REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 1 JUNE 2022 TO 30 SEPTEMBER 2023 |
FOR |
MCKENZIES ATS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 1 JUNE 2022 TO 30 SEPTEMBER 2023 |
FOR |
MCKENZIES ATS LIMITED |
MCKENZIES ATS LIMITED (REGISTERED NUMBER: 11410605) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JUNE 2022 TO 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MCKENZIES ATS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 JUNE 2022 TO 30 SEPTEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
MCKENZIES ATS LIMITED (REGISTERED NUMBER: 11410605) |
ABRIDGED BALANCE SHEET |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
MCKENZIES ATS LIMITED (REGISTERED NUMBER: 11410605) |
ABRIDGED BALANCE SHEET - continued |
30 SEPTEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MCKENZIES ATS LIMITED (REGISTERED NUMBER: 11410605) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JUNE 2022 TO 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Mckenzies ATS Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
In the application of the company's accounting policies, management is required to make judgment estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects the period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The key sources of estimation uncertainty that have significant effect on the amounts recognised in the financial statements are described below: |
a) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates and physical condition of the assets. |
b) Impairment of trade receivables and contract assets |
The company makes an estimate of the recoverable value of trade receivables and contract assets. When assessing impairment of trade receivables and contract assets, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
MCKENZIES ATS LIMITED (REGISTERED NUMBER: 11410605) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JUNE 2022 TO 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
i) Financial assets |
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. |
Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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 period 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. |
MCKENZIES ATS LIMITED (REGISTERED NUMBER: 11410605) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JUNE 2022 TO 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Trade and other receivables |
Trade and other receivables where payment is due within one year do not constitute a financing transaction and are recorded at the undiscovered amount expected to be received, less attributable transaction costs. Any subsequent impairment is recognised as an expense in profit or loss. |
If payment is due after more than one year or if there is any other indication of a financing transaction, trade and other receivables are recorder initially at fair value less attributable transaction costs. In this situation, fair value is equal to the amount expected to be received, discounted at a market-related interest rate. |
All trade and other receivables are subsequently measured at amortised cost, net of impairment. |
Going concern |
The directors believe despite the difficult trading year, the company is now experiencing better levels of revenue growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and they believe that it is appropriate to apply the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for period |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 31 May 2022 |
MCKENZIES ATS LIMITED (REGISTERED NUMBER: 11410605) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JUNE 2022 TO 30 SEPTEMBER 2023 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 June 2022 |
and 30 September 2023 | 100 |
NET BOOK VALUE |
At 30 September 2023 | 100 |
At 31 May 2022 | 100 |