TARBETTS LIMITED


Director	TARBETT, Liam


Registered Address	3rd Floor, 10 South Parade
	Leeds
	LS1 5QS


Registered Number	10490019 (England and Wales)

Notes to the Financial Statements
for the year ended 30 November 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

	Operating leases
	Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease.

	Employee benefits
	DO NOT USE

	Defined contribution pension plan
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in other creditors in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the income statement. Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of the goodwill has been set at 10 years and the asset will be amortised on a straight line basis over that period.

Intangible assets

Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the income statement.

Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of the goodwill has been set at 10 years and the asset will be amortised on a straight line basis over that period.

	Goodwill
	Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Land and buildings	10
	Fixtures and fittings	15
	Vehicles	25

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	14		13

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 December 24	150,000	150,000
At 30 November 25	150,000	150,000
Amortisation and impairment
At 01 December 24	117,500	117,500
Charge for year	15,000	15,000
At 30 November 25	132,500	132,500
Net book value
At 30 November 25	17,500	17,500
At 30 November 24	32,500	32,500

4.	Tangible fixed assets

	Land & buildings	Vehicles	Fixtures & fittings	Total
	£	£	£	£
Cost or valuation
At 01 December 24	340,406	84,569	72,448	497,423
Additions	25,643	-	26,424	52,067
Disposals	-	(21,427)	-	(21,427)
At 30 November 25	366,049	63,142	98,872	528,063
Depreciation and impairment
At 01 December 24	175,720	57,358	38,124	271,202
Charge for year	17,065	6,167	5,841	29,073
On disposals	-	(16,978)	-	(16,978)
At 30 November 25	192,785	46,547	43,965	283,297
Net book value
At 30 November 25	173,264	16,595	54,907	244,766
At 30 November 24	164,686	27,211	34,324	226,221

5.	Fixed asset investments
	Fixed asset investments relate to shares held in a subsidiary company.

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 December 24	44,000	44,000
At 30 November 25	44,000	44,000
Net book value
At 30 November 25	44,000	44,000
At 30 November 24	44,000	44,000

	Notes
	¹Investments in group undertakings and participating interests

6.	Stocks

	2025	2024
	£	£
Raw materials and consumables	13,750	14,450
Total	13,750	14,450

7.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	40,127	42,338
Other debtors	13,634	9,958
Prepayments and accrued income	1,899	-
Total	55,660	52,296

8.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	198,273	147,491
Taxation and social security	12,000	22,822
Finance lease and HP contracts	11,163	-
Other creditors	9,760	27,695
Accrued liabilities and deferred income	5,875	3,849
Total	237,071	201,857

9.	Creditors: amounts due after one year

	2025	2024
	£	£
Other creditors	9,302	-
Total	9,302	-

10.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	20,465		-

11.	Provisions for liabilities
	Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax arises from accelerated capital allowances.

	2025	2024
	£	£
Net deferred tax liability (asset)	38,900	35,500
Total	38,900	35,500

12.	Other commitments
	At 30 November 2025 the company had future minimum lease payments under non-cancellable operating leases of £74,321 (2024: £61,800).

13.	Related party transactions
	On 1 December 2024 the company owed the Director £299. During the period the director repaid £86,500 and further advances of £86,478 were made. At 30 November 2025 the company owed the Director £321. No interest was charged on this loan and the loan is repayable on demand.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		17,500		32,500
Tangible assets	4		244,766		226,221
Investments	5		44,000		44,000
			306,266		302,721
Current assets
Stocks	6	13,750		14,450
Debtors	7	55,660		52,296
Cash at bank and on hand		60,733		104,499
		130,143		171,245
Creditors amounts falling due within one year	8	(237,071)		(201,857)
Net current assets (liabilities)			(106,928)		(30,612)
Total assets less current liabilities			199,338		272,109
Creditors amounts falling due after one year	9		(9,302)		-
Provisions for liabilities	11		(38,900)		(35,500)
Net assets			151,136		236,609
Capital and reserves
Called up share capital			100		100
Profit and loss account			151,036		236,509
Shareholders' funds			151,136		236,609