Nicol & Andrew (MSPE) Limited SC261322 false 2023-04-01 2023-10-31 2023-10-31 The principal activity of the company is protective coating and refurbishment of customer equipment which is exposed to weather and high wear environments. Digita Accounts Production Advanced 6.30.9574.0 true false SC261322 2023-04-01 2023-10-31 SC261322 2023-10-31 SC261322 bus:OrdinaryShareClass1 2023-10-31 SC261322 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC261322 core:ShareCapital 2023-10-31 SC261322 core:CurrentFinancialInstruments 2023-10-31 SC261322 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 SC261322 core:FurnitureFittingsToolsEquipment 2023-10-31 SC261322 core:MotorVehicles 2023-10-31 SC261322 core:OtherPropertyPlantEquipment 2023-10-31 SC261322 bus:SmallEntities 2023-04-01 2023-10-31 SC261322 bus:AuditExemptWithAccountantsReport 2023-04-01 2023-10-31 SC261322 bus:FullAccounts 2023-04-01 2023-10-31 SC261322 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2023-10-31 SC261322 bus:RegisteredOffice 2023-04-01 2023-10-31 SC261322 bus:Director1 2023-04-01 2023-10-31 SC261322 bus:Director2 2023-04-01 2023-10-31 SC261322 bus:OrdinaryShareClass1 2023-04-01 2023-10-31 SC261322 bus:PrivateLimitedCompanyLtd 2023-04-01 2023-10-31 SC261322 core:FurnitureFittingsToolsEquipment 2023-04-01 2023-10-31 SC261322 core:MotorVehicles 2023-04-01 2023-10-31 SC261322 core:OtherPropertyPlantEquipment 2023-04-01 2023-10-31 SC261322 core:PlantMachinery 2023-04-01 2023-10-31 SC261322 1 2023-04-01 2023-10-31 SC261322 countries:AllCountries 2023-04-01 2023-10-31 SC261322 countries:EnglandWales 2023-04-01 2023-10-31 SC261322 2023-03-31 SC261322 core:FurnitureFittingsToolsEquipment 2023-03-31 SC261322 core:MotorVehicles 2023-03-31 SC261322 core:OtherPropertyPlantEquipment 2023-03-31 SC261322 2022-04-01 2023-03-31 SC261322 2023-03-31 SC261322 bus:OrdinaryShareClass1 2023-03-31 SC261322 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC261322 core:ShareCapital 2023-03-31 SC261322 core:CurrentFinancialInstruments 2023-03-31 SC261322 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC261322 core:FurnitureFittingsToolsEquipment 2023-03-31 SC261322 core:MotorVehicles 2023-03-31 SC261322 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Nicol & Andrew (MSPE) Limited

Annual Report and Unaudited Financial Statements
Period from 1 April 2023 to 31 October 2023

Registration number: SC261322

 

Nicol & Andrew (MSPE) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Nicol & Andrew (MSPE) Limited

Company Information

Directors

Mr G T M Karlsson

Mr D S Sneddon

Registered office

170 Brand Street
Glasgow
G51 1DH

Accountants

Francis Clark LLP
Chartered Accountants
Ground Floor
90 Victoria Street
Bristol
BS1 6DP

 

Nicol & Andrew (MSPE) Limited

Balance Sheet

31 October 2023

Note

31 October
2023
£

31 March
2023
£

Fixed assets

 

Tangible assets

4

64,119

44,784

Current assets

 

Stocks

5

126,298

67,632

Debtors

6

1,053,378

804,033

Cash at bank and in hand

 

158,905

314,831

 

1,338,581

1,186,496

Creditors: Amounts falling due within one year

7

(284,011)

(201,304)

Net current assets

 

1,054,570

985,192

Total assets less current liabilities

 

1,118,689

1,029,976

Provisions for liabilities

(13,522)

(6,636)

Net assets

 

1,105,167

1,023,340

Capital and reserves

 

Called up share capital

8

20,000

20,000

Profit and loss account

1,085,167

1,003,340

Shareholders' funds

 

1,105,167

1,023,340

 

Nicol & Andrew (MSPE) Limited

Balance Sheet

31 October 2023

For the financial period 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 members have not required the company to obtain an audit of its accounts for the period 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 

.........................................
Mr D S Sneddon
Director

Company Registration Number: SC261322

 

Nicol & Andrew (MSPE) Limited

Notes to the Unaudited Financial Statements

Period from 1 April 2023 to 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
170 Brand Street
Glasgow
G51 1DH
Scotland

These financial statements were authorised for issue by the Board on 29 October 2024.

