2023-01-012023-12-312023-12-31false01375799T.P. Tate 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T.P. Tate Limited

Registered Number
01375799
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

T.P. Tate Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Frances Hazel Tate
Thomas Patrick Tate

Registered Address

Castle Farm Paradise Lane
Hazlewood
Tadcaster
LS24 9NJ

Registered Number

01375799 (England and Wales)
T.P. Tate Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3577,967576,661
577,967576,661
Current assets
Stocks4109,341174,740
Debtors59,98530,922
Cash at bank and on hand8,5153,435
127,841209,097
Creditors amounts falling due within one year6(2,395,352)(2,298,485)
Net current assets (liabilities)(2,267,511)(2,089,388)
Total assets less current liabilities(1,689,544)(1,512,727)
Net assets(1,689,544)(1,512,727)
Capital and reserves
Called up share capital100,000100,000
Profit and loss account(1,789,544)(1,612,727)
Shareholders' funds(1,689,544)(1,512,727)
The financial statements were approved and authorised for issue by the Board of Directors on 18 September 2024, and are signed on its behalf by:
Thomas Patrick Tate
Director
Registered Company No. 01375799
T.P. Tate Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors and shareholders and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
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/or 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.
Employee benefits
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery15-
Fixtures and fittings15-
Vehicles25-
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Trade and other 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.
Financial instruments
The company 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, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year44
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 January 23636,246151,055201,985179,4711,168,757
Additions11,319---11,319
At 31 December 23647,565151,055201,985179,4711,180,076
Depreciation and impairment
At 01 January 2386,749151,055176,890177,402592,096
Charge for year3,295-6,27444410,013
At 31 December 2390,044151,055183,164177,846602,109
Net book value
At 31 December 23557,521-18,8211,625577,967
At 31 December 22549,497-25,0952,069576,661
Included in freehold property is freehold land of £461,631 (2022 - £461,631), representing the estimated cost of land, which has not been depreciated.
4.Stocks

2023

2022

££
Other stocks109,341174,740
Total109,341174,740
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables-312
Other debtors2,91424,280
Prepayments and accrued income7,0716,330
Total9,98530,922
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables2,81925,508
Bank borrowings and overdrafts1,8802,169
Amounts owed to related parties2,219,1622,219,162
Other creditors160,32640,326
Accrued liabilities and deferred income11,16511,320
Total2,395,3522,298,485
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.
7.Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £700 (2022 - £620).
8.Related party transactions
Included in other creditors due within one year is an amount due to the ultimate parent undertaking, Tate of Leeds Limited of £846,888 (2022 - £846,888). The balance is interest free and repayable on demand. Included in creditors within one year is an amount due to Tate Properties Limited, a fellow subsidiary of £1,372,274 (2022 - £1,372,274). Included in other creditors is an amount owing to T P Tate of £160,326 (2022 - £40,326). This balance is interest free and repayable on demand.