Silverfin false 28/02/2023 01/03/2022 28/02/2023 Mr M P Mackenzie 26/02/2020 29 November 2023 The principal activity of the Company is the letting of residential property. 12485015 2023-02-28 12485015 bus:Director1 2023-02-28 12485015 2022-02-28 12485015 core:CurrentFinancialInstruments 2023-02-28 12485015 core:CurrentFinancialInstruments 2022-02-28 12485015 core:Non-currentFinancialInstruments 2023-02-28 12485015 core:Non-currentFinancialInstruments 2022-02-28 12485015 core:ShareCapital 2023-02-28 12485015 core:ShareCapital 2022-02-28 12485015 core:RetainedEarningsAccumulatedLosses 2023-02-28 12485015 core:RetainedEarningsAccumulatedLosses 2022-02-28 12485015 core:CurrentFinancialInstruments 1 2023-02-28 12485015 core:CurrentFinancialInstruments 1 2022-02-28 12485015 core:MoreThanFiveYears 2023-02-28 12485015 core:MoreThanFiveYears 2022-02-28 12485015 bus:OrdinaryShareClass1 2023-02-28 12485015 2022-03-01 2023-02-28 12485015 bus:FullAccounts 2022-03-01 2023-02-28 12485015 bus:SmallEntities 2022-03-01 2023-02-28 12485015 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 12485015 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 12485015 bus:Director1 2022-03-01 2023-02-28 12485015 2021-03-01 2022-02-28 12485015 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 12485015 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 12485015 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12485015 (England and Wales)

MACKENZIE RESIDENTIALS (SOUTHWEST) LTD

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

MACKENZIE RESIDENTIALS (SOUTHWEST) LTD

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

MACKENZIE RESIDENTIALS (SOUTHWEST) LTD

COMPANY INFORMATION

For the financial year ended 28 February 2023
MACKENZIE RESIDENTIALS (SOUTHWEST) LTD

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2023
DIRECTOR Mr M P Mackenzie
REGISTERED OFFICE Ground Floor Blackbrook Gate 1
Blackbrook Business Park
Taunton
TA1 2PX
United Kingdom
COMPANY NUMBER 12485015 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
MACKENZIE RESIDENTIALS (SOUTHWEST) LTD

BALANCE SHEET

As at 28 February 2023
MACKENZIE RESIDENTIALS (SOUTHWEST) LTD

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 454,898 200,000
454,898 200,000
Current assets
Debtors 4 38 41
Cash at bank and in hand 12,585 153,307
12,623 153,348
Creditors: amounts falling due within one year 5 ( 300,801) ( 150,212)
Net current (liabilities)/assets (288,178) 3,136
Total assets less current liabilities 166,720 203,136
Creditors: amounts falling due after more than one year 6 ( 150,800) ( 150,200)
Provision for liabilities ( 3,082) ( 14,279)
Net assets 12,838 38,657
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 12,837 38,656
Total shareholder's funds 12,838 38,657

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Mackenzie Residentials (Southwest) Ltd (registered number: 12485015) were approved and authorised for issue by the Director on 29 November 2023. They were signed on its behalf by:

Mr M P Mackenzie
Director
MACKENZIE RESIDENTIALS (SOUTHWEST) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
MACKENZIE RESIDENTIALS (SOUTHWEST) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
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

Mackenzie Residentials (Southwest) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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 is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Taxation

Current tax
Turnover comprises the fair value of the consideration received or receivable in respect of the rental of investment properties. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and is accrued on a time basis.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 March 2022 200,000
Additions 294,314
Fair value movement (39,416)
As at 28 February 2023 454,898

Valuation

The director estimates the total value of the properties as at 28 February 2023 as £455,000.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 437,299 142,883

4. Debtors

2023 2022
£ £
Prepayments 38 41

5. Creditors: amounts falling due within one year

2023 2022
£ £
CIS withheld 961 0
Other creditors 299,840 150,212
300,801 150,212

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 150,800 150,200

The bank loans are secured on freehold properties of the Company with a carrying value of £200,000.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured) 150,800 0

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Reserves

As at 28 February 2023 the profit and loss account was made up of £14,338 (2022: £42,838) of fair value revaluation reserve (non-distributable), and (£1,501) (2022: (£4,182)) profit and loss reserve.