBrayne Limited became known as Caledonian Maritime Assets Limited (CMAL) and CalMac Ferries Limited (CFL) was incorporated. CFL took over operation of the Clyde & Hebrides Ferry Services as successor to Caledonian MacBrayne Limited. CMAL retained ownership of all vessels and ports, which it leases to the operator of the Clyde & Hebrides Ferry services (currently CFL). CMAL remains wholly owned by Scottish Ministers.
David MacBrayne Limited
Scottish Ministers previously owned 2 shares of £1 in a dormant company, David MacBrayne Limited. In the course of the restructuring of the Caledonian MacBrayne group in 2006, Scottish Ministers' shareholding in David MacBrayne Limited was increased by 5,500,000 shares to 5,500,002 ordinary shares of £1. David MacBrayne Limited is now the holding company for the ferry operating companies CalMac Ferries Limited, Argyll Ferries Limited and NorthLink Ferries Limited and for the dormant companies Cowal Ferries Limited and Rathlin Ferries Limited.
Other Interests: Voted Loans
Transport Scotland provides loans to Caledonian Maritime Assets Limited to be used for the construction of new shipping, for harbour improvements and to Independent Harbour Trusts.