1.
General Information
J&S McKenzie Property Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC677562
. The registered office is Dunvorist Station Road, Murthly, Perth, PH1 4EL.
The presentation currency of the financial statements is the Pound Sterling (£).
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 includes revenue earned from income derived from leasing out properties held by the company. Property rental income received is recognised on a straight-line basis over the life of the relevant lease agreement.
2.3.
Tangible Fixed Assets and Depreciation
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Assets held under finance leases are depreciated in the same way as owned assets.
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:
| Assets under construction |
|
| Fixtures & Fittings |
|
Assets under construction are initially measured at cost which includes directly attributable costs and is not depreciated until it is completed.
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. Deferred taxation is provided on these adjustments at the rate expected to apply when the properties are sold.
2.5.
Taxation
2.5.
Taxation - continued
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
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.
...CONTINUED
J&S McKenzie Property Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
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.
2.6.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2024: NIL)
4.
Tangible Assets
| Assets under construction | Fixtures & Fittings | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost or Valuation | |||
| As at 1 January 2025 |
|
|
|
| Additions |
|
|
|
| Transfers |
( |
|
( |
| As at 31 December 2025 |
|
|
|
| Depreciation | |||
| As at 1 January 2025 |
|
|
|
| Provided during the period |
|
|
|
| As at 31 December 2025 |
|
|
|
| Net Book Value | |||
| As at 31 December 2025 |
|
|
|
| As at 1 January 2025 |
|
|
|
5.
Investment Property
| 2025 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 January 2025 |
|
| Additions |
|
| Revaluations | 58,607 |
| Transfers |
|
| As at 31 December 2025 |
|
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Cost | 1,746,523 | 1,083,052 | |
J&S McKenzie Property Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
|
£
|
|
|
Valuation in 2022
|
1,836
|
|
Valuation in 2024
|
56,205
|
|
Valuation in 2025
|
58,607
|
|
Cost
|
1,688,482
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
|
1,805,130
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
Investment property was valued on an open market basis on 31 December 2025 by the directors.
6.
Investments
| Listed | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 January 2025 |
|
| Revaluations |
|
| As at 31 December 2025 |
|
| Provision | |
| As at 1 January 2025 |
|
| As at 31 December 2025 |
|
| Net Book Value | |
| As at 31 December 2025 |
|
| As at 1 January 2025 |
|
7.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| Amounts owed by group undertakings |
|
|
|
|
|
|
||
8.
Current Asset Investments
The market value of listed investments was £ 1,398,531 (2024 - £ 1,272,691 )
J&S McKenzie Property Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
9.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Accruals and deferred income |
|
|
|
| Directors' loan accounts |
|
- | |
| Amounts owed to group undertakings |
|
|
|
|
|
|
||
10.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other creditors | 339,646 | 397,076 | |
11.
Secured Creditors
The company has granted standard security in favour of Coutts & Company.
The company has granted standard security in favour of Alderman Bank PLC over Flat 4, Station Court Houses, Station Road, Murthly, Perth, PH1 4EL.
The company has granted standard security in favour of Alderman Bank PLC over 0/1, 26 Kildonan Drive, Glasgow, G11 7XG.
The company has granted standard security in favour of Alderman Bank PLC over 1 Station Court Houses, Station Road, Murthly, Perth, PH1 4EL.
The company has granted standard security in favour of Alderman Bank PLC over 118 Monart Road, Perth, PH1 5UQ.
Of the creditors the following amounts are secured.
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 339,646 | 397,076 |
12.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 January 2025 |
|
20,183 |
| Deferred taxation |
|
|
| Balance at 31 December 2025 |
|
60,622 |
J&S McKenzie Property Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
14.
Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to directors:
| As at 1 January 2025 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 December 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr John McKenzie |
|
|
( |
- |
( |
| Mr Steven McKenzie |
|
|
( |
- |
( |
The above loan is interest free and has no fixed repayment terms.
15.
Related Party Transactions
As at 31 December 2025, there was a loan balance due of £52,500 (2024: £93,500) from a company that is under common control and directorship as J&S McKenzie Property Ltd.
16.
Exceptional Items
During the year, the company recognised the following exceptional items:
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Intercompany loan write off
|
879,000
|
2,030,000
|
|
|
|
|
||
|
879,000
|
2,030,000
|