Registered number
08181574
The TShirt Factory Europe Limited
Filleted Accounts
31 January 2024
The TShirt Factory Europe Limited
Registered number: 08181574
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,804,031 1,515,528
Current assets
Stocks 532,006 580,737
Debtors 4 3,202,915 2,069,452
Cash at bank and in hand 1,317,137 871,819
5,052,058 3,522,008
Creditors: amounts falling due within one year 5 (2,237,065) (1,562,764)
Net current assets 2,814,993 1,959,244
Total assets less current liabilities 4,619,024 3,474,772
Creditors: amounts falling due after more than one year 6 (575,672) (1,024,077)
Provisions for liabilities (440,679) (316,744)
Net assets 3,602,673 2,133,951
Capital and reserves
Called up share capital 100 1
Profit and loss account 3,602,573 2,133,950
Shareholder's funds 3,602,673 2,133,951
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N J Higgins
Director
Approved by the board on 17 August 2024
The TShirt Factory Europe Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland as applied to small entities by section 1A of the standard.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Expenditure on leasehold property 25% straight line basis
Plant, machinery and equipment 20% reducing balance basis
Motor vehicles 20% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 46 25
3 Tangible fixed assets
Leasehold property Plant, machinery and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 29,752 2,436,730 12,950 2,479,432
Additions - 623,032 122,180 745,212
At 31 January 2024 29,752 3,059,762 135,130 3,224,644
Depreciation
At 1 February 2023 15,369 936,927 11,608 963,904
Charge for the year 7,438 424,567 24,704 456,709
At 31 January 2024 22,807 1,361,494 36,312 1,420,613
Net book value
At 31 January 2024 6,945 1,698,268 98,818 1,804,031
At 31 January 2023 14,383 1,499,803 1,342 1,515,528
4 Debtors 2024 2023
£ £
Trade debtors 2,505,878 2,046,630
Other debtors 697,037 22,822
3,202,915 2,069,452
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 473,451 484,023
Trade creditors 1,130,350 820,007
Other taxes and social security costs 528,409 154,343
Other creditors 94,855 94,391
2,237,065 1,562,764
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,000 30,000
Obligations under finance lease and hire purchase contracts 541,088 921,160
Other creditors 14,584 72,917
575,672 1,024,077
Other creditors include loan that is secured over all land and intellectual property.
Net obligations under finance lease and hire purchase contracts are secured by fixed and floating
charges over all assets of the company.
7 Controlling party
The director, Mr N J Higgins is the controlling party.
8 Other information
The TShirt Factory Europe Limited is a private company limited by shares and incorporated in England. Its registered office is:
Hayre Building
Ulverscroft Road
Leicester
LE4 6BY
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