REGISTERED NUMBER: SC066633

MACLEAN MAIR NICOLSON & CO. LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

376,175

395,573

CURRENT ASSETS

Stocks

176,725

213,465

Debtors

5

69,516

98,695

Cash at bank and in hand

87,202

100,340

333,443

412,500

CREDITORS

Amounts falling due within one year

6

137,943

239,396

NET CURRENT ASSETS

195,500

173,104

TOTAL ASSETS LESS CURRENT LIABILITIES

571,675

568,677

CREDITORS

Amounts falling due after more than one year

7

(12,094

)

(21,762

)

PROVISIONS FOR LIABILITIES

-

(5,974

)

NET ASSETS

559,581

540,941

CAPITAL AND RESERVES

Called up share capital

2,200

2,200

Fair value reserve

238,627

174,331

Capital redemption reserve

1,100

1,100

Retained earnings

317,654

363,310

SHAREHOLDERS' FUNDS

559,581

540,941

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 April 2026 and were signed on its behalf by:

P Maclean - Director

1.	STATUTORY INFORMATION

MacLean Mair Nicolson & Co. Limited is a private company, limited by shares, registered in Scotland. The company's registered office address is 35 Cromwell Street, Stornoway, Isle of Lewis, HS1 2DD.

The presentation currency of the financial statements is Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There have been no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Tangible fixed assets, with the exception of heritable property, are stated at cost less accumulated depreciation and accumulated impairment losses.

Heritable property is carried at its revalued amount, being fair value at the date of valuation less any subsequent depreciation and impairment losses. Revaluations are performed by professionally qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of heritable property is recognised in other comprehensive income and included in a non-distributable reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit and loss account, in which case the increase is credited to profit or loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against the non-distributable reserve in equity: decreases exceeding the balance in non-distributable reserve relating to an asset are recognised in the profit and loss account. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in the profit or loss account and depreciation based on the asset's original cost is transferred from the non-distributable reserve to retained earnings.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks

Stocks are valued at the lower of cost and estimated selling price less cost to sell.

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 accounts receivable and payable and loans from banks and other third parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pensions

The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss account in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The directors consider there are no such significant judgements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2025 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 February 2025

370,000

278,205

648,205

Additions

-

1,473

1,473

Disposals

(60,000

)

(63,203

)

(123,203

)

Revaluations

17,500

-

17,500

At 31 January 2026

327,500

216,475

543,975

DEPRECIATION

At 1 February 2025

43,400

209,232

252,632

Charge for year

6,200

15,856

22,056

Eliminated on disposal

-

(57,288

)

(57,288

)

Revaluation adjustments

(49,600

)

-

(49,600

)

At 31 January 2026

-

167,800

167,800

NET BOOK VALUE

At 31 January 2026

327,500

48,675

376,175

At 31 January 2025

326,600

68,973

395,573

Cost or valuation at 31 January 2026 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2018

140,184

-

140,184

Valuation in 2026

17,500

-

17,500

Cost

169,816

216,475

386,291

327,500

216,475

543,975

If heritable property had not been revalued it would have been included at the following historical cost:

2026

2025

£

£

Cost

169,816

266,091

Aggregate depreciation

80,620

121,511

The fair value of the property at 31 January 2026 has been arrived at on the basis of valuations carried out at the year end date by Torrance Partnership, Chartered Surveyors, who are professionally qualified valuers.

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

At 1 February 2025

and 31 January 2026

86,483

DEPRECIATION

At 1 February 2025

26,004

Charge for year

14,983

At 31 January 2026

40,987

NET BOOK VALUE

At 31 January 2026

45,496

At 31 January 2025

60,479

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

61,162

89,061

Other debtors

8,354

9,634

69,516

98,695

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts

-

74,992

Finance leases

9,669

12,468

Trade creditors

86,983

102,120

Taxation and social security

28,900

37,492

Other creditors

12,391

12,324

137,943

239,396

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Finance leases

12,094

21,762

8.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Bank overdraft

-

74,992

Finance leases

21,763

34,230

21,763

109,222

Bank borrowings are secured by a bond and floating charge over the company's assets.

Finance lease agreements are secured against the assets to which the specific agreements relate.