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REGISTERED NUMBER: 02215481 (England and Wales)



















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

TATE BUSINESS GROUP LTD

TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 JULY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


TATE BUSINESS GROUP LTD

COMPANY INFORMATION
for the Year Ended 31 JULY 2024







DIRECTORS: Mr R Beal
Mr M Murphy
Mrs C A Tearle





SECRETARY: Mr M Murphy





REGISTERED OFFICE: Unit 21
Ascent Logistics Park North
Fraserfields Way
Leighton Buzzard
Bedfordshire
LU7 3RJ





REGISTERED NUMBER: 02215481 (England and Wales)





AUDITORS: FKCA Limited
Statutory Auditor
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

STRATEGIC REPORT
for the Year Ended 31 JULY 2024

The directors present their strategic report for the year ended 31 July 2024.

REVIEW OF BUSINESS
The results for the year and the financial position are shown in the annexed financial statements.

Following the successful relocation of the business last year (22-23) the results for 2023-24 continue to develop in line with the strategic aims of the business.

Whilst turnover dropped slightly against last year by £153,478(1.08%), after relinquishing some small non-core business, we have been able to deliver an improved gross margin. This has flowed through to pre-tax profit, achieving £259,749, an increase on last year of 48%.

Control of balance sheet remains strong, with cash in hand increasing year on year to £830,249, and our current ratio has increased to 1.70.

With a continued pressure on supply chains post Covid, we have taken a more global view on purchasing and are now actively sourcing product internationally which is proving to have a positive impact.

Our business strategy remains focused on being a leading UK "Business Supplies Specialist" with the long standing objectives to be "profitable, sustainable and scalable" and we are pleased to report on another successful year.

BUSINESS ENVIRONMENT
The company's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, and trade debtors. The main purpose of these instruments is to raise funds for the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The company makes use of money market facilities where funds are available.

The company is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed in the same way as loans above.

Trade debtors are managed in respect of credit and cash flow risk, by the implementation of policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

ON BEHALF OF THE BOARD:





Mr R Beal - Director


30 September 2024

TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

REPORT OF THE DIRECTORS
for the Year Ended 31 JULY 2024

The directors present their report with the financial statements of the company for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the supply and distribution of products.

DIVIDENDS
During the year ended 31 July 2024 dividends totalling £170,000 (2023: £70,000) were declared.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

Mr R Beal
Mr M Murphy
Mrs C A Tearle

DISCLOSURE IN THE STRATEGIC REPORT
Financial risk management and exposure of the company to price, credit, liquidity and cash flow risk are presented in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr R Beal - Director


30 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TATE BUSINESS GROUP LTD

Opinion
We have audited the financial statements of Tate Business Group Ltd (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TATE BUSINESS GROUP LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:
- Enquiry of management and those charged with governance around actual and potential litigation and claims;

-
Enquiry of entity staff and the board of directors to identify any instances of non-compliance with laws and
regulations; and

-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.

To address the risk of fraud in relation to revenue recognition, we:
- Performed detailed substantive testing to address completeness and accuracy of income;
- Assessed the appropriateness and application of the accounting policy concerning income recognition; and
- Performed detailed cut-off testing either side of the balance sheet date.

To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;

-
Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias; and
- Investigated the rationale behind significant or unusual transactions.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TATE BUSINESS GROUP LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen Mason BSc FCA (Senior Statutory Auditor)
for and on behalf of FKCA Limited
Statutory Auditor
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

30 September 2024

TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

INCOME STATEMENT
for the Year Ended 31 JULY 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 14,033,104 14,186,582

Cost of sales 12,291,137 12,532,213
GROSS PROFIT 1,741,967 1,654,369

Distribution costs 55,922 73,220
Administrative expenses 1,409,828 1,386,296
1,465,750 1,459,516
OPERATING PROFIT 5 276,217 194,853

Interest receivable and similar income 3,606 -
279,823 194,853

Interest payable and similar expenses 7 20,074 19,209
PROFIT BEFORE TAXATION 259,749 175,644

Tax on profit 8 - 50,000
PROFIT FOR THE FINANCIAL YEAR 259,749 125,644

TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 JULY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 259,749 125,644


