Registered number
06494797
D Macfarlane & Son Limited
Filleted Accounts
31 December 2023
D Macfarlane & Son Limited
Registered number: 06494797
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 25,821 9,439
Current assets
Stocks 215,390 211,084
Debtors 4 109,746 95,934
Cash at bank and in hand 310,076 260,593
635,212 567,611
Creditors: amounts falling due within one year 5 (418,533) (405,733)
Net current assets 216,679 161,878
Total assets less current liabilities 242,500 171,317
Provisions for liabilities (6,455) (1,793)
Net assets 236,045 169,524
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 235,045 168,524
Shareholders' funds 236,045 169,524
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W Wilson
Director
Approved by the board on 10 September 2024
D Macfarlane & Son Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% and 25% reducing balance and 33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 17,259 21,204 38,463
Additions - 28,340 28,340
Disposals - (21,204) (21,204)
At 31 December 2023 17,259 28,340 45,599
Depreciation
At 1 January 2023 14,715 14,309 29,024
Charge for the year 931 4,132 5,063
On disposals - (14,309) (14,309)
At 31 December 2023 15,646 4,132 19,778
Net book value
At 31 December 2023 1,613 24,208 25,821
At 31 December 2022 2,544 6,895 9,439
4 Debtors 2023 2022
£ £
Trade debtors 108,985 94,384
Other debtors 761 1,550
109,746 95,934
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 324,821 333,053
Directors loan account 1,180 20,931
Taxation and social security costs 89,581 49,312
Other creditors 2,951 2,437
418,533 405,733
6 Controlling party
The company is controlled by its directors.
7 Other information
D Macfarlane & Son Limited is a private company limited by shares and incorporated in England. Its registered office is:
201 Coatsworth Road
Gateshead
Tyne & Wear
NE8 1SR
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