Company registration number SC073177 (Scotland)
MACKENZIE CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
MACKENZIE CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors
Mr A M Dalrymple BSc
Mr M Wilson
Mr A Montgomery
Mr M S Bramley
Secretary
Mr A M Dalrymple BSc
Company number
SC073177
Registered office
Burnfield Avenue
Thornliebank
Glasgow
United Kingdom
G46 7TL
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
MACKENZIE CONSTRUCTION LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 28
MACKENZIE CONSTRUCTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

The directors are pleased with the level of increased turnover and profit before tax in the year. The company turnover has increased in 2024 to £62.32m (2023 - £58.5m). Profit before tax increased to £6.22m in 2024 (2023 - £3.03m). Continued investment in company infrastructure, training and development will ensure a solid foundation on which continued and sustainable growth can be achieved.

Principal risks and uncertainties

The management of the business is subject to various evolving risks and uncertainties. The directors regularly review the risks and uncertainties posed on the business and manage these to minimise business exposure.

 

Credit risk

The company has no significant exposure to credit risk. Credit risk is managed by the company through credit checks and continued assessment of customers financial status where necessary. The company has minimal history of bad debts.

 

Liquidity risk

The company maintains a strong balance sheet which includes sufficient cash reserves for the needs of the business. Management assess cashflow on a regular basis to ensure cash efficiency is maximised.

Key performance indicators

The company considers key performance indicators to be:

 

The KPIs are reviewed in conjunction with management accounts on a monthly basis.

Future developments

Safe and efficient self delivery will remain core to all trading activities, reducing risk and maximising control achieved through training, development and promotion from within. A positive company culture will be maintained through consultation, engagement and empowerment.  An ethos of continous improvement and collaborative working is promoted at all levels within the company with a focus on sharing knowledge both internally and externally with our supply chain, key stakeholders and client base.

 

The company continues to benefit from long term framework contracts, with key clients and service levels will be subject to continuous improvement to ensure the renewal of current and the awarding of future framework contracts.   The growth strategy of the company includes provisions for the widening of the company’s client base, increased geographical coverage and both additional and enhanced office working space.

 

The company has in place a Business Plan for the next five years with a focus on the company’s commitment to Net Zero, People Excellence and Innovation.

MACKENZIE CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Section 172 statement

The Board of Directors believe that they have acted in the way they consider to be both in good faith and would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 31st March 2024; and in so having regard, amongst other matters to; 

 

(a)          the likely consequences of any decision in the long term.

(b)          the interests of the company’s employees.

(c)          the need to foster the company's business relationships with suppliers, customers, and others.

(d)          the impact of the company's operations on the community and the environment.

(e)          the desirability of the company maintaining a reputation for high standards of business conduct, and 

(f)           the need to act fairly between members of the Group.

 

The directors are following a business plan to achieve the company’s long-term objective including being very successful in areas of operation.

 

The Directors understand the importance of engaging and discussing issues concerning employees, clients, customers, suppliers, subcontractors, the community and environment, regulators, and shareholders as part of its decision-making processes.

 

Employees

Our employees are key to the success and growth of the business. We continue to review training and development needs to drive productivity and enhance skills whilst ensuring we are a responsible employer in our approach to remuneration and benefits. The company encourages diversity and inclusion of employees of all backgrounds. The directors believe that employee physical and mental health and wellbeing are essential in ensuring the success of the company and both current and future initiatives focused on employee health and wellbeing will continue to be given the importance they deserve.

 

Customers

We continue to engage closely with our customers to ensure that their needs are met, and service levels achieved efficiently and in line with specifications.

 

Suppliers and subcontractors

We value the company's key suppliers and subcontractors and their overall contribution to the continued success of the business. One of our primary goals is to develop and enter strong stable working relationships with them. We seek to be fair and transparent in our dealings with them and we ensure that we honour our arrangements with them.

 

Environment and community

The company remains committed to environmental issues with particular reference to carbon reduction with dedicated internal resources allocated to work with our clients, key stakeholders, and supply chain in working towards a carbon net-zero economy.

 

Governance and regulation

The Board’s intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards of business conduct and good governance expected of a business of our nature and size and in full alignment with the rules and regulations. We also operate to the highest levels of safety and high-quality standards. In doing so, we believe we will achieve our long-term business strategy and further develop our reputation in our sector.

 

Members

The Board of directors and shareholders of the group work closely together to share information and ensure the long term strategic goals of the group are met.

