Mackenzie Smith Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02877906 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Mackenzie Smith Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

243,576

285,046

Investments

6

9

9

243,585

285,055

CURRENT ASSETS

Debtors

7

189,182

335,837

Cash at bank and in hand

476,349

481,664

665,531

817,501

CREDITORS

Amounts falling due within one year

8

164,820

206,410

NET CURRENT ASSETS

500,711

611,091

TOTAL ASSETS LESS CURRENT LIABILITIES

744,296

896,146

CREDITORS

Amounts falling due after more than one year

9

(87,546

)

(97,476

)

PROVISIONS FOR LIABILITIES

12

-

(9,979

)

NET ASSETS

656,750

788,691

CAPITAL AND RESERVES

Called up share capital

13

220

220

Share premium

39,980

39,980

Retained earnings

616,550

748,491

SHAREHOLDERS' FUNDS

656,750

788,691

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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 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 3 April 2024 and were signed on its behalf by:

S J Mackenzie Smith - Director

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.

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 40 (2023 - 41 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2023

and 31 January 2024

308,267

AMORTISATION

At 1 February 2023

and 31 January 2024

308,267

NET BOOK VALUE

At 31 January 2024

-

At 31 January 2023

-

5.	TANGIBLE FIXED ASSETS

Leasehold

Fixtures

land and

and

Computer

buildings

fittings

equipment

Totals

£

£

£

£

COST

At 1 February 2023

267,879

266,427

15,604

549,910

Disposals

-

(39,970

)

(656

)

(40,626

)

At 31 January 2024

267,879

226,457

14,948

509,284

DEPRECIATION

At 1 February 2023

86,752

162,508

15,604

264,864

Charge for year

3,938

37,532

-

41,470

Eliminated on disposal

-

(39,970

)

(656

)

(40,626

)

At 31 January 2024

90,690

160,070

14,948

265,708

NET BOOK VALUE

At 31 January 2024

177,189

66,387

-

243,576

At 31 January 2023

181,127

103,919

-

285,046

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 February 2023

and 31 January 2024

9

NET BOOK VALUE

At 31 January 2024

9

At 31 January 2023

9

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.24

31.1.23

£

£

Trade debtors

103,354

173,891

Amounts owed by group undertakings

34,652

108,179

Other debtors

51,176

53,767

189,182

335,837

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.24

31.1.23

£

£

Bank loans and overdrafts

7,586

5,246

Trade creditors

33,343

38,639

Taxation and social security

106,632

145,192

Other creditors

17,259

17,333

164,820

206,410

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.24

31.1.23

£

£

Bank loans

87,546

97,476

Included within other creditors falling due after more than one year is an amount of £57,201 (2023: £76,490) 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:

31.1.24

31.1.23

£

£

Within one year

149,484

149,484

Between one and five years

270,100

377,417

In more than five years

98,250

136,750

517,834

663,651

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.24

31.1.23

£

£

Bank loans

95,132

102,722

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

12.	PROVISIONS FOR LIABILITIES

31.1.24

31.1.23

£

£

Deferred tax

-

9,979

Deferred

tax

£

Balance at 1 February 2023

9,979

Accelerated capital allowances

(3,952

)

Losses utilized

(6,027

)

Balance at 31 January 2024

-

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.24

31.1.23

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.