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McKenzie Feeds Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2024

Registration number: 01118830

 

McKenzie Feeds Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

McKenzie Feeds Limited

Company Information

Directors

W A McKenzie

McKenzie Brothers Limited

Company secretary

W A McKenzie

Registered office

Underdown Farm
Owslebury
Winchester
Hants
SO21 1LR

Accountants

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

 

McKenzie Feeds Limited

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

55,573

73,551

Current assets

 

Debtors

5

574,363

775,344

Creditors: Amounts falling due within one year

6

(541,127)

(612,581)

Net current assets

 

33,236

162,763

Total assets less current liabilities

 

88,809

236,314

Creditors: Amounts falling due after more than one year

6

(28,646)

(48,946)

Net assets

 

60,163

187,368

Capital and reserves

 

Called up share capital

100

100

Capital redemption reserve

200

200

Profit and loss account

59,863

187,068

Shareholders' funds

 

60,163

187,368

 

McKenzie Feeds Limited

Balance Sheet

30 June 2024

For the financial year ending 30 June 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 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 Board on 25 March 2025 and signed on its behalf by:
 

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

Company Registration Number: 01118830

 

McKenzie Feeds Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Underdown Farm
Owslebury
Winchester
Hants
SO21 1LR

These financial statements were authorised for issue by the Board 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.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

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.

 

McKenzie Feeds Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

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

2% per annum on cost

Plant and machinery

10%-20% per annum on cost

Fixtures, fittings and equipment

10% or 20% per annum on cost

Motor vehicles

20% per annum on cost

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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Leases

Rental income from operating leases is recognised on straight line basis over the term of the relevant lease. Intial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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 of 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 to provide termination benefits.

 

McKenzie Feeds Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

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 directors) during the year, was 2 (2023 - 3).

 

McKenzie Feeds Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

61,278

1,742

167,594

566,790

797,404

At 30 June 2024

61,278

1,742

167,594

566,790

797,404

Depreciation

At 1 July 2023

30,788

1,742

130,286

561,037

723,853

Charge for the year

1,225

-

12,100

4,653

17,978

At 30 June 2024

32,013

1,742

142,386

565,690

741,831

Carrying amount

At 30 June 2024

29,265

-

25,208

1,100

55,573

At 30 June 2023

30,490

-

37,308

5,753

73,551

Included within the net book value of land and buildings above is £29,265 (2023 - £30,490) in respect of freehold land and buildings.
 

 

McKenzie Feeds Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

5

Debtors

2024
£

2023
£

Trade debtors

574,363

773,575

Other debtors

-

1,769

574,363

775,344

 

McKenzie Feeds Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

166,777

162,172

Trade creditors

 

2,142

80,739

Taxation and social security

 

12,570

2,290

Other creditors

 

355,738

362,520

Accruals and deferred income

 

3,900

4,860

 

541,127

612,581

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

28,646

48,946

7

Loans and borrowings

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

16,629

26,629

HP and finance lease liabilities

12,017

22,317

28,646

48,946

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

146,477

140,925

Hire purchase contracts

10,300

10,300

Other borrowings

-

947

166,777

162,172

 

McKenzie Feeds Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

8

Related party transactions

Summary of transactions with entities with joint control or significant interest

At the year end, the company was owed £574,363 (2023-£773,575) by entities under common control.