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Registered Number: SC628197
Scotland

 

 

 

NICOLSON PROPERTY LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 May 2023

End date: 30 April 2024
Directors Jean Nicolson
Lewis Nicolson
Andrew Nicolson
Registered Number SC628197
Registered Office Elmwood
Netherplace
Mauchline
Ayrshire
KA5 5SU
Accountants Turner Accountancy Ltd.
101 Park Street

Motherwell
ML1 1PF
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 30 April 2024.
Principal activities
Principal activity of the company during the financial year was that of property rental.
Directors
The directors who served the company throughout the year were as follows:
John Nicolson
Jean Nicolson
Lewis Nicolson
Andrew Nicolson
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Andrew Nicolson
Director

Date approved: 15 January 2025
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 376,935    376,935 
376,935    376,935 
Current assets      
Cash at bank and in hand 35,618    41,289 
Creditors: amount falling due within one year 4 (12,494)   (1,322)
Net current assets 23,124    39,967 
 
Total assets less current liabilities 400,059    416,902 
Creditors: amount falling due after more than one year 5 (439,611)   (450,011)
Net assets (39,552)   (33,109)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (39,652)   (33,209)
Shareholders' funds (39,552)   (33,109)
 


For the year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 15 January 2025 and were signed on its behalf by:


-------------------------------
Andrew Nicolson
Director
3
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 May 2022 100  (28,824) (28,724)
Profit for the year (4,385) (4,385)
Total comprehensive income for the year (4,385) (4,385)
Total investments by and distributions to owners
At 30 April 2023 100  (33,209) (33,109)
At 01 May 2023 100  (33,210) (33,110)
Profit for the year (6,442) (6,442)
Total comprehensive income for the year (6,442) (6,442)
Total investments by and distributions to owners
At 30 April 2024 100  (39,652) (39,552)
4
General Information
Nicolson Property Limited is a private company, limited by shares, registered in Scotland, registration number SC628197, registration address Elmwood, Netherplace, Mauchline, Ayrshire, KA5 5SU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors continue to support the business. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 0% Reducing Balance
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 4).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Total
  £   £
At 01 May 2023 376,935    376,935 
Additions  
Disposals  
At 30 April 2024 376,935    376,935 
Depreciation
At 01 May 2023  
Charge for year  
On disposals  
At 30 April 2024  
Net book values
Closing balance as at 30 April 2024 376,935    376,935 
Opening balance as at 01 May 2023 376,935    376,935 


4.

Creditors: amount falling due within one year

2024
£
  2023
£
Bank Loans & Overdrafts 11,207   
Accrued Expenses 1,287    1,322 
12,494    1,322 

5.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Mortgages 300,910    312,633 
Other Creditors 138,701    137,378 
439,611    450,011 

5