Tubnet Ltd

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

Registered number: 13464425

		2025		2024
	Notes	£	£	£	£
CURRENT ASSETS
Debtors	4	803,571		803,572
Cash at bank and in hand		539		907

		804,110		804,479
Creditors: Amounts Falling Due Within One Year	5	(1,313,249 )		(1,306,481 )

NET CURRENT ASSETS (LIABILITIES)			(509,139 )		(502,002 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(509,139 )		(502,002 )

NET LIABILITIES			(509,139 )		(502,002 )

CAPITAL AND RESERVES
Called up share capital	6		100		100
Profit and Loss Account			(509,239 )		(502,102 )

SHAREHOLDERS' FUNDS			(509,139)		(502,002)

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

The financial statements were approved by the board of directors on 22 December 2025 and were signed on its behalf by:

Mr T J Smith

Director

The notes on pages 2 to 4 form part of these financial statements.

1. General Information

Tubnet Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13464425 . The registered office is C/O Ocelot Accounting, 54 Parkstone Road, Poole, Dorset, BH15 2PG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.

If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.6. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

...CONTINUED

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Tubnet Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2024: NIL)

4. Debtors

	2025	2024
	£	£
Due within one year
Amounts owed by associates	803,571	803,572

5. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	-	732
Directors' loan accounts	1,489	1,489
Amounts owed to group undertakings	225,881	225,881
Amounts owed to parent undertaking	1,085,879	1,078,379

	1,313,249	1,306,481

6. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

7. Related Party Transactions

During the year the company provided loans to related parties under common control.

Timbers Group Ltd

Parent Company

Recevied Loan of £1,085,879 (2024꞉ £1,078,379)

Timbers Studio Ltd

Fellow Subsidiary

Recevied Loan of £225,881 (2024꞉ £225,881)

Tubnet Operations LLC

Subsidiary Undertaking

Provided Loan of £803,571 (2024꞉ £803,571)

No interest was charged and no security was provided.

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Tubnet Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Ultimate Controlling Party

The company's ultimate controlling party is Timbers Group Ltd by virtue of his ownership of 100% of the issued share capital in the company.

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