Company registration number SC243618 (Scotland)
SLM MACKENZIE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
SLM MACKENZIE LIMITED
COMPANY INFORMATION
Directors
Mr A M Dalrymple BSc
Mrs E L Dalrymple
(Appointed 28 February 2025)
Secretary
Mr A M Dalrymple BSc
Company number
SC243618
Registered office
Burnfield Avenue
Thornliebank
Glasgow
United Kingdom
G46 7TL
Auditor
Azets Audit Services
Titanium 1
King's Inch Place
Renfrew
Scotland
PA4 8WF
SLM MACKENZIE LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 36
SLM MACKENZIE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

The directors are pleased with the level of increased turnover and profit before tax in the year. The group turnover has decreased slightly in 2025 to £61.69m (2024 - £62.32m). Profit before tax increased to £7.18m in 2025 (2024 - £6.22m). Continued investment in group infrastructure, training and development will ensure a solid foundation on which continued and sustainable growth can be achieved.

Principal risks and uncertainties

The management of the business is subject to various evolving risks and uncertainties. The directors regularly review the risks and uncertainties posed on the business and manage these to minimise business exposure.

Credit risk

The group has no significant exposure to credit risk. Credit risk is managed by the group through credit checks and continued assessment of customers financial status where necessary. The group has minimal history of bad debts.

Liquidity risk

The group maintains a strong balance sheet which includes sufficient cash reserves for the needs of the business. Management assess cashflow on a regular basis to ensure cash efficiency is maximised.

Key performance indicators

The group considers key performance indicators to be:

- Safety;

- Quality;

- Profitability; and

- Turnover.

The KPIs are reviewed in conjunction with management accounts on a monthly basis.

Future Developments

Safe and efficient self delivery will remain core to all trading activities, reducing risk and maximising control achieved through training, devlopment and promotion from within. A positive group culture will be maintained through consultation, engagement and empowerment. An ethos of continous improvement and collaborative working is promoted at all levels within the group with a focus on sharing knowledge both internally and externally with our supply chain, key stakeholders and client base.

The group continues to benefit from long term framework contracts, with key clients and service levels will be subject to continuous improvement to ensure the renewal of current and the awarding of future framework contracts. The growth strategy of the group includes provisions for the widening of the group’s client base, increased geographical coverage and both additional and enhanced office working space.

The group has in place a Business Plan for the next five years with a focus on the group’s commitment to Net Zero, People Excellence and Innovation.

SLM MACKENZIE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Section 172 statement

The Board of Directors believe that they have acted in the way they consider to be both in good faith and would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 31 st March 2025; and in so having regard, amongst other matters to;

(a) the likely consequences of any decision in the long term.

(b) the interests of the Group’s employees.

(c) the need to foster the Group's business relationships with suppliers, customers, and others.

(d) the impact of the Group's operations on the community and the environment.

(e) the desirability of the Group maintaining a reputation for high standards of business conduct, and

(f) the need to act fairly between members of the Group.

The directors are following a business plan to achieve the Group’s long-term objective including being very successful in areas of operation.

The Directors understand the importance of engaging and discussing issues concerning employees, clients, customers, suppliers, subcontractors, the community and environment, regulators, and shareholders as part of its decision-making processes.

Employees

Our employees are key to the success and growth of the business. We continue to review training and development needs to drive productivity and enhance skills whilst ensuring we are a responsible employer in our approach to remuneration and benefits. The Group encourages diversity and inclusion of employees of all backgrounds. The directors believe that employee physical and mental health and wellbeing are essential in ensuring the success of the Group and both current and future initiatives focused on employee health and wellbeing will continue to be given the importance they deserve.

Customers

We continue to engage closely with our customers to ensure that their needs are met, and service levels achieved efficiently and in line with specifications.

Suppliers and subcontractors

We value the Group's key suppliers and subcontractors and their overall contribution to the continued success of the business. One of our primary goals is to develop and enter strong stable working relationships with them. We seek to be fair and transparent in our dealings with them and we ensure that we honour our arrangements with them.

Environment and community

The Group remain committed to environmental issues with particular reference to carbon reduction with dedicated internal resources allocated to work with our clients, key stakeholders, and supply chain in working towards a carbon net-zero economy.

Governance and regulation

The Board’s intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards of business conduct and good governance expected of a business of our nature and size and in full alignment with the rules and regulations. We also operate to the highest levels of safety and high-quality standards. In doing so, we believe we will achieve our long-term business strategy and further develop our reputation in our sector.

Members

The Board of Directors and shareholders of the Group work closely together to share information and ensure the long term strategic goals of the group are met.

