REGISTERED NUMBER: 04183529 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TATE CONTRACTS LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

M K Tate

L Tate

J Tate

Mrs H Dennis

Mrs H Tate

SECRETARY:

Mrs H Tate

REGISTERED OFFICE:

60 Clayton Street

Wigan

Lancashire

WN3 4DA

REGISTERED NUMBER:

04183529 (England and Wales)

ACCOUNTANTS:

Fairhurst Accountants Ltd

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

17,207

23,222

17,207

23,222

CURRENT ASSETS

Stocks

191,000

788,318

Debtors

6

752,651

842,731

Cash at bank

-

42,021

943,651

1,673,070

CREDITORS

Amounts falling due within one year

7

1,152,075

1,541,659

NET CURRENT (LIABILITIES)/ASSETS

(208,424

)

131,411

TOTAL ASSETS LESS CURRENT LIABILITIES

(191,217

)

154,633

CREDITORS

Amounts falling due after more than one year

8

(26,686

)

(261,441

)

PROVISIONS FOR LIABILITIES

(4,302

)

(6,953

)

NET LIABILITIES

(222,205

)

(113,761

)

CAPITAL AND RESERVES

Called up share capital

252

252

Retained earnings

(222,457

)

(114,013

)

SHAREHOLDERS' FUNDS

(222,205

)

(113,761

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

Mrs H Dennis - Director

1.	STATUTORY INFORMATION

Tate Contracts 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company have made a profit in 2024 and are forecast to continue in profit for 2025 and 2026. The directors have secured supplier trading discounts in 2025 and bank loans will be fully repaid assisting with cash flow and helping to reduce HMRC liabilities. Therefore, the directors consider that it remains appropriate to continue to prepare the financial statements on a going concern basis.

Turnover

Turnover represents the net invoiced value of services provided, excluding value added tax.

Goodwill

Goodwill, which arose on the acquisition of a business in 2014, has been written off over its estimated useful life of 2 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and at variable rates on reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised 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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

70,000

AMORTISATION

At 1 January 2024

and 31 December 2024

70,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2024

38,105

103,108

141,213

Disposals

-

(1,125

)

(1,125

)

At 31 December 2024

38,105

101,983

140,088

DEPRECIATION

At 1 January 2024

26,063

91,928

117,991

Charge for year

3,010

2,725

5,735

Eliminated on disposal

-

(845

)

(845

)

At 31 December 2024

29,073

93,808

122,881

NET BOOK VALUE

At 31 December 2024

9,032

8,175

17,207

At 31 December 2023

12,042

11,180

23,222

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

621,340

749,442

Other debtors

131,311

93,289

752,651

842,731

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

254,208

244,762

Trade creditors

207,612

176,559

Taxation and social security

468,425

483,961

Other creditors

221,830

636,377

1,152,075

1,541,659

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

26,686

90,147

Other creditors

-

171,294

26,686

261,441

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

59,386

46,470

Between one and five years

69,079

133,066

128,465

179,536

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdraft

190,746

-

The company's overdraft is secured by a fixed and floating charge created on 1st September 2017.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and (credits) to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

Mrs H Dennis

Balance outstanding at start of year

(54,537

)

52,573

Amounts advanced

102,708

22,190

Amounts repaid

-

(129,300

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

48,171

(54,537

)

L Tate

Balance outstanding at start of year

16,214

9,014

Amounts advanced

365

7,200

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

16,579

16,214

J Tate

Balance outstanding at start of year

32,744

25,834

Amounts advanced

2,646

6,910

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

35,390

32,744

M K Tate

Balance outstanding at start of year

(611,088

)

(22,957

)

Amounts advanced

-

33,369

Amounts repaid

468,576

(621,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(142,512

)

(611,088

)

Interest calculated at HMRC's official rate has been applied to all overdrawn balances.

12.	ULTIMATE CONTROLLING PARTY

The directors consider that the ultimate controlling party is Mr M K Tate.