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Registration number: SC446506

Nicol Street Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Nicol Street Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Nicol Street Ltd

Company Information

Director

Mrs D M Mackay-Campbell

Registered office




Registration number

31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

SC446506
 

Accountants

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

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Nicol Street Ltd
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 Nicol Street Ltd for the year ended 31 October 2023 as set out on pages 3 to 9 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 Nicol Street Ltd 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 Nicol Street Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Nicol Street Ltd. You consider that Nicol Street Ltd 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 Nicol Street Ltd. 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
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

31 July 2023

 

Nicol Street Ltd

(Registration number: SC446506)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

55,891

79,608

Current assets

 

Stock

7

-

28,600

Debtors

8

199,135

175,792

Cash at bank and in hand

 

2,344

39,006

 

201,479

243,398

Creditors: Amounts falling due within one year

9

(60,956)

(142,981)

Net current assets

 

140,523

100,417

Total assets less current liabilities

 

196,414

180,025

Creditors: Amounts falling due after more than one year

9

(18,475)

(27,828)

Provisions for liabilities

(10,619)

(11,051)

Net assets

 

167,320

141,146

Capital and reserves

 

Called up share capital

15

2

2

Retained earnings

167,318

141,144

Shareholders' funds

 

167,320

141,146

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 members have 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

 

Nicol Street Ltd

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 with registration number SC446506.

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

The principal place of business is:
10 - 12 Nicol Street
Kirkcaldy
Fife
KY1 1RP

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.

Going concern

The director is satisfied the company’s accounts should be prepared on the going concern basis given its trading performance since the end of corona virus lockdown.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and is recognised where the amount of revenue can be reliably measured.

Grants

Grants in support of revenue are recognised in the profit and loss account when the amounts can be reliably measured.

Insurance moneys
Insurance moneys are recognised when the amounts receivable can be measured and are included wherever possible in the period in which the insured event occurred. Moneys received in respect of fixed assets are credited to the disposal of the underlying asset. Moneys received for stock damaged or income foregone are credited to other income in the profit and loss account.
 

Tax

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge 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.

 

Nicol Street Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Tangible assets

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

Depreciation

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

Asset class

Depreciation method and rate

Tenant's Improvements

10% straight line per annum

Furniture and equipment

10% straight line per annum

Fixtures and fittings

10% straight line per annum

Impairment of 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 debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Nicol Street Ltd

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates defined contribution plans which are pension plans under which fixed contributions are paid into pension funds and the company has no legal or constructive obligation to pay further contributions even if the funds do not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2022 - 18).

 

4

Other operating income

2023
£

2022
£

Other operating income

2,640

 

-

Government grants receivable

-

 

18,900

 

2,640

 

18,900

5

Taxation

2023

2022

£

£

Current tax:

UK corporation tax

6,435

13,875

Deferred tax

(432)

(53)

Tax on profit on ordinary activities

6,003

13,822

 

Nicol Street Ltd

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

6

Tangible assets

Tenant's improvements
£

Fixtures and fittings
£

Furniture
£

Equipment
£

Total
£

Cost or valuation

At 1 November 2022

285,842

48,665

18,171

4,071

356,749

Additions

-

-

-

5,355

5,355

At 31 October 2023

285,842

48,665

18,171

9,426

362,104

Depreciation

At 1 November 2022

264,401

9,735

2,280

725

277,141

Charge for the year

21,441

4,868

1,820

943

29,072

At 31 October 2023

285,842

14,603

4,100

1,668

306,213

Carrying amount

At 31 October 2023

-

34,062

14,071

7,758

55,891

At 31 October 2022

21,441

38,930

15,891

3,346

79,608

7

Stock

2023
£

2022
£

Stock

-

28,600

8

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

13

155,896

165,169

Other debtors

 

43,239

10,623

 

199,135

175,792

Related party balance is due by holding company DMC Nicol Limited. The balance is interest free and is repayable on demand.

 

Nicol Street Ltd

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

10,000

10,000

Trade creditors

 

22,697

32,370

Social security and other taxes

 

19,474

55,304

Accruals

 

3,750

15,917

Corporation tax

5,035

29,390

 

60,956

142,981

Due after one year

 

Loans and borrowings

11

18,475

27,828

10

Provisions for liabilities

2023

2022

£

£

Deferred tax

10,619

11,051

Deferred tax

£

Balance at

1 November 2022

11,051

Charge to profit & loss account during year

(432)

Balance at

31 October 2023

10,619

Deferred tax comprises accelerated capital allowances.

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

18,475

27,828

Current loans and borrowings

2023
£

2022
£

Other borrowings

10,000

10,000

The loan was obtained under the coronavirus bounce back loan scheme, no interest was charged for the first 12 months and thereafter is charged at 2½% pa. The loan is repayable over 6 years.

12

Dividends

Interim dividends paid

 

Nicol Street Ltd

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

   

2023
£

 

2022
£

Interim dividend of £- (2022 - £20,000) per £1 Ordinary share

 

-

 

40,000

         

13

Related party transactions

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mrs D M Mackay-Campbell

Directors loan

9,602

39,163

(26,400)

22,365

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Mrs D M Mackay-Campbell

Directors loan

6,653

32,949

(30,000)

9,602

14

Security

The company has granted a floating charge in favour of the Royal Bank of Scotland plc as security for its parent company's secured borrowings which were £374,915 at 31 October 2023 (2022 - £398,315).

15

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

2

2

2

2