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Nicol & Andrew (MSPE) Limited
Annual Report and Unaudited Financial Statements
Year Ended 31 March 2025

Registration number: SC261322

Nicol & Andrew (MSPE) Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 10

Nicol & Andrew (MSPE) Limited

Company Information

Directors | Mr G T M Karlsson Mr D S Sneddon

Registered office | 170 Brand Street Glasgow G51 1DH

Accountants | Francis Clark LLP Chartered AccountantsGround floor 90 Victoria Street Bristol BS1 6DP

Nicol & Andrew (MSPE) Limited

Balance Sheet

31 March 2025

| Note | 31 March 2025 £ | 31 March 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 68,499 | 77,076
Current assets |  |  |
Stocks | 5 | 54,014 | 187,846
Debtors | 6 | 280,931 | 1,165,645
Cash at bank and in hand |  | 1,019 | 61,312
|  | 335,964 | 1,414,803
Creditors: Amounts falling due within one year | 7 | (263,809) | (283,274)
Net current assets |  | 72,155 | 1,131,529
Total assets less current liabilities |  | 140,654 | 1,208,605
Provisions for liabilities |  | (14,646) | (16,574)
Net assets |  | 126,008 | 1,192,031
Capital and reserves |  |  |
Called up share capital | 8 | 20,000 | 20,000
Profit and loss account |  | 106,008 | 1,172,031
Shareholders' funds |  | 126,008 | 1,192,031

Nicol & Andrew (MSPE) Limited

Balance Sheet

31 March 2025

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.

Directors' 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 directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 October 2025 and signed on its behalf by:

......................................... Mr D S Sneddon Director

Company Registration Number: SC261322

Nicol & Andrew (MSPE) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
170 Brand Street
Glasgow
G51 1DH
Scotland

These financial statements were authorised for issue by the Board on 27 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The directors consider the prospects of the Company to be strong for the next 12 months with a stable order book and strengthening relationships with key customers. Improvement actions and synergies within the Leviathan Engineering Group further underpin this confidence.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Nicol & Andrew (MSPE) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

Adjusting events after the financial period

After the year end the parent and rest of the group of which Nicol and Andrew (MSPE) Limited was a part of went into administration. All balances due to or from the group have been written off in the P&L in the current year.

Key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate where the revision affects only that period, or in the period of the revision and future periods where the revision reflects both current and future periods.
Determining whether there are indicators of impairment of the company's tangible assets. Tangible fixed assets are depreciated over their useful life taking into account residual values, where appropriate. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. The carrying amount is £68,499 (2024: £77,076).

Determining whether stock is held at the correct value by ensuring it is stated at the lower of cost or net realisable value, the estimate being the selling price less costs to complete and sell. Stock is assessed for impairment and potential provision is estimated. Management undertake regular stocktakes and review the ageing and selling profile of the stock. The carrying amount is £54,014 (2024: £187,846).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services to external customers in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company. Turnover is recognised when the goods or services have been delivered to the customer.

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 corporation 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.

Nicol & Andrew (MSPE) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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
Plant and Machinery | 10% straight line
Motor vehicles | 10% straight line
Furniture, fittings and equipment | 33% reducing balance

Intangible assets

Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the olbigation can be estimated reliably.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Nicol & Andrew (MSPE) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

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.

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2024 - 19).

Nicol & Andrew (MSPE) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

4 | Tangible assets

| Furniture, fittings and equipment £ | Motor vehicles £ | Plant and machinery £ | Total £
Cost or valuation
At 1 April 2024 | 3,457 | 43,960 | 723,427 | 770,844
Additions | 3,971 | - | - | 3,971
At 31 March 2025 | 7,428 | 43,960 | 723,427 | 774,815
Depreciation
At 1 April 2024 | 2,511 | 41,563 | 649,694 | 693,768
Charge for the year | 1,623 | 600 | 10,325 | 12,548
At 31 March 2025 | 4,134 | 42,163 | 660,019 | 706,316
Carrying amount
At 31 March 2025 | 3,294 | 1,797 | 63,408 | 68,499
At 31 March 2024 | 946 | 2,397 | 73,733 | 77,076

5 | Stocks

| 31 March 2025 £ | 31 March 2024 £
Other inventories | 54,014 | 187,846

6 | Debtors

| 31 March 2025 £ | 31 March 2024 £
Trade debtors | 277,598 | 262,793
Amounts owed by group undertakings | - | 896,114
Prepayments | 3,333 | 6,738
| 280,931 | 1,165,645

Nicol & Andrew (MSPE) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

7 | Creditors

Creditors: amounts falling due within one year

| Note | 31 March 2025 £ | 31 March 2024 £
Due within one year |  |  |
Trade creditors |  | 109,368 | 144,663
Amounts owed to group undertakings | 10 | - | 25,620
Taxation and social security |  | 124,916 | 83,498
Accruals and deferred income |  | 29,156 | 27,149
Other creditors |  | 369 | 2,344
|  | 263,809 | 283,274

8 | Share capital

Allotted, called up and fully paid shares

| 31 March 2025 | 31 March 2024
| No. | £ | No. | £
Ordinary of £1 each | 20,000 | 20,000 | 20,000 | 20,000

Nicol & Andrew (MSPE) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

9 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 31 March 2025 £ | 31 March 2024 £
Not later than one year | 41,778 | 40,000
Later than one year and not later than five years | 9,933 | 46,667
| 51,711 | 86,667

The amount of non-cancellable operating lease payments recognised as an expense during the year was £40,289 (2024 - £40,000).

10 | Related party transactions

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with other wholly owned members of the group.

11 | Post balance sheet events

After the year end the parent and rest of the group of which Nicol and Andrew (MSPE) Limited was a part of went into administration. All balances due to or from the group have been written off in the P&L in the current year. See Note 12 for details of the parent and ultimate parent undertaking.
In June 2025 the group lender created a charge over Nicol and Andrew (MSPE) Limited for the loan as the loan is now solely in Nicol and Andrew (MSPE) Limited.

12 | Parent and ultimate parent undertaking

As at 31 March 2025 the company's immediate parent was Nicol & Andrew Holdings Limted, incorporated in England & Wales.
The ultimate parent was Leviathan Engineering Limited, incorporated in England & Wales.
On the 13 June 2025 Leviathan Newco 4 Limited, incorporated in England & Wales, purchased all the shares in the company, becoming the company's immediate parent. No individual or company has ultimate control.