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Registered number: 00976932









F S MACKENZIE LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

 
F S MACKENZIE LIMITED
 
 
COMPANY INFORMATION


Directors
S J Mercer 
J W H Ooi 
I Mah (appointed 22 January 2025)




Registered number
00976932



Registered office
2nd Floor
Bowden House

Luckyn Lane

Basildon

England

SS14 3AX




Independent auditors
Barnes Roffe Audit Limited
Chartered Accountants 
Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA





 
F S MACKENZIE LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 28


 
F S MACKENZIE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025

Introduction
 
The directors present their strategic report on the Company for the year ended 31 March 2025. The principal activity of the Company during the year continued to be that of a freight forwarder.

Business review
 
In the year to 31 March 2025, the freight industry was challenging and highly competitive. The impact of lowerfreight rates and pressurised operating costs led to a challenging environment. Despite this, the directors are verypleased with the financial results and are optimistic with trading performance post year end.
Turnover for the year ended 31 March 2025 increased to £16.76m (2024 - £15.28m), gross profit increased to £3.6m (2024 - £3.52m). Gross profit margin has decreased to 21.5% (2024 – 23.0%) and operating profit margin increased to 2.5% (2024 – 2.1%), which is driven predominantly by the increase in freight rates as well as our revenue mix. The Company generated a profit before tax of £447,785 for the year to 31 March 2025 (2024 - £310,523).
The other key financial performance indicators utilised by management are debtor and creditor days. The control of debtors is key to maintaining working capital in the business. The debtor days have decreased compared with the prior year to 37 days (2024 - 46 days), within the range of credit terms provided to customers. Creditor days have increased during the year to 41 days (2024 - 33 days). The movement relates to the overall change insales mix of the business.

Principal risks and uncertainties
 
The Company's operations expose it to a variety of risks that include the effect of changes in customer credit risk and exchange rates.
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is avilable to meet foreseeable needs. Short-term flexibility is achieved through the Company's banking facilities which management ensure have sufficient headroom. 
Credit risk
The Company has policies that require appropriate credit checks on selected potential customers before services are provided.
Foreign exchange risk
The Company is exposed to foreign exchange risk as certain transactions with related undertakings are invoiced in currencies other than Sterling. Foreign currency risk and exposure has decreased significantly in the year to 31 March 2025 due to the reduction in worldwide freight rates. The company is monitoring its exposure on a daily basis.

Going Concern
 
The directors have assessed the Company’s financial performance and position and believe that the Company has adequate resources to continue its operational existence and meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. Thus, we have adopted the going concern basis of accounting in preparing the financial statements. Further details are provided in note 2 to the financial statements.

Page 1

 
F S MACKENZIE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Future Developments
 
The directors remain cautiously optimistic in their outlook for 2024/25 and beyond, even withstanding the on going global economic, political and financial uncertainties. Management are continuing to monitor the impact of the geo-political environment and will continue to ensure the business is well diversified both from the services provided and the overseas markets we operate in.


This report was approved by the board on 15 July 2025 and signed on its behalf.



S J Mercer
Director

Page 2

 
F S MACKENZIE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £386,725 (2024 - £158,570).

Dividends declared and paid during the year amounted to £Nil (2024 - £Nil).

Directors

The directors who served during and after the year were:

S J Mercer 
J W H Ooi 
H W V Phang (resigned 12 January 2025)
Y S V Yik (resigned 12 January 2025)
L Yu (resigned 12 January 2025)
I Mah (appointed 22 January 2025)

Qualifying third party indemnity provisions

There are no qualifying third party indemnity provisions.


Page 3

 
F S MACKENZIE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025


Matters covered in the Strategic Report

The directors have included an indication of likely future developments and information on the use of financial instruments which is required by regulations to be included in the directors' report in the strategic report because they consider it to be of strategic importance to the Company.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

This report was approved by the board on 15 July 2025 and signed on its behalf.
 





S J Mercer
Director

Page 4

 
F S MACKENZIE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF F S MACKENZIE LIMITED
 

Opinion


We have audited the financial statements of F S Mackenzie Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
F S MACKENZIE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF F S MACKENZIE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
F S MACKENZIE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF F S MACKENZIE LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
 
Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the Company operates in and how the Company is complying with the legal and regulatory frameworks;
Enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

Any instances of non-compliance with laws and regulations identified and communicated were considered in our audit approach. The most significant laws and regulations were determined as follows:
UK GAAP FRS 101 and Companies Act; and
Tax compliance regulations.

Additional audit procedures performed by the audit engagement team included:
Review of the financial statement disclosures and testing to supporting documentation;
Completion of disclosure checklists to identify areas of non-compliance.

