Registration number:
Nicol Street Ltd
for the Year Ended 31 October 2025
Nicol Street Ltd
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Nicol Street Ltd
Company Information
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Director |
Mrs D M Mackay-Campbell |
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Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Nicol Street Ltd
for the Year Ended 31 October 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nicol Street Ltd for the year ended 31 October 2025 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Nicol Street Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.
It is your duty to ensure that Nicol Street Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Nicol Street Ltd. You consider that Nicol Street Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Nicol Street Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Kirkcaldy
Fife
KY1 1HB
Nicol Street Ltd
(Registration number: SC446506)
Balance Sheet as at 31 October 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
32,712 |
61,062 |
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Shareholders' funds |
32,714 |
61,064 |
For the financial year ending 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Nicol Street Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025
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General information |
The company is a private company limited by share capital, incorporated in Scotland with registration number SC446506.
The address of its registered office is:
Scotland
The principal place of business is:
10 - 12 Nicol Street
Kirkcaldy
Fife
KY1 1RP
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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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentation currency is sterling.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and is recognised where the amount of revenue can be reliably measured.
Grants
Grants in support of revenue are recognised in the profit and loss account when the amounts can be reliably measured.
Tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and accumulated impairment losses.
Nicol Street Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025
Depreciation
Depreciation is charged so as to write off the cost less residual value the of assets over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Tenant's Improvements |
10% straight line per annum |
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Furniture and equipment |
10% straight line per annum |
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Fixtures and fittings |
10% straight line per annum |
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
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.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 period of the relevant 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.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Nicol Street Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025
Defined contribution pension obligation
The company operates a defined contribution plan which is a pension plan under which fixed contributions are paid into pension funds and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay the employees the benefits relating to employee service in the current and prior periods.
Contributions to the defined contribution plan 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.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Other operating income |
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2025 |
2024
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Other operating income |
17,061 |
34,969 |
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17,061 |
34,969 |
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Taxation |
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2025 |
2024 |
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£ |
£ |
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Current tax: |
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UK corporation tax |
- |
(981) |
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Deferred tax |
(1,449) |
(1,450) |
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Tax on profit on ordinary activities |
(1,449) |
(2,431) |
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Tangible assets |
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Tenant's improvements |
Fixtures and fittings |
Furniture |
Equipment |
Total |
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Cost or valuation |
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At 1 November 2024 |
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At 31 October 2025 |
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Depreciation |
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At 1 November 2024 |
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Charge for the year |
- |
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At 31 October 2025 |
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Carrying amount |
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At 31 October 2025 |
- |
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At 31 October 2024 |
- |
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Nicol Street Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025
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Debtors |
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2025 |
2024 |
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Amounts owed by related parties |
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Other debtors |
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Related party balance is due by holding company DMC Nicol Limited. The balance is interest free and is repayable on demand.
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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- |
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Social security and other taxes |
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Other creditors |
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Accruals |
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Corporation tax |
- |
6,435 |
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Due after one year |
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Loans and borrowings |
- |
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Provisions for liabilities |
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2025 |
2024 |
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£ |
£ |
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Deferred tax |
7,720 |
9,169 |
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Deferred tax |
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£ |
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Balance at |
1 November 2024 |
9,169 |
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Charge to profit & loss account during year |
(1,449) |
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Balance at |
31 October 2025 |
7,720 |
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Deferred tax comprises accelerated capital allowances.
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Other borrowings |
- |
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Nicol Street Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025
Current loans and borrowings
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2025 |
2024 |
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Other borrowings |
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The loan was obtained under the coronavirus bounce back loan scheme, no interest was charged for the first 12 months and thereafter is charged at 2½% pa. The loan is repayable over 6 years.
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Dividends |
Interim dividends paid
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2025 |
2024 |
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Interim dividend of £- (2024 - £20,000) per £1 Ordinary share |
- |
40,000 |
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Related party transactions |
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Transactions with the director |
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2024 |
At 1 November 2023 |
Repayments by director |
At 31 October 2024 |
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Mrs D M Mackay-Campbell |
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Directors loan |
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( |
- |
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Security |
The company has granted a floating charge in favour of the Royal Bank of Scotland plc as security for its parent company's secured borrowings which were redeemed during the year.
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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Ordinary of £1 each |
2 |
2 |
2 |
2 |