SLM MACKENZIE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

On behalf of the board

Mr A M Dalrymple BSc
Director
27 October 2025
SLM MACKENZIE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

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

Principal activities

The principal activity of the company and group continued to be that of civil engineering construction and specialist structural repairs.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A M Dalrymple BSc
Mr M Wilson
(Resigned 11 December 2024)
Mrs E L Dalrymple
(Appointed 28 February 2025)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees at meetings matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

This report was undertaken in accordance with the Streamlined Energy and Carbon (“SECR”) Reporting requirements outlined in the Companies Act (2006) for large quoted and unlisted companies which requires SLM MacKenzie Limited to report on its Greenhouse Gas (GHG) emissions.

This report contains details on annual GHG emissions, total energy consumption for SLM MacKenzie Limited covering our office, group owned vehicles and energy efficiency actions implemented during the financial year. This report contains our SECR disclosure for our 2024/25 Financial Year.

SLM MACKENZIE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Quantification and reporting methodology

Scope of analysis and data collection

Over FY 2024/25 we have collected primary data for our buildings and group vehicle activities including: electricity consumption (kWh), site diesel and HVO consumption (litres) and group fleet (litres).

All primary data used within this report is from 1st April 2024 – 31st March 2025 covering our financial year. The scope of our GHG emissions calculation covers all of the group's operations. We have also chosen to report additional Scope 3 GHG emissions sources (water, waste, paper use). To maintain consistency year-on-year comparisons have been reported for Scope 1 and Scope 2 emissions sources.

Calculation Methodology

We have used the Greenhouse Gas Protocol Corporate Reporting Standard (GHG Protocol) methodology for compiling this GHG data and have calculated our GHG emissions in accordance with the UK Government’s reporting guidelines for Company Reporting.

To ensure consistency in our reporting we are reporting all GHG emissions in units of CO2e (carbon dioxide equivalent) and have used 2024 GHG Conversion Factors for Company Reporting, published annually by Defra and DESNZ.

GHG Emissions Scopes

The following reporting scopes (as outlined by the Greenhouse Gas Protocol) are included within this disclosure:

- Scope 1 GHG Emissions: direct emissions from sources which Mackenzie Construction owns or controls. Includes fuel consumed by our company vehicles and plant machinery, and diesel and HVO consumption across sites.

- Scope 2 GHG Emissions: indirect emissions relating solely to the generation of purchased electricity that is consumed by Mackenzie Construction.

- Scope 3 GHG Emissions: indirect emissions relating solely to the transmission and distribution losses of purchased electricity, water consumption, and waste disposal from our offices. In addition we have also included business travel undertaken by employees (air travel), and paper used in our operations.

SLM MACKENZIE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -

Energy Consumption

The table below displays our annual energy consumption for electricity, natural gas and group vehiclesl for the 2024/25 reporting year. As per SECR reporting requirements this information is presented in kilowatt hours (kWh). Please note that suitable energy conversations for air travel, water, waste and paper use are not yet available and have been recorded as zero.

Emissions Source | GHG Scope (GHG Protocol) | Reporting Units | 202 3/2 4 (1st April - 31st March) | 202 4/25 (1st April - 31st March) | Y.o.Y% change
Group Fleet | Scope 1 | Kilowatt hour (kWh) | 7,814,962 | 7,546,055 | -4.7%
Gas Oil | Scope 1 | Kilowatt hour (kWh) | - | - |
Site HVO | Scope 1 | Kilowatt hour (kWh) | 1,937,539 | 1,507,744 |
Site Diesel Grid Electricity Business Travel - Air Water supply & Treatment Waste Paper Use | Scope 1 Scope 2 & 3 Scope 3 Scope 3 Scope 3 Scope 3 Scope 3 | Kilowatt hour (kWh) Kilowatt hour (kWh) Kilowatt hour (kWh) Kilowatt hour (kWh) Kilowatt hour (kWh) Kilowatt hour (kWh) Kilowatt hour (kWh) | 2,414,714 58,282 - - - - - | 1,358,358 63,329 - - - - - |
-8.7%
Total Energy Consumption (kWh) |  | 12,225,497 | 10,475,486 | -14.3%

GHG Emissions Reporting

In accordance with the SECR Emissions Reporting requirements outlined in the Companies Act for large companies our GHG disclosure for the 2024/25 financial year is listed below. Results have been split by GHG Emissions Scope as outlined by the GHG Protocol calculation methodology.

