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Company No: 12485015 (England and Wales)

MACKENZIE RESIDENTIALS (SOUTHWEST) LTD

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

MACKENZIE RESIDENTIALS (SOUTHWEST) LTD

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

MACKENZIE RESIDENTIALS (SOUTHWEST) LTD

BALANCE SHEET

As at 29 February 2024
MACKENZIE RESIDENTIALS (SOUTHWEST) LTD

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 550,000 454,898
550,000 454,898
Current assets
Debtors 4 40 38
Cash at bank and in hand 474 12,585
514 12,623
Creditors: amounts falling due within one year 5 ( 358,043) ( 300,801)
Net current liabilities (357,529) (288,178)
Total assets less current liabilities 192,471 166,720
Creditors: amounts falling due after more than one year 6 ( 151,400) ( 150,800)
Provision for liabilities ( 7,860) ( 3,082)
Net assets 33,211 12,838
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 33,210 12,837
Total shareholder's funds 33,211 12,838

For the financial year ending 29 February 2024 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 27 October 2024. 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 29 February 2024
MACKENZIE RESIDENTIALS (SOUTHWEST) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
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 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Properties are held at fair value at the date of valuation less subsequent depreciation and impairment.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a gain reverses a previously recognised loss, or a loss exceeds the accumulated gains in equity.

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.

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.

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.

2. Employees

2024 2023
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 2023 454,898
Additions 68,293
Fair value movement 26,809
As at 29 February 2024 550,000

Valuation

The director estimates the total value of the properties as at 29 February 2024 as £550,000 (2023 - £455,000).

Historic cost

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

2024 2023
£ £
Historic cost 505,490 437,299

4. Debtors

2024 2023
£ £
Prepayments 40 38

5. Creditors: amounts falling due within one year

2024 2023
£ £
CIS withheld 3,797 961
Other creditors 354,246 299,840
358,043 300,801

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

2024 2023
£ £
Bank loans (secured) 151,400 150,800

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:

2024 2023
£ £
Bank loans (secured) 151,400 150,800

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Reserves

As at 29 February 2024 the profit and loss account was made up of £36,650 (2023 - £14,338) of fair value revaluation reserve (non-distributable), and (£3,440) (2023 - (£1,501)) profit and loss reserve.