The areas that we identified as being susceptible to material misstatement due to fraud were:
Revenue recognition in respect of fraud;
Revenue recognition in respect of cut-off;
Management override.

Audit procedures in response to the identified areas above:
Obtaining an understanding of the processes and controls around revenue recognition;
Substantively testing revenue via various testing including transaction and cut-off testing;
Review and observation of IT controls and processes;
Evaluation of the appropriateness of the accounting policies;
Testing the appropriateness of journal entries and other adjustments;
Assessing whether the judgements made in making accounting estimates are indicative of a potential bias;
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Page 7

 
F S MACKENZIE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF F S MACKENZIE LIMITED (CONTINUED)


We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jamie Henderson (Senior statutory auditor)
for and on behalf of
Barnes Roffe Audit Limited
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA

 
Date: 
16 July 2025
Page 8

 
F S MACKENZIE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£

  

Turnover
 4 
16,763,840
15,280,775

Cost of sales
  
(13,163,338)
(11,761,277)

Gross profit
  
3,600,502
3,519,498

Administrative expenses
  
(3,185,576)
(3,196,270)

Operating profit
 5 
414,926
323,228

Interest receivable and similar income
 9 
43,749
3,647

Interest payable and similar expenses
 10 
(10,890)
(16,352)

Profit before tax
  
447,785
310,523

Tax on profit
 11 
(61,060)
(151,953)

Profit for the financial year
  
386,725
158,570

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 12 to 28 form part of these financial statements.

Page 9

 
F S MACKENZIE LIMITED
REGISTERED NUMBER: 00976932

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

2025
2024
Note
£
£

  

Fixed assets
  

Property, plant and equipment
 12 
1,674,687
1,766,582

Current assets
  

Trade and other receivables
 13 
2,144,973
2,396,184

Cash and cash equivalents
 14 
2,965,776
2,306,230

  
5,110,749
4,702,414

Creditors: amounts falling due within one year
 15 
(2,350,179)
(2,449,596)

Net current assets
  
 
 
2,760,570
 
 
2,252,818

Total assets less current liabilities
  
4,435,257
4,019,400

  

Creditors: amounts falling due after more than one year
 16 
(99,803)
(70,671)

  
4,335,454
3,948,729

Provisions for liabilities
  

Deferred taxation
 18 
(307,780)
(307,780)

  

Net assets
  
4,027,674
3,640,949


Capital and reserves
  

Called up share capital 
 19 
83,524
83,524

Capital redemption reserve
 20 
35,796
35,796

Profit and loss account
 20 
3,908,354
3,521,629

  
4,027,674
3,640,949


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 July 2025.




S J Mercer
Director

The notes on pages 12 to 28 form part of these financial statements.

Page 10

 
F S MACKENZIE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2023
83,524
35,796
3,363,059
3,482,379


Comprehensive income for the year

Profit for the year
-
-
158,570
158,570



At 1 April 2024
83,524
35,796
3,521,629
3,640,949


Comprehensive income for the year

Profit for the year
-
-
386,725
386,725


At 31 March 2025
83,524
35,796
3,908,354
4,027,674


The notes on pages 12 to 28 form part of these financial statements.

Page 11

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

F S Mackenzie Limited ("the Company") is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. Its registered office is 2nd Floor, Bowden House, Luckyn Lane, Basildon SS14 3AX. The Company's principal activity continued to be that of freight forwarder.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraph 88C and 88D of IAS 12 Income Taxes.

This information is included in the consolidated financial statements of Singapore Post Limited as at 31 March 2025 and these financial statements may be obtained from www.singpost.com.

Page 12

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.3

Impact of new international reporting standards, amendments and interpretations

In the current year, the Company has applied a number of amendments to Standards and Interpretations that are effective for the annual period. This had not had any material impact on the amounts reported for the current period and prior years. These include:
 



Effective date

IAS 1
Amendments clarify how conditions with which an entity must comply within 12 months after the reporting period affect the classification of a liability.
1 January 2024

IFRS 16
Amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction.
1 January 2024

IAS 21
Amendments include requirements for entities to apply a consistent approach to assessing whether currency is exchangeable into another currency and, when it is not, to determining the exchange rate to use and the disclosures to provide. 
1 January 2025

 
2.4

Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and position, are set out in the strategic report. The strategic report further describes the financial position of the Company, its management of working capital and its exposure to credit risk.
The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its available cash of £2,965,776 at the date of approval of the financial statements.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly we continue to adopt the going concern basis in preparing the financial statements.