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

259,749

125,644

TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 816,276 927,376

CURRENT ASSETS
Stocks 11 344,301 336,281
Debtors 12 2,199,771 2,065,686
Cash at bank and in hand 830,249 776,662
3,374,321 3,178,629
CREDITORS
Amounts falling due within one year 13 1,982,387 1,973,275
NET CURRENT ASSETS 1,391,934 1,205,354
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,208,210

2,132,730

CREDITORS
Amounts falling due after more than one
year

14

(65,153

)

(79,422

)

PROVISIONS FOR LIABILITIES 17 (50,000 ) (50,000 )
NET ASSETS 2,093,057 2,003,308

CAPITAL AND RESERVES
Called up share capital 18 10,000 10,000
Retained earnings 19 2,083,057 1,993,308
SHAREHOLDERS' FUNDS 2,093,057 2,003,308

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:




Mr R Beal - Director



Mr M Murphy - Director


TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 JULY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2022 10,000 1,937,664 1,947,664

Changes in equity
Dividends - (70,000 ) (70,000 )
Total comprehensive income - 125,644 125,644
Balance at 31 July 2023 10,000 1,993,308 2,003,308

Changes in equity
Dividends - (170,000 ) (170,000 )
Total comprehensive income - 259,749 259,749
Balance at 31 July 2024 10,000 2,083,057 2,093,057

TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

CASH FLOW STATEMENT
for the Year Ended 31 JULY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 284,571 306,714
Interest paid (13,429 ) (13,076 )
Interest element of hire purchase payments
paid

(6,645

)

(6,134

)
Tax paid - (46,283 )
Net cash from operating activities 264,497 241,221

Cash flows from investing activities
Purchase of tangible fixed assets (53,768 ) (871,394 )
Sale of tangible fixed assets 21,768 20,233
Interest received 3,606 -
Net cash from investing activities (28,394 ) (851,161 )

Cash flows from financing activities
Hire purchase capital repayments (12,516 ) (8,236 )
Equity dividends paid (170,000 ) (70,000 )
Net cash from financing activities (182,516 ) (78,236 )

Increase/(decrease) in cash and cash equivalents 53,587 (688,176 )
Cash and cash equivalents at beginning of
year

2

776,662

1,464,838

Cash and cash equivalents at end of year 2 830,249 776,662

TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 JULY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 259,749 175,644
Depreciation charges 146,785 124,108
Profit on disposal of fixed assets (3,685 ) (7,650 )
Finance costs 20,074 19,209
Finance income (3,606 ) -
419,317 311,311
(Increase)/decrease in stocks (8,020 ) 408,110
(Increase)/decrease in trade and other debtors (134,085 ) 214,359
Increase/(decrease) in trade and other creditors 7,359 (627,066 )
Cash generated from operations 284,571 306,714

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 830,249 776,662
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 776,662 1,464,838


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank and in hand 776,662 53,587 830,249
776,662 53,587 830,249
Debt
Finance leases (91,938 ) 12,516 (79,422 )
(91,938 ) 12,516 (79,422 )
Total 684,724 66,103 750,827

TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 JULY 2024

1. STATUTORY INFORMATION

Tate Business Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have assessed the financial health of the company and are confident that, at the date of signing, the company will continue as a going concern for the foreseeable future.

Monetary amounts in these financial statements are rounded to the nearest £.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 10 years
Plant and machinery - 33% on cost and 20% on cost
Fixtures and fittings - 33% on cost, 20% on cost and 10% on cost

Tangible fixed assets are recognised at cost less depreciation.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JULY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Lease purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Cash and cash equivalents
Cash and cash equivalents include cash in hand and monies held in the bank accounts.

Debtors
Trade and other debtors are initially recognised at the transaction price and subsequently measured using the amortised cost method which uses the effective interest method. At each balance sheet date, the directors assess trade and other debtors for evidence of indicators of impairment and where the directors conclude that amounts in respect of trade and other debtors are not recoverable, a specific bad debt provision is recognised.

