Tate Security Technology Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04119865 (England and Wales)

TATE SECURITY TECHNOLOGY LIMITED

FINANCIAL STATEMENTS FOR THE PERIOD 1 MARCH 2017 TO 31 AUGUST 2018

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J L Strickland

S T Tabern

R A Williams

SECRETARY:

J L Strickland

REGISTERED OFFICE:

Systems House

Little Lane

Goose Green

Wigan

Lancashire

WN3 6PX

REGISTERED NUMBER:

04119865 (England and Wales)

AUDITORS:

DTE Business Advisers Limited

Chartered Accountants

Statutory Auditors

The Exchange

5 Bank Street

Bury

BL9 0DN

BANKERS:

Barclays Bank plc

6 Market Place

Wigan

Lancashire

WN1 1QS

FIXED ASSETS

Property, plant and equipment

4

57,837

70,369

CURRENT ASSETS

Inventories

31,872

44,252

Debtors

5

1,192,098

1,014,164

Cash at bank and in hand

383,412

1,166,724

1,607,382

2,225,140

CREDITORS

Amounts falling due within one year

6

(639,959

)

(1,008,188

)

NET CURRENT ASSETS

967,423

1,216,952

TOTAL ASSETS LESS CURRENT LIABILITIES

1,025,260

1,287,321

PROVISIONS FOR LIABILITIES

-

(7,607

)

NET ASSETS

1,025,260

1,279,714

CAPITAL AND RESERVES

Called up share capital

1

1

Capital redemption reserve

1

1

Retained earnings

1,025,258

1,279,712

SHAREHOLDERS' FUNDS

1,025,260

1,279,714

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 30 May 2019 and were signed on its behalf by:

J L Strickland - Director

1.	STATUTORY INFORMATION

Tate Security Technology Limited is a private company, limited by shares, registered in England and Wales. The

company's registered number is 04119865 and its registered office is Systems House, Little Lane Goose Green,

Wigan, Lancashire, WN3 6PX.

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.

Trading results in the period have been affected by the company's pursuit of new contracts in the United Arab

Emirates. This exercise, if successful, would result in considerable new income streams for the company. In

addition, the company has been hampered by considerable delays to the start of certain large UK Government

projects in the period. In anticipation of these projects the company has retained the services of certain staff

members and subcontractors to ensure the appropriate workforce / skill sets are available from the outset.

Additional costs have been incurred as a result of this strategy.

Post period end, the company has traded profitably and continues to manage working capital successfully.

Taking into account the fact that a number of UK Government contracts are now coming to fruition, the directors

are confident that the company will continue to trade profitably and therefore consider the going concern basis to

be appropriate.

Significant judgements and estimates

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 recognised 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 recognised in a manner appropriate to the stage of completion.

Revenue

Revenue is recognised 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 revenue

recognised is valued at the fair value of consideration expected to be received on contracts. Retentions on

contracts are recognised in accordance with Financial Reporting Standard 102 and are included in revenue upon

completion of the work. Revenue is not recognised where the right to receive payment is contingent on events

outside the control of the company.

Unbilled revenue is included in debtors as 'Amounts recoverable on contracts'.

Property, plant and equipment

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

Demonstration room

-

33% on cost

Leasehold property improvements

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Inventories

Inventories 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 defined as the actual purchase price and includes all direct expenditure and an appropriate proportion of

fixed and variable overheads.

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 amortised 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 recognised

in the income statement.

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

Taxation

Taxation for the period 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 period 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.

Research and development

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

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 the income statement in the period to which they relate.

Leasing commitments

Rentals paid under operating leases are charged to the income statement as incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 21 (2017 - 19 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Leasehold

Demonstration

property

Plant and

room

improvements

machinery

£

£

£

Cost

At 1 March 2017

-

14,465

23,631

Additions

26,584

-

-

At 31 August 2018

26,584

14,465

23,631

Depreciation

At 1 March 2017

-

1,282

18,118

Charge for period

8,861

434

2,067

Eliminated on disposal

-

-

-

At 31 August 2018

8,861

1,716

20,185

Net book value

At 31 August 2018

17,723

12,749

3,446

At 28 February 2017

-

13,183

5,513

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 March 2017

39,175

39,640

41,523

158,434

Additions

9,377

-

399

36,360

Disposals

-

(39,640

)

-

(39,640

)

At 31 August 2018

48,552

-

41,922

155,154

Depreciation

At 1 March 2017

25,548

17,321

25,796

88,065

Charge for period

4,531

-

10,680

26,573

Eliminated on disposal

-

(17,321

)

-

(17,321

)

At 31 August 2018

30,079

-

36,476

97,317

Net book value

At 31 August 2018

18,473

-

5,446

57,837

At 28 February 2017

13,627

22,319

15,727

70,369

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

909,727

878,779

Other debtors

282,371

135,385

1,192,098

1,014,164

At the statement of financial position date included within trade debtors are amounts totalling £474,711 (2017 -

£654,345) which are subject to an invoice discounting arrangement.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

138,163

152,497

Taxation and social security

214,435

344,589

Other creditors

287,361

511,102

639,959

1,008,188

7.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Invoice discounting creditor

226,189

231,317

The invoice discounting liability is secured by way of a fixed and floating charge on all property of the company.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Fiona O'Loughlin (Senior Statutory Auditor)

for and on behalf of DTE Business Advisers Limited

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within debtors falling due within one year is director's current account balance of £50,482 owed by J L

Strickland. This advance is unsecured, interest free and repayable upon demand.

During the period there have not been any single material advances to J L Strickland and the closing balance is

the maximum overdrawn balance.