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Registration number: SC602667

DMC Nicol Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

DMC Nicol Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

DMC Nicol Limited

Company Information

Director

Mrs D M Mackay-Campbell

Registered office




Registration number

31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

SC602667 (Scotland)

Accountants

Brown, Scott & Main
Chartered Accountants
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
DMC Nicol Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of DMC Nicol Limited for the year ended 31 October 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance

This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of DMC Nicol Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.

It is your duty to ensure that DMC Nicol Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of DMC Nicol Limited. You consider that DMC Nicol 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 accounts of DMC Nicol 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 accounts.

......................................

Brown, Scott & Main
Chartered Accountants
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

31 July 2023

 

DMC Nicol Limited

(Registration number: SC602667)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

364,006

371,919

Investments

6

228,275

228,275

 

592,281

600,194

Current assets

 

Debtors

7

4,759

7,468

Cash at bank and in hand

 

7,362

32,945

 

12,121

40,413

Creditors: Amounts falling due within one year

8

(213,472)

(201,199)

Net current liabilities

 

(201,351)

(160,786)

Total assets less current liabilities

 

390,930

439,408

Creditors: Amounts falling due after more than one year

8

(378,825)

(411,852)

Net assets

 

12,105

27,556

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

11,105

26,556

Shareholders' funds

 

12,105

27,556

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.

Director's responsibilities:

The member has not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 July 2023
 

.........................................
Mrs D M Mackay-Campbell
Director

 

DMC Nicol Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB
Scotland

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is sterling.

Financial instruments

Classification
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.

 Recognition and measurement
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, including bank balances and debtors, 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 value rate of interest. Financial assets classified as receivable within one year are not amortised.

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

 

Group accounts not prepared

The financial statements contain information about DMC Nicol Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Going concern

The financial statements have been prepared on a going concern basis. The director considers this basis is appropriate as the company is supported by the value of its investments and it continues to meet its working capital requirements as they fall due from the activities of its associate.

Revenue recognition

Turnover represents rental income and dividends received for the accounting period.

 

DMC Nicol Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less accumulated depreciation and accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets less residual value over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Heritable property

2% per annum straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Impairment of fixed assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Tax

Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. There is currently no deferred tax liability.

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.

Tax losses surrendered to a group company are paid in full by the claimant company.

 

DMC Nicol Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Taxation

2023

2022

£

£

Corporation tax charge

(6,425)

(3,064)

Group relief receivable

-

-

(6,425)

(3,064)

5

Tangible assets

Land and buildings
£

Total
£

Cost

At 1 November 2022

395,658

395,658

At 31 October 2023

395,658

395,658

Depreciation

At 1 November 2022

23,739

23,739

Charge for the year

7,913

7,913

At 31 October 2023

31,652

31,652

Carrying amount

At 31 October 2023

364,006

364,006

At 31 October 2022

371,919

371,919

Included within the net book value of land and buildings above is £364,006 (2022 - £371,919) in respect of heritable property.
 

 

DMC Nicol Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Investments

2023
£

2022
£

Investments in associate

228,275

228,275

Associate

£

Cost

At 1 November 2022

228,275

Provision

Carrying amount

At 31 October 2023

228,275

At 31 October 2022

228,275

7

Debtors

Current

2023
£

2022
£

Other debtors

4,759

7,468

 

4,759

7,468

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

30,830

30,830

Trade creditors

 

18,847

-

Taxation and social security

 

1,250

-

Accruals and deferred income

 

6,650

5,200

Other creditors

 

155,895

165,169

 

213,472

201,199

Other creditors due within one year of £155,895 (2022 £165,169) comprise the balance due to the company's associate company, Nicol Street Ltd, which is payable on demand and interest free.

 

DMC Nicol Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

378,825

411,852

2023
£

2022
£

Due after more than five years

After more than five years by instalments

229,915

253,315

-

-

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

378,825

411,852

Current loans and borrowings

2023
£

2022
£

Bank borrowings

30,830

30,830

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans after five years

£229,915 ((2022 - £253,315) is payable by monthly instalment at a variable interest rate.

Loans and borrowings include a bank loan balance of £374,915, (2021 £398,315) which is secured by a standard security over the company's heritable property and by a bond and floating charge over all the properties and undertakings of the company and its associate in favour of the Royal Bank of Scotland plc.