GHG Emissions Scope | Result Units | 202 3/2 4 (1st April - 31st March) | 202 4/2 5 (1st April - 31st March) |
Y.o.Y% change
Scope 1 |  | tonnes CO2e | 2,433.21 | 2,110.98 | -13.2%
Scope 2 |  | tonnes CO2e | 1 3.52 | 1 3.11 | -3.0%
Scope 3 |  | tonnes CO2e | 28.27 | 19.84 | -29.8%
Total GHG Emissions | tonnes CO2e | 2,475 | 2,143.94 | -13.4%
GHG Emissions Intensity 1 | tonnes CO2e/£M turnover | 38.08 | 34.75 | -8.7%
GHG Emissions Intensity 2 | tonnes CO2e/employee | 7.98 | 7.17 | -10.1%

Total GHG Emissions for Scope 1, Scope 2, and Scope 3 for the twelve-month period 1st April 2024 to 31st March 2025 are 2,143.94 tonnes CO2e. Of our total GHG emissions, Scope 1 accounts for 98.5%, Scope 2 accounts for 0.6%, and Scope 3 counts for 0.9%. Our GHG Emissions CO2e Intensity per £M turnover is 34.75 tonnes CO2e, and per employee is 7.17 tonnes CO2e.

SLM MACKENZIE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
Measures taken to improve energy efficiency

During the reporting period, the group implemented a range of energy efficiency and emissions reduction measures as part of its commitment to improving operational sustainability. Key actions included:

- Expanded adoption of HVO as an alternative to conventional diesel across plant and machinery.

- Introduction of eco welfare units, including solar-powered models, to reduce reliance on fossil fuels and improve energy efficiency on temporary site setups.

- Implementation of hydrogen-powered security cameras on construction sites, providing low-emission, off-grid surveillance solutions.

- Transition of additional construction sites from diesel generators to mains electricity, reducing on-site emissions and improving energy reliability.

- Deployment of low-noise, hybrid battery-powered Hussh Pod generators that reduce idling and fuel use compared to traditional units.

- Exploration of net zero kiosks as part of an innovation trial to deliver sustainable and low-energy site infrastructure.

- Use of reusable metal trackways to protect ground surfaces, minimising site remediation needs and supporting circular material use.

- Removal, washing, and reuse of gravel on-site, reducing the need for transportation and the associated fuel use and emissions.

- Increased deployment of electric-powered mini excavators and other mobile plant, reducing emissions from diesel equipment.

- Continued roll-out of solar-powered generators to reduce carbon emissions and improve renewable energy use on site.

- Continuing with the roll-out of SMARTSURFACE technology to reduce embodied carbon emissions associated with surfacing projects. Employment of vacuum excavation technology to reduce the risk of service strikes and improve excavation efficiency, which also lowers fuel use and emissions.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the group and parent company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the group and parent company is aware of that information.

On behalf of the board
Mr A M Dalrymple BSc
Director
27 October 2025
SLM MACKENZIE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

SLM MACKENZIE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SLM MACKENZIE LIMITED
- 9 -
Opinion

We have audited the financial statements of SLM Mackenzie Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's and parent 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport 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.

SLM MACKENZIE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SLM MACKENZIE LIMITED
- 10 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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' r esponsibilities s tatement, 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 group and parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SLM MACKENZIE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SLM MACKENZIE LIMITED
- 11 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 2006. Our 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 auditor's 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.

Jennifer Alexander (Senior Statutory Auditor)
For an on behalf of Azets Audit Services
27 October 2025
Chartered Accountants
Statutory Auditor
Titanium 1
King's Inch Place
Renfrew
Scotland
PA4 8WF
SLM MACKENZIE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
Turnover
3
61,691,585
62,319,577
Cost of sales
(49,137,589)
(52,575,367)
Gross profit
12,553,996
9,744,210
Administrative expenses
(6,083,060)
(4,764,681)
Other operating income
215,680
79,905
Operating profit
4
6,686,616
5,059,434
Interest receivable and similar income
9
635,061
608,164
Interest payable and similar expenses
8
(16,626)
(14,292)
Change in market value of investments
11
(49,950)
569,946
Profit before taxation
7,255,101
6,223,252
Tax on profit
10
(1,820,351)
(1,187,058)
Profit for the financial year
27
5,434,750
5,036,194
Other comprehensive income
Revaluation of tangible fixed assets
-
0
44,167
Tax relating to other comprehensive income
-
0
(11,042)
Total comprehensive income for the year
5,434,750
5,069,319
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
SLM MACKENZIE LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
14
1,158,152
809,121
1,158,152
809,121
Current assets
Debtors
17
12,202,831
11,368,805
Investments
18
19,024,456
15,985,642
Cash at bank and in hand
5,824,072
5,136,940
37,051,359
32,491,387
Creditors: amounts falling due within one year
19
(19,784,013)
(19,264,317)
Net current assets
17,267,346
13,227,070
Total assets less current liabilities
18,425,498
14,036,191
Provisions for liabilities
Deferred tax liability
20
70,673
14,571
(70,673)
(14,571)
Net assets
18,354,825
14,021,620
Capital and reserves
Called up share capital
22
3,250
3,500
Share premium account
23
51,000
51,000
Revaluation reserve
24
138,009
141,262
Capital redemption reserve
25
71,573
71,323
Other reserves
26
446,811
446,811
Profit and loss reserves
27
17,644,182
13,307,724
Total equity
18,354,825
14,021,620
The financial statements were approved by the board of directors and authorised for issue on 27 October 2025 and are signed on its behalf by:
27 October 2025
Mr A M Dalrymple BSc
Director
Company registration number SC243618 (Scotland)
SLM MACKENZIE LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 14 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
1,345,413
1,345,413
1,345,413
1,345,413
Current assets
Debtors
17
128,750
1,387,515
Creditors: amounts falling due within one year
19
(100,000)
(1,358,765)
Net current assets
28,750
28,750
Net assets
1,374,163
1,374,163
Capital and reserves
Called up share capital
22
3,250
3,500
Share premium account
23
51,000
51,000
Capital redemption reserve
25
71,573
71,323
Other reserves
26
446,811
446,811
Profit and loss reserves
27
801,529
801,529
Total equity
1,374,163
1,374,163

