James Tate Racing Limited - Filleted accounts

Registered number

07623589

James Tate Racing Limited

Filleted Unaudited Accounts

31 October 2025

J T Rennie & Co

Accountants

5 Buccleuch Street

Dumfries

James Tate Racing Limited
Registered number:		07623589
Balance Sheet
as at 31 October 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		2,095,595			2,052,915

Current assets
Stocks		84,606			105,050
Debtors	4	305,024			420,406
Cash at bank and in hand		1,265,122			1,051,784
		1,654,752			1,577,240

Creditors: amounts falling due within one year	5	(386,303)			(344,172)

Net current assets			1,268,449			1,233,068

Total assets less current liabilities			3,364,044			3,285,983

Creditors: amounts falling due after more than one year	6		(302,000)			(302,000)

Provisions for liabilities			(26,719)			(31,206)


Net assets			3,035,325			2,952,777

Capital and reserves
Called up share capital			100			100
Profit and loss account			3,035,225			2,952,677

Shareholders' funds			3,035,325			2,952,777

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




J J Tate
Director
Approved by the board on 20 July 2026

James Tate Racing Limited
Notes to the Accounts
for the year ended 31 October 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	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 from 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.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings			over 50 years
	Leasehold land and buildings			over the lease term
	Plant and machinery			30% reducing balance
	Motor vehicles			20% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	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.

	Creditors
	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.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					34		32


3	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 November 2024	2,273,733		741,655		175,241		3,190,629
	Additions	109,910		36,122		-		146,032
	At 31 October 2025	2,383,643		777,777		175,241		3,336,661

	Depreciation
	At 1 November 2024	390,031		629,673		118,010		1,137,714
	Charge for the year	47,475		44,431		11,446		103,352
	At 31 October 2025	437,506		674,104		129,456		1,241,066

	Net book value
	At 31 October 2025	1,946,137		103,673		45,785		2,095,595
	At 31 October 2024	1,883,702		111,982		57,231		2,052,915


4	Debtors					2025		2024
£							£

	Trade debtors					268,218		388,730
	Other debtors					36,806		31,676
						305,024		420,406


5	Creditors: amounts falling due within one year					2025		2024
£							£

	Trade creditors					42,099		43,924
	Taxation and social security costs					178,606		131,275
	Other creditors					165,598		168,973
						386,303		344,172


6	Creditors: amounts falling due after one year					2025		2024
£							£

	Other creditors					302,000		302,000


7	Related party transactions

	At the year end the company owed the directors £140,060 (2024: £147,646) in respect of their directors loan accounts. During the year £9,722 was paid to the director's and £2,136 was repaid. This loan is repayable on demand and interest is charged at 3.75%. During the year, the company purchased a dwelling from the directors, Mr & Mrs Tate (which was owned jointly), at the market value of £100,000. The company also paid the director, Lucinda Tate, £3,000 for the rental of a property owned by her. The property was rented in a prime location for attending a pretigious trade event.


8	Other information

	James Tate Racing Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Jamesfield Place
	Hamilton Road
	Newmarket
	Suffolk
	CB8 7JQ