Creditors
Trade and other creditors are initially recognised in the financial statements at transaction price. Trade and other creditors are then subsequently measured at amortised cost using the effective interest method, unless the effects of discounting would be considered immaterial. If the effects of discounting are judged to be immaterial, trade and other creditors are stated at cost. Trade creditors are not interest-bearing.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 13,467,250 13,657,517
Worldwide 565,854 529,065
14,033,104 14,186,582

TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JULY 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,273,825 1,190,287
Social security costs 109,989 124,423
Other pension costs 34,395 15,560
1,418,209 1,330,270

The average number of employees during the year was as follows:
2024 2023

Selling and distribution 24 21
Office and management 13 15
Production staff - 2
37 38

2024 2023
£    £   
Directors' remuneration 406,362 369,006
Directors' pension contributions to money purchase schemes 19,318 15,360

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 150,000 150,000
Pension contributions to money purchase schemes 13,320 12,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 178,912 159,941
Depreciation - owned assets 146,785 136,690
Profit on disposal of fixed assets (3,685 ) -
Auditors remuneration for non-audit services 3,792 2,985

6. AUDITORS REMUNERATION

Fees payable to the company's auditors for the audit of the company's financial statements are £11,500 (2023: £11,000).

TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JULY 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 13,429 13,075
Hire purchase 6,645 6,134
20,074 19,209

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax - 50,000
Tax on profit - 50,000

UK corporation tax was charged at 19%) in 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 259,749 175,644
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

64,937

33,372

Effects of:
Expenses not deductible for tax purposes 3,821 3,745
Capital allowances in excess of depreciation - (115,598 )
Depreciation in excess of capital allowances 21,352 -
Utilisation of tax losses (90,110 ) -
Tax losses available for future use - 78,481

Deferred tax - 50,000
Total tax charge - 50,000

9. DIVIDENDS
2024 2023
£    £   
Interim 170,000 70,000

TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JULY 2024

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 August 2023 531,878 107,974 502,829 1,142,681
Additions 5,595 21,768 26,405 53,768
Disposals - (21,768 ) (137,089 ) (158,857 )
At 31 July 2024 537,473 107,974 392,145 1,037,592
DEPRECIATION
At 1 August 2023 37,945 15,906 161,454 215,305
Charge for year 55,462 26,558 64,765 146,785
Eliminated on disposal - (3,686 ) (137,088 ) (140,774 )
At 31 July 2024 93,407 38,778 89,131 221,316
NET BOOK VALUE
At 31 July 2024 444,066 69,196 303,014 816,276
At 31 July 2023 493,933 92,068 341,375 927,376

11. STOCKS
2024 2023
£    £   
Finished goods 344,301 336,281

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,109,253 1,980,343
Other debtors 1,000 -
Prepayments 89,518 85,343
2,199,771 2,065,686

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 14,269 12,516
Trade creditors 1,441,430 1,305,761
Taxation and social security 150,838 144,913
Accrued expenses 375,850 510,085
1,982,387 1,973,275

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 65,153 79,422

TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JULY 2024

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 14,269 12,516
Between one and five years 65,153 79,422
79,422 91,938

Non-cancellable operating leases
2024 2023
£    £   
Within one year 176,264 176,264
Between one and five years 352,527 528,791
528,791 705,055

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase 79,422 91,938

Hire purchase liabilities are secured against the underlying assets financed.

Barclays Bank PLC hold a fixed and floating charge over the debtors of the company in connection with the factoring agreement.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 50,000 50,000

Deferred
tax
£   
Balance at 1 August 2023 50,000
Balance at 31 July 2024 50,000

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000

TATE BUSINESS GROUP LTD (REGISTERED NUMBER: 02215481)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JULY 2024

19. RESERVES
Retained
earnings
£   

At 1 August 2023 1,993,308
Profit for the year 259,749
Dividends (170,000 )
At 31 July 2024 2,083,057

20. RELATED PARTY DISCLOSURES

During the year dividends were declared to the shareholders totalling £170,000 (2023: £70,000). These were paid equally to Mr G Tate and Mr R Beal.

21. ULTIMATE CONTROLLING PARTY

No individual shareholder has ultimate control of the company.