IRIS Accounts Production v26.1.10.61 SC063627 director 1.1.25 31.12.25 31.12.25 16.7.26 true false true false false true false Auditors Opinion iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC063627 2024-12-31 SC063627 2025-12-31 SC063627 2025-01-01 2025-12-31 SC063627 2023-12-31 SC063627 2024-01-01 2024-12-31 SC063627 2024-12-31 SC063627 ns15:Scotland 2025-01-01 2025-12-31 SC063627 ns14:PoundSterling 2025-01-01 2025-12-31 SC063627 ns10:Director1 2025-01-01 2025-12-31 SC063627 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 SC063627 ns10:SmallEntities 2025-01-01 2025-12-31 SC063627 ns10:Audited 2025-01-01 2025-12-31 SC063627 ns10:SmallCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 SC063627 ns10:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 SC063627 ns10:FullAccounts 2025-01-01 2025-12-31 SC063627 ns10:RegisteredOffice 2025-01-01 2025-12-31 SC063627 ns5:CurrentFinancialInstruments 2025-12-31 SC063627 ns5:CurrentFinancialInstruments 2024-12-31 SC063627 ns5:Non-currentFinancialInstruments 2025-12-31 SC063627 ns5:Non-currentFinancialInstruments 2024-12-31 SC063627 ns5:ShareCapital 2025-12-31 SC063627 ns5:ShareCapital 2024-12-31 SC063627 ns5:CapitalRedemptionReserve 2025-12-31 SC063627 ns5:CapitalRedemptionReserve 2024-12-31 SC063627 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 SC063627 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 SC063627 ns5:LandBuildings 2025-01-01 2025-12-31 SC063627 ns5:PlantMachinery 2025-01-01 2025-12-31 SC063627 ns5:LandBuildings 2024-12-31 SC063627 ns5:PlantMachinery 2024-12-31 SC063627 ns5:LandBuildings 2025-12-31 SC063627 ns5:PlantMachinery 2025-12-31 SC063627 ns5:LandBuildings 2024-12-31 SC063627 ns5:PlantMachinery 2024-12-31 SC063627 ns5:LeasedAssetsHeldAsLessee ns5:PlantMachinery 2024-12-31 SC063627 ns5:LeasedAssetsHeldAsLessee ns5:PlantMachinery 2025-01-01 2025-12-31 SC063627 ns5:LeasedAssetsHeldAsLessee ns5:PlantMachinery 2025-12-31 SC063627 ns5:LeasedAssetsHeldAsLessee ns5:PlantMachinery 2024-12-31 SC063627 ns5:CostValuation 2024-12-31 SC063627 ns5:AdditionsToInvestments 2025-12-31 SC063627 ns5:CostValuation 2025-12-31 SC063627 ns5:Subsidiary1 2025-01-01 2025-12-31 SC063627 1 ns5:Subsidiary1 2025-01-01 2025-12-31 SC063627 2 ns5:Subsidiary1 2025-01-01 2025-12-31 SC063627 ns5:Subsidiary1 2025-12-31 SC063627 ns5:Subsidiary1 2024-12-31 SC063627 ns5:Subsidiary1 2024-01-01 2024-12-31 SC063627 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 SC063627 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 SC063627 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2025-12-31 SC063627 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2024-12-31 SC063627 ns5:HirePurchaseContracts ns5:BetweenOneFiveYears 2025-12-31 SC063627 ns5:HirePurchaseContracts ns5:BetweenOneFiveYears 2024-12-31 SC063627 ns5:HirePurchaseContracts 2025-12-31 SC063627 ns5:HirePurchaseContracts 2024-12-31 SC063627 ns5:WithinOneYear 2025-12-31 SC063627 ns5:WithinOneYear 2024-12-31 SC063627 ns5:BetweenOneFiveYears 2025-12-31 SC063627 ns5:BetweenOneFiveYears 2024-12-31 SC063627 ns5:AllPeriods 2025-12-31 SC063627 ns5:AllPeriods 2024-12-31 SC063627 ns5:Secured 2025-12-31 SC063627 ns5:Secured 2024-12-31 SC063627 ns5:DeferredTaxation 2024-12-31 SC063627 ns5:DeferredTaxation 2025-01-01 2025-12-31 SC063627 ns5:DeferredTaxation 2025-12-31 SC063627 ns10:Director1 1 2024-12-31 SC063627 ns10:Director1 1 2023-12-31 SC063627 ns10:Director1 1 2025-01-01 2025-12-31 SC063627 ns10:Director1 1 2024-01-01 2024-12-31 SC063627 ns10:Director1 1 2025-12-31 SC063627 ns10:Director1 1 2024-12-31

REGISTERED NUMBER: SC063627 (Scotland)

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| NICHOL MCKAY LIMITED |

| NICHOL MCKAY LIMITED (REGISTERED NUMBER: SC063627) |

CONTENTS OF THE FINANCIAL STATEMENTS

For The Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| NICHOL MCKAY LIMITED |

