Graham Nicol & Dow Ltd 31/12/2024 iXBRL

Company registration number: SC211337

Graham Nicol & Dow Ltd

Unaudited filleted financial statements

31 December 2024

Graham Nicol & Dow Ltd

Contents

Directors and other information

Accountant's report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Graham Nicol & Dow Ltd

Directors and other information


Directors	Mr Douglas Scott
	Mr Stephen Fitzpatrick	(Resigned 27 August 2024)
	Mr David McLellan	(Appointed 8 August 2024)


Company number	SC211337


Registered office	Stand F
	2/3 Blochairn Road
	Glasgow
	G21 2DU


Accountant	L Mayberry
	AccountsPlus Accountants
	Studio 51, Embroidery Mill
	Abbey Mill Business Centre
	Paisley
	PA1 1TJ

Graham Nicol & Dow Ltd

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Graham Nicol & Dow Ltd

Year ended 31 December 2024

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2024 which comprise the statement of financial position, statement of changes in equity and related notes.

You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.

L Mayberry

AFA

AccountsPlus Accountants

Studio 51, Embroidery Mill

Abbey Mill Business Centre

Paisley

PA1 1TJ

30 September 2025

Graham Nicol & Dow Ltd

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	5	55,921		62,134
Tangible assets	6	96,221		95,783
		_______		_______
			152,142		157,917

Current assets
Stocks		50,969		58,822
Debtors	7	817,027		783,152
Cash at bank and in hand		33,144		51,171
		_______		_______
		901,140		893,145
Creditors: amounts falling due
within one year	8	( 684,963)		( 619,753)
		_______		_______
Net current assets			216,177		273,392
			_______		_______
Total assets less current liabilities			368,319		431,309

Creditors: amounts falling due
after more than one year	9		13,417		-

Provisions for liabilities			( 19,557)		-

			_______		_______
Net assets			362,179		431,309
			_______		_______

Capital and reserves
Called up share capital			500		500
Profit and loss account			361,679		430,809
			_______		_______
Shareholder funds			362,179		431,309
			_______		_______

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr David McLellan

Director

Company registration number: SC211337

Graham Nicol & Dow Ltd

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 January 2023	500	502,062	502,562

Profit for the year		30,147	30,147
	_______	_______	_______
Total comprehensive income for the year	-	30,147	30,147

Dividends paid and payable		( 101,400)	( 101,400)
	_______	_______	_______
Total investments by and distributions to owners	-	( 101,400)	( 101,400)

	_______	_______	_______
At 31 December 2023 and 1 January 2024	500	430,809	431,309

Profit for the year		32,270	32,270
	_______	_______	_______
Total comprehensive income for the year	-	32,270	32,270

Dividends paid and payable		( 101,400)	( 101,400)
	_______	_______	_______
Total investments by and distributions to owners	-	( 101,400)	( 101,400)

	_______	_______	_______
At 31 December 2024	500	361,679	362,179
	_______	_______	_______

Graham Nicol & Dow Ltd

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stand F, 2/3 Blochairn Road, Glasgow, G21 2DU.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	10 %	reducing balance

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Improvements to property	-	25 %	reducing balance
Plant and machinery	-	25 %	reducing balance
Fittings fixtures and equipment	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 14 (2023: 13 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	397,500	397,500
	_______	_______
Amortisation
At 1 January 2024	335,366	335,366
Charge for the year	6,213	6,213
	_______	_______
At 31 December 2024	341,579	341,579
	_______	_______
Carrying amount
At 31 December 2024	55,921	55,921
	_______	_______
At 31 December 2023	62,134	62,134
	_______	_______

6. Tangible assets

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	81,106	206,942	63,370	87,385	438,803
Additions	-	-	2,510	30,000	32,510
	_______	_______	_______	_______	_______
At 31 December 2024	81,106	206,942	65,880	117,385	471,313
	_______	_______	_______	_______	_______
Depreciation
At 1 January 2024	77,680	147,152	59,438	58,749	343,019
Charge for the year	856	14,948	1,610	14,659	32,073
	_______	_______	_______	_______	_______
At 31 December 2024	78,536	162,100	61,048	73,408	375,092
	_______	_______	_______	_______	_______
Carrying amount
At 31 December 2024	2,570	44,842	4,832	43,977	96,221
	_______	_______	_______	_______	_______
At 31 December 2023	3,426	59,790	3,932	28,636	95,784
	_______	_______	_______	_______	_______

7. Debtors

	2024	2023
	£	£
Trade debtors	777,773	754,937
Other debtors	39,254	28,215
	_______	_______
	817,027	783,152
	_______	_______

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	56,435	81,868
Trade creditors	563,570	481,838
Corporation tax	15,706	18,837
Social security and other taxes	6,097	14,783
Other creditors	43,155	22,427
	_______	_______
	684,963	619,753
	_______	_______

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	( 13,417)	-
	_______	_______

10. Directors advances, credits and guarantees

	Balance brought forward and o/standing	Balance brought forward and o/standing
	2024	2023
	£	£
Mr Douglas Scott	44	44
	_______	_______