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REGISTERED NUMBER: SC082595 (Scotland)












Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 March 2023

for

Tom Macfarlane and Company Limited

Tom Macfarlane and Company Limited (Registered number: SC082595)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


Tom Macfarlane and Company Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: S R Macfarlane
Mrs L Macfarlane





SECRETARY: Mrs L Macfarlane





REGISTERED OFFICE: 2 Otterburn Drive
Giffnock
GLASGOW
G46 6UJ





REGISTERED NUMBER: SC082595 (Scotland)





AUDITORS: O'Haras Accountants Limited
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Tom Macfarlane and Company Limited (Registered number: SC082595)

Strategic Report
for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The directors are happy with the company's performance in the year with turnover of £52.6m in 2023 compared to £29.8m in 2022, this being a 76% increase. Profit before tax for the financial year also increased to £12.9m in 2023 from £6.1m in 2022.

ON BEHALF OF THE BOARD:





S R Macfarlane - Director


10 November 2023

Tom Macfarlane and Company Limited (Registered number: SC082595)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

DIVIDENDS
Interim dividends of £10,066.16 per share were paid in the year.

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2023 was £1,006,616.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

S R Macfarlane
Mrs L Macfarlane

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Tom Macfarlane and Company Limited (Registered number: SC082595)

Report of the Directors
for the Year Ended 31 March 2023


AUDITORS
The auditors, O'Haras Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S R Macfarlane - Director


10 November 2023

Report of the Independent Auditors to the Members of
Tom Macfarlane and Company Limited

Opinion
We have audited the financial statements of Tom Macfarlane and Company Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Tom Macfarlane and Company Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the whisky industry in which it operates. We made enquiries of management as to whether there were any known or suspected instances of non compliance with laws and regulations and reviewed Scotch Whisky Association reports for any indication of such matters.

We gained an understanding of management's internal controls designed to prevent and detect irregularities in their day-to-day operations.

We considered laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement components. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of relevant third parties.

We considered how fraud might occur in this company and designed our tests accordingly.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Tom Macfarlane and Company Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John O'Hara (Senior Statutory Auditor)
for and on behalf of O'Haras Accountants Limited
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

10 November 2023

Tom Macfarlane and Company Limited (Registered number: SC082595)

Income Statement
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

REVENUE 52,601,932 29,819,552

Cost of sales 39,541,345 23,450,863
GROSS PROFIT 13,060,587 6,368,689

Administrative expenses 190,711 236,929
OPERATING PROFIT 4 12,869,876 6,131,760

Interest receivable and similar income 64,821 7,588
PROFIT BEFORE TAXATION 12,934,697 6,139,348

Tax on profit 5 2,458,419 1,167,455
PROFIT FOR THE FINANCIAL YEAR 10,476,278 4,971,893

Tom Macfarlane and Company Limited (Registered number: SC082595)

Other Comprehensive Income
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 10,476,278 4,971,893


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

10,476,278

4,971,893

Tom Macfarlane and Company Limited (Registered number: SC082595)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 7 3,435 1,292

CURRENT ASSETS
Inventories 8 6,862,284 7,729,202
Debtors 9 771,280 105,784
Cash at bank 15,620,835 8,490,834
23,254,399 16,325,820
CREDITORS
Amounts falling due within one year 10 1,145,408 3,684,962
NET CURRENT ASSETS 22,108,991 12,640,858
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,112,426

12,642,150

PROVISIONS FOR LIABILITIES 11 859 245
NET ASSETS 22,111,567 12,641,905

CAPITAL AND RESERVES
Called up share capital 12 100 100
Capital redemption reserve 13 76 76
Retained earnings 13 22,111,391 12,641,729
SHAREHOLDERS' FUNDS 22,111,567 12,641,905

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by:





S R Macfarlane - Director


Tom Macfarlane and Company Limited (Registered number: SC082595)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 April 2021 100 14,465,727 76 14,465,903

Changes in equity
Dividends - (6,795,891 ) - (6,795,891 )
Total comprehensive income - 4,971,893 - 4,971,893
Balance at 31 March 2022 100 12,641,729 76 12,641,905

Changes in equity
Dividends - (1,006,616 ) - (1,006,616 )
Total comprehensive income - 10,476,278 - 10,476,278
Balance at 31 March 2023 100 22,111,391 76 22,111,567

Tom Macfarlane and Company Limited (Registered number: SC082595)

