Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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F S MACKENZIE LIMITED
COMPANY INFORMATION
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F S MACKENZIE LIMITED
CONTENTS
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F S MACKENZIE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their strategic report on the Company for the year ended 31 March 2024. The principal activity of the Company during the year continued to be that of a freight forwarder.
In the year to 31 March 2024, the freight industry was challenging and highly competitive. The impact of lower freight rates and higher operating costs led to a challenging environment. Despite this, the directors are very pleased with the financial results and are optimistic with trading performance post year end.
Turnover for the year ended 31 March 2024 decreased to £15.28m (2023 - £23.11m), gross profit decreased to £3.52m (2023 - £4.24m). Gross profit margin has increased to 23.0% (2023 – 18.4%) and operating profit margin decreased to 2.1% (2023 – 3.0%), which is driven predominantly by the decrease in freight rates as well as our revenue mix. The Company generated a profit before tax of £310,523 for the year to 31 March 2024 (2023 - £692,554). The other key financial performance indicators utilised by management are debtor and creditor days. The control of debtors is key to maintaining working capital in the business. The debtor days have increased compared with the prior year to 46 days (2023 - 30 days), within the range of credit terms provided to customers. Creditor days have also increased during the year to 33 days (2023 - 26 days). The movement relates to the overall change in sales mix of the business.
The Company's operations expose it to a variety of risks that include the effect of changes in customer credit risk and exchange rates.
Liquidity risk The Company seeks to manage financial risk by ensuring sufficient liquidity is avilable to meet foreseeable needs. Short-term flexibility is achieved through the Company's banking facilities which management ensure have sufficient headroom. Credit risk The Company has policies that require appropriate credit checks on selected potential customers before services are provided. Foreign exchange risk The Company is exposed to foreign exchange risk as certain transactions with related undertakings are invoiced in currencies other than Sterling. Foreign currency risk and exposure has decreased significantly in the year to 31 March 2024 due to the reduction in worldwide freight rates. The company is monitoring its exposure on a daily basis.
The directors have assessed the Company’s financial performance and position and believe that the Company has adequate resources to continue its operational existence and meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. Thus, we have adopted the going concern basis of accounting in preparing the financial statements. Further details are provided in note 2 to the financial statements.
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F S MACKENZIE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The directors remain cautiously optimistic in their outlook for 2024/25 and beyond, even withstanding the on going global economic, political and financial uncertainties. Management are continuing to monitor the impact of the geo-political environment and will continue to ensure the business is well diversified both from the services provided and the overseas markets we operate in.
This report was approved by the board on 13 February 2025 and signed on its behalf.
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F S MACKENZIE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The profit for the year, after taxation, amounted to £158,570 (2023 - £568,237).
Dividends declared and paid during the year amounted to £Nil (2023 - £Nil).
The directors who served during the year were:
There are no qualifying third party indemnity provisions.
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F S MACKENZIE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The directors have included an indication of likely future developments and information on the use of financial instruments which is required by regulations to be included in the directors' report in the strategic report because they consider it to be of strategic importance to the Company.
There have been no significant events affecting the Company since the year end.
The auditor, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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F S MACKENZIE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF F S MACKENZIE LIMITED
We have audited the financial statements of F S Mackenzie Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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F S MACKENZIE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF F S MACKENZIE LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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.
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F S MACKENZIE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF F S MACKENZIE LIMITED (CONTINUED)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
∙Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the Company operates in and how the Company is complying with the legal and regulatory frameworks;
∙Enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
∙Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
Any instances of non-compliance with laws and regulations identified and communicated were considered in our audit approach. The most significant laws and regulations were determined as follows:
∙UK GAAP FRS 101 and Companies Act; and
∙Tax compliance regulations.
Additional audit procedures performed by the audit engagement team included:
∙Review of the financial statement disclosures and testing to supporting documentation;
∙Completion of disclosure checklists to identify areas of non-compliance.
The areas that we identified as being susceptible to material misstatement due to fraud were:
∙Revenue recognition in respect of fraud;
∙Revenue recognition in respect of cut-off;
∙IT systems and access;
∙Management override.
