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Registration number: 08420183

R S Nicoll Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2025

R S Nicoll Ltd

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 9

R S Nicoll Ltd

Company Information

Director | Mrs Ruth Suzanne Phillips

Registered office | 6 Trenwith Gardens Pen-an-Gwel St Ives Cornwall TR26 1FA

Accountants | D.J. Reynolds & Co. 15 Alverton Street Penzance Cornwall TR18 2QP

R S Nicoll Ltd

(Registration number: 08420183)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 19,141 | 21,133
Current assets |  |  |
Stocks | 5 | 108,436 | 105,178
Debtors | 6 | 8,394 | 280
Cash at bank and in hand |  | - | 3,092
|  | 116,830 | 108,550
Creditors: Amounts falling due within one year | 7 | (81,835) | (59,693)
Net current assets |  | 34,995 | 48,857
Total assets less current liabilities |  | 54,136 | 69,990
Creditors: Amounts falling due after more than one year | 7 | (23,758) | (29,148)
Provisions for liabilities |  | (4,136) | (3,909)
Net assets |  | 26,242 | 36,933
Capital and reserves |  |  |
Called up share capital | 8 | 106 | 106
Retained earnings |  | 26,136 | 36,827
Shareholders' funds |  | 26,242 | 36,933

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges her responsibilities for complying with the requirements of the Act 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 October 2025

......................................... Mrs Ruth Suzanne Phillips Director

R S Nicoll Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Trenwith Gardens
Pen-an-Gwel
St Ives
Cornwall
TR26 1FA

These financial statements were authorised for issue by the director on 6 October 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency in these financial statements is pounds sterling £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

R S Nicoll Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Improvements to property | Over the period of the lease
Fixtures and Fittings | 15% on reducing balance
Motor Vehicles | 20% on reducing balance
Computer Equipment | 25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

R S Nicoll Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the lease term, unless the payments to the lessor are structured to increase in line with expected general inflation (as measured by published indices or statistics), in which case the company recognises annual rent expense equal to the amounts owed to the lessor for the year.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2024 - 7).

R S Nicoll Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 April 2024 | 18,686 | 50,300 | 3,436 | 72,422
Additions | - | 1,082 | - | 1,082
At 31 March 2025 | 18,686 | 51,382 | 3,436 | 73,504
Depreciation
At 1 April 2024 | 14,805 | 33,223 | 3,261 | 51,289
Charge for the year | 431 | 2,608 | 35 | 3,074
At 31 March 2025 | 15,236 | 35,831 | 3,296 | 54,363
Carrying amount
At 31 March 2025 | 3,450 | 15,551 | 140 | 19,141
At 31 March 2024 | 3,881 | 17,077 | 175 | 21,133

Included within the net book value of land and buildings above is £3,450 (2024 - £3,881) in respect of short leasehold land and buildings.

5 | Stocks

| 2025 £ | 2024 £
Other inventories | 108,436 | 105,178

6 | Debtors

Current | 2025 £ | 2024 £
Prepayments | - | 260
Other debtors | 8,394 | 20
| 8,394 | 280

R S Nicoll Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | 33,543 | 6,218
Taxation and social security |  | 29,247 | 34,854
Accruals and deferred income |  | 2,848 | 3,092
Other creditors |  | 16,197 | 14,828
Director's current account |  | - | 701
|  | 81,835 | 59,693

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 9 | 23,758 | 29,148

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A of £1 each | 100 | 100 | 100 | 100
Ordinary B of £1 each | 6 | 6 | 6 | 6
| 106 | 106 | 106 | 106

9 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 23,758 | 29,148

R S Nicoll Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 23,126 | 6,218
Bank overdrafts | 10,417 | -
| 33,543 | 6,218

Bank borrowings

Small Business Fixed Rate Loan is denominated in Pounds sterling £ with a nominal interest rate of 10.65%%, and the final instalment is due on 10 January 2026. The carrying amount at year end is £16,908 (2024 - £Nil). The loan is secured only by a persoanl guarantee of the director.

10 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 43,473 | 30,000
Later than one year and not later than five years | 156,000 | 154,000
Later than five years | 96,000 | 96,000
| 295,473 | 280,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £56,411 (2024 - £29,000).

11 | Related party transactions

Transactions with the director

2025 | At 1 April 2024 £ | Advances to director £ | Repayments by director £ | At 31 March 2025 £
Mrs Ruth Suzanne Phillips
Interest-free loan, repayable on demand | 701 | (61,051) | 51,956 | (8,394)

R S Nicoll Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

2024 | At 1 April 2023 £ | Advances to director £ | Repayments by director £ | At 31 March 2024 £
Mrs Ruth Suzanne Phillips
Interest-free loan, repayable on demand | 3,527 | (84,036) | 81,210 | 701