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REGISTERED NUMBER: SC072035 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2021

for

Mcnicol Insulation Limited

Mcnicol Insulation Limited (Registered number: SC072035)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 7

Mcnicol Insulation Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: Mrs L C McFarlane
Ms J Mcnicol
Mr J Mcnicol





SECRETARY: Mrs L C McFarlane





REGISTERED OFFICE: 1/2 Lenziemill Road Lenziemill Road
Cumbernauld
Glasgow
G67 2RL





REGISTERED NUMBER: SC072035 (Scotland)





ACCOUNTANTS: Wallace White Accountants
Suite 401-404
Baltic Chambers
50 Wellington Street
Glasgow
G2 6HJ

Mcnicol Insulation Limited (Registered number: SC072035)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 58,300 84,695

CURRENT ASSETS
Stocks 1,000 21,500
Debtors 5 416,449 406,201
417,449 427,701
CREDITORS
Amounts falling due within one year 6 365,974 374,269
NET CURRENT ASSETS 51,475 53,432
TOTAL ASSETS LESS CURRENT
LIABILITIES

109,775

138,127

CREDITORS
Amounts falling due after more than one
year

7

(43,904

)

(69,619

)

PROVISIONS FOR LIABILITIES (6,105 ) (9,288 )
NET ASSETS 59,766 59,220

CAPITAL AND RESERVES
Called up share capital 8 8
Other reserve 9 35,560 38,800
Retained earnings 24,198 20,412
SHAREHOLDERS' FUNDS 59,766 59,220

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Mcnicol Insulation Limited (Registered number: SC072035)

Balance Sheet - continued
31 December 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2022 and were signed on its behalf by:




Ms J Mcnicol - Director Mr J Mcnicol - Director




Mrs L C McFarlane - Director


Mcnicol Insulation Limited (Registered number: SC072035)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Mcnicol Insulation Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2020 - 25 ) .

Mcnicol Insulation Limited (Registered number: SC072035)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2021 125,000 188,654 313,654
Disposals - (15,288 ) (15,288 )
At 31 December 2021 125,000 173,366 298,366
DEPRECIATION
At 1 January 2021 115,000 113,959 228,959
Charge for year 5,000 17,767 22,767
Eliminated on disposal - (11,660 ) (11,660 )
At 31 December 2021 120,000 120,066 240,066
NET BOOK VALUE
At 31 December 2021 5,000 53,300 58,300
At 31 December 2020 10,000 74,695 84,695

Included in the above are motor vehicles held under hire purchase contracts whose net book values total £49,100 (2020: £69,094).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 369,787 406,201
Other debtors 46,662 -
416,449 406,201

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans and overdrafts 82,835 58,578
Hire purchase contracts 20,293 33,248
Trade creditors 149,449 140,763
Taxation and social security 32,790 115,081
Other creditors 80,607 26,599
365,974 374,269

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.21 31.12.20
£    £   
Bank loans 35,833 47,500
Hire purchase contracts 8,071 22,119
43,904 69,619

Mcnicol Insulation Limited (Registered number: SC072035)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.21 31.12.20
£    £   
Bank overdrafts 72,835 56,078
Bank loans 45,833 50,000
Hire purchase contracts 28,364 55,367
147,032 161,445

Hire purchase creditors are secured over the assets to which they relate.

The bank overdraft is secured by a standard security over the company's premises and by a bond a floating charge over the company's assets.

The bank loan is secured by way of a government backed guarantee.

9. RESERVES
Other
reserve
£   
At 1 January 2021 38,800
Fair value reserve transfer (3,240 )

At 31 December 2021 35,560

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors (2020: creditors) is an amount due by (2020: to) a director totalling £1,915 (2020: £7,644). The amounts are repayable on demand.

Mcnicol Insulation Limited

Report of the Accountants to the Directors of
Mcnicol Insulation Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2021 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Wallace White Accountants
Suite 401-404
Baltic Chambers
50 Wellington Street
Glasgow
G2 6HJ


8 August 2022