McKenzie Strickland Associates Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

McKenzie Strickland Associates Limited is a private company, limited by shares, incorporated in Scotland, registered number SC248524 . The registered office is 21-23 Bank Street Bank Street, Aberfeldy, PH15 2BB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	4%
Leasehold	4%
Plant & Machinery	20%
Motor Vehicles	25%
Fixtures & Fittings	50%
Computer Equipment	12.5%

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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McKenzie Strickland Associates Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 19 (2024: 18)

4. Tangible Assets

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles
	£	£	£	£
Cost
As at 1 April 2024	145,000	25,232	5,123	75,711
Additions	-	-	-	-

As at 31 March 2025	145,000	25,232	5,123	75,711

Depreciation
As at 1 April 2024	20,000	7,860	1,025	39,145
Provided during the period	-	1,009	1,025	9,162

As at 31 March 2025	20,000	8,869	2,050	48,307

Net Book Value
As at 31 March 2025	125,000	16,363	3,073	27,404

As at 1 April 2024	125,000	17,372	4,098	36,566


	Computer Equipment	Total
	£	£
Cost
As at 1 April 2024	61,901	312,967
Additions	11,246	11,246

As at 31 March 2025	73,147	324,213

...CONTINUED

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McKenzie Strickland Associates Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Depreciation
As at 1 April 2024	40,119	108,149
Provided during the period	19,506	30,702

As at 31 March 2025	59,625	138,851

Net Book Value
As at 31 March 2025	13,522	185,362

As at 1 April 2024	21,782	204,818

5. Investment Property

	2025
	£
Fair Value
As at 1 April 2024 and 31 March 2025	175,000

6. Stocks

	2025	2024
	£	£
Work in progress	154,574	139,976

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	177,405	69,822
Taymouth Marina Ltd	(117,888 )	(113,157 )
Strathtay Developments Ltd	2,344,886	2,094,964

	2,404,403	2,051,629

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	5,588	5,588
Trade creditors	3,846	55,301
Bank loans and overdrafts	23,441	22,648
Other taxes and social security	14,895	15,247
VAT	33,816	73,365
Accruals and deferred income	42,761	131,308
Directors' loan accounts	358,017	374,590
Northwood Portfolio Ltd	(188,475 )	(158,475 )
Enka Ltd	10,000	(50,000 )

	303,889	469,572

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McKenzie Strickland Associates Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	8,301	19,341
Bank loans	161,128	184,408

	169,429	203,749

10. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	5,588	5,588
Less: Finance charges allocated to future periods	(8,301 )	(19,341 )

	13,889	24,929

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	99	99

12. Reserves

	Revaluation Reserve	Fair Value Reserve
	£	£
As at 1 April 2024	26,251	36,750

As at 31 March 2025	26,251	36,750

13. Related Party Transactions

Included within debtors at the year end was an amount of £ 2,344,886.38 (2024 £ 2,094,964.14) due from Strathtay Developments Ltd, a company in which EM Strickland is a director. The balance is unsecured, interest free and repayable on demand.

Included within creditors at the year end was an amount of £ 117,8838.3 (2024 £113,156.64 )due to Taymouth Marina Ltd, a company in which EM Strickland and N C Strickland are directors. The balance is unsecured, interest free and repayable on demand.

Included within debtors at the year end was an amount of £188,475.23 (2024£ 158,473.23) from Northwood Portfolio Ltd, a company in which EM Strickland and N C Strickland are directors. The balance is unsecured, interest free and repayable on demand.

Included within creditors at the year end is an amount of £ 10000 due to Enka Ltd ( 2024 Debtor £50000), a company in which EM Strickland and N C Striickland are directors. This balance is unsecured and repayable on demand.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		185,362		204,818
Investment Properties	5		175,000		175,000

			360,362		379,818
CURRENT ASSETS
Stocks	6	154,574		139,976
Debtors	7	2,404,403		2,051,629
Cash at bank and in hand		111,458		179,898

		2,670,435		2,371,503
Creditors: Amounts Falling Due Within One Year	8	(303,889 )		(469,572 )

NET CURRENT ASSETS (LIABILITIES)			2,366,546		1,901,931

TOTAL ASSETS LESS CURRENT LIABILITIES			2,726,908		2,281,749

Creditors: Amounts Falling Due After More Than One Year	9		(169,429 )		(203,749 )

NET ASSETS			2,557,479		2,078,000

CAPITAL AND RESERVES
Called up share capital	11		99		99
Revaluation reserve	12		26,251		26,251
Fair value reserve	12		36,750		36,750
Profit and Loss Account			2,494,379		2,014,900

SHAREHOLDERS' FUNDS			2,557,479		2,078,000