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Nicol & Andrew Limited

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

Registration number: 02307060

 

Nicol & Andrew Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Nicol & Andrew Limited

Company Information

Directors

Mr G T M Karlsson

Mr D S Sneddon

Registered office

28 Speed House
Barbican
London
EC2Y 8AT

Accountants

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

 

Nicol & Andrew Limited

Balance Sheet

31 October 2023

Note

31 October
2023
£

31 March
2023
£

Fixed assets

 

Tangible assets

4

254,318

268,191

Current assets

 

Stocks

5

43,387

30,000

Debtors

6

1,919,244

882,666

Cash at bank and in hand

 

139,974

1,160,621

 

2,102,605

2,073,287

Creditors: Amounts falling due within one year

7

(923,040)

(815,874)

Net current assets

 

1,179,565

1,257,413

Total assets less current liabilities

 

1,433,883

1,525,604

Provisions for liabilities

(25,893)

(45,104)

Net assets

 

1,407,990

1,480,500

Capital and reserves

 

Called up share capital

8

92,593

92,593

Profit and loss account

1,315,397

1,387,907

Shareholders' funds

 

1,407,990

1,480,500

 

Nicol & Andrew 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: 02307060

 

Nicol & Andrew 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:
28 Speed House
Barbican
London
EC2Y 8AT
England

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 in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

 

Nicol & Andrew 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 £254,318 (March 2023: 268,191).

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 amount is £43,387 (March 2023: 30,000).

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 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

15% reducing balance

Motor Vehicles

15% reducing balance

Furniture, Fittings and Equipment

15% reducing balance

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 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 27 (2023 - 27).

 

Nicol & Andrew 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

18,724

119,493

1,423,664

1,561,881

Additions

3,097

-

-

3,097

Disposals

-

(3,250)

-

(3,250)

At 31 October 2023

21,821

116,243

1,423,664

1,561,728

Depreciation

At 1 April 2023

13,505

94,655

1,185,528

1,293,688

Charge for the period

521

1,240

14,885

16,646

Eliminated on disposal

-

(2,924)

-

(2,924)

At 31 October 2023

14,026

92,971

1,200,413

1,307,410

Carrying amount

At 31 October 2023

7,795

23,272

223,251

254,318

At 31 March 2023

5,217

24,839

238,135

268,191

5

Stocks

31 October
2023
£

31 March
2023
£

Stock

43,387

30,000

6

Debtors

31 October
2023
£

31 March
2023
£

Trade debtors

577,026

535,931

Amounts owed by group undertakings

1,161,881

312,928

Prepayments

102,201

26,014

Other debtors

78,136

7,793

1,919,244

882,666

 

Nicol & Andrew 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

44,093

79,995

Amounts owed to group undertakings

631,594

552,498

Corporation tax

59,929

39,312

Taxation and social security

153,127

109,733

Other creditors

7,692

7,736

Accruals and deferred income

26,605

26,600

923,040

815,874

8

Share capital

Allotted, called up and fully paid shares

 

31 October
2023

31 March
2023

 

No.

£

No.

£

Ordinary of £1 each

83,334

83,334

83,334

83,334

Ordinary B of £1 each

9,259

9,259

9,259

9,259

 

92,593

92,593

92,593

92,593

9

Related party transactions

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with other wholly owned members of the group.

10

Related party transactions

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with other wholly owned members of the group.

 

Nicol & Andrew Limited

Notes to the Unaudited Financial Statements

Period from 1 April 2023 to 31 October 2023

11

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.

 

 

Nicol & Andrew Limited

Notes to the Unaudited Financial Statements

Period from 1 April 2023 to 31 October 2023

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 and Wales.

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