IRIS Accounts Production v23.2.0.158 SC036622 Board of Directors 1.1.22 31.12.22 31.12.22 27/10/2023 true false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC0366222021-12-31SC0366222022-12-31SC0366222022-01-012022-12-31SC0366222020-12-31SC0366222021-01-012021-12-31SC0366222021-12-31SC036622ns16:Scotland2022-01-012022-12-31SC036622ns15:PoundSterling2022-01-012022-12-31SC036622ns11:Director12022-01-012022-12-31SC036622ns11:PrivateLimitedCompanyLtd2022-01-012022-12-31SC036622ns11:SmallEntities2022-01-012022-12-31SC036622ns11:Audited2022-01-012022-12-31SC036622ns11:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-31SC036622ns11:SmallCompaniesRegimeForAccounts2022-01-012022-12-31SC036622ns11:FullAccounts2022-01-012022-12-31SC03662212022-01-012022-12-31SC036622ns11:Director22022-01-012022-12-31SC036622ns11:CompanySecretary12022-01-012022-12-31SC036622ns11:RegisteredOffice2022-01-012022-12-31SC036622ns6:CurrentFinancialInstruments2022-12-31SC036622ns6:CurrentFinancialInstruments2021-12-31SC036622ns6:Non-currentFinancialInstruments2022-12-31SC036622ns6:Non-currentFinancialInstruments2021-12-31SC036622ns6:ShareCapital2022-12-31SC036622ns6:ShareCapital2021-12-31SC036622ns6:RevaluationReserve2022-12-31SC036622ns6:RevaluationReserve2021-12-31SC036622ns6:RetainedEarningsAccumulatedLosses2022-12-31SC036622ns6:RetainedEarningsAccumulatedLosses2021-12-31SC036622ns6:ShareCapital2020-12-31SC036622ns6:RetainedEarningsAccumulatedLosses2020-12-31SC036622ns6:RevaluationReserve2020-12-31SC036622ns6:RetainedEarningsAccumulatedLosses2021-01-012021-12-31SC036622ns6:RevaluationReserve2021-01-012021-12-31SC036622ns6:RetainedEarningsAccumulatedLosses2022-01-012022-12-31SC036622ns6:RevaluationReserve2022-01-012022-12-31SC036622ns6:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-31SC036622ns6:IntangibleAssetsOtherThanGoodwill2022-12-31SC036622ns6:LandBuildings2021-12-31SC036622ns6:PlantMachinery2021-12-31SC036622ns6:LandBuildings2022-01-012022-12-31SC036622ns6:PlantMachinery2022-01-012022-12-31SC036622ns6:LandBuildings2022-12-31SC036622ns6:PlantMachinery2022-12-31SC036622ns6:LandBuildings2021-12-31SC036622ns6:PlantMachinery2021-12-31SC036622ns6:CostValuation2021-12-31SC036622ns6:Subsidiary12022-01-012022-12-31SC0366221ns6:Subsidiary12022-01-012022-12-31SC036622ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-31SC036622ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-31SC036622ns6:CurrentFinancialInstruments2022-01-012022-12-31SC036622ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-12-31SC036622ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2021-12-31SC036622ns6:WithinOneYear2022-12-31SC036622ns6:WithinOneYear2021-12-31SC036622ns6:Secured2022-12-31SC036622ns6:Secured2021-12-31SC036622ns6:DeferredTaxation2021-12-31SC036622ns6:DeferredTaxation2022-01-012022-12-31SC036622ns6:DeferredTaxation2022-12-31SC036622ns6:RevaluationReserve2021-12-31SC036622ns11:Director112021-12-31SC036622ns11:Director112020-12-31SC036622ns11:Director112022-01-012022-12-31SC036622ns11:Director112021-01-012021-12-31SC036622ns11:Director112022-12-31SC036622ns11:Director112021-12-31SC0366222ns11:Director22021-12-31SC0366222ns11:Director22020-12-31SC0366222ns11:Director22022-01-012022-12-31SC0366222ns11:Director22021-01-012021-12-31SC0366222ns11:Director22022-12-31SC0366222ns11:Director22021-12-31
REGISTERED NUMBER: SC036622 (Scotland)















Financial Statements for the Year Ended 31 December 2022

for

DUNCAN TAYLOR SCOTCH WHISKY LIMITED

DUNCAN TAYLOR SCOTCH WHISKY LIMITED (REGISTERED NUMBER: SC036622)

Contents of the Financial Statements
for the Year Ended 31 December 2022










Page

Company Information 1

Balance Sheet 2

Statement of Changes in Equity 3

Notes to the Financial Statements 4


DUNCAN TAYLOR SCOTCH WHISKY LIMITED

Company Information
for the Year Ended 31 December 2022







DIRECTORS: E C Shand
S B Smith



SECRETARY: Stronachs Secretaries Limited



REGISTERED OFFICE: 28 Albyn Place
Aberdeen
AB10 1YL



REGISTERED NUMBER: SC036622 (Scotland)



