Registered number
SC353946
MCKENZIE ENTERPRISE LIMITED
Filleted Accounts
31 January 2022
MCKENZIE ENTERPRISE LIMITED
Registered number: SC353946
Balance Sheet
as at 31 January 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 377,683 377,610
Current assets
Cash at bank and in hand 1,799 965
Creditors: amounts falling due within one year 4 (336,377) (327,638)
Net current liabilities (334,578) (326,673)
Total assets less current liabilities 43,105 50,937
Creditors: amounts falling due after more than one year 5 (52,098) (62,133)
Net liabilities (8,993) (11,196)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (9,993) (12,196)
Shareholder's funds (8,993) (11,196)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr B McKenzie
Director
Approved by the board on 28 August 2022
MCKENZIE ENTERPRISE LIMITED
Notes to the Accounts
for the year ended 31 January 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
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 obligation can be estimated reliably.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment Properties Plant and machinery etc Total
£ £ £
Cost
At 1 February 2021 365,361 52,916 418,277
Additions 848 1,250 2,098
At 31 January 2022 366,209 54,166 420,375
Depreciation
At 1 February 2021 - 40,667 40,667
Charge for the year - 2,025 2,025
At 31 January 2022 - 42,692 42,692
Net book value
At 31 January 2022 366,209 11,474 377,683
At 31 January 2021 365,361 12,249 377,610
4 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 9,803 9,803
Trade creditors 750 750
Taxation and social security costs 1,465 1,333
Other creditors 324,359 315,752
336,377 327,638
5 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 52,098 62,133
6 Loans 2022 2021
£ £
Creditors include:
Instalments falling due for payment after more than five years 15,144 24,947
Secured bank loans 61,901 71,936
The Bank Loans are secured against the Property at 34 Lossiemouth Road, Elgin, Moray, IV30 4JP
7 Other information
MCKENZIE ENTERPRISE LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is:
Correllwood
58 Hamilton Drive
Elgin
Moray
IV30 4NJ
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