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,101,545 (2024 - £1,358,762 profit).

The financial statements were approved by the board of directors and authorised for issue on 27 October 2025 and are signed on its behalf by:
27 October 2025
Mr A M Dalrymple BSc
Director
Company registration number SC243618 (Scotland)
SLM MACKENZIE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Share based payment reserve
Capital reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
£
Balance at 1 April 2023
3,500
51,000
118,500
71,323
25,790
421,021
9,619,929
10,311,063
Year ended 31 March 2024:
Profit for the year
-
-
-
-
-
-
5,036,194
5,036,194
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
44,167
-
-
-
-
44,167
Tax relating to other comprehensive income
-
-
(11,042)
-
-
-
0
-
0
(11,042)
Total comprehensive income
-
-
33,125
-
-
-
5,036,194
5,069,319
Dividends
12
-
-
-
-
-
-
(1,358,762)
(1,358,762)
Transfers
-
-
(10,363)
-
-
-
10,363
-
Balance at 31 March 2024
3,500
51,000
141,262
71,323
25,790
421,021
13,307,724
14,021,620
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
-
-
-
5,434,750
5,434,750
Dividends
12
-
-
-
-
-
-
(100,000)
(100,000)
Redemption of shares
22
(250)
-
-
250
-
-
-
-
0
Reduction of shares
22
-
-
-
-
-
-
(1,001,545)
(1,001,545)
Transfers
-
-
(3,253)
-
-
-
3,253
-
Balance at 31 March 2025
3,250
51,000
138,009
71,573
25,790
421,021
17,644,182
18,354,825
SLM MACKENZIE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
Share capital
Share premium account
Capital redemption reserve
Share based payment reserve
Capital reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
Balance at 1 April 2023
3,500
51,000
71,323
25,790
421,021
801,529
1,374,163
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
-
-
1,358,762
1,358,762
Dividends
12
-
-
-
-
-
(1,358,762)
(1,358,762)
Balance at 31 March 2024
3,500
51,000
71,323
25,790
421,021
801,529
1,374,163
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
-
-
1,101,545
1,101,545
Dividends
12
-
-
-
-
-
(100,000)
(100,000)
Redemption of shares
22
(250)
-
250
-
-
-
-
0
Reduction of shares
22
-
-
-
-
-
(1,001,545)
(1,001,545)
Balance at 31 March 2025
3,250
51,000
71,573
25,790
421,021
801,529
1,374,163
SLM MACKENZIE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
6,428,774
3,331,007
Interest paid
(16,626)
(14,292)
Income taxes paid
(1,693,144)
(1,160,557)
Net cash inflow from operating activities
4,719,004
2,156,158
Investing activities
Purchase of tangible fixed assets
(476,624)
(250,895)
Proceeds from disposal of investments
(3,088,764)
(2,724,664)
Interest received
140,228
182,577
Dividends received
494,833
425,587
Net cash used in investing activities
(2,930,327)
(2,367,395)
Financing activities
Redemption of shares
(1,001,545)
-
0
Dividends paid to equity shareholders
(100,000)
(1,358,762)
Net cash used in financing activities
(1,101,545)
(1,358,762)
Net increase/(decrease) in cash and cash equivalents
687,132
(1,569,999)
Cash and cash equivalents at beginning of year
5,136,940
6,706,939
Cash and cash equivalents at end of year
5,824,072
5,136,940
SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
1
Accounting policies
Company information

SLM Mackenzie Ltd (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Burnfield Avenue, Thornliebank, Glasgow, G46 7TL .

The group consists of SLM Mackenzie Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company SLM Mackenzie Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.4
Going concern

The group's going concern assessment considers its principal risks, including the continued level of uncertainty in the global market.

