Company registration number SC575078 (Scotland)
NC (Scotland) Limited
Unaudited financial statements
for the year ended 31 August 2024
Pages for filing with registrar
NC (Scotland) Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of NC (Scotland) Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NC (Scotland) Limited for the year ended 31 August 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of NC (Scotland) Limited, as a body, in accordance with the terms of our engagement letter dated 29 May 2020. Our work has been undertaken solely to prepare for your approval the financial statements of NC (Scotland) Limited and state those matters that we have agreed to state to the board of directors of NC (Scotland) Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NC (Scotland) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that NC (Scotland) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of NC (Scotland) Limited. You consider that NC (Scotland) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of NC (Scotland) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
20 May 2025
NC (Scotland) Limited
Statement of financial position
as at 31 August 2024
31 August 2024
2
2024
2023
Notes
£
£
£
£
Current assets
Stocks
25,000
54,000
Creditors: amounts falling due within one year
(4,893)
(48,040)
Net current assets
20,107
5,960
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
20,007
5,860
Total equity
20,107
5,960
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
Fenella Ross
Director
Company registration number SC575078 (Scotland)
NC (Scotland) Limited
Notes to the financial statements
for the year ended 31 August 2024
3
1
Accounting policies
Company information
NC (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is Ingleside, 483 North Deeside Road, Cults, Aberdeen, AB15 9ES.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
1.3
Stocks
Livestock are stated at the lower of cost, including cost of keep, or net realisable value.
1.4
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
NC (Scotland) Limited
Notes to the financial statements (continued)
for the year ended 31 August 2024
4
3
Directors' transactions
At 31st August 2024 £342 (2023 - £342) was owed by the company to the directors. The loan is interest free and repayable on demand.