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Registered number: SC656107
Nicol Boilers Holdings Limited
Unaudited Financial Statements
For The Year Ended 30 November 2021
Unaudited Financial Statements
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3
Notes to the Financial Statements 4—6
Page 1
Company Information
Directors Mr J Nicol
Mrs Laura Lane
Mrs A Nicol
Company Number SC656107
Registered Office High Street Industrial Estate
Shotts
Lanarkshire
ML7 5DR
Accountants Benson Wood & Co (Scotland) Ltd.
Chartered Accountants
20 Anderson Street
Airdrie
Lanarkshire
ML6 0AA
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Accountant's Report
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 30 November 2021 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
11/07/2022
Benson Wood & Co (Scotland) Ltd.
Chartered Accountants
20 Anderson Street
Airdrie
Lanarkshire
ML6 0AA
Page 2
Page 3
Balance Sheet
Registered number: SC656107
30 November 2021 30 November 2020
Notes £ £ £ £
FIXED ASSETS
Investments 4 3,820,000 -
3,820,000 -
CURRENT ASSETS
Debtors 100 -
Cash at bank and in hand - 4
100 4
NET CURRENT ASSETS (LIABILITIES) 100 4
TOTAL ASSETS LESS CURRENT LIABILITIES 3,820,100 4
NET ASSETS 3,820,100 4
CAPITAL AND RESERVES
Called up share capital 5 3,820,100 4
SHAREHOLDERS' FUNDS 3,820,100 4
For the year ending 30 November 2021 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
Mrs Laura Lane
Director
11/07/2022
The notes on pages 4 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.3. Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price, except for the shares in the trading subsidiary which are carried at cost. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year-end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

The main form of financial risk faced by Nicol Boilers Holdings Ltd is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2020: NIL)
- -
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3. Tangible Assets
Investment Properties
£
Cost
As at 1 December 2020 -
Additions 1,880,000
Disposals (1,880,000 )
As at 30 November 2021 -
Net Book Value
As at 30 November 2021 -
As at 1 December 2020 -
4. Investments
Unlisted
£
Cost
As at 1 December 2020 -
Additions 5,700,000
As at 30 November 2021 5,700,000
Provision
As at 1 December 2020 -
Impairment losses 1,880,000
As at 30 November 2021 1,880,000
Net Book Value
As at 30 November 2021 3,820,000
As at 1 December 2020 -
5. Share Capital
30 November 2021 30 November 2020
Allotted, Called up and fully paid 3,820,100 4

On 21 March 2021 the Share Capital of the Company was reduced by £1,880,000 in accordance with the Companies Act 2006 s641.
There was no impact on shareholders from the capital reduction, and there was no change in the net asset position of the Company.
6. Related Party Transactions
Nicol Boilers Ltd was a related party during the year by virtue of being a subsidiary undertaking of the Company. Investment properties were acquired by the company from Nicol Boliers Ltd for £1,880,000 by way of a distribution in specie at market value. During the year, the company was allotted 100% of the share capital of Nicol Boilers Ltd for an aggregate nominal amount of £5,700,000, by way of a share exchange agreement between the company and the shareholders of Nicol Boilers Ltd.

NBS Properties Ltd. was a related party during the year by virtue of being under common control. The investment properties held by the Company were transferred to NBS Properties Ltd at a market value of £1,880,000 by way of a reduction in the Share Capital of the Company in accordance with the Companies Act 2006 s641.

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7. Ultimate Controlling Party
The shares in Nicol Boilers Holdings Ltd are owned by Mrs Laura Lane, Mrs Agnes Nicol, Mr John Nicol and Mr Stuart Nicol.The registered office of Nicol Boilers Holdings Limited is High Street Industrial Estate, Shotts, Lanarkshire ML7 5DR.
8. General Information
Nicol Boilers Holdings Limited is a private company, limited by shares, incorporated in Scotland, registered number SC656107 . The registered office is High Street Industrial Estate, Shotts , Lanarkshire , ML7 5DR.
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