Denmuir Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC312232 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Denmuir Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Estevez Estevez

Mr L Herbello Miranda

Mr J B Hermelo Estevez

REGISTERED OFFICE:

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

REGISTERED NUMBER:

SC312232 (Scotland)

ACCOUNTANTS:

SBP

Accountants

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

FIXED ASSETS

Intangible assets

4

-

Investments

5

31,200

CURRENT ASSETS

Debtors

6

2,963

469

Cash at bank

170,127

263,428

173,090

263,897

CREDITORS

Amounts falling due within one year

7

1,140,319

1,284,169

NET CURRENT LIABILITIES

(967,229

)

(1,020,272

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(936,029

)

(989,072

)

CREDITORS

Amounts falling due after more than one
year

8

1,461,552

NET LIABILITIES

(2,397,581

)

(2,450,624

)

CAPITAL AND RESERVES

Called up share capital

3,600

Retained earnings

(2,401,181

)

(2,454,224

)

SHAREHOLDERS' FUNDS

(2,397,581

)

(2,450,624

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr M Estevez Estevez - Director

Mr L Herbello Miranda - Director

Mr J B Hermelo Estevez - Director

1.	STATUTORY INFORMATION

Denmuir 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.

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 main trading activity of the company, that of deep sea fishing, ceased in the 2022 financial year and trade continues by way of fishing quota hire and sales.

The main creditors of the company are the related parties of 'Pesquera San Mauro' and the directors.

Turnover

Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and 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. The main source of income for the company during the financial year was generated from the hire of fishing quota.

Intangible assets

Fishing licence & quota are reported on a cost basis and are being amortised at 10% per annum.

The assets held were fully written down in the previous financial year and now carry no book value.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Foreign currencies

The trading transactions of the company are primarily undertaken in Euros which is the functional currency of the entity. Any transaction undertaken in other currencies, such are sterling, are converted at the rate ruling on the day the transaction takes place. The Financial Statements are prepared in the functional currency of Euros.

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 2 (2023 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

€

COST

At 1 January 2024

and 31 December 2024

1,489,532

AMORTISATION

At 1 January 2024

and 31 December 2024

1,489,532

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	FIXED ASSET INVESTMENTS

Other

investments

€

COST

At 1 January 2024

and 31 December 2024

31,200

NET BOOK VALUE

At 31 December 2024

31,200

At 31 December 2023

31,200

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

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

€

Trade debtors

2,540

-

Other debtors

423

469

2,963

469

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

€

Trade creditors

1,036,918

1,126,583

Taxation and social security

301

54,586

Other creditors

103,100

103,000

1,140,319

1,284,169

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

€

Other creditors

1,461,552

9.	RELATED PARTY DISCLOSURES

Director's fees were paid to two of the directors, M.Estevez Estevez and J.B. Hermelo Estevez through the company of Pesquera San Mauro S.L. The total costs, including the related social security charges and commission, amounted to €44,144 (2023: €164,504) and these costs were recharged by the latter company to Denmuir Ltd.

The directors Mr M. Estevez and Mr J. Estevez advanced €50,000 each to the company during the 2022 financial year. The balances owing to Mr M. Estevez and Mr J. Estevez of €50,000 each, remained outstanding as at the financial year end. There are no fixed terms of repayment and no interest is accrued

Short Term Creditors includes the sum of €1,199,526 (2023: €1,114,157) due to related company Pesquera San Mauro S.L.

Long Term Creditors includes the sum of €1,461,552 (2023: €1,461,552) due to related company Pesquera San Mauro S.L.

There are no specific terms of repayment for either sum due to related company Pesquera San Mauro S.L.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr M.E.Estevez, Mr L.H.Miranda and Mr B.H.Menduina who between them own 100% of the issued share capital.

11.	DEFERRED TAX

Based on the net book value of the relevant fixed assets as stated in the Balance Sheet, no provision has been made for deferred taxation in the financial statements. The balance sheet values are reported at original cost less accumulated depreciation but the current market value of the assets may be higher than stated. A taxation charge may therefore arise on disposal of such assets should the actual disposal values be significantly higher than the current written down values.