MACKENZIE CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

On behalf of the board

Mr A M Dalrymple BSc
Director
28 October 2024
MACKENZIE CONSTRUCTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of civil engineering construction and specialist structural repairs.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £1,358,762. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A M Dalrymple BSc
Mr M Wilson
Mr A Montgomery
Mr M S Bramley
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

This report was undertaken in accordance with the Streamlined Energy and Carbon (“SECR”) Reporting requirements outlined in the Companies Act (2006) for large quoted and unlisted companies which requires Mackenzie Construction Limited to report on its Greenhouse Gas (GHG) emissions.

 

This report contains details on annual GHG emissions, total energy consumption for Mackenzie Construction covering our office, company owned vehicles and energy efficiency actions implemented during the financial year. This report contains our SECR disclosure for our 2023/24 Financial Year.

MACKENZIE CONSTRUCTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Quantification and reporting methodology

 

Scope of analysis and data collection

Over FY 2023/24 we have collected primary data for our office, site, and business travel activities including: electricity consumption (kWh), diesel and HVO consumption on site (litres), vehicle fuel (litres) and business travel (flights).

 

All primary data used within this report is from 1st April 2023 – 31st March 2024 covering our financial year. The scope of our GHG emissions calculation covers all of Mackenzie Construction’s operations. We have also chosen to report additional Scope 3 GHG emissions sources (water, waste, paper use). To maintain consistency year-on-year comparisons have been reported for Scope 1 and Scope 2 emissions sources.

 

Calculation Methodology

We have used the BEIS and Greenhouse Gas Protocol Corporate Reporting Standard (GHG Protocol) methodology for compiling this GHG data and have calculated our GHG emissions in accordance with the UK Government’s reporting guidelines for Company Reporting.

 

To ensure consistency in our reporting we are reporting all GHG emissions in units of CO2e (carbon dioxide equivalent) and have used 2023 GHG Conversion Factors for Company Reporting, published annually by Defra and BEIS.

 

GHG Emissions Scopes

The following reporting scopes (as outlined by the Greenhouse Gas Protocol) are included within this disclosure:

MACKENZIE CONSTRUCTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

Energy Consumption

 

The table below displays our annual energy consumption for electricity, natural gas and business travel for the 2023/24 financial year (1st April 2023 - 31st March 2024). As per SECR reporting requirements this information is presented in kilowatt hours (kWh). Please note that suitable energy conversations for air travel, water, waste and paper use are not yet available and have been recorded as zero.

 

Emissions Source

GHG Scope

(GHG Protocol)

Reporting Units

2022/23

(1st April - 31st March)

2023/24

(1st April - 31st March)

Y.o.Y% change

Vehicle Fleet

Scope 1

Kilowatt hour (kWh)

10,239,512

7,814,962

-23.7%

Gas Oil

Scope 1

Kilowatt hour (kWh)

4,487,008

-

 

Site HVO

Scope 1

Kilowatt hour (kWh)

-

1,937,539

 

 

Site Diesel

 

Electricity

 

Business Travel - Air

 

Water supply & Treatment

 

Waste

 

Paper Use

Scope 1

 

Scope 2 & 3

 

Scope 3

 

Scope 3

 

Scope 3

 

Scope 3

 

Scope 3

Kilowatt hour (kWh)

Kilowatt hour (kWh)

Kilowatt hour (kWh)

Kilowatt hour (kWh)

Kilowatt hour (kWh)

Kilowatt hour (kWh)

Kilowatt hour (kWh)

-

 

95,619

 

-

 

-

 

-

 

-

 

-

 

2,414,714

 

58,282

 

-

 

-

 

-

 

-

 

-

 

-39.0%

 

 

 

 

 

 

 

Total Energy Consumption (kWh)

 

 

14,822,139

12,225,497

-17.5%

 

GHG Emissions Reporting

 

In accordance with the SECR Emissions Reporting requirements our GHG disclosure for the 2023/24 financial year is listed below. Results have been split by GHG Emissions Scope as outlined by the GHG Protocol calculation methodology.

 

GHG Emissions

Scope

Result Units

2022/23

(1st April - 31st March)

2023/24

(1st April - 31st March)

Y.o.Y% change

 

Scope 1

 

tonnes CO2e

3,610.78

2,433.21

-32.6%

Scope 2

 

tonnes CO2e

18.49

13.52

-26.9%

Scope 3

 

tonnes CO2e

46.32

28.27

-39.0%

Total GHG Emissions

tonnes CO2e

3,675.39

2,475

-32.7%

GHG Emissions Intensity 1

tonnes CO2e/£M turnover

59.28

38.08

-35.8%

GHG Emissions Intensity 2

tonnes CO2e/employee

13.37

7.98

-40.3%

 

 

Total GHG Emissions for Scope 1, Scope 2, and Scope 3 for the twelve-month period 1st April 2023 to 31st March 2024 are 2,475 tonnes CO2e. Of our total GHG emissions, Scope 1 accounts for 98.3%, Scope 2 accounts for 0.5%, and Scope 3 counts for 1.1%. Our GHG Emissions CO2e Intensity per £M turnover is 38.08 tonnes CO2e, and per employee is 7.98 tonnes CO2e which have shown a 25% decrease and 10% increase respectively, compared to our 2020/21 baseline year.

