2024-01-012024-12-312024-12-31false06973132Richard Tate Properties 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Richard Tate Properties Limited

Registered Number
06973132
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

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

Directors

Leonora Angela Tate
Richard Thomas Anthony Tate

Registered Address

Richard Tate Limited Balm Road
New Hunslet
Leeds
LS10 2RL

Registered Number

06973132 (England and Wales)
Richard Tate Properties Limited
Statement of Financial Position
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investment property3518,711518,711
518,711518,711
Current assets
Debtors416,041-
Cash at bank and on hand6,1065,886
22,1475,886
Creditors amounts falling due within one year5(92,134)(59,361)
Net current assets (liabilities)(69,987)(53,475)
Total assets less current liabilities448,724465,236
Creditors amounts falling due after one year6(122,400)(119,700)
Provisions for liabilities7(2,500)(2,500)
Net assets323,824343,036
Capital and reserves
Called up share capital100100
Profit and loss account323,724342,936
Shareholders' funds323,824343,036
The financial statements were approved and authorised for issue by the Board of Directors on 8 May 2025, and are signed on its behalf by:
Richard Thomas Anthony Tate
Director
Registered Company No. 06973132
Richard Tate Properties 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
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.
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.
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.
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 year22
3.Investment property
The 2024 valuations were made by the directors, on an open market value for existing use basis. The directors are of the opinion that the value of the investment property is not materially different from the statement of financial position amount. The directors therefore do not consider that any revaluation adjustments is required at 31 December 2024.

£
Fair value at 01 January 24518,711
At 31 December 24518,711
4.Debtors: amounts due within one year

2024

2023

££
Other debtors16,041-
Total16,041-
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.
5.Creditors: amounts due within one year

2024

2023

££
Taxation and social security-8,261
Other creditors89,633-
Accrued liabilities and deferred income2,50151,100
Total92,13459,361
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.Creditors: amounts due after one year

2024

2023

££
Other creditors122,400119,700
Total122,400119,700
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)2,5002,500
Total2,5002,500
8.Related party transactions
During the year the company received £48,600 (2023 - £48,600) of rental income from Richard Tate Limited, a company in which R T A Tate is a director and shareholder and L A Tate is a shareholder. No formal lease agreement is in place. Included in creditors, amounts falling due within one year, is an amount of £89,633 (2023 - £Nil) due to Richard Tate Limited. The amount is interest free and repayable on demand. At the balance sheet date there is a loan amounting to £122,400 (2023 - £119,700) owing to Tate of Leeds Limited, a company in which R T A Tate is a director.