Audit procedures in response to the identified areas above:
∙Obtaining an understanding of the processes and controls around revenue recognition;
∙Substantively testing revenue via various testing including transaction and cut-off testing;
∙Review and observation of IT controls and processes;
∙Evaluation of the appropriateness of the accounting policies;
∙Testing the appropriateness of journal entries and other adjustments;
∙Assessing whether the judgements made in making accounting estimates are indicative of a potential bias;
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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F S MACKENZIE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF F S MACKENZIE LIMITED (CONTINUED)
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
London
E11 1GA
Date:
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F S MACKENZIE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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F S MACKENZIE LIMITED
REGISTERED NUMBER: 00976932
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 28 form part of these financial statements.
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F S MACKENZIE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
F S Mackenzie Limited ("the Company") is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. Its registered office is 2nd Floor, Bowden House, Luckyn Lane, Basildon SS14 3AX. The Company's principal activity continued to be that of freight forwarder.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraph 88C and 88D of IAS 12 Income Taxes.
This information is included in the consolidated financial statements of Singapore Post Limited as at 31 March 2024 and these financial statements may be obtained from www.singpost.com.
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
In the current year, the Company has applied a number of amendments to Standards and Interpretations that are effective for the annual period. This had not had any material impact on the amounts reported for the current period and prior years. These include:
The Company's business activities, together with the factors likely to affect its future development, performance and position, are set out in the strategic report. The strategic report further describes the financial position of the Company, its management of working capital and its exposure to credit risk.
The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its available cash of £1,681,626 at the date of approval of the financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly we continue to adopt the going concern basis in preparing the financial statements.
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Revenue is recognised when agreed freight forwarding services are considered to have been delivered. The timing of recognition depends on the type of freight forwarding service provided but it is usually at the point that control of the freight has been passed to the customer. In the case of freight imported to the UK, revenue is recognised based on the date of arrival in the UK. In the case of freight exported to the UK, revenue is recognised based on the date at which freight departs the UK. For domestic freight revenue is recognised in the week in which the service was perfomed. Part weeks are accrued as required at period ends. Where payments are received in advance of revenue being recognised they are included as deferred income and when revenue is recognised in advance of amounts being invoiced they are included as accrued income. The Company does not expect to have any contracts where the period between the transfer of promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Company would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Impairment of financial assets
Financial liabilities
At amortised cost
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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 only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical accounting judgements and key sources of estimation uncertainty Under FRS101 and in accordance with IFRS’s, revenue on services provided should be recognised over time. It is the directors’ opinion that any actual disparity is linked to only sea freight and that the difference between recognising revenue at a point of time (as described in policy note 2.5) is not materially different to if it had been recognised over time. The Company also depreciates fixed assets up to its residual value at the end of its expected useful life. The estimate is based on the directors experience in the industry.
Turnover is all driven from the Company's principal activity.
The information to supply a geographical analysis of turnover is not readily available, but the directors consider approximately 90% (2023 - 90%) of turnover is within the UK. The remaining 10% for both the current and comparative period is with the Rest of the World.
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
There were no factors that may affect future tax charges.
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
12.Tangible fixed assets (continued)
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
18.Deferred taxation (continued)
Capital redemption reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £85,269 (2023 - £131,109). Contributions totalling £16,321 (2023 - £15,053) were payable to the fund at the balance sheet date and are included in creditors.
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F S MACKENZIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The immediate parent undertaking is Famous Holdings Ptd Ltd, a company incorporated in Singapore.
The ultimate parent undertaking is Singapore Post Limited, a company incorporated in Singapore and listed on the Singapore stock exchange. The smallest group for which consolidated financial statements are prepared is Famous Holdings Pte Ltd. Its registered office is Block 511, Kampong Bahru Road, #05-03 Keppel Distripark, Singapore 099447. The largest group for which consolidated financial statements are prepared is Singapore Post Limited. Its registered office is 10 Eunos Road 8, Singapore Post Centre, Singapore 408600. The financial statements of Singapore Post Limited are available at www.singpost.com. In the opinion of the directors there is no ultimate controlling party.
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