Registered number
SC353946
MCKENZIE ENTERPRISE LIMITED
Filleted Accounts
31 January 2025
MCKENZIE ENTERPRISE LIMITED
Registered number: SC353946
Balance Sheet
as at 31 January 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 482,157 483,420
Current assets
Cash at bank and in hand 9,063 5,972
Creditors: amounts falling due within one year 4 (368,059) (344,529)
Net current liabilities (358,996) (338,557)
Total assets less current liabilities 123,161 144,863
Creditors: amounts falling due after more than one year 5 (18,945) (30,915)
Net assets 104,216 113,948
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 7 105,991 105,991
Profit and loss account (2,775) 6,957
Shareholder's funds 104,216 113,948
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr B McKenzie
Director
Approved by the board on 23 May 2025
MCKENZIE ENTERPRISE LIMITED
Notes to the Accounts
for the year ended 31 January 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment Properties Plant and machinery etc Total
£ £ £
Cost
At 1 February 2024 475,000 54,346 529,346
At 31 January 2025 475,000 54,346 529,346
Depreciation
At 1 February 2024 - 45,926 45,926
Charge for the year - 1,263 1,263
At 31 January 2025 - 47,189 47,189
Net book value
At 31 January 2025 475,000 7,157 482,157
At 31 January 2024 475,000 8,420 483,420
4 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 11,140 10,310
Trade creditors 1,315 2,036
Taxation and social security costs - 3,313
Other creditors 355,604 328,870
368,059 344,529
5 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 18,945 30,915
6 Loans 2025 2024
£ £
Creditors include:
Secured bank loans 30,085 51,535
The Bank Loans are secured against the Property at 34 Lossiemouth Road, Elgin, Moray, IV30 4JP
7 Revaluation reserve 2025 2024
£ £
At 1 February 2024 105,991 105,991
At 31 January 2025 105,991 105,991
8 Other information
MCKENZIE ENTERPRISE LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is:
Correllwood
58 Hamilton Drive
Elgin
Moray
IV30 4NJ
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