 

MACKENZIE CONSTRUCTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Measures taken to improve energy efficiency

Mackenzie Construction has been actively undertaking several initiatives to reduce our greenhouse gas (GHG) emissions footprint. These initiatives include:

  1. Cutting our gas oil consumption by using HVO for site setups. These Eco site set ups now use hybrid battery packs, eco welfare units and HVO fuel. This change has resulted in a 97% reduction in CO2 emissions as reported by Wernick power solutions (our generator & temporary power suppliers).

  2. Utilisation of conveyor belts to transport materials across sites instead of the traditional methods and telehandlers. This has led to emissions reduction as well as reduction in manual handling, costs and waste generation.

  3. Utilisation of hydrogen cell security cameras on site.

  4. Trialling the use of a net-zero kiosk to replace the current standard tap kiosk on site. We plan to run the site set up on HVO, construct the kiosk with recycled plastic bottles, use a cem-free design with a basalt reinforcement as our kiosk base and use all excavated materials onsite.

  5. Continuing with the roll-out of SMARTSURFACE technology to reduce embodied carbon emissions associated with surfacing projects.

  6. Utilisation of electric mobile plant such as mini excavators on site as well as trialling the use of electric vans to support the future incorporation of these into our fleet.

 

These initiatives collectively demonstrate our commitment to environmental responsibility and the ongoing efforts to mitigate our GHG emissions in order to contribute to a more sustainable future.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr A M Dalrymple BSc
Director
28 October 2024
MACKENZIE CONSTRUCTION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MACKENZIE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MACKENZIE CONSTRUCTION LIMITED
- 9 -
Opinion

We have audited the financial statements of Mackenzie Construction Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

MACKENZIE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MACKENZIE CONSTRUCTION LIMITED
- 10 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MACKENZIE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MACKENZIE CONSTRUCTION LIMITED
- 11 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jennifer Alexander
Senior Statutory Auditor
For and on behalf of Azets Audit Services
28 October 2024
2024-10-28
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
MACKENZIE CONSTRUCTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
62,319,577
58,505,462
Cost of sales
(52,575,367)
(50,836,990)
Gross profit
9,744,210
7,668,472
Administrative expenses
(4,764,681)
(4,299,722)
Other operating income
79,905
56,900
Operating profit
4
5,059,434
3,425,650
Interest receivable and similar income
8
608,164
344,334
Interest payable and similar expenses
9
(14,292)
(9,127)
Change in market value of investments
10
569,946
(726,800)
Profit before taxation
6,223,252
3,034,057
Tax on profit
11
(1,187,058)
(663,619)
Profit for the financial year
5,036,194
2,370,438
Other comprehensive income
Revaluation of tangible fixed assets
44,167
-
0
Tax relating to other comprehensive income
(11,042)
-
0
Total comprehensive income for the year
5,069,319
2,370,438

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MACKENZIE CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
809,121
602,576
Current assets
Debtors
15
11,368,805
11,729,696
Investments
16
15,985,642
12,691,032
Cash at bank and in hand
5,136,940
6,706,939
32,491,387
31,127,667
Creditors: amounts falling due within one year
17
(19,293,067)
(21,428,043)
Net current assets
13,198,320
9,699,624
Total assets less current liabilities
14,007,441
10,302,200
Provisions for liabilities
Deferred tax liability
18
14,571
19,887
(14,571)
(19,887)
Net assets
13,992,870
10,282,313
Capital and reserves
Called up share capital
20
105,000
105,000
Share premium account
21
5,000
5,000
Revaluation reserve
22
141,262
118,500
Profit and loss reserves
23
13,741,608
10,053,813
Total equity
13,992,870
10,282,313
The financial statements were approved by the board of directors and authorised for issue on 28 October 2024 and are signed on its behalf by:
Mr A M Dalrymple BSc
Director
Company Registration No. SC073177
MACKENZIE CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
105,000
5,000
118,500
8,425,838
8,654,338
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
2,370,438
2,370,438
Dividends
12
-
-
-
(742,463)
(742,463)
Balance at 31 March 2023
105,000
5,000
118,500
10,053,813
10,282,313
Year ended 31 March 2024:
Profit for the year
-
-
-
5,036,194
5,036,194
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
44,167
-
44,167
Tax relating to other comprehensive income
-
-
(11,042)
-
0
(11,042)
Total comprehensive income for the year
-
-
33,125
5,036,194
5,069,319
Dividends
12
-
-
-
(1,358,762)
(1,358,762)
Transfers
-
-
(10,363)
10,363
-
Balance at 31 March 2024
105,000
5,000
141,262
13,741,608
13,992,870
MACKENZIE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Mackenzie Construction Limited is a private company limited by shares incorporated in Scotland. The registered office is Burnfield Avenue, Thornliebank, Glasgow, United Kingdom, G46 7TL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of SLM MacKenzie Limited. These consolidated financial statements are available from its registered office, Burnfield Avenue, Thornliebank, Glasgow, G46 7TL.

