Registered number
03823043
A Nicoll & Son Limited
Filleted Accounts
31 March 2024
A Nicoll & Son Limited
Registered number: 03823043
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 13,753 33,950
Current assets
Stocks 13,761 25,100
Debtors 5 86,979 63,723
Cash at bank and in hand 158,520 168,321
259,260 257,144
Creditors: amounts falling due within one year 6 (39,415) (54,430)
Net current assets 219,845 202,714
Net assets 233,598 236,664
Capital and reserves
Called up share capital 100 100
Profit and loss account 233,498 236,564
Shareholders' funds 233,598 236,664
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A N Nicoll
Director
Approved by the board on 11 November 2024
A Nicoll & Son Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 30 35
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 1,750
Disposals (1,750)
At 31 March 2024 -
Amortisation
At 1 April 2023 1,750
On disposals (1,750)
At 31 March 2024 -
Net book value
At 31 March 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 - 37,140 74,954 112,094
Disposals (4,001) (32,389) (51,459) (87,849)
At 31 March 2024 (4,001) 4,751 23,495 24,245
Depreciation
At 1 April 2023 - 33,805 44,339 78,144
Charge for the year - 188 3,392 3,580
On disposals (4,001) (29,430) (37,801) (71,232)
At 31 March 2024 (4,001) 4,563 9,930 10,492
Net book value
At 31 March 2024 - 188 13,565 13,753
At 31 March 2023 - 3,335 30,615 33,950
5 Debtors 2024 2023
£ £
Trade debtors 18,574 43,660
Other debtors 68,405 20,063
86,979 63,723
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 12,476 8,846
Taxation and social security costs 16,125 35,356
Directors current accounts 7,303 7,516
Other creditors 3,511 2,712
39,415 54,430
7 Other information
A Nicoll & Son Limited is a private company limited by shares and incorporated in England. Its registered office is:
c/o Broughton Lambert
Boundary Enterprise Park, Boundary Lane
South Hykeham
Lincoln
LN6 9NQ
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