Page 13

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied and for the Company this is when the services have transferred to the customer and the customer has control of these. The Company's activities are described in detail below. The Company bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.
Revenue is recognised when agreed freight forwarding services are considered to have been delivered. The timing of recognition depends on the type of freight forwarding service provided but it is usually at the point that control of the freight has been passed to the customer. In the case of freight imported to the UK, revenue is recognised based on the date of arrival in the UK. In the case of freight exported to the UK, revenue is recognised based on the date at which freight departs the UK.
For domestic freight revenue is recognised in the week in which the service was perfomed. Part weeks are accrued as required at period ends.
Where payments are received in advance of revenue being recognised they are included as deferred income and when revenue is recognised in advance of amounts being invoiced they are included as accrued income.
The Company does not expect to have any contracts where the period between the transfer of promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Impairment of tangible fixed assets
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
2% per annum straight line
Motor vehicles
-
14.3% - 33% per annum straight line
Fixtures and fittings
-
25% per annum straight line

Page 14

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate, being the rate that the
Company would have to pay to borrow the funds necessary to obtain an asset of similar value to the
right-of-use asset in a similar economic environment with similar terms, security and conditions.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Statement of financial position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Intangible Assets', 'Tangible Fixed Assets' and 'Investment Property' lines, as applicable, in the Statement of financial position.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.6.

Page 15

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.7
Leases (continued)

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

 
2.8

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Impairment of financial assets

The Company recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised or at FVOCI. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 16

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.12

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 17

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 18

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.18

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical accounting judgements and key sources of estimation uncertainty
Under FRS101 and in accordance with IFRS’s,  revenue on services provided should be recognised over time. It is the directors’ opinion that any actual disparity is linked to only sea freight and that the difference between recognising revenue at a point of time (as described in policy note 2.5) is not materially different to if it had been recognised over time.
The Company also depreciates fixed assets up to its residual value at the end of its expected useful life. The estimate is based on the directors experience in the industry.


4.


Turnover

Turnover is all driven from the Company's principal activity.
The information to supply a geographical analysis of turnover is not readily available, but the directors consider approximately 90% 
(2024 - 90%) of turnover is within the UK. The remaining 10% for both the current and comparative period is with the Rest of the World.

Page 19

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

5.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Depreciation of tangible fixed assets
477,109
466,857

Profit/loss on sale of tangible assets
(7,162)
5,843

Exchange differences
(3,004)
10,279

Defined contribution pension cost
137,628
96,416

Short term leases
104,989
97,387


6.


Auditors' remuneration

2025
2024
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,000
20,000


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
2,326,909
2,247,579

Social security costs
223,179
236,174

Cost of defined contribution scheme
137,628
96,416

2,687,716
2,580,169


The average monthly number of employees, including the directors, during the year was as follows:


        2025
        2024
            No.
            No.







Operations staff
46
48



HR staff
1
1



Management staff
4
3

51
52

Page 20

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

8.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
117,458
104,129

Company contributions to defined contribution pension schemes
50,867
56,822

168,325
160,951


During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2025
2024
£
£


Other interest receivable
43,749
3,647


10.


Interest payable and similar expenses

2025
2024
£
£


Interest on lease liabilities
10,890
7,714

Other interest payable
-
8,638

10,890
16,352

Page 21

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

11.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
111,946
77,631

Adjustments in respect of previous periods
(50,886)
(131,720)


Total current tax
61,060
(54,089)

Deferred tax


Origination and reversal of timing differences
-
206,042


Tax on profit
61,060
151,953

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
447,785
310,523


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
111,946
77,631

Effects of:


Adjustments to tax charge in respect of prior periods
(50,886)
74,322

Total tax charge for the year
61,060
151,953


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

12.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2024
510,789
2,540,748
134,968
3,186,505


Additions
-
404,709
843
405,552


Disposals
-
(345,165)
-
(345,165)



At 31 March 2025

510,789
2,600,292
135,811
3,246,892



Depreciation


At 1 April 2024
383,486
918,937
117,500
1,419,923


Charge for the year on owned assets
7,775
317,079
10,609
335,463


Charge for the year on right-of-use assets
83,143
58,503
-
141,646


Disposals
-
(324,827)
-
(324,827)



At 31 March 2025

474,404
969,692
128,109
1,572,205



Net book value



At 31 March 2025
36,385
1,630,600
7,702
1,674,687



At 31 March 2024
127,303
1,621,811
17,468
1,766,582


The net book value of owned and leased assets included as "Tangible fixed assets" in the Statement of financial position is as follows:

2025
2024
£
£


Tangible fixed assets owned
1,490,158
1,586,207

Right-of-use tangible fixed assets
184,529
180,375

1,674,687
1,766,582

Page 23

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

           12.Tangible fixed assets (continued)

Information about right-of-use assets is summarised below:

Net book value

2025
2024
£
£

Property
28,207
111,349

Motor vehicles
156,322
69,026

184,529
180,375

Depreciation charge for the year ended

2025
2024
£
£

Property
83,143
83,141

Motor vehicles
58,503
69,696

141,646
152,837


13.


