The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Tibbetts Estates Limited (the "company") is a private company limited by shares and incorporated in England and Wales. The registered office is Tibbetts House, Beaumont Road, Banbury, OX16 1RH.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and investment properties at fair value. The principal accounting policies adopted are set out below.

In drawing their conclusion on the appropriateness of the going concern assumption, the directors have been mindful of the company having net current liabilities of true£3,400,349 (2024: £3,213,133). Within net current liabilities there are significant intercompany balances of £2,791,598 (2024: £2,602,098) owed to The Tibbetts Group Limited and £250,000 (2024: £150,000) owed to Tibbetts Holdings Limited. The directors do not currently anticipate that the relevant balances will be recalled within 12 months from the date that these accounts are signed as supporting confirmations have been obtained from the relevant companies.

The parent company, Tibbetts Holdings Limited, has confirmed its intention to provide sufficient financial support to the company in order to meet its liabilities for at least 12 months from the date of signing these financial statements.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is generated from rent charged to group and external tenants. Rental income, including any lease incentives provided, are recognised in the profit or loss on a straight line basis over the lease term.

Tangible fixed assets are initially measured at cost and subsequently measured at valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or value of assets, less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, they are measured at fair value at the reporting date. Changes in fair value are recognised in profit or loss.

At each reporting date, the company reviews the carrying amounts of its fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including other creditors, bank loans, and amounts owed to group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider there to be no critical judgements that are material to the company.

The estimate and assumption which has a significant risk of causing a material adjustment to the carrying amount of assets is as follows:

Freehold and investment properties are measured at fair value at the reporting date. The fair value is not considered to be significantly different from the open market value that is based on professional valuations carried out periodically and are adjusted in the interim if necessary, based on the directors judgements and estimates, taking into consideration the underlying market conditions and market evidence of transaction prices for similar properties. Information regarding freehold and investment properties are disclosed further in notes 4 and 5.

The useful economic life of tangible fixed assets has been derived from the judgement of the directors, using their best estimate of the write-down period. Land, which has been estimated by the director to be 30% of the cost of the properties, is not depreciated.

The average monthly number of persons (including directors) employed by the company during the year was:

The fair value of the freehold properties which were not acquired within the current or prior year have been arrived at on the basis of a valuation carried out in April 2022 by Sanderson Weatherall Chartered Surveyors who are not connected to the company. The valuations were carried out on a market value basis (which is considered to be a true reflection of the fair value) in accordance with the Royal Institution of Chartered Surveyors Valuation – Global standards (January 2022). The directors have reviewed the carrying value of the properties at the reporting date, and are of the opinion the relevant values are not materially different from those provided by the independent Chartered Surveyors.

In relation to the property acquired on 31 August 2023, the directors have reviewed the carrying value of the property at the reporting date, and are of the opinion the relevant value is not materially different from the acquisition date.

The properties are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

The fair value of the investment properties has been arrived at on the basis of valuations carried out on April 2022 and February 2024 by Sanderson Weatherall Chartered Surveyors and Bulleys Chartered Surveyors respectively, both of whom are unconnected to the company. The valuations were carried out on a market value basis (which is considered to be a true reflection of the fair value) in accordance with the Royal Institution of Chartered Surveyors Valuation – Global standards (January 2022). The directors have reviewed the carrying value of the property at the reporting date, and are of the opinion the relevant value is not materially different from those provided by the independent Chartered Surveyors.

Barclays Bank PLC and Barclays Security Trustee Limited holds a fixed and floating charge over all the property and undertaking of the company. The bank loans are repayable in July 2027 and interest is charged at a rate of 1.6% above BOE base rate.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

At the reporting end date the company had contracted with tenants for the following minimum lease receipts:

The company has taken advantage of the exemption provided by FRS102 Section 33, not to disclose transactions and outstanding balances with Tibbetts Holdings Limited and its 100% directly or indirectly controlled subsidiary undertakings which form part of the Tibbetts Group.

On 15 September 2025 the company repaid the bank loan in full.

On 30 July 2025 the company signed a lease to rent out one of its investment properties for a 10 year period at an annual rent of £79,000.

On 6 August 2025 the company signed a lease to rent out one of its freehold properties to a fellow group entity for a 25 year period at an annual rent of £55,000.

Tibbetts Holdings Limited is the immediate and ultimate parent company, and the smallest and largest group which prepares consolidated financial statements which include the results of this company. The consolidated financial statements are available from its registered office: Tibbetts House, Beaumont Road, Banbury, Oxfordshire, OX16 1RH.

On 10 September 2025, the share capital of Tibbetts Holdings Limited was acquired by the company ABC2025 Limited via a share for share exchange. There was no change of ultimate controlling party.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified.