Celtic Dawn Fishing Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Celtic Dawn Fishing Limited is a private company, limited by shares, incorporated in Scotland, registered number SC263213 . The registered office is Kellyan, Birsay, Orkney, Scotland, KW17 2LX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Fishing Licences are being amortised evenly over their estimated useful life of twenty years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	4% straight line basis
Fishing Boat	10% reducing balance basis
Plant & Machinery	25% reducing balance basis

2.5. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

...CONTINUED

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Celtic Dawn Fishing Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

2.5. Financial Instruments - continued

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences.

Deferred tax liabilities are presented within provisions for liabilities. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss.

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Celtic Dawn Fishing Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

2.7. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

4. Intangible Assets

	Other
	£
Cost
As at 1 July 2024	446,345

As at 30 June 2025	446,345

Amortisation
As at 1 July 2024	254,772
Provided during the period	20,085

As at 30 June 2025	274,857

Net Book Value
As at 30 June 2025	171,488

As at 1 July 2024	191,573

5. Tangible Assets

	Land & Property
	Freehold	Fishing Boat	Plant & Machinery	Total
	£	£	£	£
Cost
As at 1 July 2024	231,929	1,878,265	493,950	2,604,144
Disposals	-	-	(360 )	(360 )
Transfers	-	-	3,554	3,554

As at 30 June 2025	231,929	1,878,265	497,144	2,607,338

...CONTINUED

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Celtic Dawn Fishing Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

Depreciation
As at 1 July 2024	79,777	5,695	438,217	523,689
Provided during the period	9,277	430	13,934	23,641
Disposals	-	-	(360 )	(360 )

As at 30 June 2025	89,054	6,125	451,791	546,970

Net Book Value
As at 30 June 2025	142,875	1,872,140	45,353	2,060,368

As at 1 July 2024	152,152	1,872,570	55,733	2,080,455

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	27,111	1
Other debtors	6,725	72,588

	33,836	72,589

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	15,469	56,389
Amounts owed to participating interests	1,330,643	2,161,521
Other creditors	46,623	104,525
Taxation and social security	65,215	10,471

	1,457,950	2,332,906

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Other creditors	20,907	29,927

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

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Celtic Dawn Fishing Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

10. Related Party Transactions

The company is controlled by Norquoy Fishing Limited. During the year, the company repaid loans to its parent totalling £6,359 (2024: £73,000). The balance owing by its parent company at the year end amounted to £70,453 (2024: £76,812).

Norquoy Fishing Limited also owns 100% of the shareholding in the company Noronya Limited. During the year, Noronya Limited transferred assets to Celtic Dawn Fishing Limited of £3,554 (2024: £1,450,000) and Celtic Dawn repaid £910,050 (2024: £400,000). The balance owed by Celtic Dawn Fishing Limited at the year end amounted to £817,242 (2024: £1,723,738).

Norquoy Fishing Limited also owns 100% of the shareholding in the company Alsvior Inshore Limited. Celtic Dawn repaid £2,950 (2024: £Nil) in the year. At the balance sheet date, the balance owed to Alsvior Inshore Limited amounted to £358,021 (2024: £360,971).

Loans between associated companies are interest free and have no formal repayment terms.

11. Ultimate Controlling Party

The company's ultimate controlling party is Norquoy Fishing Limited by virtue of his ownership of 100% of the issued share capital in the company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		171,488		191,573
Tangible Assets	5		2,060,368		2,080,455

			2,231,856		2,272,028
CURRENT ASSETS
Debtors	6	33,836		72,589
Cash at bank and in hand		1,530,458		2,338,569

		1,564,294		2,411,158
Creditors: Amounts Falling Due Within One Year	7	(1,457,950 )		(2,332,906 )

NET CURRENT ASSETS (LIABILITIES)			106,344		78,252

TOTAL ASSETS LESS CURRENT LIABILITIES			2,338,200		2,350,280

Creditors: Amounts Falling Due After More Than One Year	8		(20,907 )		(29,927 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(305,039 )		(297,260 )

NET ASSETS			2,012,254		2,023,093

CAPITAL AND RESERVES
Called up share capital	9		2		2
Profit and Loss Account			2,012,252		2,023,091

SHAREHOLDERS' FUNDS			2,012,254		2,023,093