Norquoy Fishing Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: SC458332

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		494,260		-

			494,260		-
CURRENT ASSETS
Debtors	5	73,867		76,812
Investments	6	103		103
Cash at bank and in hand		4,000		-

		77,970		76,915
Creditors: Amounts Falling Due Within One Year	7	(4,956 )		(1,849 )

NET CURRENT ASSETS (LIABILITIES)			73,014		75,066

TOTAL ASSETS LESS CURRENT LIABILITIES			567,274		75,066

NET ASSETS			567,274		75,066

CAPITAL AND RESERVES
Called up share capital	8		1,500		1,500
Profit and Loss Account			565,774		73,566

SHAREHOLDERS' FUNDS			567,274		75,066

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Norquoy Fishing 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 5 form part of these financial statements.

1. General Information

Norquoy Fishing Limited is a private company, limited by shares, incorporated in Scotland, registered number SC458332 . 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. 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

Nil Depreciation

2.3. 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 assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.4. Investments in subsidiaries

Investments in subsidiaries are recognised at cost.

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Norquoy Fishing Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

3. Average Number of Employees

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

4. Tangible Assets

	Land & Property
	Freehold
	£
Cost
As at 1 July 2024	-
Additions	494,260

As at 30 June 2025	494,260

Net Book Value
As at 30 June 2025	494,260

As at 1 July 2024	-

5. Debtors

	2025	2024
	£	£
Due within one year
Amounts owed by group undertakings	70,453	76,812
Other debtors	3,414	-

	73,867	76,812

6. Current Asset Investments

	2025	2024
	£	£
Shares in subsidiaries	103	103

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	1,238	-
Amounts owed to group undertakings	899	899
Other creditors	2,819	950

	4,956	1,849

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Norquoy Fishing Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1,500	1,500

9. Related Party Transactions

The company was controlled by the directors during the whole of the current and previous years. During the year, the company received dividends from its subsidiaries, as follows:

- Celtic Dawn Fishing Limited £215,000 (2024: £81,000)

- Noronya Limited £494,710 (2024: £92,000)

During the year, the company received loans from Celtic Dawn Fishing Limited totalling £6,359 (2024: £73,000). The balance owing to Celtic Dawn Fishing Limited at the year end amounted to £70,453 (2024: £76,812).

The balance owing to Noronya Limited at the year end amounted to £889 (2024: £889).

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

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