Noronya Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: SC458331

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		-		7,974

			-		7,974
CURRENT ASSETS
Debtors	5	818,132		1,724,627

		818,132		1,724,627
Creditors: Amounts Falling Due Within One Year	6	(687 )		(477,527 )

NET CURRENT ASSETS (LIABILITIES)			817,445		1,247,100

TOTAL ASSETS LESS CURRENT LIABILITIES			817,445		1,255,074

PROVISIONS FOR LIABILITIES
Deferred Taxation			-		(1,993 )

NET ASSETS			817,445		1,253,081

CAPITAL AND RESERVES
Called up share capital	7		100		100
Profit and Loss Account			817,345		1,252,981

SHAREHOLDERS' FUNDS			817,445		1,253,081

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Noronya Limited

Balance Sheet (continued)

As At 30 June 2025

For the year ending 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

R Norquoy

Director

08/01/2026

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

Noronya Limited is a private company, limited by shares, incorporated in Scotland, registered number SC458331 . 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. 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:

Plant & Machinery

25% reducing balance basis

2.4. 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

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

...CONTINUED

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Noronya Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

2.4. Financial Instruments - continued

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.

2.5. 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.

3. Average Number of Employees

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

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Noronya Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

4. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 July 2024	42,627
Disposals	(5,750 )
Transfers	(36,877 )

As at 30 June 2025	-

Depreciation
As at 1 July 2024	34,653
Provided during the period	1,993
Disposals	(3,324 )
Transfers	(33,322 )

As at 30 June 2025	-

Net Book Value
As at 30 June 2025	-

As at 1 July 2024	7,974

5. Debtors

	2025	2024
	£	£
Due within one year
Amounts owed by group undertakings	889	889
Amounts owed by participating interests	817,243	1,723,738

	818,132	1,724,627

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Loan to LHD	-	253,065
Other creditors	687	2,787
Taxation and social security	-	221,675

	687	477,527

7. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

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Noronya Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

8. Related Party Transactions

The company is controlled by Norquoy Fishing Limited. The balance owing by its parent company at the year end amounted to £889 (2024: £889).

Norquoy Fishing Limited also owns 100% of the shareholding in the company Celtic Dawn Fishing 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).

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

9. 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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