Period from 1 April 2023 to
Registration number:
Nicol & Andrew (MSPE) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Nicol & Andrew (MSPE) Limited
Company Information
Directors |
Mr G T M Karlsson Mr D S Sneddon |
Registered office |
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Accountants |
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Nicol & Andrew (MSPE) Limited
Balance Sheet
31 October 2023
Note |
31 October |
31 March |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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:
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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
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Company Registration Number: SC261322
Nicol & Andrew (MSPE) Limited
Notes to the Unaudited Financial Statements
Period from 1 April 2023 to 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Scotland
These financial statements were authorised for issue by the
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
• 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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Nicol & Andrew (MSPE) Limited
Notes to the Unaudited Financial Statements
Period from 1 April 2023 to 31 October 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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At 31 October 2023 |
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Depreciation |
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At 1 April 2023 |
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Charge for the period |
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At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
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At 31 March 2023 |
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Stocks |
31 October |
31 March |
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Stock |
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Debtors |
31 October |
31 March |
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Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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Nicol & Andrew (MSPE) Limited
Notes to the Unaudited Financial Statements
Period from 1 April 2023 to 31 October 2023
Creditors |
Creditors: amounts falling due within one year
31 October |
31 March |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax |
41,500 |
41,500 |
Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
31 October |
31 March |
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No. |
£ |
No. |
£ |
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20,000 |
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20,000 |
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
Relationship between entity and parents
The parent of the smallest group in which these financial statements are consolidated is
The address of Leviathan Newco 3 Limited is: