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COMPANY REGISTRATION NUMBER: 03763845
Tate Developments Limited
Filleted Unaudited Financial Statements
31 May 2024
Tate Developments Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
58,422,082
50,840,701
Current assets
Debtors
7
244,800
Cash at bank and in hand
5,557,854
9,824,479
------------
-------------
5,557,854
10,069,279
Creditors: amounts falling due within one year
8
1,116,464
956,641
------------
-------------
Net current assets
4,441,390
9,112,638
-------------
-------------
Total assets less current liabilities
62,863,472
59,953,339
Creditors: amounts falling due after more than one year
9
16,235,055
14,254,711
Provisions
Taxation including deferred tax
10
8,294,686
8,294,686
-------------
-------------
Net assets
38,333,731
37,403,942
-------------
-------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
11
24,651,810
24,651,810
Profit and loss account
11
13,681,821
12,752,032
-------------
-------------
Shareholders funds
38,333,731
37,403,942
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tate Developments Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
D S Sumal
Director
Company registration number: 03763845
Tate Developments Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, 32-34 Station Close, Potters Bar, Herts, EN6 1TL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents rentals due during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax The tax currently payable is based on taxable profit for the year. Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. The carrying amount of deferred tax assetss is reviewed at each reporting dateand deducted to the full extent that it is no longer probable that suffucient profits will allow it to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited in the profit and loss acoount, except when it relates to items charged or credited directly to equity, in which case the defeered tax is is also dealt within equity. Deferred tax assets and liabilties are offset when the companyy has a legally enforceable right to offset current assets and liabilties and the deferred tax asset and laibilities relate to taxes levied by the same tax authority.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Provisions
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
318,909
184,468
---------
---------
Tax on profit
318,909
184,468
---------
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Investment properties
Total
£
£
£
£
Cost
At 1 June 2023
3,397
31,627
50,839,047
50,874,071
Additions
7,581,381
7,581,381
-------
--------
-------------
-------------
At 31 May 2024
3,397
31,627
58,420,428
58,455,452
-------
--------
-------------
-------------
Depreciation
At 1 June 2023 and 31 May 2024
2,966
30,404
33,370
-------
--------
-------------
-------------
Carrying amount
At 31 May 2024
431
1,223
58,420,428
58,422,082
-------
--------
-------------
-------------
At 31 May 2023
431
1,223
50,839,047
50,840,701
-------
--------
-------------
-------------
Tangible assets held at valuation
Investment properties The directors have assessed the fair value of each property within the portfolio, based upon local knowledge and advice of potential resale values from its property advisors. The increase in the valuation of £- (2023:£-) has been included in the profit and loss account.
7. Debtors
2024
2023
£
£
Other debtors
244,800
----
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
635,064
635,064
Corporation tax
318,771
184,330
Other creditors
162,629
137,247
------------
---------
1,116,464
956,641
------------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,251,228
9,500,884
Amounts owed to group undertakings and undertakings in which the company has a participating interest
5,023,577
1,583,577
Other creditors
1,960,250
3,170,250
-------------
-------------
16,235,055
14,254,711
-------------
-------------
The bank loan is secured by way of a charge on certain investment properties.
The bank loan expires in October 2032 and carries an interest rate of 3.8%. Monthly loan payments are £52,418.
10. Provisions
Deferred tax
£
At 1 June 2023 and 31 May 2024
8,294,686
------------
11. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. It is non-distributable.
12. Related party transactions
The company has amounts due to companies that its management has common ownership in. At the year end ,these amounted to £5,023,577 (2023; £1,523,577 ).
13. Controlling party
The company is under the day to day control of the directors DS Sumal and AS Sumal. However, all key decisions are undertaken at shareholder level.