Company Registration No. SC651109 (Scotland)
Reid & Mackenzie Ltd
Unaudited accounts
for the year ended 31 January 2025
Reid & Mackenzie Ltd
Unaudited accounts
Contents
Reid & Mackenzie Ltd
Company Information
for the year ended 31 January 2025
Directors
Fiona Mackenzie
Alan Mackenzie
Company Number
SC651109 (Scotland)
Registered Office
5 Southhill Steadings
Southhill Farmhouse
Bathgate
EH47 7AE
Accountants
Armet Accounting Ltd
Room 31
Haypark Business Centre
Polmont
FK2 0NZ
Reid & Mackenzie Ltd
Statement of financial position
as at 31 January 2025
Investment property
861,466
644,002
Cash at bank and in hand
(2,705)
6,052
Creditors: amounts falling due within one year
(5,573)
(4,455)
Net current (liabilities)/assets
(8,278)
1,988
Total assets less current liabilities
853,188
645,990
Creditors: amounts falling due after more than one year
(754,502)
(612,993)
Provisions for liabilities
Deferred tax
(16,930)
(7,054)
Called up share capital
2
2
Profit and loss account
81,754
25,941
Shareholders' funds
81,756
25,943
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2025 and were signed on its behalf by
Fiona Mackenzie
Director
Company Registration No. SC651109
Reid & Mackenzie Ltd
Notes to the Accounts
for the year ended 31 January 2025
Reid & Mackenzie Ltd is a private company, limited by shares, registered in Scotland, registration number SC651109. The registered office is 5 Southhill Steadings, Southhill Farmhouse, Bathgate, EH47 7AE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Fair value at 1 February 2024
644,002
Net gain from fair value adjustments
59,768
At 31 January 2025
861,466
The valuation of the investment property has been determined with reference to online property resources.
Reid & Mackenzie Ltd
Notes to the Accounts
for the year ended 31 January 2025
Amounts falling due within one year
Accrued income and prepayments
-
391
6
Creditors: amounts falling due within one year
2025
2024
Taxes and social security
1,589
965
Deferred income
2,904
2,410
7
Creditors: amounts falling due after more than one year
2025
2024
Bank loans
521,597
412,038
Loans from directors
232,905
200,955
Aggregate of amounts that fall due for payment after five years
521,597
412,038
Interest only mortgages of £521,597 (prior year: £412,038) are secured on the property.
The directors have advanced £232,105 (prior year: £200,955) to the company in order to purchase the investment property. The company has agreed to pay interest at a rate of 2% on the first £50,000 of this loan.
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
9
Average number of employees
During the year the average number of employees was 1 (2024: 1).