M McKenzie Old Pentland LLP - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SO300961 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

M McKenzie Old Pentland LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

F N MacKenzie

M A MacKenzie

K M MacKenzie

A R MacKenzie

REGISTERED OFFICE:

Old Pentland

Loanhead

Midlothian

EH20 9NU

REGISTERED NUMBER:

SO300961 (Scotland)

ACCOUNTANTS:

Gibson McKerrell Brown LLP

Chartered Accountants

14 Rutland Square

Edinburgh

Midlothian

EH1 2BD

BANKERS:

The Royal Bank of Scotland plc

206 Bruntsfield Place

Edinburgh

EH10 4DF

FIXED ASSETS

Tangible assets

4

1,123,892

1,226,716

CURRENT ASSETS

Stocks

54,476

48,240

Debtors

5

291,365

332,496

Cash at bank

807,915

853,323

1,153,756

1,234,059

CREDITORS

Amounts falling due within one year

6

1,597,969

1,799,494

NET CURRENT LIABILITIES

(444,213

)

(565,435

)

TOTAL ASSETS LESS CURRENT LIABILITIES

679,679

661,281

CREDITORS

Amounts falling due after more than one year

7

38,289

45,257

NET ASSETS ATTRIBUTABLE TO MEMBERS

641,390

616,024

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

641,390

616,024

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

641,390

616,024

Amounts due from members

5

(11,403

)

(90,487

)

629,987

525,537

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 9 November 2023 and were signed by:

F N MacKenzie - Designated member

1.	STATUTORY INFORMATION

M McKenzie Old Pentland LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the company's principal activity of a sawmill.

Tangible fixed assets

Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly attributable to bringing the asset to its present location and into its present condition. After initial recognition, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is shorter. Land is not depreciated.

Plant and machinery - 25% on reducing balance and 20% on reducing balance

Depreciation and impairment losses are charged to the Income Statement within administrative expenses.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The loss is recognised immediately in the Income Statement.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. 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 the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial Position as substantially all of the risks and rewards incidental to ownership have been transferred from the leasing company.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to Income Statement in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 8 (2022 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2022

537,651

1,931,978

2,469,629

Additions

-

66,107

66,107

Disposals

-

(94,879

)

(94,879

)

At 31 March 2023

537,651

1,903,206

2,440,857

DEPRECIATION

At 1 April 2022

-

1,242,913

1,242,913

Charge for year

-

156,308

156,308

Eliminated on disposal

-

(82,256

)

(82,256

)

At 31 March 2023

-

1,316,965

1,316,965

NET BOOK VALUE

At 31 March 2023

537,651

586,241

1,123,892

At 31 March 2022

537,651

689,065

1,226,716

The partners are of the opinion that the valuation of £486,951 is a fair value of the property.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

At 1 April 2022

491,202

Transfer to ownership

(319,011

)

At 31 March 2023

172,191

DEPRECIATION

At 1 April 2022

275,878

Charge for year

45,972

Transfer to ownership

(226,548

)

At 31 March 2023

95,302

NET BOOK VALUE

At 31 March 2023

76,889

At 31 March 2022

215,324

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

260,259

242,009

Other debtors

31,106

90,487

291,365

332,496

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

19,409

20,851

Hire purchase contracts

53,823

49,757

Trade creditors

238,653

167,609

Taxation and social security

-

5,355

Other creditors

1,286,084

1,555,922

1,597,969

1,799,494

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

15,969

33,936

Hire purchase contracts

22,320

11,321

38,289

45,257

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

35,378

54,787

Hire purchase contracts

76,143

61,078

111,521

115,865

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event.

10.	RELATED PARTY DISCLOSURES

During the year M McKenzie Old Pentland LLP charged £30,000 in respect of management services to M Mckenzie Waste Ltd, a company under common control.

As at the 31 March 2022 the LLP was due £1,266,882 (2022 - £1,525,090) to M Mckenzie Waste Ltd. This loan will be repaid by 31 December 2023.