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Registration number: 06361968

McKenzie Mills Partnership Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

image-name
 

McKenzie Mills Partnership Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

McKenzie Mills Partnership Limited

Company Information

Directors

Dr KC McKenzie Mills

Dr M McKenzie Mills

Registered office

22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Accountants

Michael J Emery & Co Limited
Chartered Accountants22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

McKenzie Mills Partnership Limited

(Registration number: 06361968)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,000

4,000

Tangible assets

5

71

564

 

3,071

4,564

Current assets

 

Debtors

6

6,734

5,518

Cash at bank and in hand

 

100,248

78,570

 

106,982

84,088

Creditors: Amounts falling due within one year

7

(36,353)

(16,961)

Net current assets

 

70,629

67,127

Total assets less current liabilities

 

73,700

71,691

Provisions for liabilities

(13)

(107)

Net assets

 

73,687

71,584

Capital and reserves

 

Called up share capital

100

100

Retained earnings

73,587

71,484

Shareholders' funds

 

73,687

71,584

 

McKenzie Mills Partnership Limited

(Registration number: 06361968)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 March 2025 and signed on its behalf by:
 

.........................................
Dr M McKenzie Mills
Director

 

McKenzie Mills Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ
England

These financial statements were authorised for issue by the Board on 10 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction, except when covered by a forward exchange contract when the contracted rate is used. Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

McKenzie Mills Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line

Office equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

McKenzie Mills Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 2 (2023 - 2).

 

McKenzie Mills Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

20,000

20,000

At 30 September 2024

20,000

20,000

Amortisation

At 1 October 2023

16,000

16,000

Amortisation charge

1,000

1,000

At 30 September 2024

17,000

17,000

Carrying amount

At 30 September 2024

3,000

3,000

At 30 September 2023

4,000

4,000

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2023

715

10,242

10,957

At 30 September 2024

715

10,242

10,957

Depreciation

At 1 October 2023

715

9,678

10,393

Charge for the year

-

493

493

At 30 September 2024

715

10,171

10,886

Carrying amount

At 30 September 2024

-

71

71

At 30 September 2023

-

564

564

 

McKenzie Mills Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

6,263

-

Prepayments

471

268

Accrued income

-

5,250

 

6,734

5,518

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

PAYE and NIC creditor

2,593

420

VAT Control account

4,232

1,776

Accruals

925

877

Corporation tax control

3,144

6,741

Directors loan account

459

147

Other creditors

25,000

7,000

36,353

16,961