Mackenzie Smith Properties Limited - Accounts to registrar (filleted) - small 23.1.2

Mackenzie Smith Properties Limited - Accounts to registrar (filleted) - small 23.1.2

MACKENZIE SMITH PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: 02877906 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 January 2023

for

Mackenzie Smith Properties Limited
Mackenzie Smith Properties Limited (Registered number: 02877906)

Contents of the Financial Statements
for the Year Ended 31 January 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mackenzie Smith Properties Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: S J Mackenzie Smith
S P Tetlow





SECRETARY: S J Mackenzie Smith





REGISTERED OFFICE: Hartfield House
94 Fleet Road
Fleet
Hampshire
GU51 4PA





REGISTERED NUMBER: 02877906 (England and Wales)





ACCOUNTANTS: Lane Monnington Welton
Chartered Accountants
Riverside View
Basing Road
Old Basing
Basingstoke
Hampshire
RG24 7AL
1
Mackenzie Smith Properties Limited (Registered number: 02877906)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 285,046 219,499
Investments 6 9 9
285,055 219,508

CURRENT ASSETS
Debtors 7 335,837 326,634
Cash at bank and in hand 481,664 1,157,157
817,501 1,483,791
CREDITORS
Amounts falling due within one year 8 206,410 963,978
NET CURRENT ASSETS 611,091 519,813
TOTAL ASSETS LESS CURRENT
LIABILITIES
896,146
739,321

CREDITORS
Amounts falling due after more than one
year
9
(97,476
)
(93,917
)

PROVISIONS FOR LIABILITIES 12 (9,979 ) (6,883 )
NET ASSETS 788,691 638,521

CAPITAL AND RESERVES
Called up share capital 13 220 220
Share premium 39,980 39,980
Retained earnings 748,491 598,321
SHAREHOLDERS' FUNDS 788,691 638,521

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The notes form part of these financial statements

2
Mackenzie Smith Properties Limited (Registered number: 02877906)

Balance Sheet - continued
31 January 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 April 2023 and were signed on its behalf by:





S J Mackenzie Smith - Director


The notes form part of these financial statements

3
Mackenzie Smith Properties Limited (Registered number: 02877906)

Notes to the Financial Statements
for the Year Ended 31 January 2023


1. STATUTORY INFORMATION

Mackenzie Smith Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Preparation of consolidated financial statements
The financial statements contain information about Mackenzie Smith Properties 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced fees for services, excluding value added tax.

Goodwill
Goodwill is amortised in equal annual instalments over its useful economic life of 3 years

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold land and buildings - 2% on cost
Fixtures and fittings - at varying rates on cost and over the remaining life of the lease
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
Debtors and creditors payable/receivable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.


4
Mackenzie Smith Properties Limited (Registered number: 02877906)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, adjusted for indexation where applicable.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Impairment
Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 41 ) .

5
Mackenzie Smith Properties Limited (Registered number: 02877906)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022
and 31 January 2023 308,267
AMORTISATION
At 1 February 2022
and 31 January 2023 308,267
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 -

5. TANGIBLE FIXED ASSETS
Leasehold Fixtures
land and and Computer
buildings fittings equipment Totals
£    £    £    £   
COST
At 1 February 2022 267,879 182,669 18,801 469,349
Additions - 83,758 - 83,758
Disposals - - (3,197 ) (3,197 )
At 31 January 2023 267,879 266,427 15,604 549,910
DEPRECIATION
At 1 February 2022 82,814 149,880 17,156 249,850
Charge for year 3,938 12,628 1,645 18,211
Eliminated on disposal - - (3,197 ) (3,197 )
At 31 January 2023 86,752 162,508 15,604 264,864
NET BOOK VALUE
At 31 January 2023 181,127 103,919 - 285,046
At 31 January 2022 185,065 32,789 1,645 219,499

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2022
and 31 January 2023 9
NET BOOK VALUE
At 31 January 2023 9
At 31 January 2022 9

6
Mackenzie Smith Properties Limited (Registered number: 02877906)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 181,904 279,792
Amounts owed by group undertakings 100,166 40
Other debtors 53,767 46,802
335,837 326,634

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 5,246 8,167
Trade creditors 38,639 43,404
Taxation and social security 145,192 297,666
Other creditors 17,333 614,741
206,410 963,978

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Bank loans 97,476 93,917

Included within other creditors falling due after more than one year is an amount of £76,490 (2022: £81,736) in respect of liabilities which fall due for payment by instalments after more than five years from the balance sheet date.

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.1.23 31.1.22
£    £   
Within one year 149,484 147,014
Between one and five years 377,417 464,182
In more than five years 136,750 175,250
663,651 786,446

11. SECURED DEBTS

The following secured debts are included within creditors:

31.1.23 31.1.22
£    £   
Bank loans 102,722 102,084

The bank loan is secured by a fixed charge over the leasehold property.

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Mackenzie Smith Properties Limited (Registered number: 02877906)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


12. PROVISIONS FOR LIABILITIES
31.1.23 31.1.22
£    £   
Deferred tax 9,979 6,883

Deferred
tax
£   
Balance at 1 February 2022 6,883
Accelerated capital allowances 3,096
Balance at 31 January 2023 9,979

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
200 Ordinary A £1 200 200
20 Ordinary B £1 20 20
220 220

14. RELATED PARTY DISCLOSURES

During the year rent of £61,414 (2022: £72,081) was paid for rental of properties owned by a pension scheme in which one of the directors is a trustee.

15. EMI SCHEME

The company has an Enterprise Management Incentive Scheme in place. Three staff members hold an option to purchase 15 B Ordinary Shares with an exercise price of £4,000 per share. These options expire in January 2033.

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