1.2
Going concern

The company's going concern assessment considers its principal risks, including the continued level of uncertainty in the global market. true

 

The current and future financial position of the company, including its cash flows and liquidity, has been reviewed by the directors. Following this review, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has strong cash reserves and places no reliance on external debt.

 

The company's secured pipeline of work and long-term forecast outlook has provided further assurance to the directors regarding its financial position. As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

MACKENZIE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

 

Construction contracts

When the outcome of a construction contract can be estimated reliably, the company shall recognise contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period.

 

The company shall determine the stage of completion of a transaction or contract through performing surveys of the work performed to date.

 

When the outcome of a construction contract cannot be estimated reliably the company shall recognise revenue only to the extent of contract costs incurred that it is probable will be recovered and the company shall recognise contract costs as an expense in the period in which they occurred.

 

The company will recognise as an expense immediately any costs whose recovery is not probable. When it is probable that total contract costs will exceed total contract revenue on a construction contract, the expected loss shall be recognised as an expense immediately.

 

Revenues derived from variation on contracts are recognised only when they have been accepted by the customer.

 

Amounts recoverable on contracts are included in debtors. These are stated as turnover recognised less any progress payments made on the contracts, after provision has been made for any foreseeable losses.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on valuation
Fixtures and fittings
25% on cost
Computers
33% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

MACKENZIE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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 publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

MACKENZIE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
Short term investments

Investments in listed company shares are measured to market value at each balance sheet date. Gains and losses on measurement are recognised in profit or loss for the period.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

MACKENZIE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

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

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

MACKENZIE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Accounting for construction contracts

The company estimates the outcome of its construction contracts. This is measured by surveys performed at regular points throughout the year and calculates the stage of completion as a percentage of total contract revenue.

 

Estimated total contract costs are based on management’s detailed budgets and projections. Where management judge that the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Any foreseeable losses are provided for immediately.

3
Turnover and other revenue

Turnover represents the value of contracted work carried out during the year excluding Value Added Tax and is attributable to the one principal activity of the company.

 

All turnover arose within the United Kingdom.

MACKENZIE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
182,577
91,926
Dividends received
425,587
252,408
Grants received
79,905
56,900
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(79,905)
(56,900)
Depreciation of owned tangible fixed assets
88,517
68,962
Operating lease charges
69,206
7,992
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
49,000
50,500
For other services
Taxation compliance services
8,500
8,000
Other taxation services
-
0
3,000
All other non-audit services
-
0
750
8,500
11,750
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Weekly
161
163
Monthly
111
107
Total
272
270
MACKENZIE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
12,995,934
12,948,808
Social security costs
1,402,868
1,478,693
Pension costs
400,777
230,979
14,799,579
14,658,480
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
878,304
797,751
Company pension contributions to defined contribution schemes
20,739
13,950
899,043
811,701

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
416,175
342,400
Company pension contributions to defined contribution schemes
4,575
3,450
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
182,577
91,926
Other income from investments
Dividends received
425,587
252,408
Total income
608,164
344,334
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
14,292
9,127
MACKENZIE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
10
Change in market value of investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
569,946
(726,800)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,322,665
664,231
Adjustments in respect of prior periods
(119,249)
-
0
Total current tax
1,203,416
664,231
Deferred tax
Origination and reversal of timing differences
(16,358)
(612)
Total tax charge
1,187,058
663,619

