IAN NICHOLLS (PROPERTIES) LIMITED


Director	NICHOLLS, Alan Murdoch


Company Secretary	NICHOLLS, Morag


Registered Address	Boghead Road Lenzie
	Kirkintilloch
	Glasgow
	G66 4EF


Registered Number	SC066608 (Scotland)

Statement of Financial Position
30 November 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		1,243		1,657
Investment property	4		305,134		305,134
			306,377		306,791
Current assets
Cash at bank and on hand		69,456		68,391
		69,456		68,391
Creditors amounts falling due within one year	5	(283,786)		(290,233)
Net current assets (liabilities)			(214,330)		(221,842)
Total assets less current liabilities			92,047		84,949
Provisions for liabilities	6		(12,164)		(12,164)
Net assets			79,883		72,785
Capital and reserves
Called up share capital			15,000		15,000
Other reserves			51,858		51,858
Profit and loss account			13,025		5,927
Shareholders' funds			79,883		72,785

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Director on 19 August 2026, and are signed on its behalf by:

NICHOLLS, Alan Murdoch
Director
Registered Company No. SC066608

IAN NICHOLLS (PROPERTIES) LIMITED

Notes to the Financial Statements
for the year ended 30 November 2025

1.	Accounting policies

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

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover represents the total rental income receivable during the year. The company's policy is to recognise income on a straight line basis over the term of the lease.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Land and buildings	25

	Investment property
	All of the company's properties are held for long term investment. Investment properties are accounted for as follows:- (i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure. (ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably. (iii) The surplus or deficit arising on revaluation in the financial year is recognised in the income statement for that year. Revaluation gains and losses are accumulated in the income account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet. (iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

Investment property

All of the company's properties are held for long term investment. Investment properties are accounted for as follows:-

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the income statement for that year. Revaluation gains and losses are accumulated in the income account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	1		1

3.	Tangible fixed assets

	Land & buildings	Total
	£	£
Cost or valuation
At 01 December 24	3,300	3,300
At 30 November 25	3,300	3,300
Depreciation and impairment
At 01 December 24	1,643	1,643
Charge for year	414	414
At 30 November 25	2,057	2,057
Net book value
At 30 November 25	1,243	1,243
At 30 November 24	1,657	1,657

4.	Investment property
	The fair value of the investment property at 30 November 2025, has been arrived at on the basis of a valuation carried out at that date by the company director, who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the current state of the rental market in the area where the properties are situated.

Investment property

The fair value of the investment property at 30 November 2025, has been arrived at on the basis of a valuation carried out at that date by the company director, who is not a  professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the current state of the rental market in the area where the properties are situated.


		£
	Fair value at 01 December 24	305,134
	At 30 November 25	305,134

5.	Creditors: amounts due within one year

	2025	2024
	£	£
Taxation and social security	1,762	1,413
Other creditors	282,024	288,820
Total	283,786	290,233

6.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	12,164	12,164
Total	12,164	12,164

7.	Related party transactions
	At the balance sheet date, the amount due to the director was £2,380 (2024: £22,380). This amount is interest free, unsecured and repayable on demand.