M Mckenzie Waste Ltd. - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC384070 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

M Mckenzie Waste Ltd.

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

F N MacKenzie

K M MacKenzie

M A MacKenzie

A R MacKenzie

SECRETARY:

F N MacKenzie

REGISTERED OFFICE:

Old Pentland

Loanhead

Midlothian

EH20 9NU

REGISTERED NUMBER:

SC384070 (Scotland)

ACCOUNTANTS:

Gibson McKerrell Brown LLP

Chartered Accountants

14 Rutland Square

Edinburgh

Midlothian

EH1 2BD

BANKERS:

Royal Bank of Scotland plc

206 Bruntsfield Place

Edinburgh

EH10 4DF

FIXED ASSETS

Intangible assets

4

105,000

120,000

Tangible assets

5

335,048

93,085

440,048

213,085

CURRENT ASSETS

Debtors

6

1,625,418

1,744,885

Cash at bank

730,569

629,442

2,355,987

2,374,327

CREDITORS

Amounts falling due within one year

7

205,716

258,997

NET CURRENT ASSETS

2,150,271

2,115,330

TOTAL ASSETS LESS CURRENT LIABILITIES

2,590,319

2,328,415

CREDITORS

Amounts falling due after more than one year

8

(33,000

)

-

PROVISIONS FOR LIABILITIES

10

(83,762

)

(17,686

)

NET ASSETS

2,473,557

2,310,729

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,473,457

2,310,629

SHAREHOLDERS' FUNDS

2,473,557

2,310,729

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by:

F N MacKenzie - Director

1.	STATUTORY INFORMATION

M Mckenzie Waste Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 waste management, re-cycling and disposal.

Intangible assets

Goodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated depreciation and any accumulated impairment losses.

Amortisation is calculated, using the straight line method, to amortise the depreciable amount of the assets to their residual values over their estimated useful lives as follows.

Goodwill - 20 years on cost

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

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of goodwill, the amortisation is revised prospectively to reflect the new expectation.

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, the assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. Freehold properties are subsequently measured at their revalued amount, being the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is provided by equal instalments at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

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.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

300,000

AMORTISATION

At 1 April 2022

180,000

Charge for year

15,000

At 31 March 2023

195,000

NET BOOK VALUE

At 31 March 2023

105,000

At 31 March 2022

120,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

328,000

Additions

301,390

Disposals

(10,000

)

At 31 March 2023

619,390

DEPRECIATION

At 1 April 2022

234,915

Charge for year

57,749

Eliminated on disposal

(8,322

)

At 31 March 2023

284,342

NET BOOK VALUE

At 31 March 2023

335,048

At 31 March 2022

93,085

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

Plant and

machinery

etc

£

COST

At 1 April 2022

139,650

Transfer to ownership

(139,650

)

At 31 March 2023

-

DEPRECIATION

At 1 April 2022

81,327

Charge for year

13,594

Transfer to ownership

(94,921

)

At 31 March 2023

-

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

58,323

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

200,319

219,794

Other debtors

1,425,099

1,525,091

1,625,418

1,744,885

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts

34,500

6,321

Trade creditors

123,530

88,692

Taxation and social security

2,332

113,395

Other creditors

45,354

50,589

205,716

258,997

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

33,000

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

67,500

6,321

10.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

83,762

17,686

Deferred

tax

£

Balance at 1 April 2022

17,686

Provided during year

66,076

Balance at 31 March 2023

83,762

11.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was due £1,266,882 (2022 £1,525,090) from M McKenzie Old Pentland LLP, a limited liability partnership operated by the directors. This will be repaid by 31 December 2023.

During the year M McKenzie Old Pentland LLP charged £30,000 in respect of management services.