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TARBETTS LIMITED

Registered Number
10490019
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

TARBETTS LIMITED
Company Information
for the year from 1 December 2022 to 30 November 2023

Director

TARBETT, Liam

Registered Address

3rd Floor, 10 South Parade
Leeds
LS1 5QS

Registered Number

10490019 (England and Wales)
TARBETTS LIMITED
Statement of Financial Position
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets347,50062,500
Tangible assets4253,714290,072
Investments544,000-
345,214352,572
Current assets
Stocks14,31715,240
Debtors659,70557,464
Cash at bank and on hand133,237180,640
207,259253,344
Creditors amounts falling due within one year7(223,203)(231,548)
Net current assets (liabilities)(15,944)21,796
Total assets less current liabilities329,270374,368
Provisions for liabilities8(38,000)(38,300)
Net assets291,270336,068
Capital and reserves
Called up share capital100100
Profit and loss account291,170335,968
Shareholders' funds291,270336,068
The financial statements were approved and authorised for issue by the Director on 9 October 2024, and are signed on its behalf by:
TARBETT, Liam
Director
Registered Company No. 10490019
TARBETTS LIMITED
Notes to the Financial Statements
for the year ended 30 November 2023

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.
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 sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the income statement. Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life ofthe goodwill has been set at 10 years and the asset will be amortised on a straight line basis over that period.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Land and buildings10
Fixtures and fittings15
Vehicles25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Trade and other 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.
Trade and other 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.
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

20232022
Average number of employees during the year1311
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 December 22150,000150,000
At 30 November 23150,000150,000
Amortisation and impairment
At 01 December 2287,50087,500
Charge for year15,00015,000
At 30 November 23102,500102,500
Net book value
At 30 November 2347,50047,500
At 30 November 2262,50062,500
4.Tangible fixed assets

Land & buildings

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 December 22340,40698,21962,493501,118
Additions--4,9124,912
Disposals-(13,650)-(13,650)
At 30 November 23340,40684,56967,405492,380
Depreciation and impairment
At 01 December 22137,09047,07726,879211,046
Charge for year20,33212,7856,07939,196
On disposals-(11,576)-(11,576)
At 30 November 23157,42248,28632,958238,666
Net book value
At 30 November 23182,98436,28334,447253,714
At 30 November 22203,31651,14235,614290,072
5.Fixed asset investments
Fixed asset investments relate to shares held in a subsidiary company which was incorporated duriing the year.

Investments in groups1

Total

££
Cost or valuation
Additions44,00044,000
At 30 November 2344,00044,000
Net book value
At 30 November 2344,00044,000
At 30 November 22--

Notes

1Investments in group undertakings and participating interests
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables48,41948,495
Other debtors11,2868,969
Total59,70557,464
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables159,879160,953
Bank borrowings and overdrafts-6,390
Taxation and social security27,35626,129
Other creditors33,01832,632
Accrued liabilities and deferred income2,9505,444
Total223,203231,548
8.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax arises from accelerated capital allowances.

2023

2022

££
Net deferred tax liability (asset)38,00038,300
Total38,00038,300
9.Other commitments
At 30 November 2023 the company had future minimum lease payments under non-cancellable operating leases of £107,738 (2022: £132,738).
10.Related party transactions
On 1 December 2022 the Director owed the company £241. During the period the director repaid £88,000 and further advances of £87,843 were made. At 30 November 2023 the Director owed the company £84. No interest was charged on this loan and the loan is repayable on demand.