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Company No: SC751280 (Scotland)

R NICOLL LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 23 NOVEMBER 2022 TO 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

R NICOLL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 23 NOVEMBER 2022 TO 30 NOVEMBER 2023

Contents

R NICOLL LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2023
R NICOLL LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 30.11.2023
£
Fixed assets
Tangible assets 4 2,099,507
2,099,507
Current assets
Stocks 36,952
Debtors 5 186,281
Cash at bank and in hand 85,341
308,574
Creditors: amounts falling due within one year 6 ( 2,490,889)
Net current liabilities (2,182,315)
Total assets less current liabilities (82,808)
Net liabilities ( 82,808)
Capital and reserves
Called-up share capital 8 100
Profit and loss account ( 82,908 )
Total shareholders' deficit ( 82,808)

For the financial period ending 30 November 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 financial statements of R Nicoll Limited (registered number: SC751280) were approved and authorised for issue by the Director on 09 August 2024. They were signed on its behalf by:

Richard Robert Nicoll
Director
R NICOLL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 23 NOVEMBER 2022 TO 30 NOVEMBER 2023
R NICOLL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 23 NOVEMBER 2022 TO 30 NOVEMBER 2023
1. Accounting policies

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

General information and basis of accounting

R Nicoll 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 7 Queens Road, Aberdeen, AB15 4NR, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 net liabilities of £91,117. The directors considers it appropriate to prepare the accounts on a going concern basis. In coming to this conclusion he confirms that he will not seek repayment of his loan account and will support the company for at least twelve months from the approval of these financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for bar and restaurant related 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.

Employee benefits

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

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:

Land and buildings 50 years straight line
Plant and machinery 25 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Basic financial assets
Basic financial assets, which include cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price.

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.

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

Deferred tax provisions are recognised when the company has a present obligation 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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

Period from
23.11.2022 to
30.11.2023
Number
Monthly average number of persons employed by the Company during the period, including the director 41

4. Tangible assets

Land and buildings Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 23 November 2022 0 0 0 0
Additions 1,888,495 237,443 660 2,126,598
At 30 November 2023 1,888,495 237,443 660 2,126,598
Accumulated depreciation
At 23 November 2022 0 0 0 0
Charge for the financial period 17,061 10,018 12 27,091
At 30 November 2023 17,061 10,018 12 27,091
Net book value
At 30 November 2023 1,871,434 227,425 648 2,099,507

5. Debtors

30.11.2023
£
Deferred tax asset 27,636
Other debtors 158,645
186,281

6. Creditors: amounts falling due within one year

30.11.2023
£
Trade creditors 25,936
Amounts owed to related parties 2,397,458
Other taxation and social security 1,977
Other creditors 65,518
2,490,889

7. Deferred tax

30.11.2023
£
At the beginning of financial period 0
Credited to the Profit and Loss Account 27,636
At the end of financial period 27,636

8. Called-up share capital

30.11.2023
£
Allotted, called-up and fully-paid
75 A ordinary shares of £ 1.00 each 75
10 B ordinary shares of £ 1.00 each 10
5 C ordinary shares of £ 1.00 each 5
5 D ordinary shares of £ 1.00 each 5
5 E ordinary shares of £ 1.00 each 5
100