Company registration number 04119865 (England and Wales)
Tate Security Technology Limited
Unaudited financial statements
For the year ended 31 August 2024
Tate Security Technology Limited
Company information
Directors
J L Strickland
C D Swift
P D Eaton
(Appointed 1 July 2025)
Secretary
J L Strickland
Company number
04119865
Registered office
Systems House
Little Lane
Goose Green
Wigan
Lancashire
United Kingdom
WN3 6PX
Accountants
DJH Bury Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
Bankers
Barclays Bank PLC
6 Market Place
Wigan
Lancashire
WN1 1QS
Tate Security Technology Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Tate Security Technology Limited
Statement of financial position
As at 31 August 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
40,848
41,867
Current assets
Stocks
313,422
311,687
Debtors
6
2,445,606
2,058,520
Cash at bank and in hand
1,512
89,114
2,760,540
2,459,321
Creditors: amounts falling due within one year
7
(1,360,796)
(955,996)
Net current assets
1,399,744
1,503,325
Total assets less current liabilities
1,440,592
1,545,192
Creditors: amounts falling due after more than one year
8
(120,102)
-
Net assets
1,320,490
1,545,192
Capital and reserves
Called up share capital
1
1
Capital redemption reserve
1
1
Profit and loss reserves
1,320,488
1,545,190
Total equity
1,320,490
1,545,192
Tate Security Technology Limited
Statement of financial position (continued)
As at 31 August 2024
31 August 2024
- 2 -

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 August 2025 and are signed on its behalf by:
J L Strickland
Director
Company registration number 04119865 (England and Wales)
Tate Security Technology Limited
Notes to the financial statements
For the year ended 31 August 2024
- 3 -
1
Accounting policies
Company information

Tate Security Technology Limited is a private company limited by shares incorporated in England and Wales. The registered office is Systems House, Little Lane, Goose Green, Wigan, Lancashire, United Kingdom, WN3 6PX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The current order book is extremely healthy and there are no concerns regarding achieving turnover targets.true

 

Having taken all relevant factors into account, the directors are confident that the company is well placed to manage all current business risks and has sufficient reserves to continue as a going concern.

1.3
Turnover

Turnover is recognized when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of work performed. The turnover recognized is valued at the fair value of consideration expected to be received on contracts. Retentions on contracts are recognized in accordance with Financial Reporting Standard 102 and are included in turnover upon completion of the work. Turnover is not recognized where the right to receive payment is contingent on events outside the control of the company.

 

Unbilled turnover is included in debtors as 'Amounts recoverable on contracts'

1.4
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Demonstration room
33% on cost
Leasehold improvements
2% on cost
Plant and equipment
25% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
Motor vehicles
25% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognized in the income statement when the change arises

Tate Security Technology Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stock and work in progress are valued at the lower of cost and net realizable value, after making due allowance for obsolete and slow moving items.

 

Cost is defined as the actual purchase price and includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

1.6
Financial instruments

The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

 

Financial assets that are measured at cost and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in the income statement.

 

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortized cost.

1.7
Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

 

Current tax

Current tax is recognized at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

 

Expenditure on research and development is written off in the period in which it is incurred.

Deferred tax

Deferred tax is recognized in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognized 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 recognized 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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Tate Security Technology Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

1.10
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

2
Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.

 

The estimates are continually evaluated. Revisions to accounting estimates are recognized in the period in which the estimate is revised.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:-

 

Determining the expected outcome of long-term contracts prior to their conclusion and calculating the attributable profit that should be recognized in a manner appropriate to the stage of completion.

3
Exceptional item

Exceptional contract costs - £nil (2024) & £ 138,111 (2023).


In the prior year the company had incurred substantial losses on four contracts.

 

All of these contracts have been subject to "Extension of Time" claims together with assessments for losses and further expenses.

 

In accordance with FRS 102, the financial statements incorporate provisions to recognise the full extent of the trading loss in each contract.

Tate Security Technology Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 6 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
34
29
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
41,563
151,923
193,486
Additions
2,068
8,229
10,297
At 31 August 2024
43,631
160,152
203,783
Depreciation and impairment
At 1 September 2023
29,783
121,836
151,619
Depreciation charged in the year
320
10,996
11,316
At 31 August 2024
30,103
132,832
162,935
Carrying amount
At 31 August 2024
13,528
27,320
40,848
At 31 August 2023
11,780
30,087
41,867
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
409,777
276,304
Gross amounts owed by contract customers
312,373
296,858
Corporation tax recoverable
262,508
132,926
Other debtors
922,351
885,441
Prepayments and accrued income
99,202
26,279
2,006,211
1,617,808
Deferred tax asset (note )
439,395
440,712
2,445,606
2,058,520
Tate Security Technology Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
174,465
-
0
Trade creditors
714,930
429,029
Amounts owed to group undertakings
176,730
117,815
Taxation and social security
72,157
201,291
Other creditors
200,941
131,440
Accruals and deferred income
21,573
76,421
1,360,796
955,996
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other borrowings
120,102
-
0
9
Secured Debts

Included within other creditors are invoice discounting facilities of £177,311(2023 - £123,908), which are secured by fixed charges over the assets to which they relate.

 

10
Directors' Advances. Credits and Guarantees

Included within debtors falling due within one year is a director's current account balance of £678,181 (2023 - £641,272) owed by J L Strickland. This advance is unsecured, interest free and repayable upon demand.

 

The maximum overdrawn balance during the year was £678,181 (2023 - £641,272).

 

No individual advances during the current or prior year were considered material.

11
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
174,261
34,920
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