The current and future financial position of the group, including its cash flows and liquidity, has been reviewed by the directors. Following this review, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group has strong cash reserves and places no reliance on external debt.

The group's secured pipeline of work and long-term forecast outlook has provided further assurance to the directors regarding its financial position. As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed 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 a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the group will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Construction contracts

When the outcome of a construction contract can be estimated reliably, the group shall recognise contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. The group shall determine the stage of completion of a transaction or contract through performing surveys of the work performed to date.

When the outcome of a construction contract cannot be estimated reliably the group shall recognise revenue only to the extent of contract costs incurred that it is probable will be recovered and the group shall recognise contract costs as an expense in the period in which they occurred. The group will recognise as an expense immediately any costs whose recovery is not probable. When it is probable that total contract costs will exceed total contract revenue on a construction contract, the expected loss shall be recognised as an expense immediately.

Revenues derived from variation on contracts are recognised only when they have been accepted by the customer.

Amounts recoverable on contracts are included in trade debtors. These are stated as turnover recognised less any progress payments made on the contracts, after provision has been made for any foreseeable losses.

SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on valuation
Leasehold improvements
20% on cost
Fixtures and fittings
25% on cost
Computers
33% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Short term investments

Investments in listed company shares are measured to market value at each balance sheet date. Gains and losses on measurement are recognised in profit or loss for the period.

SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 23 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

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 group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The company participates in a share-based payment arrangement granted to its employees and employees of its subsidiaries. The company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense for the group recognised in its consolidated accounts. The directors consider the number of unvested options granted to the company’s employees compared to the total unvested options granted under the group plan to be a reasonable basis for allocating the expense.

The expense in relation to options over the c ompany’s shares granted to employees of a subsidiary is recognised by the c ompany as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 24 -
1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Accounting for construction contracts

The group estimates the outcome of its construction contracts. This is measured by surveys performed at regular points throughout the year and calculates the stage of completion as a percentage of total contract revenue.

Estimated total contract costs are based on management’s detailed budgets and projections. Where management judge that the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Any foreseeable losses are provided for immediately.

3
Turnover and other revenue

Turnover represents the value of contracted work carried out during the year excluding Value Added Tax and is attributable to the one principal activity of the group.

All turnover arose within the United Kingdom.

SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Turnover and other revenue
(Continued)
- 25 -
2025
2024
£
£
Other revenue
Interest income
140,228
182,577
Dividends received
494,833
425,587
Grants received
215,680
79,905
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(215,680)
(79,905)
Depreciation of owned tangible fixed assets
111,298
88,517
Loss on disposal of tangible fixed assets
16,295
-
Operating lease charges
53,796
69,206
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Weekly
172
161
-
-
Monthly
120
111
-
-
Total
292
272
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
16,050,964
12,995,934
-
0
-
0
Social security costs
1,717,685
1,402,868
-
-
Pension costs
516,110
400,777
-
0
-
0
18,284,759
14,799,579
-
0
-
0
SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
46,250
49,000
For other services
Taxation compliance services
8,925
8,500
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
632,078
588,675
Company pension contributions to defined contribution schemes
14,000
9,956
646,078
598,631
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
449,828
416,175
Company pension contributions to defined contribution schemes
5,850
4,575

The directors of the group companies are considered as the key management personnel (KMP). The emoluments of KMP (excluding pension contributions and including benefits in kind) were £1,391,668 (2024 - £878,304). The employers' NI contribution for KMP for the year was £202,913 (2024 - £116,215) and their pension contributions for the year were £81,184 (2024 - £20,739).

8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
16,626
14,292
SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
9
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
140,228
182,577
Other income from investments
Dividends received
494,833
425,587
Total income
635,061
608,164
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,763,884
1,322,665
Adjustments in respect of prior periods
365
(119,249)
Total current tax
1,764,249
1,203,416
Deferred tax
Origination and reversal of timing differences
56,102
(16,358)
Total tax charge
1,820,351
1,187,058

