Registered number
08221080
Tate Technical Services Limited
Filleted Accounts
31 March 2024
Tate Technical Services Limited
Registered number: 08221080
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 298,678 301,565
Investments 4 241,200 241,200
539,878 542,765
Current assets
Stocks and work in progress 65,000 165,085
Debtors 5 1,036,691 1,072,560
Cash at bank and in hand 224,616 76,166
1,326,307 1,313,811
Creditors: amounts falling due within one year 6 (858,522) (911,642)
Net current assets 467,785 402,169
Total assets less current liabilities 1,007,663 944,934
Creditors: amounts falling due after more than one year 7 (94,250) (205,181)
Net assets 913,413 739,753
Capital and reserves
Called up share capital 1,177 1,177
Profit and loss account 912,236 738,576
Shareholders' funds 913,413 739,753
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.
Mr M G Jewell
Director
Approved by the board on 24 September 2024
Tate Technical Services Limited
Notes to the Accounts
for the year ended 31 March 2024
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:
Land and buildings Not depreciated
Motor vehicles 25% reducing balance
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 15% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 30 27
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 264,560 88,981 32,330 385,871
Additions - - 8,500 8,500
At 31 March 2024 264,560 88,981 40,830 394,371
Depreciation
At 1 April 2023 - 68,007 16,299 84,306
Charge for the year - 5,254 6,133 11,387
At 31 March 2024 - 73,261 22,432 95,693
Net book value
At 31 March 2024 264,560 15,720 18,398 298,678
At 31 March 2023 264,560 20,974 16,031 301,565
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 241,200
At 31 March 2024 241,200
5 Debtors 2024 2023
£ £
Trade debtors 920,781 994,980
Amounts owed by group undertakings and undertakings in which the company has a participating interest 76,841 40,563
Other debtors 39,069 37,017
1,036,691 1,072,560
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 53,377 122,292
Obligations under finance lease and hire purchase contracts 2,067 -
Trade creditors 494,184 539,674
Taxation and social security costs 280,566 236,128
Other creditors 28,328 13,548
858,522 911,642
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 91,667 205,181
Obligations under finance lease and hire purchase contracts 2,583 -
94,250 205,181
8 Related party transactions 2024 2023
£ £
Heating & Cooling Solutions Limited
Subsidiary
Amount due from the related party 76,841 40,563
9 Other information
Tate Technical Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Demar House, 14 Church Road
East Wittering
Chichester
West Sussex
PO20 8PS
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