Statement of Cash Flows
for the Year Ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 13,629,578 7,171,633
Tax paid (1,930,726 ) (1,024,514 )
Net cash from operating activities 11,698,852 6,147,119

Cash flows from investing activities
Purchase of tangible fixed assets (3,062 ) (1,022 )
Interest received 64,822 7,588
Net cash from investing activities 61,760 6,566

Cash flows from financing activities
Amount withdrawn by directors (3,623,995 ) 2,996,943
Equity dividends paid (1,006,616 ) (6,795,891 )
Net cash from financing activities (4,630,611 ) (3,798,948 )

Increase in cash and cash equivalents 7,130,001 2,354,737
Cash and cash equivalents at beginning of
year

2

8,490,834

6,136,097

Cash and cash equivalents at end of year 2 15,620,835 8,490,834

Tom Macfarlane and Company Limited (Registered number: SC082595)

Notes to the Statement of Cash Flows
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 12,934,697 6,139,348
Depreciation charges 919 664
Finance income (64,821 ) (7,588 )
12,870,795 6,132,424
Decrease in inventories 866,918 1,819,591
(Increase)/decrease in trade and other debtors (56,248 ) 1,297,982
Decrease in trade and other creditors (51,887 ) (2,078,364 )
Cash generated from operations 13,629,578 7,171,633

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 15,620,835 8,490,834
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 8,490,834 6,136,097


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank 8,490,834 7,130,001 15,620,835
8,490,834 7,130,001 15,620,835
Total 8,490,834 7,130,001 15,620,835

Tom Macfarlane and Company Limited (Registered number: SC082595)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Tom Macfarlane and Company 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements.
Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Sales comprise revenue from the provision of goods, excluding value added tax and trade discounts, and is measured at the fair value of the consideration received or receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Tom Macfarlane and Company Limited (Registered number: SC082595)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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 profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Impairment of fixed assets
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.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 48,500 67,030
Social security costs 725 2,806
Other pension costs 48,000 40,000
97,225 109,836

The average number of employees during the year was as follows:
2023 2022

Directors 2 2

2023 2022
£    £   
Directors' remuneration 48,500 67,030

Tom Macfarlane and Company Limited (Registered number: SC082595)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 919 664
Auditors' remuneration 7,000 6,000
Auditors' remuneration for non audit work 9,025 12,178

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 2,457,806 1,167,387

Deferred tax 613 68
Tax on profit 2,458,419 1,167,455

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 12,934,697 6,139,348
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

2,457,592

1,166,476

Effects of:
Expenses not deductible for tax purposes 795 840
Income not taxable for tax purposes - 197
Capital allowances in excess of depreciation (581 ) (126 )
Deferred tax adjustment 613 68
Total tax charge 2,458,419 1,167,455

6. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 1,006,616 6,795,891

Tom Macfarlane and Company Limited (Registered number: SC082595)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 42,559 9,178 51,737
Additions - 3,062 3,062
At 31 March 2023 42,559 12,240 54,799
DEPRECIATION
At 1 April 2022 42,559 7,886 50,445
Charge for year - 919 919
At 31 March 2023 42,559 8,805 51,364
NET BOOK VALUE
At 31 March 2023 - 3,435 3,435
At 31 March 2022 - 1,292 1,292

8. INVENTORIES
2023 2022
£    £   
Stocks 6,862,284 7,729,202

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 144,539 71,191
Other debtors 500 500
PAYE/NI debtor 2,786 1,986
Directors' current accounts 609,248 -
VAT 6,489 25,132
Prepayments 7,718 6,975
771,280 105,784

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 80,337 134,224
Tax 1,043,571 516,491
Directors' current accounts - 3,014,747
Accrual and deferred income 21,500 19,500
1,145,408 3,684,962

Tom Macfarlane and Company Limited (Registered number: SC082595)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 859 245

Deferred
tax
£   
Balance at 1 April 2022 245
Movement 614
Balance at 31 March 2023 859

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

Ordinary shares carry full voting rights and entitlement to dividends.

13. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2022 12,641,729 76 12,641,805
Profit for the year 10,476,278 10,476,278
Dividends (1,006,616 ) (1,006,616 )
At 31 March 2023 22,111,391 76 22,111,467

14. ULTIMATE CONTROLLING PARTY

The controlling party is S R Macfarlane.