SENIOR STATUTORY AUDITOR: Angus Cowie



AUDITOR: Azets Audit Services
Chartered Accountants
Statutory Auditors
37 Albyn Place
Aberdeen
AB10 1JB

DUNCAN TAYLOR SCOTCH WHISKY LIMITED (REGISTERED NUMBER: SC036622)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 176,566 -
Tangible assets 5 386,972 453,881
Investments 6 1 1
563,539 453,882

CURRENT ASSETS
Stocks 7 28,347,544 23,528,086
Debtors 8 12,139,215 5,625,872
Cash at bank and in hand 319,511 703,975
40,806,270 29,857,933
CREDITORS
Amounts falling due within one year 9 3,821,292 3,388,230
NET CURRENT ASSETS 36,984,978 26,469,703
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,548,517

26,923,585

CREDITORS
Amounts falling due after more than one
year

10

(28,386,725

)

(17,865,172

)

PROVISIONS FOR LIABILITIES 13 (12,331 ) (20,830 )
NET ASSETS 9,149,461 9,037,583

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Revaluation reserve 14 14,000 14,000
Retained earnings 9,125,461 9,013,583
9,149,461 9,037,583

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 25 October 2023 and were signed on its behalf by:





E C Shand - Director


DUNCAN TAYLOR SCOTCH WHISKY LIMITED (REGISTERED NUMBER: SC036622)

Statement of Changes in Equity
for the Year Ended 31 December 2022

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 January 2021 10,000 8,382,274 14,000 8,406,274

Changes in equity
Total comprehensive income - 631,309 - 631,309
Balance at 31 December 2021 10,000 9,013,583 14,000 9,037,583

Changes in equity
Total comprehensive income - 111,878 - 111,878
Balance at 31 December 2022 10,000 9,125,461 14,000 9,149,461

DUNCAN TAYLOR SCOTCH WHISKY LIMITED (REGISTERED NUMBER: SC036622)

Notes to the Financial Statements
for the Year Ended 31 December 2022


1. STATUTORY INFORMATION

Duncan Taylor Scotch Whisky Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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 to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Related party transactions
The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with its parent or with members of the same group that are wholly owned.

Going concern
The directors, having made due and careful enquiry and preparing forecasts, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors therefore have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

DUNCAN TAYLOR SCOTCH WHISKY LIMITED (REGISTERED NUMBER: SC036622)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transactions can be measures reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs will be amortised evenly over their estimated useful life of 5 years upon completion and become commercialised.

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 buildings - 5% straight line
Tenant's improvements - 4% straight line
Plant and equipment - 33% straight line
Office equipment - 25-33% straight line
Motor vehicles - 25% straight line

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 credited or charged to profit or loss.

Revaluation of assets:

Individual freehold properties are carried at a revalued cost which is permitted under FRS 102. The revalued cost is based on a historic revaluation which is deemed to be a reasonable market value. Subsequent to this valuation, freehold properties are carried at the revalued cost less any accumulated depreciation.

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulate impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

DUNCAN TAYLOR SCOTCH WHISKY LIMITED (REGISTERED NUMBER: SC036622)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued

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

At each balance sheet 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 impairment loss is recognised immediately in profit or loss.

Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 method 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.

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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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.

Current taxation
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 company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.


DUNCAN TAYLOR SCOTCH WHISKY LIMITED (REGISTERED NUMBER: SC036622)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued
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 when the company has 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.

Research and development
Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. These will be amortised over their useful economical life in like with the intangible assets policy.

The remaining research and development expenditure is written off against profits in the year in which it is incurred.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Pension costs and other post-retirement benefits
The company contributes to a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

DUNCAN TAYLOR SCOTCH WHISKY LIMITED (REGISTERED NUMBER: SC036622)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued

Factored debts
The company has a debt factoring agreement in place with the bank. Due to the nature of the agreement, the risks and rewards are still retained with the company and therefore separate presentation is made in the financial statements.

