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REGISTERED NUMBER: SC314192 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Euroscott Limited

Euroscott Limited (Registered number: SC314192)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Euroscott Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Cogo, S A
Mr J Montoto Sobrado





REGISTERED OFFICE: 2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ





REGISTERED NUMBER: SC314192 (Scotland)





ACCOUNTANTS: SBP
Accountants
2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ

Euroscott Limited (Registered number: SC314192)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 190,232 285,348
Tangible assets 5 40,074 32,060
Investments 6 24,414 24,414
254,720 341,822

CURRENT ASSETS
Stocks 164,803 86,569
Debtors 7 43,545 34,206
208,348 120,775
CREDITORS
Amounts falling due within one year 8 1,381,857 1,382,615
NET CURRENT LIABILITIES (1,173,509 ) (1,261,840 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(918,789

)

(920,018

)

CAPITAL AND RESERVES
Called up share capital 795,000 795,000
Accumulated comprehensive
income/loss (103,452 ) (128,512 )
Retained earnings (1,610,337 ) (1,586,506 )
SHAREHOLDERS' FUNDS 11 (918,789 ) (920,018 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 profit or loss 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.

Euroscott Limited (Registered number: SC314192)

Balance Sheet - continued
31 December 2023


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 20 August 2024 and were signed on its behalf by:





Cogo, S A - Director


Euroscott Limited (Registered number: SC314192)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Euroscott Limited is a private company, limited by shares , 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.

The financial statements have been prepared in UK £ sterling.

Going concern
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements. The directors will not seek to draw their loan balances unless they are satisfied that adequate resources will be available to meet all other creditors as they fall due.

Turnover
Turnover represents amounts receivable for goods (sale of fish) provided in the normal course of business, net of VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Intangible assets - fishing licence & quota
The Fishing licence and quota are reported on a cost model basis with the items recognised at original cost less an annual amortisation charge. The assets are amortised on a straight line basis over a 10 year period. This policy was adopted in the 2016 financial year following the introduction of the Financial Reporting Standard 102. The intangible assets were previously reported at cost with no annual amortisation charge.

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

Fishing Vessel & Equipment - 10% on Cost

The fishing vessel and equipment are reported using the cost model basis.
Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

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

Taxation
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.

Euroscott Limited (Registered number: SC314192)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
The functional currency of the company is the Euro (€) with the bulk of the day to day operating transactions being undertaken in this currency. The company is registered in Scotland and therefore the directors have opted to present the financial information in sterling (£).

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Fixed Assets are valued at the historical rate of exchange. Transactions in currencies, other than the functional currency (€), which take place during the course of the financial year are translated at the rate of exchange ruling at the date of transaction. Any exchange differences arising during the financial year are reported through the Profit & Loss Account and are taken into account in arriving at the operating result. Exchange gains or losses which arise on conversion of the functional currency balances to the currency used for presentation in the Financial Statements are reported through the Statement of Other Comprehensive Income/Losses.

Fixed asset investments
Fixed Asset Investments are stated at cost and converted at the historical rates of exchange prevailing at the date the investments were made. The investments are not listed on a recognised stock exchange and as such, the current market value cannot be readily established.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Fishing
licence &
quota
£   
COST
At 1 January 2023
and 31 December 2023 951,158
AMORTISATION
At 1 January 2023 665,810
Amortisation for year 95,116
At 31 December 2023 760,926
NET BOOK VALUE
At 31 December 2023 190,232
At 31 December 2022 285,348

Euroscott Limited (Registered number: SC314192)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fishing
Vessel &
Equipment
£   
COST
At 1 January 2023 844,400
Additions 14,399
At 31 December 2023 858,799
DEPRECIATION
At 1 January 2023 812,340
Charge for year 6,385
At 31 December 2023 818,725
NET BOOK VALUE
At 31 December 2023 40,074
At 31 December 2022 32,060

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 24,414
NET BOOK VALUE
At 31 December 2023 24,414
At 31 December 2022 24,414

The investments are not listed on a recognised Stock Exchange and are reported at cost.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 36,911 26,677
Other debtors 6,634 7,529
43,545 34,206

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 64,850 29,509
Trade creditors 347,967 364,409
Other creditors 969,040 988,697
1,381,857 1,382,615

Euroscott Limited (Registered number: SC314192)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. RELATED PARTY DISCLOSURES

Other creditors includes Director's Loan balances totalling £966,875 (€1,114,614) (2022 - £986,384 (€1,114,614)). There are no specific terms of repayment and no interest is accrued.

Trade Creditors includes a balance of £115,970 (€133,690) (2022 - £126,002 (€142,382)) owing to Euroscott Galicia S.L., a company incorporated in Spain which is owned by the directors. During the financial year invoices for services provided by Euroscott Galicia S.L. to Euroscott Limited totalled £920,816 (€1,058,478).

10. ULTIMATE CONTROLLING PARTY

The controlling party is Cogo, S A.

11. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
31.12.23 31.12.22
£    £   
Loss for the financial year (23,831 ) (118,426 )
Other comprehensive income relating to the year (net) 25,060 (63,245 )
Opening Shareholders' Funds 2022 - (738,347 )
Net addition/(reduction) to shareholders' funds 1,229 (920,018 )
Opening shareholders' funds (920,018 ) -
Closing shareholders' funds (918,789 ) (920,018 )

12. SHAREHOLDERS' FUNDS AND RESERVES

The reserve of 'Accumulated comprehensive income/loss' of £103,452 (2022 - £128,512) represents the accumulated exchange rate gains/(losses) on conversion of the closing financial balances from the functional currency (€) to the presentational currency (£). The reserve balance is currently a deficit position due to the adverse effect of the movement in the exchange rates in 2022 and 2023.