Registered number:
For the Year Ended
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Tibard Limited
Company Information
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Tibard Limited
Contents
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Tibard Limited
Strategic Report
For the Year Ended 31 January 2024
The Directors present the Strategic Report for the year ended 31 January 2024.
Review of the Year The Directors are pleased to report a robust set of figures on the back of what has been an incredibly difficult trading environment. We have seen a marginal downturn in turnover to £12,960,306 (2023: £13,263,269) and a more significant drop in EBITDA to £1,674,470 (2023: £1.8m). However inflationary pressures from rising raw materials, logistics and associated costs impacted margins. The SMT are continuing with plans to mitigate these costs with innovative solutions across our Supply Chain and customer price increases where applicable. During the year, we engaged in dialogue with a National Laundry provider who ultimately agreed to the purchase of our Rental/Launder division. The transaction completed post year end. We now embark on an exciting and transformative period where we will solely be involved in the design, manufacture and distribution of Uniforms within our core UK base together with an expanding International presence.
Services
We continue with Investment into our core systems and standardisation procedures. We will continue to implement improvements across all our platforms to secure processes that protect the stakeholders of our business. Resources We continue to develop and review existing supply routes and have engaged with several potential key supply partners to ensure continuity of supply.
We continue to develop our Strategic Framework and adapt this to the needs of the business to deliver on our Mission and ensure its relevance to our current and future trading and market conditions.
Principal Risks and Uncertainties The company reviews risk regularly and considers its principal risks to be consumer confidence borne from high UK inflation, energy costs, world labour costs and the devaluation of sterling.
The key performance indicators of the company continue to be EBITDAE (reported above), turnover, gross profit and gross profit margin.
Turnover Gross Profit Gross Profit Margin 2024 £12,960,306 £3,228,343 24.9% 2023 £13,263,269 £3,579,895 27.0% 2022 £10,715,099 £2,720,013 25.4%
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Tibard Limited
Strategic Report (continued)
For the Year Ended 31 January 2024
This report was approved by the board and signed on its behalf.
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Tibard Limited
Directors' Report
For the Year Ended 31 January 2024
The directors present their report and the financial statements for the year ended 31 January 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Dividends paid Dividends paid in the year amount to £303,817 (2023: £294,678).
The profit for the year, after taxation, amounted to £527,890 (2023 - £727,826).
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
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Tibard Limited
Directors' Report (continued)
For the Year Ended 31 January 2024
The company recognises the importance of its environmental responsiblities, monitors its impact on the environment, and designs and implements policies to reduce any damage that might be caused by the activities of the company. The company operates in accordance with policies which are designed to minimise the company's impact on the environment, including safe disopsal of manufacturing waste, recycling and reducing energy consumption.
The Company endeavours whenever possible to make sales in UK currency. EU sales are increasingly conducted in Euro and during the year the Company entered into a foreign currency forward contract to mitigate the risks arising from currency exposure.
The Strategic Report contains details of the likely future developments within the company.
With effect from 1 July 2024, the group’s rental contracts business was transferred to Johnson Service Group PLC. This transaction will be reflected in the group's accounts for the year to 31 January 2025.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Tibard Limited
Independent Auditors' Report to the Members of Tibard Limited
We have audited the financial statements of Tibard Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Tibard Limited
Independent Auditors' Report to the Members of Tibard Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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Tibard Limited
Independent Auditors' Report to the Members of Tibard Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
∙Reading minutes of meetings of those charges with governance.
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Tibard Limited
Independent Auditors' Report to the Members of Tibard Limited (continued)
Audit response to risks identified
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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Tibard Limited
Statement of Comprehensive Income
For the Year Ended 31 January 2024
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Tibard Limited
Registered number: 01434368
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 30 form part of these financial statements.
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Tibard Limited
Statement of Changes in Equity
For the Year Ended 31 January 2024
Statement of Changes in Equity
For the Year Ended 31 January 2023
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
Tibard Limited is a private company limited by share capital and incorporated in England and Wales. The address of the registered office and principal place of business is Tibard House, Broadway, Dukinfield, Cheshire, SK16 4UU. The nature of the company's operation and principal activity is the manufacture, direct sale and rental of hospitality uniforms and workwear. The company's registration number is 01434368.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Tibard Holdings Limited as at 31 January 2024 and these financial statements may be obtained from The Registrar at Companies House.
Functional and presentation currency
Transactions and balances
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
2.Accounting policies (continued)
Rental contracts Revenue from a contract to provide services is recognised in the period in which the services are provided. The services predominantly include the rental of garments.
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.
Depreciation is provided on the following basis:
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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amounts of the assets and liabilities within the next financial year.
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
Analysis of turnover by country of destination:
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
There were no factors that may affect tax charges
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
Profit and loss
Profit and loss account includes all current and prior period retained profits and losses. Share premium Share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Other reserves The other reserve comprises the share-based payments reserve.
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
The company is party to a cross guarantee dated 15 February 2012 with related companies, Tibard Holdings Limited and Oliver Harvey Limited, in relation to all legal mortgages, life policies and mortgage debentures. At the year end the amount outstanding under this guarantee was £nil (2023: £nil).
A guarantee exists in favour of a supplier for £115,000 (2023: £115,000).
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £157,423 (2023: £139,931). Contributions totalling £11,781 (2023: £12,971) were payable to the fund at the balance sheet date.
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Tibard Limited
Notes to the Financial Statements
For the Year Ended 31 January 2024
Tibard Holdings Limited is the ultimate parent undertaking, a company incorporated in England and Wales. The company number is 5577238.
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