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REGISTERED NUMBER: SC066633















MACLEAN MAIR NICOLSON & CO. LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025






MACLEAN MAIR NICOLSON & CO. LIMITED (REGISTERED NUMBER: SC066633)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025




Page

Balance Sheet 1

Notes to the Financial Statements 3


MACLEAN MAIR NICOLSON & CO. LIMITED (REGISTERED NUMBER: SC066633)

BALANCE SHEET
31 JANUARY 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 395,573 377,135

CURRENT ASSETS
Stocks 213,465 238,758
Debtors 5 98,695 85,144
Cash at bank and in hand 100,340 112,298
412,500 436,200
CREDITORS
Amounts falling due within one year 6 239,396 235,944
NET CURRENT ASSETS 173,104 200,256
TOTAL ASSETS LESS CURRENT
LIABILITIES

568,677

577,391

CREDITORS
Amounts falling due after more than one
year

7

(21,762

)

(14,898

)

PROVISIONS FOR LIABILITIES (5,974 ) (6,712 )
NET ASSETS 540,941 555,781

CAPITAL AND RESERVES
Called up share capital 2,200 2,200
Fair value reserve 174,331 177,135
Capital redemption reserve 1,100 1,100
Retained earnings 363,310 375,346
SHAREHOLDERS' FUNDS 540,941 555,781

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MACLEAN MAIR NICOLSON & CO. LIMITED (REGISTERED NUMBER: SC066633)

BALANCE SHEET - continued
31 JANUARY 2025


The 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:





P Maclean - Director


MACLEAN MAIR NICOLSON & CO. LIMITED (REGISTERED NUMBER: SC066633)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1. STATUTORY INFORMATION

MacLean Mair Nicolson & Co. Limited is a private company, limited by shares, registered in Scotland. The company's registered office address is 35 Cromwell Street, Stornoway, Isle of Lewis, HS1 2DD.
The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There have been no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Tangible fixed assets, with the exception of heritable property, are stated at cost less accumulated depreciation and accumulated impairment losses.

Heritable property is carried at its revalued amount, being fair value at the date of valuation less any subsequent depreciation and impairment losses. Revaluations are performed by professionally qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.
Any revaluation increase in the carrying amount of heritable property is recognised in other comprehensive income and included in a non-distributable reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit and loss account, in which case the increase is credited to profit or loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against the non-distributable reserve in equity: decreases exceeding the balance in non-distributable reserve relating to an asset are recognised in the profit and loss account. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in the profit or loss account and depreciation based on the asset's original cost is transferred from the non-distributable reserve to retained earnings.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks
Stocks are valued at the lower of cost and estimated selling price less cost to sell.

MACLEAN MAIR NICOLSON & CO. LIMITED (REGISTERED NUMBER: SC066633)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from banks and other third parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pensions
The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss account in the period to which they relate.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

MACLEAN MAIR NICOLSON & CO. LIMITED (REGISTERED NUMBER: SC066633)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

2. ACCOUNTING POLICIES - continued

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.
The directors consider there are no such significant judgements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2024 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 February 2024 370,000 276,733 646,733
Additions - 63,945 63,945
Disposals - (62,473 ) (62,473 )
At 31 January 2025 370,000 278,205 648,205
DEPRECIATION
At 1 February 2024 37,200 232,398 269,598
Charge for year 6,200 21,659 27,859
Eliminated on disposal - (44,825 ) (44,825 )
At 31 January 2025 43,400 209,232 252,632
NET BOOK VALUE
At 31 January 2025 326,600 68,973 395,573
At 31 January 2024 332,800 44,335 377,135

Cost or valuation at 31 January 2025 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2018 93,909 - 93,909
Valuation in 2022 10,000 - 10,000
Cost 266,091 278,205 544,296
370,000 278,205 648,205

If heritable property had not been revalued it would have been included at the following historical cost:

2025 2024
£    £   
Cost 266,091 266,091
Aggregate depreciation 121,511 116,189

MACLEAN MAIR NICOLSON & CO. LIMITED (REGISTERED NUMBER: SC066633)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

4. TANGIBLE FIXED ASSETS - continued

The fair value of the property at 31 January 2025 has been arrived at on the basis of valuations carried out on 13 February 2018 and 27 April 2022 by Torrance Partnership, Chartered Surveyors, who are professionally qualified valuers. The Directors, who are not professional valuers, are of the opinion that these valuations continue to be appropriate as at 31 January 2025.

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 February 2024 23,383
Additions 63,100
At 31 January 2025 86,483
DEPRECIATION
At 1 February 2024 5,845
Charge for year 20,159
At 31 January 2025 26,004
NET BOOK VALUE
At 31 January 2025 60,479
At 31 January 2024 17,538

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 89,061 81,548
Other debtors 9,634 3,596
98,695 85,144

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts 74,992 59,079
Finance leases 12,468 4,158
Trade creditors 102,120 118,384
Taxation and social security 37,492 42,145
Other creditors 12,324 12,178
239,396 235,944

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2025 2024
£    £   
Finance leases 21,762 14,898

MACLEAN MAIR NICOLSON & CO. LIMITED (REGISTERED NUMBER: SC066633)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

8. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Bank overdrafts 74,992 59,079
Finance leases 34,230 19,056
109,222 78,135

Bank borrowings are secured by a bond and floating charge over the company's assets.
Finance lease agreements are secured against the assets to which the specific agreements relate.