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COMPANY REGISTRATION NUMBER: 12278474
IAIN McKENZIE EP LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2023
IAIN McKENZIE EP LTD
STATEMENT OF FINANCIAL POSITION
30 September 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
188,981
97,225
CURRENT ASSETS
Stocks
11,000
6,000
Debtors
6
116,478
93,602
Cash at bank and in hand
742,768
517,464
-----------
-----------
870,246
617,066
CREDITORS: amounts falling due within one year
7
205,775
163,920
-----------
-----------
NET CURRENT ASSETS
664,471
453,146
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
853,452
550,371
PROVISIONS
47,245
18,473
-----------
-----------
NET ASSETS
806,207
531,898
-----------
-----------
CAPITAL AND RESERVES
Called up share capital
200
200
Profit and loss account
806,007
531,698
-----------
-----------
SHAREHOLDERS FUNDS
806,207
531,898
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
IAIN McKENZIE EP LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 7 February 2024 , and are signed on behalf of the board by:
Mr I K McKenzie
Director
Company registration number: 12278474
IAIN McKENZIE EP LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brookside Farm, Winkfield Road, Ascot, Berkshire, SL5 7LT, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
25% straight line
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. TANGIBLE ASSETS
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2022
163,909
50,037
213,946
Additions
96,100
53,253
149,353
-----------
-----------
-----------
At 30 September 2023
260,009
103,290
363,299
-----------
-----------
-----------
Depreciation
At 1 October 2022
86,240
30,481
116,721
Charge for the year
47,819
9,778
57,597
-----------
-----------
-----------
At 30 September 2023
134,059
40,259
174,318
-----------
-----------
-----------
Carrying amount
At 30 September 2023
125,950
63,031
188,981
-----------
-----------
-----------
At 30 September 2022
77,669
19,556
97,225
-----------
-----------
-----------
6. DEBTORS
2023
2022
£
£
Trade debtors
114,796
91,488
Prepayments and accrued income
1,682
2,114
-----------
---------
116,478
93,602
-----------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
50,541
12,937
Accruals and deferred income
3,620
3,325
Corporation tax
82,698
73,245
Social security and other taxes
33,044
39,997
Director loan accounts
31,795
31,483
Other creditors
4,077
2,933
-----------
-----------
205,775
163,920
-----------
-----------