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Company No: SC257192 (Scotland)

NICAM DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH THE REGISTRAR

NICAM DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023

Contents

NICAM DEVELOPMENTS LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2023
NICAM DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 78,912 29,134
Investment property 4 5,322,654 3,764,009
5,401,566 3,793,143
Current assets
Debtors 5 6,581 4,971
Cash at bank and in hand 309,976 1,887,485
316,557 1,892,456
Creditors: amounts falling due within one year 6 ( 3,029,472) ( 3,286,130)
Net current liabilities (2,712,915) (1,393,674)
Total assets less current liabilities 2,688,651 2,399,469
Creditors: amounts falling due after more than one year 7 ( 8,843) 0
Provision for liabilities 8 ( 121,785) ( 121,801)
Net assets 2,558,023 2,277,668
Capital and reserves
Called-up share capital 9 3,000 3,000
Profit and loss account 2,555,023 2,274,668
Total shareholders' funds 2,558,023 2,277,668

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Nicam Developments Limited (registered number: SC257192) were approved and authorised for issue by the Board of Directors on 29 July 2024. They were signed on its behalf by:

Alan Cameron
Director
NICAM DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
NICAM DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Nicam Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Clava House, Cradlehall Business Park, Inverness, IV2 5GH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company has recorded a profit in the financial period. It is recognised that the ability of the company to continue as a going concern is dependent on the on-going financial support of the directors. The directors are confident that funds will be made available to allow the company to meet its liabilities as they fall due and that amounts due to the directors and entities controlled by the directors of £2,877,753 at 31 October 2023, will not be recalled within 12 months from the date of approval of the financial statements. Therefore, the directors continue to adopt the going concern basis in preparing the financial statements and have considered a period of 12 months from the date of approval of these financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Office equipment 20 % 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised with the company's contractual obligations expire or are discharge or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 November 2022 13,127 55,750 4,757 73,634
Additions 500 59,422 0 59,922
Disposals ( 4,000) 0 0 ( 4,000)
At 31 October 2023 9,627 115,172 4,757 129,556
Accumulated depreciation
At 01 November 2022 9,791 30,521 4,188 44,500
Charge for the financial year 640 9,007 114 9,761
Disposals ( 3,617) 0 0 ( 3,617)
At 31 October 2023 6,814 39,528 4,302 50,644
Net book value
At 31 October 2023 2,813 75,644 455 78,912
At 31 October 2022 3,336 25,229 569 29,134

4. Investment property

Investment property
£
Valuation
As at 01 November 2022 3,764,009
Additions 1,558,645
As at 31 October 2023 5,322,654

The valuation of the investment properties of £5,322,654 has been deemed to reflect the market value of the properties as at 31 October 2023 by the directors. The valuation was based on recent market transactions on arm's length terms for similar properties.

5. Debtors

2023 2022
£ £
Other debtors 6,581 4,971

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 14,651
Taxation and social security 99,245 181,900
Obligations under finance leases and hire purchase contracts 12,419 0
Other creditors 2,917,808 3,089,579
3,029,472 3,286,130

The obligations under hire purchase contracts totalling £12,419 are secured over the assets which the agreements relate to.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 8,843 0

The obligations under hire purchase contracts totalling £8,843 are secured over the assets which the agreements relate to.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 121,801) ( 121,973)
Credited to the Profit and Loss Account 16 172
At the end of financial year ( 121,785) ( 121,801)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
3,000 Ordinary shares of £ 1.00 each 3,000 3,000

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amounts owed to key management personnel 2,877,753 3,057,271

The above loans are unsecured, interest free and have no fixed terms of repayment.