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
6,223,252
3,034,057
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
1,555,813
576,471
Tax effect of expenses that are not deductible in determining taxable profit
9,597
119,135
Tax effect of income not taxable in determining taxable profit
(205,822)
-
0
Adjustments in respect of prior years
(115,349)
-
0
Fixed asset differences
2,715
(2,110)
Remeasurement of deferred tax for changes in tax rates
-
0
(14)
Adjustments to brought forward values
72,641
-
0
Exempt ABGH distributions
(23,195)
(29,311)
Additional deduction for R&D expenditure
(114,541)
(552)
Foreign tax credits
5,199
-
0
Taxation charge for the year
1,187,058
663,619
MACKENZIE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Taxation
(Continued)
- 24 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
11,042
-
12
Dividends
2024
2023
£
£
Final paid
1,358,762
742,463
13
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
500,000
137,638
148,938
19,507
806,083
Additions
171,970
24,773
33,569
20,583
250,895
At 31 March 2024
671,970
162,411
182,507
40,090
1,056,978
Depreciation and impairment
At 1 April 2023
34,167
85,510
81,595
2,235
203,507
Depreciation charged in the year
10,860
24,981
43,511
9,165
88,517
Revaluation
(44,167)
-
0
-
0
-
0
(44,167)
At 31 March 2024
860
110,491
125,106
11,400
247,857
Carrying amount
At 31 March 2024
671,110
51,920
57,401
28,690
809,121
At 31 March 2023
465,833
52,128
67,343
17,272
602,576

The property owned by the company was externally valued in March 2024 by Graham + Sibbald (Chartered Surveyors) on the basis of the current market value of the freehold interest in the property.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £512,931 (2023 - £352,800), being cost £591,970 (2023 - £420,000) and depreciation £79,039 (2023 - £67,200).

MACKENZIE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
14
Construction contracts
2024
2023
£
£
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
6,457,233
5,685,418
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,014,114
5,107,337
Gross amounts owed by contract customers
6,457,233
5,685,418
Other debtors
58,965
159,187
Prepayments and accrued income
659,132
606,010
11,189,444
11,557,952
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
179,361
171,744
Total debtors
11,368,805
11,729,696
16
Current asset investments
2024
2023
£
£
Listed investments
15,985,642
12,691,032
17
Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
1,692,341
2,609,846
Trade creditors
8,713,948
10,451,866
Amounts owed to group undertakings
1,387,515
771,215
Corporation tax
871,655
828,796
Other taxation and social security
2,167,907
2,779,170
Other creditors
278,604
336,716
Accruals and deferred income
4,181,097
3,650,434
19,293,067
21,428,043

The bank holds a floating charge over the assets and undertakings of the company and a standard security over the property at Burnfield Avenue, Thornliebank, Glasgow.

MACKENZIE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
21,291
27,582
Short term timing differences
(17,762)
(7,695)
Other
11,042
-
14,571
19,887
2024
Movements in the year:
£
Liability at 1 April 2023
19,887
Credit to profit or loss
(16,358)
Charge to other comprehensive income
11,042
Liability at 31 March 2024
14,571

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
400,777
230,979

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
105,000
105,000
105,000
105,000
21
Share premium account
2024
2023
£
£
At the beginning and end of the year
5,000
5,000
MACKENZIE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21
Share premium account
(Continued)
- 27 -

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

22
Revaluation reserve
2024
2023
£
£
At the beginning of the year
118,500
118,500
Revaluation surplus arising in the year
44,167
-
0
Deferred tax on revaluation of tangible assets
(11,042)
-
Transfer to retained earnings
(10,363)
-
0
At the end of the year
141,262
118,500

This reserve records the movement in the fair value of the land and buildings.

23
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
10,053,813
8,425,838
Profit for the year
5,036,194
2,370,438
Dividends declared and paid in the year
(1,358,762)
(742,463)
Transfer from revaluation reserve
10,363
-
0
At the end of the year
13,741,608
10,053,813
24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
762,138
3,998
25
Directors' transactions

During a prior year, a loan was advanced to a director of the company. The balance owed to the company at the current year end is £179,361 (2023 - £171,744) and this is shown within debtors due after one year in the financial statements. The loan bears interest at 2% per annum, and is repayable by 19 January 2027.

MACKENZIE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
26
Ultimate controlling party

The ultimate parent undertaking is SLM Mackenzie Limited, a company registered in Scotland. The results of the company are consolidated within the group accounts of SLM Mackenzie Limited. These accounts are available from that company's registered office at Burnfield Avenue, Thornliebank, Glasgow, G46 7TL.

 

The ultimate controlling party is deemed to be A Dalrymple BSc, through his shareholdings and directorship in the parent company, SLM Mackenzie Limited.

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