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Registered number: 00286497 NICHOLS & NICHOLS LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
NICHOLS & NICHOLS LIMITED REGISTERED NUMBER: 00286497 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | Unaudited 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | - |  | 459,858
Investment property |  |  | 795,172 |  | -
|  |  | 795,172 |  | 459,858
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 1,924 |  | 9,905 |
Cash at bank and in hand |  | 1,380 |  | 14 |
|  | 3,304 |  | 9,919 |
Creditors: amounts falling due within one year | 7 | (670,316) |  | (716,815) |
Net current liabilities |  |  | (667,012) |  | (706,896)
Provisions for liabilities |  |  |  |  |
Deferred tax |  |  | (71,733) |  | -
Net assets/(liabilities) |  |  | 56,427 |  | (247,038)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 750 |  | 750
Share premium account |  |  | 406 |  | 406
Revaluation reserve |  |  | 263,581 |  | -
Profit and loss account |  |  | (208,310) |  | (248,194)
|  |  | 56,427 |  | (247,038)
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. Page 1
NICHOLS & NICHOLS LIMITED REGISTERED NUMBER: 00286497 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2026.
O Gualtieri
Director
The notes on pages 3 to 10 form part of these financial statements. Page 2
NICHOLS & NICHOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Nichols & Nichols Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is 16 Lockfield Avenue, Enfield, EN3 7PX. Its principal activity continues to be that of the provision of buildings and maintenance services. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The Company has the continued support of its parent company and therefore the directors consider that the Company has sufficient resources in order to maintain its proposed plans for at least twelve months from the date of approval of these financial statements and that therefore the accounts have been prepared on a going concern basis.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 3
NICHOLS & NICHOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Pensions
Defined contribution pension plan 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 obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 4
NICHOLS & NICHOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. The assets' 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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Investment property
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. Page 5
NICHOLS & NICHOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.13 | Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to/from related parties.
3. | Employees
| The average monthly number of employees, including directors, during the year was 11 (2024 - 10).
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NICHOLS & NICHOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Tangible fixed assets
|  | Freehold property
|  | £
| Cost |
| At 1 April 2024 | 479,018
| Transfers between classes | (479,018)
| At 31 March 2025 | -
| Depreciation |
| At 1 April 2024 | 19,160
| Transfers between classes | (19,160)
| At 31 March 2025 | -
| Net book value |
| At 31 March 2025 | -
| At 31 March 2024 | 459,858
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| Surplus on revaluation | 335,314
| Transfers between classes | 459,858
| At 31 March 2025 | 795,172
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 479,018 | -
Page 7
NICHOLS & NICHOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Debtors
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Trade debtors | - | 8,592
| Other debtors | 1,924 | 1,313
|  | 1,924 | 9,905
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 559,549 | 639,496
| Other taxation and social security | 8,983 | 7,835
| Other creditors | 2,771 | 2,730
| Accruals and deferred income | 99,013 | 66,754
|  | 670,316 | 716,815
8. | Deferred taxation
|  | 2025
|  | £
| Charged to profit or loss | 71,733
| At end of year | 71,733
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Unrealised gain on revaluation of investment properties | 71,733 | -
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NICHOLS & NICHOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,483 (2024 - £5,924). Contributions totalling £1,377 (2024 - £1,336) were payable to the fund at the balance sheet date and are included in creditors.
10. | Related party transactions
| Transactions with group companies are not disclosed by virtue of the exemption claimed under FRS102 Section 1AC.35.
11. | Controlling party
The company is a wholly owned subsidiary of Byron & Byron Holdings Limited. The ultimate parent company is Pennacchione Holdings Limited, a company incorporated in England and Wales. The registered office is 16 Lockfield Avenue, Enfield, EN3 7PX. The ultimate parent's consolidated accounts can be obtained from Companies House. Page 9
NICHOLS & NICHOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Auditor's information
The auditor's report on the financial statements for the year ended 31 March 2025 was qualified. The qualification in the audit report was as follows: Basis for qualified opinion We have been unable to obtain evidence regarding an accrual of £83,615 relating to rates, so we are unable to determine whether this amount is under or over stated. As the accrual balance affects the administrative expenses, we were unable to determine whether any adjustments might have been necessary to accruals, administrative expenses, and profit for the year ended 31 March 2025. Other information As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the accrual value of £83,615 at 31 March 2025. We have concluded that where the other information refers to the accruals balance or related balances such as administrative expenses, it may be materially misstated for the same reason. Matters on which we are required to report by exception Arising solely from the limitation on the scope of our work relating to accruals and administrative expenses, referred to above: ∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and ∙we were unable to determine whether adequate accounting records have been kept. The audit report was signed on 19 March 2026 by Andrew May (Senior statutory auditor) on behalf of Barnes Roffe Audit Limited.
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