Alsvior Inshore Limited

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

1. General Information

Alsvior Inshore Limited is a private company, limited by shares, incorporated in Scotland, registered number SC533047 . 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 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:

Fishing Vessel	10% reducing balance basis
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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Alsvior Inshore 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 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.

3. Average Number of Employees

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

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Alsvior Inshore Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

4. Tangible Assets

	Fishing Vessel	Plant & Machinery	Total
	£	£	£
Cost
As at 1 July 2024	423,230	47,010	470,240

As at 30 June 2025	423,230	47,010	470,240

Depreciation
As at 1 July 2024	168,489	25,939	194,428
Provided during the period	24,152	8,575	32,727

As at 30 June 2025	192,641	34,514	227,155

Net Book Value
As at 30 June 2025	230,589	12,496	243,085

As at 1 July 2024	254,741	21,071	275,812

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	3,528	-
Amounts owed by group undertakings	358,021	360,971
Amounts owed by participating interests	33,059	-
Other debtors	8,694	4,595

	403,302	365,566

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	1,686	2,577
Owed to LHD	-	30,784
Other creditors	11,251	2,000
Taxation and social security	9,023	-

	21,960	35,361

7. Share Capital

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

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Alsvior Inshore Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

8. Related Party Transactions

Norquoy Fishing Limited also owns 100% of the shareholding in the company Celtic Dawn Fishing Limited. Alsvior Inshore Limited received £2,950 from Celtic Dawn during the year. At the balance sheet date, the balance owed by Celtic Dawn Fishing Limited amounted to £358,021 (2024: £360,971). 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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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		243,085		275,812

			243,085		275,812
CURRENT ASSETS
Debtors	5	403,302		365,566

		403,302		365,566
Creditors: Amounts Falling Due Within One Year	6	(21,960 )		(35,361 )

NET CURRENT ASSETS (LIABILITIES)			381,342		330,205

TOTAL ASSETS LESS CURRENT LIABILITIES			624,427		606,017

NET ASSETS			624,427		606,017

CAPITAL AND RESERVES
Called up share capital	7		1		1
Profit and Loss Account			624,426		606,016

SHAREHOLDERS' FUNDS			624,427		606,017