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
7,255,101
6,223,252
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,813,775
1,555,813
Tax effect of expenses that are not deductible in determining taxable profit
52,054
9,597
Tax effect of income not taxable in determining taxable profit
(123,708)
(205,822)
Adjustments in respect of prior years
365
(115,349)
Fixed asset differences
3,360
2,715
Adjustments to brought forward values
100,674
72,641
Exempt ABGH distributions
(29,083)
(23,195)
Additional deduction for R&D expenditure
-
(114,541)
R&D expenditure credits
(3,396)
-
Foreign tax credits
6,310
5,199
Taxation charge
1,820,351
1,187,058
SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 28 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
-
11,042
11
Change in market value of investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Change in market value of financial assets held at fair value through profit or loss
(49,950)
569,946
12
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
100,000
1,358,762
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,345,413
1,345,413
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
1,345,413
Carrying amount
At 31 March 2025
1,345,413
At 31 March 2024
1,345,413
SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2024
671,970
-
0
162,411
182,507
40,090
1,056,978
Additions
-
0
405,101
7,048
64,475
-
0
476,624
Disposals
-
0
-
0
-
0
-
0
(20,583)
(20,583)
At 31 March 2025
671,970
405,101
169,459
246,982
19,507
1,513,019
Depreciation and impairment
At 1 April 2024
860
-
0
110,491
125,106
11,400
247,857
Depreciation charged in the year
13,439
13,505
27,993
51,484
4,877
111,298
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(4,288)
(4,288)
At 31 March 2025
14,299
13,505
138,484
176,590
11,989
354,867
Carrying amount
At 31 March 2025
657,671
391,596
30,975
70,392
7,518
1,158,152
At 31 March 2024
671,110
-
0
51,920
57,401
28,690
809,121
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.

The property owned by the group was externally valued in March 2024 by Graham + Sibbald (Chartered Surveyors) on the basis of the current market value of the freehold interest in the property.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £501,092 (2024 - £512,931) being cost of £591,970 (2024 - £591,970) and depreciation of £90,878 (2024 - £79.039).

15
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
MacKenzie Construction Limited
1
Civil engineering construction and specialist structural repair
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Burnfield Avenue, Thornliebank, Glasgow, G46 7TL
SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
16
Construction contracts
Group
Company
2025
2024
2025
2024
£
£
£
£
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
4,585,686
6,457,233
-
0
-
0
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,936,974
4,014,114
-
0
-
0
Amounts recoverable on contracts
4,585,686
6,457,233
-
0
-
0
Amounts owed by group undertakings
-
-
128,750
1,387,515
Other debtors
79,815
58,965
-
0
-
0
Prepayments and accrued income
600,356
659,132
-
0
-
0
12,202,831
11,189,444
128,750
1,387,515
Amounts falling due after more than one year:
Other debtors
-
0
179,361
-
0
-
0
Total debtors
12,202,831
11,368,805
128,750
1,387,515
18
Current asset investments
Group
Company
2025
2024
2025
2024
£
£
£
£
Listed investments
19,024,456
15,985,642
-
-
SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Amounts received on account on contracts
2,391,567
1,692,341
-
0
-
0
Trade creditors
9,644,219
8,713,948
-
0
-
0
Corporation tax payable
942,760
871,655
-
0
-
0
Other taxation and social security
2,139,053
2,167,907
-
-
Other creditors
415,939
1,637,369
100,000
1,358,765
Accruals and deferred income
4,250,475
4,181,097
-
0
-
0
19,784,013
19,264,317
100,000
1,358,765

The bank holds a floating charge over the assets and undertakings of the subsidiary MacKenzie Construction Limited.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
67,147
21,291
Tax losses
(7,516)
(17,762)
Revaluations
11,042
11,042
70,673
14,571
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
14,571
-
Charge to profit or loss
56,102
-
Liability at 31 March 2025
70,673
-

T he deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
516,110
400,777

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares held by A Dalrymple of £1 each
3,250
3,250
3,250
3,250
Ordinary 'A' shares held by M Wilson of £1 each
-
250
-
250
3,250
3,500
3,250
3,500

During the year, 250 ordinary shares were bought back by the company for £1,001,545. These shares were subsequently cancelled.

23
Share premium account
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning and end of the year
51,000
51,000
51,000
51,000
24
Revaluation reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
141,262
118,500
-
0
-
0
Revaluation surplus arising in the year
-
0
44,167
-
0
-
0
Deferred tax on revaluation of tangible assets
-
(11,042)
-
-
Transfer to retained earnings
(3,253)
(10,363)
-
-
At the end of the year
138,009
141,262
-
0
-
SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
25
Capital redemption reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
71,323
71,323
71,323
71,323
Transfers
250
-
250
-
At the end of the year
71,573
71,323
71,573
71,323
SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 34 -
26
Other reserves
Share based payment reserve
Capital reserves
Total
Group
£
£
£
At the beginning of the prior year
25,790
421,021
446,811
At the end of the prior year
25,790
421,021
446,811
At the end of the current year
25,790
421,021
446,811
Share based payment reserve
Capital reserves
Total
Company
£
£
£
At the beginning of the prior year
25,790
421,021
446,811
At the end of the prior year
25,790
421,021
446,811
At the end of the current year
25,790
421,021
446,811
27
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
13,307,724
9,619,929
801,529
801,529
Profit for the year
5,434,750
5,036,194
1,101,545
1,358,762
Dividends
(100,000)
(1,358,762)
(100,000)
(1,358,762)
Transfer from revaluation reserve
3,253
10,363
-
-
Share redemption or reduction
(1,001,545)
-
(1,001,545)
-
At the end of the year
17,644,182
13,307,724
801,529
801,529
SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 35 -
28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
608,214
762,138
-
-
Between two and five years
227,500
-
-
-
835,714
762,138
-
-
29
Directors' transactions

Dividends totalling £100,000 (2024 - £1,358,762) were paid in the year in respect of shares held by the company's directors.

