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McKenzie Brothers Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 04902382

 

McKenzie Brothers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

McKenzie Brothers Limited

Company Information

Director

W A McKenzie

Company secretary

W A McKenzie

Registered office

Southwood Farm
Shalden
Alton
Hampshire
United Kingdom
GU34 4EB

Accountants

Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

 

McKenzie Brothers Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,019,987

1,023,866

Current assets

 

Stocks

5

730,150

493,357

Debtors

6

2,641,098

2,580,751

 

3,371,248

3,074,108

Creditors: Amounts falling due within one year

7

(1,777,336)

(1,558,119)

Net current assets

 

1,593,912

1,515,989

Total assets less current liabilities

 

2,613,899

2,539,855

Creditors: Amounts falling due after more than one year

7

(523,355)

(645,966)

Provisions for liabilities

(30,857)

(19,856)

Net assets

 

2,059,687

1,874,033

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

2,059,685

1,874,031

Shareholders' funds

 

2,059,687

1,874,033

 

McKenzie Brothers Limited

Balance Sheet

31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The 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 director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 25 March 2025
 

.........................................
W A McKenzie
Director

Company Registration Number: 04902382

 

McKenzie Brothers Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdoom.

The address of its registered office is:
Southwood Farm
Shalden
Alton
Hampshire
United Kingdom
GU34 4EB

These financial statements were authorised for issue by the director on 25 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods have paased 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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably revenue is recognised only to the extent of the expenses recognised that are recoverable.

 

McKenzie Brothers Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in currencies other than functional currency(foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non- monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of transaction, or , if the asset or liability is measured at fair value, the rate when the fair value was determined.

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.

The current corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Land and buildings Freehold

Not depreciated

Plant and machinery

25% reducing balance

Fixtures, fittings and equipment

10% reducing balance

Motor vehicles

25% reducing balance

 

McKenzie Brothers Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as a part of the cost of stock or fixed assets.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 provide termination benefits.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 21 (2023 - 22).

 

McKenzie Brothers Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

907,641

40,320

5,919

346,732

1,300,612

Additions

-

6,000

3,600

-

9,600

Disposals

-

-

(577)

-

(577)

At 31 March 2024

907,641

46,320

8,942

346,732

1,309,635

Depreciation

At 1 April 2023

-

37,480

5,329

233,937

276,746

Charge for the year

-

1,335

808

11,278

13,421

Eliminated on disposal

-

-

(519)

-

(519)

At 31 March 2024

-

38,815

5,618

245,215

289,648

Carrying amount

At 31 March 2024

907,641

7,505

3,324

101,517

1,019,987

At 31 March 2023

907,641

2,840

590

112,795

1,023,866

Included within the net book value of land and buildings above is £907,641 (2023 - £907,641) in respect of freehold land and buildings.
 

 

McKenzie Brothers Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Other inventories

730,150

493,357

6

Debtors

2024
£

2023
£

Trade debtors

1,247,795

1,327,772

Prepayments

3,303

2,979

Other debtors

1,390,000

1,250,000

2,641,098

2,580,751

 

McKenzie Brothers Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

725,160

680,963

Trade creditors

 

879,965

629,886

Corporation tax

 

71,611

52,613

Taxation and social security

 

12,101

21,550

Other creditors

 

69,161

154,912

Accruals and deferred income

 

19,338

18,195

 

1,777,336

1,558,119

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

523,355

645,966

8

Loans and borrowings

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

523,355

645,966

2024
£

2023
£

Current loans and borrowings

Bank borrowings

122,608

117,367

Bank overdrafts

602,552

563,596

725,160

680,963

 

McKenzie Brothers Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

9

Related party transactions

Summary of transactions with other related parties

During the year, the company traded with McKenzie Brothers and McKenzie Arable. These are related due to the directors being partners in the business.

The company received income amounting to £160,738 (2023 - £191,919) and made purchases of £799 (2023 - £1,811) from/to McKenzie Arable.

It also received income amounting to £170,917 (2023 - £150,640) from McKenzie Brothers and made purhases of £193,183 (2023 - £178,516) from McKenzie Brothers.

At the year end, the company was owed £500,000 (2023 - £500,000) by McKenzie Brothers and £600,000 (2023 - £600,000) by McKenzie Arable. In addition there is a balance owed from McKenzie Arable of £354,805 (2023 - 465,501) and McKenzie Brothers of £248,712 (2023 - £422,359) included in debtors. There is also a balance owed to McKenzie Arable of £54,115 (2023 - £1,366) and £nil (2023 - £Nil) to McKenzie Brothers.

The company also traded with McKenzie Feeds Limited a company under common control. The company received income amounting to £0 (2023 - £3,000) and made purchases of £1,346 (2023 - £1,041,561) from/to McKenzie Feeds Limited. At the end of the year there is a balance owed to McKenzie Feeds Limited of £Nil (2023 - £85,873) included withing trade creditors.