Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31truefalse2023-04-0154No description of principal activity50trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06476575 2023-04-01 2024-03-31 06476575 2022-04-01 2023-03-31 06476575 2024-03-31 06476575 2023-03-31 06476575 c:Director1 2023-04-01 2024-03-31 06476575 c:Director2 2023-04-01 2024-03-31 06476575 d:PlantMachinery 2023-04-01 2024-03-31 06476575 d:PlantMachinery 2024-03-31 06476575 d:PlantMachinery 2023-03-31 06476575 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06476575 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 06476575 d:MotorVehicles 2023-04-01 2024-03-31 06476575 d:MotorVehicles 2024-03-31 06476575 d:MotorVehicles 2023-03-31 06476575 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06476575 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 06476575 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06476575 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 06476575 d:Goodwill 2023-04-01 2024-03-31 06476575 d:Goodwill 2024-03-31 06476575 d:Goodwill 2023-03-31 06476575 d:CurrentFinancialInstruments 2024-03-31 06476575 d:CurrentFinancialInstruments 2023-03-31 06476575 d:Non-currentFinancialInstruments 2024-03-31 06476575 d:Non-currentFinancialInstruments 2023-03-31 06476575 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06476575 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06476575 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 06476575 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 06476575 d:ShareCapital 2024-03-31 06476575 d:ShareCapital 2023-03-31 06476575 d:RetainedEarningsAccumulatedLosses 2024-03-31 06476575 d:RetainedEarningsAccumulatedLosses 2023-03-31 06476575 c:FRS102 2023-04-01 2024-03-31 06476575 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06476575 c:FullAccounts 2023-04-01 2024-03-31 06476575 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06476575 d:WithinOneYear 2024-03-31 06476575 d:WithinOneYear 2023-03-31 06476575 d:BetweenOneFiveYears 2024-03-31 06476575 d:BetweenOneFiveYears 2023-03-31 06476575 d:MoreThanFiveYears 2024-03-31 06476575 d:MoreThanFiveYears 2023-03-31 06476575 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 06476575 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 06476575 7 2023-04-01 2024-03-31 06476575 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-03-31 06476575 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 06476575 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

06476575







TATE FENCING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2024
































TATE FENCING LIMITED
REGISTERED NUMBER:06476575

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
54,000
67,500

Tangible assets
 5 
410,092
442,088

  
464,092
509,588

Current assets
  

Stocks
 6 
1,480,000
1,810,000

Debtors: amounts falling due within one year
 7 
465,332
407,349

Cash at bank and in hand
  
712,043
564,054

  
2,657,375
2,781,403

Creditors: amounts falling due within one year
 8 
(569,712)
(680,024)

Net current assets
  
 
 
2,087,663
 
 
2,101,379

Total assets less current liabilities
  
2,551,755
2,610,967

Creditors: amounts falling due after more than one year
 9 
-
(1,167)

Provisions for liabilities
  

Deferred tax
 10 
(113,740)
(121,269)

Net assets
  
2,438,015
2,488,531


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
2,438,014
2,488,530

  
2,438,015
2,488,531


Page 1

TATE FENCING LIMITED
REGISTERED NUMBER:06476575
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:




N. P. Tate
G. J. Tate
Director
Director


Date: 12 August 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

TATE FENCING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Tate Fencing Limited ("the Company") is a private company, limited by shares, domiciled and incorporated in England.
The address of its registered office and principal place of business is Yellowcoat Sawmill, Hastings Road, Flimwell, Wadhurst, East Sussex, TN5 7PR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated.

The following principal accounting policies have been applied:

 
2.2

Going concern

During the year the company has made a loss of £85,039. Having taken into account all available information about the company’s trading prospects and cash flow requirements for 12 months from the date of approval of the financial statements, the directors consider that the company is a going concern.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

TATE FENCING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

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. 
Revenue is recognised on the following bases:
Supply-only: when the goods are collected or received by the customer.
Installation: for smaller contracting jobs, on completion of the work undertaken, whereas for the larger contracting jobs, revenue is recognised on a monthly basis for the work completed to date.

 
2.5

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identiable assets and liabilities of the aquiree at the date of acquisition. Subsequent to intial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised to the profit and loss account over its estimated economic life.

 Amortisation is provided on the following bases:

Goodwill
-
20 years straight-line basis

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
15% or 25% reducing balance
Motor vehicles
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

TATE FENCING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowances for obsolete and slow moving stock. 
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.

 
2.8

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.

 
2.9

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 creditors, loans from banks and other third parties, and loans to related parties.

 
2.10

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.

 
2.11

 Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

 Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

 
2.13

 Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 5

TATE FENCING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.14

 Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of income and retained earnings when the fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

 Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance sheet date.

 
2.16

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.17

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 50 (2023 - 63).

Page 6

TATE FENCING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
270,000



At 31 March 2024

270,000



Amortisation


At 1 April 2023
202,500


Charge for the year
13,500



At 31 March 2024

216,000



Net book value



At 31 March 2024
54,000



At 31 March 2023
67,500



Page 7

TATE FENCING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 April 2023
986,221
345,043
1,331,264


Additions
-
84,027
84,027


Disposals
-
(43,715)
(43,715)



At 31 March 2024

986,221
385,355
1,371,576



Depreciation


At 1 April 2023
696,879
192,297
889,176


Charge for the year on owned assets
56,163
40,613
96,776


Charge for the year on financed assets
-
5,162
5,162


Disposals
-
(29,630)
(29,630)



At 31 March 2024

753,042
208,442
961,484



Net book value



At 31 March 2024
233,179
176,913
410,092



At 31 March 2023
289,342
152,746
442,088

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
14,101
29,880


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
1,480,000
1,810,000


Page 8

TATE FENCING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
233,587
253,212

Amounts owed by group undertakings
138,482
129,202

Trade debtors owed by related companies
33,687
9,761

Other debtors
42,621
-

Prepayments and accrued income
16,955
15,174

465,332
407,349



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
299,639
342,714

Amounts owed to group undertakings
12,024
37,809

Trade creditors owed to related companies
651
19

Corporation tax
-
34,647

Other taxation and social security
177,303
146,553

Obligations under finance lease and hire purchase contracts
-
12,291

Other creditors
7,648
70

Accruals and deferred income
72,447
105,921

569,712
680,024


Finance lease liabilities are secured on the assets to which they relate. The aggregate secured debt at the year-end was £nil (2023: £13,458), of which £nil (2023: £12,291) is included in short-term creditors and £nil (2023: £1,167) is included in long-term creditors. 


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
1,167


Finance lease liabilities are secured on the assets to which they relate. The aggregate secured debt at the year-end was £nil (2023: £13,458), of which £nil (2023: £12,291) is included in short-term creditors and £nil (2023: £1,167) is included in long-term creditors. 

Page 9

TATE FENCING LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Deferred taxation




2024


£






At beginning of year
121,269


Movement in year
(7,529)



At end of year
113,740

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(113,740)
(121,269)


11.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
35,500
35,500

Later than 1 year and not later than 5 years
142,000
142,000

Later than 5 years
94,667
130,167

272,167
307,667

 
Page 10