COMPANY INFORMATION

For The Year Ended 31 December 2025

| DIRECTOR: | A Nichol

| REGISTERED OFFICE: | Building 190

| Prestwick Airport

| Monkton

| Prestwick

| Ayrshire

| KA9 2SB

| REGISTERED NUMBER: | SC063627 (Scotland)

| AUDITORS: | McLay, McAlister & McGibbon LLP

| Chartered Accountants and Statutory Auditors

| 145 St. Vincent Street

| Glasgow

| G2 5JF

| BANKERS: | Virgin Money

| Alloway Street

| AYR

| KA7 1SP

| SOLICITORS: | Dentons UKMEA LLP

| 1 George Square

| Glasgow

| G2 1AL

| NICHOL MCKAY LIMITED (REGISTERED NUMBER: SC063627) |

BALANCE SHEET

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 903,157 |  | 1,072,337 |  |

Investments | 5 | 781,929 |  | 753,000 |  |

1,685,086 |  | 1,825,337 |  |

CURRENT ASSETS

Stocks | 6 | 718,578 |  | 719,231 |  |

Debtors | 7 | 1,689,456 |  | 1,407,511 |  |

Cash at bank | 58,458 |  | 112,524 |  |

2,466,492 |  | 2,239,266 |  |

CREDITORS

Amounts falling due within one year | 8 | 3,036,274 |  | 2,682,267 |  |

NET CURRENT LIABILITIES | (569,782 | ) | (443,001 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,115,304 |  | 1,382,336 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (372,292 | ) | (657,287 | ) |

PROVISIONS FOR LIABILITIES | 12 | (9,398 | ) | (4,187 | ) |

NET ASSETS | 733,614 |  | 720,862 |  |

CAPITAL AND RESERVES

Called up share capital | 132,633 |  | 132,633 |  |

Capital redemption reserve | 25,262 |  | 25,262 |  |

Retained earnings | 575,719 |  | 562,967 |  |

733,614 |  | 720,862 |  |

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 July 2026 and were signed by:

A Nichol - Director

| NICHOL MCKAY LIMITED (REGISTERED NUMBER: SC063627) |

NOTES TO THE FINANCIAL STATEMENTS

For The Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Nichol McKay 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.

| After making enquiries and assuming the continued support of the company's funders, the director believes that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the accounts continue to be prepared on the going concern basis.

| Preparation of consolidated financial statements

| The financial statements contain information about Nichol McKay Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off 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 | - | over the term of the lease

| Plant and machinery etc | - | 20% on reducing balance, 15% on reducing balance and over 5 years

| Tangible assets are stated in the statement of financial position 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.

| The company's policy is to review the remaining useful economic lives and residual value of plant and machinery, fixtures and fittings, motor vehicles and office equipment on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

| Fully depreciated assets are retained in cost and related accumulated depreciation until they are removed from service. In the case of disposals, assets and related depreciation are removed from the financial statements and the net amount, less proceeds from disposal, is charged or credited to the income statement.

| NICHOL MCKAY LIMITED (REGISTERED NUMBER: SC063627) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Government grants

| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

| A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

| Capital grants received are deferred and released over the life of the related asset.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| 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 inventories 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.

| Taxation

| The tax credit for the year comprises 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.

| Deferred tax

| Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income 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.

| 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.

| 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.

| NICHOL MCKAY LIMITED (REGISTERED NUMBER: SC063627) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

| Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

| Debtors

| Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

| Trade creditors

| Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

| Borrowings

| Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the relevant period of borrowing.

| Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

| Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

| Provisions

| Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount and obligation.

| Share capital

| Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

| Defined contribution pension obligation

| A defined contribution 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 an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 80 (2024 - 88 ) .

| NICHOL MCKAY LIMITED (REGISTERED NUMBER: SC063627) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2025

4. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| Cost

| At 1 January 2025 | 832,964 |  | 9,194,023 |  | 10,026,987 |  |

| Additions | - |  | 75,965 |  | 75,965 |  |

| Disposals | - |  | (103,260 | ) | (103,260 | ) |

| At 31 December 2025 | 832,964 |  | 9,166,728 |  | 9,999,692 |  |

| Depreciation

| At 1 January 2025 | 747,061 |  | 8,207,589 |  | 8,954,650 |  |

| Charge for year | 11,412 |  | 168,175 |  | 179,587 |  |

| Eliminated on disposal | - |  | (37,702 | ) | (37,702 | ) |

| At 31 December 2025 | 758,473 |  | 8,338,062 |  | 9,096,535 |  |

| Net book value

| At 31 December 2025 | 74,491 |  | 828,666 |  | 903,157 |  |

| At 31 December 2024 | 85,903 |  | 986,434 |  | 1,072,337 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

