Company No: SC261322 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	58,520		68,499
		58,520		68,499
Current assets
Stocks		54,001		54,014
Debtors	4	607,761		280,931
Cash at bank and in hand		4,133		1,019
		665,895		335,964
Creditors: amounts falling due within one year	5	( 252,766)		( 263,809)
Net current assets		413,129		72,155
Total assets less current liabilities		471,649		140,654
Provision for liabilities		( 12,806)		( 14,646)
Net assets		458,843		126,008
Capital and reserves
Called-up share capital	6	20,000		20,000
Profit and loss account		438,843		106,008
Total shareholder's funds		458,843		126,008

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Nicol and Andrew (MSPE) Limited (registered number: SC261322) were approved and authorised for issue by the Board of Directors on 15 September 2026. They were signed on its behalf by:

D S Sneddon Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Nicol and Andrew (MSPE) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 170 Brand Street, Glasgow, G51 1DH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services to external customers in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company. Turnover is recognised when the goods or services have been delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery	10 years straight line
Vehicles	10 years straight line
Office equipment	33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Accrued repair service income is valued based on the stage of completion of the order. As such WIP should be reclassified as Accrued Service Income in Current Assets - Debtors.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the olbigation can be estimated reliably.

Defined contribution pension obligation

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

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	20		19

3. Tangible assets

	Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£
Cost
At 01 April 2025	723,427		43,960		7,428		774,815
Additions	1,210		0		0		1,210
At 31 March 2026	724,637		43,960		7,428		776,025
Accumulated depreciation
At 01 April 2025	660,019		42,163		4,134		706,316
Charge for the financial year	9,501		600		1,088		11,189
At 31 March 2026	669,520		42,763		5,222		717,505
Net book value
At 31 March 2026	55,117		1,197		2,206		58,520
At 31 March 2025	63,408		1,797		3,294		68,499

4. Debtors

	2026		2025
	£		£
Trade debtors	289,271		277,598
Amounts owed by Group undertakings	206,400		0
Other debtors	112,090		3,333
	607,761		280,931

5. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	89,318		109,368
Accruals	13,418		29,156
Taxation and social security	147,394		124,916
Other creditors	2,636		369
	252,766		263,809

6. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
20,000 Ordinary shares of £ 1.00 each	20,000		20,000

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2026		2025
	£		£
Within one year	10,000		41,778
Between one and five years	0		9,933
	10,000		51,711

The amount of non- cancellable operating lease payments recognised as an expense during the year was £40,000 (2025- £40,289)

8. Related party transactions

The company has taken advantage of the exemptions within FRS 102 paragraph 33.1A from disclosing transactions with its wholly owned subsidiaries.

9. Ultimate controlling party

Parent Company:

Leviathan Newco 4 Limited

Flat 28 Speed House, Barbican, London, EC2Y 8AT