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.

 

Nicol & Andrew (MSPE) Limited

Notes to the Unaudited Financial Statements

Period from 1 April 2023 to 31 October 2023

Key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate where the revision affects only that period, or in the period of the revision and future periods where the revision reflects both current and future periods.

Determining whether there are indicators of impairment of the company's tangible assets. Tangible fixed assets are depreciated over their useful life taking into account residual values, where appropriate. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. The carrying amount is £64,119 (March 2023: 44,784).

Determining whether stock is held at the correct value by ensuring it is stated at the lower of cost or net realisable value, the estimate being the selling price less costs to complete and sell. Stock is assessed for impairment and potential provision is estimated. Management undertake regular stocktakes and review the ageing and selling profile of the stock. The carrying value is £126,298 (March 2023: 67,632).

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 after eliminating sales within the company.

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

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 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

 

Nicol & Andrew (MSPE) Limited

Notes to the Unaudited Financial Statements

Period from 1 April 2023 to 31 October 2023

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

Plant and Machinery

10% straight line

Motor Vehicles

10% straight line

Furniture, Fittings and Equipment

33% reducing balance

Intangible assets

Intangible fixed assets are measured at cost less accumulative amortisation and any accumuluative impairment losses.

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 stocks 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.

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.

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.

 

Nicol & Andrew (MSPE) Limited

Notes to the Unaudited Financial Statements

Period from 1 April 2023 to 31 October 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 17 (2023 - 16).

 

Nicol & Andrew (MSPE) Limited

Notes to the Unaudited Financial Statements

Period from 1 April 2023 to 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

3,035

43,960

655,005

702,000

Additions

-

-

44,815

44,815

At 31 October 2023

3,035

43,960

699,820

746,815

Depreciation

At 1 April 2023

2,152

39,397

615,668

657,217

Charge for the period

121

1,083

24,275

25,479

At 31 October 2023

2,273

40,480

639,943

682,696

Carrying amount

At 31 October 2023

762

3,480

59,877

64,119

At 31 March 2023

883

4,564

39,337

44,784

5

Stocks

31 October
2023
£

31 March
2023
£

Stock

126,298

67,632

6

Debtors

31 October
2023
£

31 March
2023
£

Trade debtors

186,963

275,806

Amounts owed by group undertakings

861,494

527,660

Prepayments

567

567

Other debtors

4,354

-

1,053,378

804,033

 

Nicol & Andrew (MSPE) Limited

Notes to the Unaudited Financial Statements

Period from 1 April 2023 to 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

31 October
2023
£

31 March
2023
£

Due within one year

Trade creditors

135,504

71,477

Amounts owed to group undertakings

25,620

25,619

Corporation tax

41,500

41,500

Taxation and social security

60,627

42,005

Other creditors

2,264

2,205

Accruals and deferred income

18,496

18,498

284,011

201,304

8

Share capital

Allotted, called up and fully paid shares

 

31 October
2023

31 March
2023

 

No.

£

No.

£

Ordinary of £1 each

20,000

20,000

20,000

20,000

         

9

Parent and ultimate parent undertaking

The company's immediate parent is Nicol & Andrew Holdings Limited, incorporated in England & Wales.

 The ultimate parent is Leviathan Engineering Limited, incorporated in England & Wales.

 

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is Leviathan Newco 3 Limited, incorporated in England & Wales.

The address of Leviathan Newco 3 Limited is:
28 Speed House, Barbican, London, England, EC2Y 8AT