| etc

£ |

| Cost

| At 1 January 2025 | 2,288,093 |  |

| Additions | 61,465 |  |

| Disposals | (74,640 | ) |

| Transfer to ownership | (40,102 | ) |

| At 31 December 2025 | 2,234,816 |  |

| Depreciation

| At 1 January 2025 | 1,635,793 |  |

| Charge for year | 109,490 |  |

| Eliminated on disposal | (18,598 | ) |

| Transfer to ownership | (29,589 | ) |

| At 31 December 2025 | 1,697,096 |  |

| Net book value

| At 31 December 2025 | 537,720 |  |

| At 31 December 2024 | 652,300 |  |

| NICHOL MCKAY LIMITED (REGISTERED NUMBER: SC063627) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2025

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| Cost

| At 1 January 2025 | 753,000 |  |

| Additions | 28,929 |  |

| At 31 December 2025 | 781,929 |  |

| Net book value

| At 31 December 2025 | 781,929 |  |

| At 31 December 2024 | 753,000 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Transk9 Limited

| Registered office: Building 190, Prestwick Airport, Monkton, Ayrshire, KA9 2SB

| Nature of business: Manufacture of dog crates

| %

| Class of shares: | holding |

| Ordinary A shares | 100.00 |

| Ordinary B shares | 100.00 |

| 31.12.25 |  | 31.12.24

£ | £ |

| Aggregate capital and reserves | 248,729 |  | 242,481 |  |

| Profit for the year | 6,248 |  | 59,299 |  |

6. | STOCKS

| 31.12.25 |  | 31.12.24

£ | £ |

| Raw materials | 293,016 |  | 276,629 |  |

| Work-in-progress | 365,562 |  | 352,477 |  |

| Finished goods | 60,000 |  | 90,125 |  |

718,578 |  | 719,231 |  |

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 1,117,453 |  | 891,876 |  |

| Other debtors | 572,003 |  | 515,635 |  |

1,689,456 |  | 1,407,511 |  |

| NICHOL MCKAY LIMITED (REGISTERED NUMBER: SC063627) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2025

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts | 935,489 |  | 724,103 |  |

| Hire purchase contracts (see note 10) | 147,182 |  | 142,699 |  |

| Trade creditors | 1,047,314 |  | 1,059,240 |  |

| Amounts owed to group undertakings | 77,581 |  | 57,571 |  |

| Taxation and social security | 461,462 |  | 263,710 |  |

| Other creditors | 367,246 |  | 434,944 |  |

3,036,274 |  | 2,682,267 |  |

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire purchase contracts (see note 10) | 362,292 |  | 527,287 |  |

| Other creditors | 10,000 |  | 130,000 |  |

372,292 |  | 657,287 |  |

10. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 31.12.25 |  | 31.12.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 147,182 |  | 142,699 |  |

| Between one and five years | 362,292 |  | 527,287 |  |

509,474 |  | 669,986 |  |

| Non-cancellable |

| operating leases |

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 304,741 |  | 304,741 |  |

| Between one and five years | 116,087 |  | 323,108 |  |

420,828 |  | 627,849 |  |

| NICHOL MCKAY LIMITED (REGISTERED NUMBER: SC063627) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2025

11. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank overdrafts | 935,489 |  | 696,054 |  |

| Other loans | 10,000 |  | 141,667 |  |

| Hire purchase contracts | 509,474 |  | 669,986 |  |

1,454,963 |  | 1,507,707 |  |

| Invoice finance creditor is denominated in £ sterling with a nominal interest rate of 7.7%. The carrying amount at the year end is £935,489 (2024 - £696,054).

| The invoice finance creditor is secured by a charge over the debtor book together with a bond and floating charge over the whole of the company's assets.

| Other loans with a carrying amount of £nil (2024 - £11,667) is denominated in £ sterling with a nominal interest rates of 6%.

| Other loans are secured by a bond and floating charge over the whole of the company's assets and by personal guarantee.

| Obligations under finance leases and hire purchase contracts are secured by a charge over the specific assets to which they relate.

12. | PROVISIONS FOR LIABILITIES

| 31.12.25 |  | 31.12.24

£ | £ |

| Deferred tax | 9,398 |  | 4,187 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 4,187 |  |

| Provided during year | 5,211 |  |

| Balance at 31 December 2025 | 9,398 |  |

13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Paul Martin (Senior Statutory Auditor)

| for and on behalf of McLay, McAlister & McGibbon LLP

14. | CONTINGENT LIABILITIES

| The company has received assessments from HMRC in respect of tax planning carried out in prior years. These assessments have been appealed and postponed. No provision has been made in these financial statements as the potential liability still cannot be fully quantified.

| NICHOL MCKAY LIMITED (REGISTERED NUMBER: SC063627) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2025

15. | CAPITAL COMMITMENTS

| 31.12.25 |  | 31.12.24

£ | £ |

| Contracted but not provided for in the

| financial statements | 14,500 |  | - |  |

16. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

| 31.12.25 |  | 31.12.24

£ | £ |

| A Nichol

| Balance outstanding at start of year | 125,656 |  | 81,296 |  |

| Amounts advanced | 17,347 |  | 44,360 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 143,003 |  | 125,656 |  |

| No interest is charged on this balance and is repayable on demand.

17. | RELATED PARTY DISCLOSURES

| Included in other debtors is a balance of £221,579 (2024 - £221,579) which relates to sums paid by the company for the Estate of Mr R. B. Nichol, former director and majority shareholder of the company. These sums will be recovered on the winding up of the Estate.