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Registered number:
For the year ended
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Tibard Holdings Limited
Company Information
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Tibard Holdings Limited
Contents
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Tibard Holdings Limited
Group Strategic Report
For the year ended 31 January 2026
The Directors present the Strategic Report for the year ended 31 January 2026.
Review of the Year The year ended 31 January 2026 was a transition period involving Direct Sale activity only for the trading subsidiaries, following the sale of Tibard's Rental/Laundry division to a National Laundry Provider in FY25, hence the reduction in Group Turnover from £10m to £7.6m in FY26. Group EBITDA totalled £0.6m in FY26, falling from £6.1m in the prior year, due to £5.4m exceptional income arising on the sale of Tibard's rental division in FY25 - the consolidated financial statements for this financial year are somewhat distorted by the various changes year on year. Gross margin has increased from 27% to 35% due to Oliver Harvey contributing a higher proportion of Group sales year on year. The Group's business continues to meet headwind on inflationary pressures, notably raw materials and labour, and the Senior Management Team is continuing with plans to mitigate these costs with innovative solutions across our Supply Chain and customer price increases where applicable. Services We continue with Investment into our core systems and standardisation procedures. We will continue to implement improvements across all our platforms to secure processes that protect the stakeholders of our business. Resources We continue to develop and review existing supply routes and have engaged with several potential key supply partners to ensure continuity of supply.
We continue to develop our Strategic Framework and adapt this to the needs of the business to deliver on our Mission and ensure its relevance to our current and future trading and market conditions.
Principal Risks and Uncertainties The Group reviews risk regularly and considers its principal risks to be consumer confidence borne from high UK inflation, government tax policies, energy costs, world labour costs and the devaluation of sterling. These continue to impact our core Hospitality markets. The current government's policies on Employers' National Insurance contributions, together with National Minimum Wage increases have impacted not only costs, but also the confidence within the market.
Key performance indicators of the group continue to be EBITDA (reported above), turnover, gross profit and gross margin.
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Tibard Holdings Limited
Group Strategic Report (continued)
For the year ended 31 January 2026
This report was approved by the board and signed on its behalf.
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Tibard Holdings Limited
Directors' Report
For the year ended 31 January 2026
The directors present their report and the financial statements for the year ended 31 January 2026.
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £157,468 (2025 - profit £4,481,106).
Particulars of dividends paid are detailed in note 14 to the accounts.
The directors do not recommend the payment of a final dividend. Amounts totalling £550,000 (2025: £7,572,230) were distributed to Tibard Employee Ownership Trust during the year.
The directors who served during the year were:
The group recognises the importance of environmental responsibilities, monitors its impact on the environment and designs and implements policies to reduce any damage that might be caused by the activities of the group. The group operates in accordance with policies which are designed to minimise the group's impact on the environment, including safe disposal of manufacturing waste, recycling and reducing energy consumption.
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Tibard Holdings Limited
Directors' Report (continued)
For the year ended 31 January 2026
The group endeavours whenever possible to make sales in UK currency. EU sales are increasingly conducted in Euro and during the year, the group entered into a foreign currency forward contract to mitigate the risks arising from currency exposure.
The Strategic Report contains details of the likely future developments within the group.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Tibard Holdings Limited
Independent Auditors' Report to the Members of Tibard Holdings Limited
We have audited the financial statements of Tibard Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2026, which comprise the consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Group's or the parent 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.
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Tibard Holdings Limited
Independent Auditors' Report to the Members of Tibard Holdings Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group 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 group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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Tibard Holdings Limited
Independent Auditors' Report to the Members of Tibard Holdings Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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 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 charged with governance.
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Tibard Holdings Limited
Independent Auditors' Report to the Members of Tibard Holdings Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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Tibard Holdings Limited
Consolidated Statement of Comprehensive Income
For the year ended 31 January 2026
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Tibard Holdings Limited
Registered number: 05577238
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 37 form part of these financial statements.
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Tibard Holdings Limited
Registered number: 05577238
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 37 form part of these financial statements.
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Tibard Holdings Limited
Consolidated Statement of Changes in Equity
For the year ended 31 January 2026
Consolidated Statement of Changes in Equity
For the year ended 31 January 2025
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Tibard Holdings Limited
Company Statement of Changes in Equity
For the year ended 31 January 2026
Company Statement of Changes in Equity
For the year ended 31 January 2025
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Tibard Holdings Limited
Consolidated Statement of Cash Flows
For the year ended 31 January 2026
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Tibard Holdings Limited
Consolidated Statement of Cash Flows (continued)
For the year ended 31 January 2026
Consolidated Analysis of Net Debt
For the year ended 31 January 2026
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
Tibard Holdings Limited is a private company limited by shares and incorporated in England. The registered office and principal place of business is Tibard House, Broadway, Dukinfield, Cheshire, SK16 4UU. The nature of the company's operations and its principal activity is that of a holding company. The company's registered number is 05577238.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.
Parent Company, disclosure exemptions
In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102: • No Statement of Cash Flows has been presented for the parent Company,;
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Rental contracts Revenue from a contract to provide services is recognised in the period in which the services are provided. The services predominantly include the rental of garments.
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the consolidated statement of comprehensive income in the same period as the related expenditure.
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
2.Accounting policies (continued)
At each reporting date the Group 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 Group 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 Group. 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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method as indicated below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
2.Accounting policies (continued)
The Group 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 Group's balance sheet when the Group 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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.
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
2.Accounting policies (continued)
Financial liabilities
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
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.
Analysis of turnover by country of destination:
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
13.Taxation (continued)
There were no factors that may affect future tax charges.
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
Bank loans are secured by way of a legal charge over Tibard Limited's property at Units 36 & 37, Globe Lane Industrial Estate, Broadway, Dukinfield, SK16 4UU, and a fixed charge over other assets of Tibard Limited.
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
25.Share capital (continued)
Share premium account
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 reserve The other reserve comprises the share-based payments reserve. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses, net of dividends.
Merger Reserve
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
The company is party to a cross guarantee dated 15 February 2012 with group companies, Tibard 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 (2025: £nil).
A guarantee exists in favour of a supplier for £115,000 (2025: £115,000).
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £107,894 (2025: £178,476). Contributions totalling £7,091 (2025: £9,411) were payable to the fund at the balance sheet date.
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Tibard Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2026
Tibard Employee Ownership Trust is the controlling party, an Employee Ownership Trust by virtue of its 100% stake in Tibard Holdings Limited.
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