Finance costs
Interest payable and similar charges include interest payable and finance leases recognised in profit or loss using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2021 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 176,566
At 31 December 2022 176,566
NET BOOK VALUE
At 31 December 2022 176,566

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2022 244,301 782,083 1,026,384
Additions - 13,944 13,944
Disposals - (19,939 ) (19,939 )
At 31 December 2022 244,301 776,088 1,020,389
DEPRECIATION
At 1 January 2022 113,681 458,822 572,503
Charge for year 11,915 50,176 62,091
Eliminated on disposal - (1,177 ) (1,177 )
At 31 December 2022 125,596 507,821 633,417
NET BOOK VALUE
At 31 December 2022 118,705 268,267 386,972
At 31 December 2021 130,620 323,261 453,881

DUNCAN TAYLOR SCOTCH WHISKY LIMITED (REGISTERED NUMBER: SC036622)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2022 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2008 14,000 - 14,000
Cost 230,301 776,088 1,006,389
244,301 776,088 1,020,389

If revalued assets had not been revalued they would have been included at the following historical cost:

2022 2021
£    £   
Cost 230,301 230,301
Aggregate depreciation 103,823 103,823

Value of land in freehold land and buildings 126,478 126,478

Freehold property was valued on 1 December 2008 by J&E Shepherd, Chartered Surveyors, on the basis of market value with vacant possession and with full planning consent for conversion to residential flats. The valuation has not been updated as in the opinion of the directors' the value will not have materially changed.


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 1
NET BOOK VALUE
At 31 December 2022 1
At 31 December 2021 1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

George Willsher & Company Limited
Registered office: 28 Albyn Place, Aberdeen, AB10 1YL
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

DUNCAN TAYLOR SCOTCH WHISKY LIMITED (REGISTERED NUMBER: SC036622)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


7. STOCKS
2022 2021
£    £   
Finished goods 28,347,544 23,528,086

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 1,071,227 358,624
Amounts owed by group undertakings 3,473,633 3,513,688
Amounts owed by participating interests 6,907,090 1,361,256
Other debtors - 329,432
Directors' current accounts 2,755 -
Tax 511,172 -
VAT 26,332 27,659
Prepayments and accrued income 147,006 35,213
12,139,215 5,625,872

Amounts owed by group undertakings and participating interests are interest free, unsecured and repayable on demand.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 1,462,959 377,912
Amounts owed to participating interests 70,126 5,862
Tax - 25,833
Social security and other taxes 38,895 29,223
Other creditors 16,470 8,335
Directors' current accounts - 2,624,014
Accruals and deferred income 215,052 317,051
Deferred income 2,017,790 -
3,821,292 3,388,230

Amounts owed to group undertakings and participating interests are interest free, unsecured and repayable on demand.

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 28,386,725 17,865,172

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 29,540 29,540

DUNCAN TAYLOR SCOTCH WHISKY LIMITED (REGISTERED NUMBER: SC036622)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


12. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 28,386,725 17,865,172

The factoring advance is secured over specific trade debtors under a factoring agreement with HSBC.

The bank loans with HSBC are secured by a floating charge over all the property, assets and undertakings of the company and contains a negative pledge.

13. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 12,331 20,830

Deferred
tax
£   
Balance at 1 January 2022 20,830
Credit to Income Statement during year (8,499 )
Balance at 31 December 2022 12,331

14. RESERVES
Revaluation
reserve
£   
At 1 January 2022
and 31 December 2022 14,000

15. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Angus Cowie and the auditor was Azets Audit Services.

16. PENSION COMMITMENTS

The company contributes to a defined contribution pension scheme.The assets of the scheme are held separately from those of the company independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £36,038 (2021 - £19,416).

At the reporting date, amounts payable of £4,905 (2021 - £4,390) had not been paid over to the scheme.

DUNCAN TAYLOR SCOTCH WHISKY LIMITED (REGISTERED NUMBER: SC036622)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
£    £   
E C Shand
Balance outstanding at start of year - (138,348 )
Amounts advanced (1,182,412 ) -
Amounts repaid 1,182,412 138,348
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

S B Smith
Balance outstanding at start of year (2,624,014 ) -
Amounts advanced (4,284,218 ) (2,828,577 )
Amounts repaid 6,910,987 204,563
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,755 (2,624,014 )

These amounts are unsecured, interest-free and repayable on demand.

18. RELATED PARTY DISCLOSURES

The following amounts were outstanding at the reporting end date:

Amounts due from related parties:

Entities controlled by the directors and family - £3,931,611 (2021 - £1,361,256)

The net sales from the company to related parties amounted to £1,971,681 (2021 - £1,917,336). The net purchases to the company from the related parties amounted to £86,519 (2021 - £37,712).Cost paid by related parties on behalf of the company amounted to £1,671,010 (2021 - £1,007,303).

19. PARENT COMPANY

The ultimate parent undertaking is Duncan Taylor and Company Holdings Limited, a company incorporated in Scotland. The parent company's registered office is at 28 Albyn Place, Aberdeen, AB10 1YL.

Throughout the year, the ultimate controlling party is S Smith who controls the parent company by virtue of his 60% holding of the ordinary share capital of Duncan Taylor and Company Holdings Limited.