Company registration number SC366661 (Scotland)
DAVID NICOLSON ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
DAVID NICOLSON ENGINEERING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
DAVID NICOLSON ENGINEERING LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF DAVID NICOLSON ENGINEERING LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of David Nicolson Engineering Limited for the year ended 30 June 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the board of directors of David Nicolson Engineering Limited, as a body, in accordance with the terms of our engagement letter dated 18 April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of David Nicolson Engineering Limited and state those matters that we have agreed to state to the board of directors of David Nicolson Engineering Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than David Nicolson Engineering Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that David Nicolson Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of David Nicolson Engineering Limited. You consider that David Nicolson Engineering Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of David Nicolson Engineering Limited. 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 statutory financial statements.

A J B Scholes Ltd
12 October 2023
Chartered Accountants
8 Albert Street
Kirkwall
Orkney
KW15 1HP
DAVID NICOLSON ENGINEERING LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
139,075
9,392
Current assets
Debtors
5
3,639
3,230
Cash at bank and in hand
910,978
998,485
914,617
1,001,715
Creditors: amounts falling due within one year
6
(34,561)
(46,232)
Net current assets
880,056
955,483
Total assets less current liabilities
1,019,131
964,875
Provisions for liabilities
7
(3,366)
-
0
Net assets
1,015,765
964,875
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,015,665
964,775
Total equity
1,015,765
964,875

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 12 October 2023 and are signed on its behalf by:
Mr GD Nicolson
Director
Company registration number SC366661 (Scotland)
DAVID NICOLSON ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

David Nicolson Engineering Limited is a private company limited by shares incorporated in Scotland. The registered office is Scarvataing Cottage, Aith, Bixter, Shetland, ZE2 9NE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue from the provision of services is recognised as it is provided to the customer.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% straight line
Plant and machinery
33% reducing balance
Fixtures, fittings and equipment
33% reducing balance
Computer equipment
33% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if the reasons for the impairment loss have ceased to apply.

DAVID NICOLSON ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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. Financial assets classified as receivable within one year are not amortised.

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, are initially recognised at transaction price. 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. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

DAVID NICOLSON ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Change in accounting policy

These financial statements are prepared in accordance with the requirements of FRS102; previously the company prepared financial statements in accordance with the micro-entity provisions of FRS105. The date of transition was 1 July 2022. There were no transition adjustments, The comparative amounts in these financial statements are presented in accordance with the requirements of FRS102.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
DAVID NICOLSON ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
-
0
38,010
38,010
Additions
127,630
6,253
133,883
At 30 June 2023
127,630
44,263
171,893
Depreciation and impairment
At 1 July 2022
-
0
28,618
28,618
Depreciation charged in the year
1,064
3,136
4,200
At 30 June 2023
1,064
31,754
32,818
Carrying amount
At 30 June 2023
126,566
12,509
139,075
At 30 June 2022
-
0
9,392
9,392
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,639
3,230
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
31,958
44,342
Other creditors
2,603
1,890
34,561
46,232
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
3,366
-
0
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
2023-06-302022-07-01false12 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr G David NicolsonMrs Elizabeth A NicolsonSC3666612022-07-012023-06-30SC3666612023-06-30SC3666612022-06-30SC366661core:LandBuildings2023-06-30SC366661core:OtherPropertyPlantEquipment2023-06-30SC366661core:LandBuildings2022-06-30SC366661core:OtherPropertyPlantEquipment2022-06-30SC366661core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-30SC366661core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-30SC366661core:CurrentFinancialInstruments2023-06-30SC366661core:CurrentFinancialInstruments2022-06-30SC366661core:ShareCapital2023-06-30SC366661core:ShareCapital2022-06-30SC366661core:RetainedEarningsAccumulatedLosses2023-06-30SC366661core:RetainedEarningsAccumulatedLosses2022-06-30SC366661bus:Director12022-07-012023-06-30SC366661core:LandBuildingscore:LongLeaseholdAssets2022-07-012023-06-30SC366661core:PlantMachinery2022-07-012023-06-30SC366661core:FurnitureFittings2022-07-012023-06-30SC366661core:ComputerEquipment2022-07-012023-06-30SC366661core:MotorVehicles2022-07-012023-06-30SC3666612021-07-012022-06-30SC366661core:LandBuildings2022-06-30SC366661core:OtherPropertyPlantEquipment2022-06-30SC3666612022-06-30SC366661core:LandBuildings2022-07-012023-06-30SC366661core:OtherPropertyPlantEquipment2022-07-012023-06-30SC366661core:WithinOneYear2023-06-30SC366661core:WithinOneYear2022-06-30SC366661bus:PrivateLimitedCompanyLtd2022-07-012023-06-30SC366661bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-30SC366661bus:FRS1022022-07-012023-06-30SC366661bus:AuditExemptWithAccountantsReport2022-07-012023-06-30SC366661bus:Director22022-07-012023-06-30SC366661bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP