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Registered number: 01434368









Tibard Limited









Annual Report and Financial Statements

For the Year Ended 31 January 2024

 
Tibard Limited
 
 
Company Information


Directors
J C Shonfeld 
S I Shonfeld 
I D Mitchell 
R C Shonfeld 
M D Shonfeld 
C D Shacklady 




Company secretary
S I Shonfeld



Registered number
01434368



Registered office
Tibard House
Broadway

Dukinfield

Cheshire

SK16 4UU




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG




Bankers
National Westminster Bank plc
Market Place

Hyde

Cheshire

SK14 2LY




Solicitors
Mills & Reeve LLP
8th and 9th floor

1 New York Street

Manchester

M1 4AD





 
Tibard Limited
 

Contents



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 30


 
Tibard Limited
 
 
Strategic Report
For the Year Ended 31 January 2024

Introduction
 
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.

Future developments
 
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.

Financial key performance indicators
 
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%

Page 1

 
Tibard Limited
 

Strategic Report (continued)
For the Year Ended 31 January 2024


This report was approved by the board and signed on its behalf.





I D Mitchell
Director

Date: 28 October 2024

Page 2

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 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 2006They 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).

Results and dividends

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.

Directors

The directors who served during the year were:

J C Shonfeld 
S I Shonfeld 
I D Mitchell 
R C Shonfeld 
M D Shonfeld 
C D Shacklady 

Page 3

 
Tibard Limited
 
 
 
Directors' Report (continued)
For the Year Ended 31 January 2024

Environmental matters

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.

Financial instruments

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.


Matters covered in the strategic report

The Strategic Report contains details of the likely future developments within the company. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

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.

Auditors

The auditorsHurst Accountants Limitedwill 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.
 





I D Mitchell
Director

Date: 28 October 2024

Page 4

 
Tibard Limited
 
 
 
Independent Auditors' Report to the Members of Tibard Limited
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Other information


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 ReportOur 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.


Page 5

 
Tibard Limited
 
 
 
Independent Auditors' Report to the Members of Tibard Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
Tibard Limited
 
 
 
Independent Auditors' Report to the Members of Tibard Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

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.
 
Page 7

 
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.


Use of our 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 2006Our 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.





Anthony Woodings (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

28 October 2024
Page 8

 
Tibard Limited
 
 
Statement of Comprehensive Income
For the Year Ended 31 January 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,960,306
13,263,269

Cost of sales
  
(9,731,963)
(9,683,374)

Gross profit
  
3,228,343
3,579,895

Administrative expenses
  
(2,414,719)
(2,554,069)

Operating profit
 5 
813,624
1,025,826

Interest payable and similar expenses
 9 
(81,556)
(49,401)

Profit before tax
  
732,068
976,425

Tax on profit
 10 
(204,178)
(248,599)

Profit for the financial year
  
527,890
727,826

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 30 form part of these financial statements.

Page 9

 
Tibard Limited
Registered number: 01434368

Balance Sheet
As at 31 January 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,370,970
2,401,329

Current assets
  

Stocks
 13 
1,303,865
1,433,150

Debtors: amounts falling due after more than one year
 14 
2,369,669
2,450,069

Debtors: amounts falling due within one year
 14 
2,183,823
2,814,998

Cash at bank and in hand
 15 
573,984
670,244

  
6,431,341
7,368,461

Creditors: amounts falling due within one year
 16 
(3,549,389)
(5,262,132)

Net current assets
  
 
 
2,881,952
 
 
2,106,329

Total assets less current liabilities
  
5,252,922
4,507,658

Creditors: amounts falling due after more than one year
 17 
(773,126)
(258,333)

Provisions for liabilities
  

Deferred tax
 20 
(228,566)
(222,168)

Net assets
  
4,251,230
4,027,157


Capital and reserves
  

Called up share capital 
 21 
82,075
82,075

Share premium account
 22 
443,025
443,025

Other reserves
 22 
199,194
199,194

Profit and loss account
 22 
3,526,936
3,302,863

  
4,251,230
4,027,157


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




I D Mitchell
Director

Date: 28 October 2024

The notes on pages 12 to 30 form part of these financial statements.

Page 10

 
Tibard Limited
 

Statement of Changes in Equity
For the Year Ended 31 January 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 February 2023
82,075
443,025
199,194
3,302,863
4,027,157


Comprehensive income for the year

Profit for the year
-
-
-
527,890
527,890
Total comprehensive income for the year
-
-
-
527,890
527,890

Dividends: Equity capital
-
-
-
(303,817)
(303,817)


Total transactions with owners
-
-
-
(303,817)
(303,817)


At 31 January 2024
82,075
443,025
199,194
3,526,936
4,251,230



Statement of Changes in Equity
For the Year Ended 31 January 2023


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 February 2022
82,075
443,025
199,194
2,869,715
3,594,009


Comprehensive income for the year

Profit for the year
-
-
-
727,826
727,826
Total comprehensive income for the year
-
-
-
727,826
727,826

Dividends: Equity capital
-
-
-
(294,678)
(294,678)


Total transactions with owners
-
-
-
(294,678)
(294,678)


At 31 January 2023
82,075
443,025
199,194
3,302,863
4,027,157


The notes on pages 12 to 30 form part of these financial statements.

Page 11

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.          

Page 12

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

These conditions are usually satisfied at the point that the customer has signed for the delivery of goods.
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.

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 13

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

2.Accounting policies (continued)

 
2.9

Pensions

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
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.

Page 14

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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.

Page 15

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (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:

Freehold property
-
4.5% straight line
Long-term leasehold property
-
4.5% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
15-33% reducing balance
Hire garments
-
50% straight line

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.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a standard cost valuation basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short term creditors are measured at the transaction price. 

Page 16

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

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.

Page 17

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

2.Accounting policies (continued)


2.18
Financial instruments (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.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. 
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.

Page 18

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
8,200,389
8,847,070

Rental of uniforms
4,759,917
4,416,199

12,960,306
13,263,269


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
12,904,088
13,187,351

Rest of the world
56,218
75,918

12,960,306
13,263,269



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
13,596
49,311

Other lease rentals
90,000
89,667


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
18,900
17,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 19

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,510,491
2,625,392

Social security costs
257,350
264,103

Cost of defined contribution scheme
157,423
139,931

2,925,264
3,029,426


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
65
67



Administrative
27
27



Directors
6
6

98
100


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
419,982
501,299

Company contributions to defined contribution pension schemes
52,400
53,000

472,382
554,299


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £143,595 (2023: £162,331).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £35,797 (2023 - £12,000).

Page 20

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
71,030
45,163

Finance leases and hire purchase contracts
1,937
4,214

Other interest payable
8,589
24

81,556
49,401
Page 21

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
197,780
198,419


Group taxation relief
-
793


Total current tax
197,780
199,212

Deferred tax


Origination and reversal of timing differences
6,398
49,387

Total deferred tax
6,398
49,387


Taxation on profit on ordinary activities
204,178
248,599

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 24% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
732,068
976,425


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24% (2023 - 19%)
175,696
185,521

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,312
1,799

Ineligible depreciation
21,205
16,427

Change in deferred tax rate
-
52,060

Other differences leading to an increase (decrease) in the tax charge
(35)
(7,208)

Total tax charge for the year
204,178
248,599


Factors that may affect future tax charges

There were no factors that may affect tax charges

Page 22

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

11.


Dividends

2024
2023
£
£


Dividends paid on equity capital
303,817
294,678


12.


Tangible fixed assets





Freehold property
Long-term leasehold property
Plant and machinery
Fixtures and fittings
Hire garments
Total

£
£
£
£
£
£



Cost or valuation


At 1 February 2023
1,824,203
178,715
559,212
409,240
1,318,814
4,290,184


Additions
-
45,822
21,189
15,644
750,021
832,676


Disposals
-
-
(144,118)
-
(633,207)
(777,325)



At 31 January 2024

1,824,203
224,537
436,283
424,884
1,435,628
4,345,535



Depreciation


At 1 February 2023
389,980
139,947
431,484
321,947
605,497
1,888,855


Charge for the year
82,089
9,167
27,474
29,399
712,717
860,846


Disposals
-
-
(141,929)
-
(633,207)
(775,136)



At 31 January 2024

472,069
149,114
317,029
351,346
685,007
1,974,565



Net book value



At 31 January 2024
1,352,134
75,423
119,254
73,538
750,621
2,370,970



At 31 January 2023
1,434,223
38,768
127,728
87,293
713,317
2,401,329

Page 23

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

13.


Stocks

2024
2023
£
£

Raw materials and consumables
94,117
70,344

Work in progress (goods to be sold)
62,986
45,997

Finished goods and goods for resale
1,146,762
1,316,809

1,303,865
1,433,150


The carrying value of stocks are stated net of impairment losses totalling £45,439 (2023: £56,969). Impairment losses totalling £45,439 (2023: £56,969) were recognised in profit and loss.


14.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
2,369,669
2,450,069


2024
2023
£
£

Due within one year

Trade debtors
2,083,282
2,722,190

Prepayments and accrued income
100,541
92,808

2,183,823
2,814,998


Impairment gains totalling £2,049 (2023: Impairment losses totalling £13,048) in relation to trade debtors were recognised in administrative expenses during the year. 


15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
573,984
670,244

Less: bank overdrafts
(2,919)
(2,696)

571,065
667,548


Page 24

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
2,919
2,696

Bank loans
124,396
756,592

Other loans
285,270
1,323,835

Trade creditors
1,755,515
1,696,061

Corporation tax
99,780
198,419

Other taxation and social security
215,362
280,301

Obligations under finance lease and hire purchase contracts
-
16,951

Other creditors
26,697
27,760

Accruals and deferred income
1,039,450
959,517

3,549,389
5,262,132


The bank overdraft is secured by way of an unscheduled mortgage debenture dated 30 September 2005 with National Westminster Bank Plc.
Bank loans are secured by way of a legal charge over the company's property at Units 36 & 37, Globe Lane Industrial Estate, Broadway, Dukinfield, SK16 4UU, and  a fixed charge over other assets of the company.
Other loans are unsecured.


17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
773,126
258,333


Bank loans are secured by way of a legal charge over the company's property at Units 36 & 37, Globe Lane Industrial Estate, Broadway, Dukinfield, SK16 4UU, and  a fixed charge over other assets of the company.

Page 25

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
124,396
756,592

Other loans
285,270
1,323,835


409,666
2,080,427

Amounts falling due 1-2 years

Bank loans
127,130
100,000

Amounts falling due 2-5 years

Bank loans
152,643
158,333

Amounts falling due after more than 5 years

Bank loans
493,353
-

493,353
-

1,182,792
2,338,760


The Company had the following loans outstanding at 31 January 2024
1) A bank loan with £639,189 outstanding, repayable by monthly instalments and a final instalment of an amount sufficient to repay the remaining loan and interest in August 2038. The interest rate on the loan is 2.3% per annum above Base Rate. 
2) A bank loan with £258,333 outstanding, which is repayable over the period to August 2026. The interest rate on this loan is 2.96% over the base rate.
3) Other loans comprise loans from related parties totalling £285,270 (
2023: £1,323,835) which are unsecured, interest-free and repayable on demand.


19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
16,951
Page 26

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

20.


Deferred taxation




2024


£






Deferred tax liability at beginning of year
(222,168)


Charged to profit or loss
(6,398)



Deferred tax liability at end of year
(228,566)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(231,511)
(225,411)

Other timing differences
2,945
3,243

(228,566)
(222,168)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



82,075 (2023 - 82,075) Ordinary shares of £1.00 each
82,075
82,075



22.


Reserves

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.

Page 27

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

23.


Share-based payments

In August 2017, the parent company Tibard Holdings Limited introduced a Share Option Plan for key management personnel of Tibard Limited. Share options were granted in August 2017 (noted (1) below) and April 2020 (noted (2) below), and EMI share options in respect of 673 Ordinary A shares (noted (3) below) were granted during the prior period, in April 2022.
The share options vested immediately on grant and may be exercised at any time prior to a sale, asset sale or listing. The options will lapse in various circumstances, with the latest date being the tenth anniversary of the option agreement. 
The fair value of the options granted in April 2022 was assessed by management using the Black-Scholes option pricing model to be immaterial and no equity-settled share-based payment expense was accounted for during the year ended 31 January 2024. 
None of the options had been exercised at 31 January 2024.
The number and weighted average exercise prices of share options are as follows:

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

40.11

3,402

36.02
 
2,729
 
Granted during the year

-

-

56.7
 
673
 
Outstanding at the end of the year
40.11

3,402

40.11
 
3,402
 


Option pricing model used


Black-Scholes

Weighted average share price (pence)


116.38 (1), 151.85 (2) and 226.78 (3)

Exercise price (pence)


34.91 (1), 45.55 (2) and 56.7 (3)

Expected volatility


25%

Expected dividend growth rate


Nil

Risk-free interest rate


2%



Page 28

 
Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

24.


Contingent liabilities

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).


25.


Pension commitments

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.


26.


Commitments under operating leases

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Buildings


Not later than 1 year
90,000
90,000

Later than 1 year and not later than 5 years
360,000
360,000

Later than 5 years
60,000
150,000

510,000
600,000

2024
2023

£
£

Other


Not later than 1 year
53,055
20,266

Later than 1 year and not later than 5 years
72,572
33,013

125,627
53,279

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Tibard Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 January 2024

27.


Related party transactions

The directors have chosen not to disclose transactions entered into with other companies wholly owned within the group as permitted under FRS 102 paragraph 33.1A.
The Company made sales to a company with common directors totalling £1,322,413 (
2023: £1,893,089). The company also raised management charges and recharged costs to this company totalling £117,000 (2023: £117,000). Amounts due from this company at the balance sheet date totalled £254,731 (2023: £484,806).
The Company made purchases from a company with common directors totalling £276,325 
(2023: £333,581).  Amounts due to this company at the balance sheet date totalled £38,986 (2023: £57,105). Loans totalling £285,270 are also due from the Company to companies with common directors at 31 January 2024 (2023: £1,323,835).
The Company paid rent to the company's retirement benefits scheme totalling £90,000 (
2023: £89,667) and no amounts were outstanding at the balance sheet date (2023: £nil).


28.


Post balance sheet events

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.


29.


Controlling party

Tibard Holdings Limited is the ultimate parent undertaking, a company incorporated in England and Wales. The company number is 5577238.

 
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