Registration number:
DMC Nicol Limited
for the Year Ended 31 October 2022
DMC Nicol Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
DMC Nicol Limited
Company Information
Director |
Mrs D M Mackay-Campbell |
Registered office |
|
Accountants |
|
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
DMC Nicol Limited
for the Year Ended 31 October 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of DMC Nicol Limited for the year ended 31 October 2022 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 DMC Nicol Limited 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 DMC Nicol Limited 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 DMC Nicol Limited. You consider that DMC Nicol Limited 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 DMC Nicol Limited. 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.
......................................
Chartered Accountants
Kirkcaldy
Fife
KY1 1HB
DMC Nicol Limited
(Registration number: SC602667)
Balance Sheet as at 31 October 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,000 |
1,000 |
|
Profit and loss account |
26,556 |
27,532 |
|
Total equity |
27,556 |
28,532 |
For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
DMC Nicol Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
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 except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency is sterling.
Financial instruments
Classification
Recognition and measurement
Basic financial assets, including bank balances and debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market value rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis. The director considers this basis is appropriate as the company is supported by the value of its investments and it continues to meet its working capital requirements as they fall due from the activities of its associate.
DMC Nicol Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Revenue recognition
Turnover represents rental income and dividends received for the accounting period.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less accumulated depreciation and accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets less residual value over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Heritable property |
2% per annum straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Impairment of fixed 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 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.
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.
Tax
Tax 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 that have originated but not reversed at the balance sheet date. There is currently no deferred tax liability.
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.
Tax losses surrendered to a group company are paid in full by the claimant company.
DMC Nicol Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Taxation |
2022 |
2021 |
||
£ |
£ |
||
Corporation tax charge |
(3,064) |
(4,807) |
|
Group relief receivable |
- |
- |
|
(3,064) |
(4,807) |
Tangible assets |
Land and buildings |
Total |
|
Cost |
||
At 1 November 2021 |
|
|
At 31 October 2022 |
|
|
Depreciation |
||
At 1 November 2021 |
|
|
Charge for the year |
|
|
At 31 October 2022 |
|
|
Carrying amount |
||
At 31 October 2022 |
|
|
At 31 October 2021 |
|
|
Included within the net book value of land and buildings above is £371,919 (2021 - £379,832) in respect of heritable property.
DMC Nicol Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Investments |
2022 |
2021 |
|
Investments in associate |
|
|
Associate |
£ |
Cost |
|
At 1 November 2021 |
|
Provision |
|
Carrying amount |
|
At 31 October 2022 |
|
At 31 October 2021 |
|
Debtors |
Current |
2022 |
2021 |
Other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
|
Due within one year |
|||
Loans and borrowings (secured) |
|
|
|
Taxation and social security |
- |
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Other creditors due within one year of £165,169 (2021 £89,516) comprise the balance due to the company's associate company, Nicol Street Ltd, which is payable on demand and interest free.
DMC Nicol Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
|
Due after one year |
|||
Loans and borrowings (secured) |
|
|
2022 |
2021 |
|
Due after more than five years |
||
After more than five years by instalments |
|
|
- |
- |
Loans and borrowings |
2022 |
2021 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2022 |
2021 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Other borrowings |
- |
63,210 |
|
|
Included in the loans and borrowings are the following amounts due after more than five years:
Bank loans after five years
£253,315 ((2021 - £277,571) is payable by monthly instalment at a variable interest rate.
Loans and borrowings include a bank loan balance of £398,315 (2021 £422,571) which is secured by a standard security over the company's heritable property and by a bond and floating charge over all the properties and undertakings of the company and its associate in favour of the Royal Bank of Scotland plc; and another loan balance of £Nil (2021 £63,210) which was secured by a standard security over the heritable property and by a floating charge over the undertakings of the company in favour of Caledonian Heritable Limited.