J & J Nichol Limited


Directors	NICHOL, Jared John
	NICHOL, John


Registered Address	J & J Nichol Limited
	Willowholme Industrial Estate
	Carlisle
	CA2 5RT


Registered Number	08431389 (England and Wales)

Notes to the Financial Statements
for the year ended 31 January 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. 

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

 Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of financial position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	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
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The asset's residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The asset's residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income.

Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Plant and machinery	10
	Vehicles	25

	Finance leases and hire purchase contracts
	Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term. Where the company is a lessor rental income from operating leases is credited to the Income Statement on a straight line basis over the lease term.

Finance leases and hire purchase contracts

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. 

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term. 

Where the company is a lessor rental income from operating leases is credited to the Income Statement on a straight line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	28		28

3.	Tangible fixed assets

	Plant & machinery	Vehicles	Total
	£	£	£
Cost or valuation
At 01 February 24	548,025	387,007	935,032
Additions	12,095	-	12,095
At 31 January 25	560,120	387,007	947,127
Depreciation and impairment
At 01 February 24	241,840	83,929	325,769
Charge for year	31,311	75,770	107,081
At 31 January 25	273,151	159,699	432,850
Net book value
At 31 January 25	286,969	227,308	514,277
At 31 January 24	306,185	303,078	609,263

4.	Stocks

	2025	2024
	£	£
Raw materials and consumables	110,000	20,000
Total	110,000	20,000

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	128,597	117,794
Other debtors	215,506	223,406
Prepayments and accrued income	106,761	56,762
Total	450,864	397,962

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	453,483	547,351
Taxation and social security	19,733	20,244
Finance lease and HP contracts	-	5,991
Other creditors	12,908	2,763
Accrued liabilities and deferred income	6,082	5,656
Total	492,206	582,005


	Finance leases and HP contracts are secured upon the assets to which they relate.

7.	Provisions for liabilities
	The provision for deferred tax is made up of £128,000 (2024 - £152,000) in respect of accelerated capital allowances less £Nil (2024 - £19,000) in respect of carried forward losses.

	2025	2024
	£	£
Net deferred tax liability (asset)	128,000	133,000
Total	128,000	133,000

8.	Pension commitments
	The pension cost charge represents contributions payable by the company to the fund and amounted to £45,835 (2024 - £48,610). The directors pension cost charge represents contributions payable by the company to the fund and amounted to £10,000 (2024 - £148,000)

9.	Directors advances, credits and guarantees
	At 1 February 2024, a director owed the company £27,534. During the year the director was advanced £11,250 and repaid £27,534. At 31 January 2025 this director was owed £11,250 from the Company. No interest was charged on this loan, it is unsecured and repayable on demand.

10.	Related party transactions
	During the year the company occupied premises owned personally by a director rent free (2024 - same). At the balance sheet date the company was owed £Nil (2024 - £5,991) by a shareholder owning a participating interest. The loan is unsecured, interest free and repayable on demand.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		514,277		609,263
			514,277		609,263
Current assets
Stocks	4	110,000		20,000
Debtors	5	450,864		397,962
Cash at bank and on hand		292,378		475,153
		853,242		893,115
Creditors amounts falling due within one year	6	(492,206)		(582,005)
Net current assets (liabilities)			361,036		311,110
Total assets less current liabilities			875,313		920,373
Provisions for liabilities	7		(128,000)		(133,000)
Net assets			747,313		787,373
Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			746,313		786,373
Shareholders' funds			747,313		787,373