Mcnicol Insulation Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC072035 (Scotland)

Financial Statements

For The Year Ended 31 December 2025

for

Mcnicol Insulation Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L C McFarlane

Mrs J McNicol

Mr J McNicol

SECRETARY:

Mrs L C McFarlane

REGISTERED OFFICE:

1/2 Lenziemill Road Lenziemill Road

Cumbernauld

Glasgow

G67 2RL

REGISTERED NUMBER:

SC072035 (Scotland)

ACCOUNTANTS:

Cahill Jack Associates Limited

91 Alexander Street

Airdrie

North Lanarkshire

ML6 0BD

FIXED ASSETS

Tangible assets

4

350,163

218,284

CURRENT ASSETS

Stocks

1,000

Debtors

5

309,084

304,446

Cash in hand

100

-

310,184

305,446

CREDITORS

Amounts falling due within one year

6

288,895

276,432

NET CURRENT ASSETS

21,289

29,014

TOTAL ASSETS LESS CURRENT
LIABILITIES

371,452

247,298

CREDITORS

Amounts falling due after more than one
year

7

(5,452

)

(24,049

)

PROVISIONS FOR LIABILITIES

9

(70,938

)

(43,829

)

NET ASSETS

295,062

179,420

CAPITAL AND RESERVES

Called up share capital

8

Revaluation reserve

10

290,643

171,393

Retained earnings

4,411

8,019

295,062

179,420

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2026 and were signed on its behalf by:

Mrs L C McFarlane - Director

Mrs J McNicol - Director

Mr J McNicol - Director

1.	STATUTORY INFORMATION

Mcnicol Insulation Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

The preparation of financial information in compliance with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The directors have identified the following areas which give rise to estimation uncertainty:

1) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and any residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account.

2) Debtors recoverability: For any balance considered irrecoverable, provision is made against the debtor. The remaining debtor balance at the year end not provided for, is therefore considered fully recoverable.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

Turnover

Turnover is derived from the provision of services for the maintenance and repair of commercial property excluding VAT.

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 value added tax and any other sales taxes The following criteria must also be met before revenue is recognised:

Sale of goods:

Revenue from sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction;

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services:

Revenue from agreement to provide services is recognised in the period in which the services are provided 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 agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

4% on cost

Plant and machinery etc

-

25% on reducing balance

Tangible assets are stated at original cost less accumulated depreciation and accumulated impairment losses.

The company adds to the carrying amount of an item of fixed asset the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. Any carrying amount of the replaced part is written off. Repairs and maintenance are charged to the profit and loss during the year in which they are incurred except for any parts unused at the year end.

Asset residual values, useful lives and depreciation methods of relevant assets are reviewed, and adjusted prospectively if appropriate. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and recognised in the profit and loss during the year of disposal.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2024 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

COST OR VALUATION

At 1 January 2025

175,000

16,641

26,367

147,400

365,408

Revaluations

145,000

-

145,000

At 31 December 2025

320,000

16,641

26,367

147,400

510,408

DEPRECIATION

At 1 January 2025

14,000

16,641

26,367

90,116

147,124

Charge for year

12,800

-

14,321

27,121

Revaluation adjustments

(14,000

)

-

(14,000

)

At 31 December 2025

12,800

16,641

26,367

104,437

160,245

NET BOOK VALUE

At 31 December 2025

307,200

-

42,963

350,163

At 31 December 2024

161,000

-

57,284

218,284

Cost or valuation at 31 December 2025 is represented by:

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

Valuation in 2023

173,393

-

173,393

Valuation in 2025

145,000

-

145,000

Cost

1,607

16,641

26,367

147,400

192,015

320,000

16,641

26,367

147,400

510,408

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

31.12.25

31.12.24

£

Cost

1,607

Aggregate depreciation

193

129

Freehold property was valued on an open market basis on 31 December 2025 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

Trade debtors

303,372

298,391

Other debtors

5,712

6,055

309,084

304,446

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

Bank loans and overdrafts

137,568

129,501

Hire purchase contracts

15,593

Trade creditors

109,577

106,493

Taxation and social security

22,190

15,242

Other creditors

3,967

9,603

288,895

276,432

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.25

31.12.24

£

Bank loans

-

5,833

Hire purchase contracts

5,452

18,216

5,452

24,049

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.25

31.12.24

£

Bank loans

5,833

15,833

Hire purchase contracts

21,045

33,809

26,878

49,642

Hire purchase creditors are secured against the assets to which they relate.

The bank overdraft is secured by standard security over the company's premises and by a bond and floating charge over the company's assets.

The bank loan is secured by way of a government backed guarantee.

9.	PROVISIONS FOR LIABILITIES

31.12.25

31.12.24

£

Deferred tax

70,938

43,829

Deferred

tax

£

Balance at 1 January 2025

43,829

Accelerated capital allowances

(12,641

)

Revaluation of property

39,750

Balance at 31 December 2025

70,938

10.

RESERVES

Revaluation

reserve

£

At 1 January 2025

171,393

Deferred Tax

(39,750

)

Revaluation

159,000

At 31 December 2025

290,643