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REGISTRAR OF COMPANIES

Registration number: SC228686

William Nichol Limited

Unaudited Financial Statements

31 January 2024

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William Nichol Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
William Nichol Limited
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of William Nichol Limited for the year ended 31 January 2024 as set out on pages 2 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of William Nichol Limited, as a body, in accordance with the terms of our engagement letter dated 13 April 2023. Our work has been undertaken solely to prepare for your approval the accounts of William Nichol Limited and state those matters that we have agreed to state to the Board of Directors of William Nichol Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than William Nichol Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that William Nichol 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 profit of William Nichol Limited. You consider that William Nichol 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 William Nichol 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.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

31 May 2024

 

William Nichol Limited

(Registration number: SC228686)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,550,359

1,631,627

Current assets

 

Stocks

5,843

5,565

Debtors

5

439,193

385,787

Cash at bank and in hand

 

2,268,222

1,676,423

 

2,713,258

2,067,775

Creditors: Amounts falling due within one year

6

(610,785)

(390,577)

Net current assets

 

2,102,473

1,677,198

Total assets less current liabilities

 

3,652,832

3,308,825

Provisions for liabilities

(308,165)

(221,677)

Net assets

 

3,344,667

3,087,148

Capital and reserves

 

Allotted, called up and fully paid share capital

100

1

Profit and loss account

3,344,567

3,087,147

Total equity

 

3,344,667

3,087,148

 

William Nichol Limited

(Registration number: SC228686)
Balance Sheet as at 31 January 2024 (continued)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 May 2024 and signed on its behalf by:
 

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

W Nichol

Director

 

William Nichol Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Halleaths
Lochmaben
LOCKERBIE
DG11 1LS

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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 income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

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.

 

William Nichol Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

10% reducing balance basis

Plant and equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

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 the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

 

William Nichol Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

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.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does 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 directors) during the year, was 28 (2023 - 36).

 

William Nichol Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

21,208

109,319

6,409,601

6,540,128

Additions

-

159,056

270,290

429,346

Disposals

-

-

(522,540)

(522,540)

At 31 January 2024

21,208

268,375

6,157,351

6,446,934

Depreciation

At 1 February 2023

14,553

87,462

4,806,486

4,908,501

Charge for the year

666

29,147

392,438

422,251

Eliminated on disposal

-

-

(434,177)

(434,177)

At 31 January 2024

15,219

116,609

4,764,747

4,896,575

Carrying amount

At 31 January 2024

5,989

151,766

1,392,604

1,550,359

At 31 January 2023

6,655

21,857

1,603,115

1,631,627

5

Debtors

2024
£

2023
£

Trade debtors

432,798

360,174

Other debtors

6,395

25,613

439,193

385,787

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

1,609

-

Trade creditors

 

344,811

308,259

Taxation and social security

 

126,870

37,756

Corporation tax liability

 

103,459

7,342

Other creditors

 

34,036

37,220

 

610,785

390,577

 

William Nichol Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

1,609

-

8

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 January 2024
£

W Nichol

Loan

5,566

7,074

(11,780)

-

(906)

46

-

               
         

 

2023

At 1 February 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 January 2023
£

W Nichol

Loan

-

8,717

(3,151)

-

-

-

5,566

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at 2% up until March 2023 and 2.25% thereafter on advances to directors.