Debtors

2025
2024
£
£


Trade debtors
1,691,430
1,919,036

Amounts owed by group undertakings
97,974
30,677

Other debtors
149,692
303,163

Prepayments and accrued income
205,877
143,308

2,144,973
2,396,184


Included within trade debtors are provisions for doubtful debts of £1,971 (2024 - £37,427).
Debtors are measured at undiscounted amounts recoverable.
Amounts owed by group undertakings are payable on demand and no interest is charged.

Page 24

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

14.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
2,965,776
2,306,230



15.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
1,126,486
1,056,657

Amounts owed to group undertakings
11,080
73,953

Corporation tax
156,443
77,631

Other taxation and social security
54,961
101,789

Lease liabilities
82,420
117,132

Other creditors
137,668
20,217

Accruals and deferred income
781,121
1,002,217

2,350,179
2,449,596


Creditors are measured at undiscounted amounts payable.
Amounts owed to group undertakings are payable on demand and no interest is charged.
See note 17 for details of security.


16.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Lease liabilities
99,803
70,671


See note 17 for details of security.

Page 25

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

17.

Leases

Company as a lessee

The Company has lease contracts for various vehicles and property used in operations. The amounts recognised in the financial statements in relation to the leases are as follows:

Lease liabilities are due as follows:

2025
2024
£
£

Not later than one year
82,420
117,132

Between one year and five years
99,803
70,671

182,223
187,803


The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

2025
2024
£
£

Interest expense on lease liabilities
10,890
7,714

The total cash outflow for leases was £162,267 (2024 - £164,215). The average lease term remaining is 2 years and 0 months.
Lease liabilities are secured upon the assets to which they relate.
Please see note 12 for further information.


18.


Deferred taxation




2025


£






At beginning of year
307,780



At end of year
307,780

Page 26

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
 
18.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Accelerated capital allowances
310,648
310,603

Other short term timing differences
(2,868)
(2,823)

307,780
307,780


19.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



83,524 (2024 - 83,524) Ordinary shares of £1.00 each
83,524
83,524

All rank equally in all respect and are entitled to one vote each.



20.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve into which amounts have been transferred following the purchase and redemption of the Company's own shares.

Profit and loss account

The profit and loss reserve includes all current and prior period retained profits and losses.


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £137,628 (2024 - £96,416). Contributions totalling £16,881 (2024 - £16,321) were payable to the fund at the balance sheet date and are included in creditors.

Page 27

 
F S MACKENZIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

22.


Related party transactions

The Company has taken advantage of the exemption available under Financial Reporting Standard 101 not to disclose transactions with wholly-owned entities included in the consolidated financial statements of Famous Holdings Pte Ltd, the Company's immediate parent undertaking and Singapore Post Limited, the Company's ultimate parent undertaking.
During the year, the Company was charged net expenses of £2,638 
(2024 - £16,075) by fellow subsidiary undertakings of Famous Holdings Pte Ltd which are not wholly-owned within the group. There were no amounts owed at the balance sheet date. No interest has been charged, guarantees given or received, or bad debt expense recognised in respect of these amounts.
During the year, the Company charged net sales of £1,056 
(2024 - £24,826) by fellow subsidiary undertakings of Singapore Post Limited which are not wholly-owned within the group. There were no amounts owed at the balance sheet date. No interest has been charged, guarantees given or received, or bad debt expense recognised in respect of these amounts.


23.


Controlling party

The immediate parent undertaking is Famous Holdings Ptd Ltd, a company incorporated in Singapore.
The ultimate parent undertaking is Singapore Post Limited, a company incorporated in Singapore and listed on the Singapore stock exchange. 
The smallest group for which consolidated financial statements are prepared is Famous Holdings Pte Ltd. Its registered office is Block 511, Kampong Bahru Road, #05-03 Keppel Distripark, Singapore 099447.
The largest group for which consolidated financial statements are prepared is Singapore Post Limited. Its registered office is 10 Eunos Road 8, Singapore Post Centre, Singapore 408600. The financial statements of Singapore Post Limited are available at www.singpost.com.
In the opinion of the directors there is no ultimate controlling party.
 
Page 28