At the year end £100,000 (2024 - £1,358,765) is due to the directors of the group. This is held within other creditors due within one year.

During a prior year, a loan was advanced to a director of the group. This loan was fully repaid in the current year and the balance owed to the group at the current year end is £nil (2024 - £179,361), shown within debtors due after one year in the financial statements.

30
Cash generated from group operations
2025
2024
£
£
Profit after taxation
5,434,750
5,036,194
Adjustments for:
Taxation charged
1,820,351
1,187,058
Finance costs
16,626
14,292
Investment income
(635,061)
(608,164)
Loss on disposal of tangible fixed assets
16,295
-
Depreciation and impairment of tangible fixed assets
111,298
88,517
Other gains and losses
49,950
(569,946)
Movements in working capital:
(Increase)/decrease in debtors
(834,026)
360,891
Increase/(decrease) in creditors
448,591
(2,177,835)
Cash generated from operations
6,428,774
3,331,007
SLM MACKENZIE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 36 -
31
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
5,136,940
687,132
5,824,072
2025-03-31 2024-04-01 false false CCH Software CCH Accounts Production 2025.300 Mr M Wilson Mrs E L Dalrymple Mrs E L Dalrymple Mr A M Dalrymple BSc false SC243618 bus:Consolidated 2024-04-01 2025-03-31 SC243618 2024-04-01 2025-03-31 SC243618 bus:CompanySecretaryDirector1 2024-04-01 2025-03-31 SC243618 bus:Director2 2024-04-01 2025-03-31 SC243618 bus:CompanySecretary1 2024-04-01 2025-03-31 SC243618 bus:Director1 2024-04-01 2025-03-31 SC243618 bus:Director3 2024-04-01 2025-03-31 SC243618 bus:RegisteredOffice 2024-04-01 2025-03-31 SC243618 bus:Consolidated 2025-03-31 SC243618 2025-03-31 SC243618 bus:Consolidated 2023-04-01 2024-03-31 SC243618 2023-04-01 2024-03-31 SC243618 core:RevaluationReserve bus:Consolidated 2023-04-01 2024-03-31 SC243618 core:ForeignCurrencyTranslationReserve bus:Consolidated 2023-04-01 2024-03-31 SC243618 core:RevenueReservesInvestmentFundsOnly bus:Consolidated 2023-04-01 2024-03-31 SC243618 bus:Consolidated 2024-03-31 SC243618 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2025-03-31 SC243618 core:LeaseholdImprovements bus:Consolidated 2025-03-31 SC243618 core:FurnitureFittings bus:Consolidated 2025-03-31 SC243618 core:ComputerEquipment bus:Consolidated 2025-03-31 SC243618 core:MotorVehicles bus:Consolidated 2025-03-31 SC243618 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-03-31 SC243618 core:LeaseholdImprovements bus:Consolidated 2024-03-31 SC243618 core:FurnitureFittings bus:Consolidated 2024-03-31 SC243618 core:ComputerEquipment bus:Consolidated 2024-03-31 SC243618 core:MotorVehicles bus:Consolidated 2024-03-31 SC243618 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2025-03-31 SC243618 core:CurrentFinancialInstruments bus:Consolidated 2024-03-31 SC243618 2024-03-31 SC243618 core:ShareCapital bus:Consolidated 2025-03-31 SC243618 core:ShareCapital bus:Consolidated 2024-03-31 SC243618 core:SharePremium bus:Consolidated 2025-03-31 SC243618 core:SharePremium bus:Consolidated 2024-03-31 SC243618 core:RevaluationReserve bus:Consolidated 2025-03-31 SC243618 core:RevaluationReserve bus:Consolidated 2024-03-31 SC243618 core:CapitalRedemptionReserve bus:Consolidated 2025-03-31 SC243618 core:CapitalRedemptionReserve bus:Consolidated 2024-03-31 SC243618 core:OtherMiscellaneousReserve bus:Consolidated 2025-03-31 SC243618 core:OtherMiscellaneousReserve bus:Consolidated 2024-03-31 SC243618 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2025-03-31 SC243618 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-03-31 SC243618 core:ShareCapital 2025-03-31 SC243618 core:ShareCapital 2024-03-31 SC243618 core:SharePremium 2025-03-31 SC243618 core:SharePremium 2024-03-31 SC243618 core:CapitalRedemptionReserve 2025-03-31 SC243618 core:CapitalRedemptionReserve 