2024-01-012024-12-312024-12-31false04862639Richard Tate 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Richard Tate Limited

Registered Number
04862639
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

Richard Tate Limited
Company Information
for the year from 1 January 2024 to 31 December 2024

Director

Richard Thomas Anthony Tate

Company Secretary

TATE, Richard Thomas Anthony

Registered Address

Tate Accident Repair Centre
Balm Road
Leeds
LS10 2RL

Registered Number

04862639 (England and Wales)
Richard Tate Limited
Statement of Financial Position
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets315,96254,924
15,96254,924
Current assets
Stocks155,672124,816
Debtors4364,808363,330
Cash at bank and on hand510,748560,255
1,031,2281,048,401
Creditors amounts falling due within one year5(311,586)(337,536)
Net current assets (liabilities)719,642710,865
Total assets less current liabilities735,604765,789
Provisions for liabilities6(4,000)(18,000)
Net assets731,604747,789
Capital and reserves
Called up share capital100100
Profit and loss account731,504747,689
Shareholders' funds731,604747,789
The financial statements were approved and authorised for issue by the Director on 8 May 2025, and are signed on its behalf by:
Richard Thomas Anthony Tate
Director
Registered Company No. 04862639
Richard Tate Limited
Notes to the Financial Statements
for the year ended 31 December 2024

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
Given the strong net asset position and cash balance, the directors consider it reasonable that the company will be able to payits debts as they fall due. The financial statements have been prepared on the going concern basis which assumes that the company continue to receive the support of the shareholders and associated companies.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
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: Plant and machinery - 20% straight line/33% reducing balance

Straight line (years)
Land and buildings3
Finance leases and hire purchase contracts
Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
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
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

20242023
Average number of employees during the year2323
3.Tangible fixed assets

Land & buildings

Plant & machinery

Total

£££
Cost or valuation
At 01 January 247,778310,042317,820
Additions-8,0008,000
At 31 December 247,778318,042325,820
Depreciation and impairment
At 01 January 247,153255,743262,896
Charge for year-46,96246,962
At 31 December 247,153302,705309,858
Net book value
At 31 December 2462515,33715,962
At 31 December 2362554,29954,924
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables170,737156,312
Other debtors194,071207,018
Total364,808363,330
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.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables133,095129,825
Taxation and social security155,103198,235
Other creditors23,3889,476
Total311,586337,536
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.
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)4,00018,000
Total4,00018,000
7.Pension commitments
The company operates a defined contribution 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 £38,922 (2023 - £68,660).
8.Directors advances, credits and guarantees
Included within other debtors due within one year is an amount due from R T A Tate and L A Tate of £35,358 (2023 - £92,184). Interest is charged on the outstanding balance. The balance is repayable on demand.
9.Related party transactions
During the year the company operated from land and building owned by Richard Tate Properties Limited, a company in which R T A Tate is a director and L A Tate is a shareholder. Rent of £48,600 (2023 - £48,600) was paid to the company. No formal lease agreement is in place. Included in debtors, amounts falling due within one year, is an amount of £89,633 (2023 - £Nil) due from Richard Tate Properties Limited. The amount is interest free and repayable on demand.