2023-01-012023-12-312023-12-31false03414308Tate Properties 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Tate Properties Limited

Registered Number
03414308
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Tate Properties Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Frances Hazel Tate
Thomas Patrick Tate

Registered Address

Balm Road
New Hunslet
Leeds
LS10 2RL

Registered Number

03414308 (England and Wales)
Tate Properties Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investment property41,980,9051,980,905
1,980,9051,980,905
Current assets
Debtors5547,245821,111
Cash at bank and on hand311,97983,889
859,224905,000
Creditors amounts falling due within one year6(1,738,999)(1,450,405)
Net current assets (liabilities)(879,775)(545,405)
Total assets less current liabilities1,101,1301,435,500
Creditors amounts falling due after one year7(40,322)(204,638)
Net assets1,060,8081,230,862
Capital and reserves
Called up share capital22
Profit and loss account1,060,8061,230,860
Shareholders' funds1,060,8081,230,862
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. 03414308
Tate Properties 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 rendering of services. 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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
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:

Straight line (years)
Office Equipment4
Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised 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 year22
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 231,3061,306
At 31 December 231,3061,306
Depreciation and impairment
At 01 January 231,3061,306
At 31 December 231,3061,306
Net book value
At 31 December 23--
At 31 December 22--
4.Investment property
The 2023 valuations were made by the director, on an open market value for existing use basis. Based upon the latest valuation in 2020, Sanderson Weatherall, chartered surveyors, consider the value of the property as a vacant possession for alternative use to be £2,500,000. If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured at £3,109,033 (2022 - £3,109,033)

£
Fair value at 01 January 231,980,905
At 31 December 231,980,905
5.Debtors: amounts due within one year

2023

2022

££
Amounts owed by group undertakings543,647821,111
Other debtors3,598-
Total547,245821,111
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables7,7577,629
Bank borrowings and overdrafts154,291135,223
Amounts owed to related parties1,288,5001,288,500
Taxation and social security-10,589
Accrued liabilities and deferred income288,4518,464
Total1,738,9991,450,405
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. The bank borrowings and overdraft within creditors falling due within one year are secured by the company.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts40,322204,638
Total40,322204,638
The bank borrowings and overdraft within creditors falling due after one year are secured by the company.
8.Contingent liabilities
The company is a part of a group registration for Value Added Tax with Tate of Leeds Limited. The contingent liability at the year end was £1,365 (2022 - £3,784).
9.Related party transactions
Included in debtors falling due within one year is an amount due from a fellow subsidiary T P Tate Limited of £543,646 (2022 - £821,111). This balance has been written back by £277,464 (2022 - £75,000) in the year. The balance is interest free and repayable on demand. Included in creditors falling due within one year is an amount due to the parent undertaking, Tate of Leeds Limited, of £1,288,500 (2022 - £1,288,500). The balance is interest free and repayable on demand. Included in administration expenses is a management charge of £70,000 (2022 - £70,000) to the ultimate parent undertaking, Tate of Leeds Limited in respect of recharged costs.