2024-03-31 SC243618 core:OtherMiscellaneousReserve 2025-03-31 SC243618 core:OtherMiscellaneousReserve 2024-03-31 SC243618 core:RetainedEarningsAccumulatedLosses 2025-03-31 SC243618 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC243618 core:ShareCapital bus:Consolidated 2023-03-31 SC243618 core:CapitalRedemptionReserve bus:Consolidated 2023-03-31 SC243618 core:ForeignCurrencyTranslationReserve bus:Consolidated 2023-03-31 SC243618 2023-03-31 SC243618 core:ForeignCurrencyTranslationReserve bus:Consolidated 2024-03-31 SC243618 core:ForeignCurrencyTranslationReserve bus:Consolidated 2025-03-31 SC243618 core:ShareCapital 2023-03-31 SC243618 core:SharePremium 2023-03-31 SC243618 core:CapitalRedemptionReserve 2023-03-31 SC243618 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC243618 core:ForeignCurrencyTranslationReserve 2024-03-31 SC243618 core:ForeignCurrencyTranslationReserve 2025-03-31 SC243618 core:RevaluationReserve bus:Consolidated 2024-03-31 SC243618 core:SharePremium bus:Consolidated 2023-03-31 SC243618 core:RevaluationReserve 2024-03-31 SC243618 core:RevaluationReserve 2023-03-31 SC243618 core:RevaluationReserve 2025-03-31 SC243618 bus:Consolidated 2023-03-31 SC243618 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 SC243618 core:LeaseholdImprovements 2024-04-01 2025-03-31 SC243618 core:FurnitureFittings 2024-04-01 2025-03-31 SC243618 core:ComputerEquipment 2024-04-01 2025-03-31 SC243618 core:MotorVehicles 2024-04-01 2025-03-31 SC243618 core:UKTax bus:Consolidated 2024-04-01 2025-03-31 SC243618 core:UKTax bus:Consolidated 2023-04-01 2024-03-31 SC243618 bus:Consolidated 1 2024-04-01 2025-03-31 SC243618 bus:Consolidated 1 2023-04-01 2024-03-31 SC243618 bus:Consolidated 2 2024-04-01 2025-03-31 SC243618 bus:Consolidated 2 2023-04-01 2024-03-31 SC243618 bus:Consolidated 3 2024-04-01 2025-03-31 SC243618 bus:Consolidated 3 2023-04-01 2024-03-31 SC243618 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-03-31 SC243618 core:LeaseholdImprovements bus:Consolidated 2024-03-31 SC243618 core:FurnitureFittings bus:Consolidated 2024-03-31 SC243618 core:ComputerEquipment bus:Consolidated 2024-03-31 SC243618 core:MotorVehicles bus:Consolidated 2024-03-31 SC243618 bus:Consolidated 2024-03-31 SC243618 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-04-01 2025-03-31 SC243618 core:LeaseholdImprovements bus:Consolidated 2024-04-01 2025-03-31 SC243618 core:FurnitureFittings bus:Consolidated 2024-04-01 2025-03-31 SC243618 core:ComputerEquipment bus:Consolidated 2024-04-01 2025-03-31 SC243618 core:MotorVehicles bus:Consolidated 2024-04-01 2025-03-31 SC243618 core:Subsidiary1 2024-04-01 2025-03-31 SC243618 core:Subsidiary1 1 2024-04-01 2025-03-31 SC243618 core:CurrentFinancialInstruments bus:Consolidated 2025-03-31 SC243618 core:CurrentFinancialInstruments 2025-03-31 SC243618 core:CurrentFinancialInstruments 2024-03-31 SC243618 core:CurrentFinancialInstruments bus:Consolidated 1 2025-03-31 SC243618 core:CurrentFinancialInstruments bus:Consolidated 1 2024-03-31 SC243618 core:CurrentFinancialInstruments 2 2025-03-31 SC243618 core:CurrentFinancialInstruments 3 2025-03-31 SC243618 core:Non-currentFinancialInstruments bus:Consolidated 4 2025-03-31 SC243618 core:Non-currentFinancialInstruments bus:Consolidated 5 2025-03-31 SC243618 core:Non-currentFinancialInstruments 6 2025-03-31 SC243618 core:Non-currentFinancialInstruments 7 2025-03-31 SC243618 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-03-31 SC243618 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 SC243618 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC243618 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 SC243618 bus:FRS102 2024-04-01 2025-03-31 SC243618 bus:Audited 2024-04-01 2025-03-31 SC243618 bus:ConsolidatedGroupCompanyAccounts 2024-04-01 2025-03-31 SC243618 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP