IRIS Accounts Production v24.2.0.383 04745669 Board of Directors 1.1.23 31.12.23 31.12.23 the printing and decorating of garments. true true false true true false false false true true true false Ordinary 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh047456692022-12-31047456692023-12-31047456692023-01-012023-12-31047456692021-12-31047456692022-01-012022-12-31047456692022-12-3104745669ns15:EnglandWales2023-01-012023-12-3104745669ns14:PoundSterling2023-01-012023-12-3104745669ns10:Director12023-01-012023-12-3104745669ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104745669ns10:FRS1022023-01-012023-12-3104745669ns10:Audited2023-01-012023-12-3104745669ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3104745669ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3104745669ns10:FullAccounts2023-01-012023-12-310474566912023-01-012023-12-3104745669ns10:OrdinaryShareClass12023-01-012023-12-3104745669ns10:Director32023-01-012023-12-3104745669ns10:RegisteredOffice2023-01-012023-12-3104745669ns10:Director22023-01-012023-12-3104745669ns5:CurrentFinancialInstruments2023-12-3104745669ns5:CurrentFinancialInstruments2022-12-3104745669ns5:ShareCapital2023-12-3104745669ns5:ShareCapital2022-12-3104745669ns5:RetainedEarningsAccumulatedLosses2023-12-3104745669ns5:RetainedEarningsAccumulatedLosses2022-12-3104745669ns5:ShareCapital2021-12-3104745669ns5:RetainedEarningsAccumulatedLosses2021-12-3104745669ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3104745669ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-310474566912023-01-012023-12-3104745669ns5:NetGoodwill2023-01-012023-12-3104745669ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3104745669ns5:ReportableOperatingSegment12023-01-012023-12-3104745669ns5:ReportableOperatingSegment12022-01-012022-12-3104745669ns5:ReportableOperatingSegment22023-01-012023-12-3104745669ns5:ReportableOperatingSegment22022-01-012022-12-3104745669ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3104745669ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3104745669ns10:HighestPaidDirector2023-01-012023-12-3104745669ns10:HighestPaidDirector2022-01-012022-12-3104745669ns5:OwnedAssets2023-01-012023-12-3104745669ns5:OwnedAssets2022-01-012022-12-3104745669ns5:NetGoodwill2022-01-012022-12-3104745669112023-01-012023-12-3104745669112022-01-012022-12-310474566912023-01-012023-12-310474566912022-01-012022-12-3104745669ns5:NetGoodwill2022-12-3104745669ns5:NetGoodwill2023-12-3104745669ns5:NetGoodwill2022-12-3104745669ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3104745669ns5:PlantMachinery2022-12-3104745669ns5:ComputerEquipment2022-12-3104745669ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3104745669ns5:PlantMachinery2023-01-012023-12-3104745669ns5:ComputerEquipment2023-01-012023-12-3104745669ns5:ShortLeaseholdAssetsns5:LandBuildings2023-12-3104745669ns5:PlantMachinery2023-12-3104745669ns5:ComputerEquipment2023-12-3104745669ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3104745669ns5:PlantMachinery2022-12-3104745669ns5:ComputerEquipment2022-12-3104745669ns5:UnlistedNon-exchangeTradedns5:CostValuation2022-12-3104745669ns5:UnlistedNon-exchangeTraded2023-12-3104745669ns5:UnlistedNon-exchangeTraded2022-12-3104745669ns5:Subsidiary12023-01-012023-12-3104745669ns5:Subsidiary112023-01-012023-12-3104745669ns5:Subsidiary12023-12-3104745669ns5:Subsidiary12022-12-3104745669ns5:Subsidiary12022-01-012022-12-3104745669ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3104745669ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3104745669ns5:CurrentFinancialInstruments2023-01-012023-12-3104745669ns5:WithinOneYear2023-12-3104745669ns5:WithinOneYear2022-12-3104745669ns5:BetweenOneFiveYears2023-12-3104745669ns5:BetweenOneFiveYears2022-12-3104745669ns5:AllPeriods2023-12-3104745669ns5:AllPeriods2022-12-3104745669ns5:DeferredTaxation2022-12-3104745669ns5:DeferredTaxation2023-01-012023-12-3104745669ns5:DeferredTaxation2023-12-3104745669ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 04745669 (England and Wales)




















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

T Shirt & Sons Limited

T Shirt & Sons Limited (Registered number: 04745669)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


T Shirt & Sons Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P Boonekamp
A Egressy





REGISTERED OFFICE: 6-9 Falcon Park
West Wilts Trading Estate
Westbury
Wiltshire
BA13 4GZ





REGISTERED NUMBER: 04745669 (England and Wales)

T Shirt & Sons Limited (Registered number: 04745669)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
Following the acquisition of T Shirt and Sons Ltd by Polyconcept, a US based promotional product business, in March 2021, there has been continued improvement in processes and strategy alignments, with significant additional machinery investment during 2023.

Turnover for the year under review was £2.4m down versus prior year, though there has been improved turnover so far in 2024.

The company made a loss before tax of £2.1m, an increase of £1.7m on the loss for the year to 31 December 2022 being a reflection of the continuing investment in the business and the initial impact of new purchase and sales pricing structures.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have identified the following principal risks and uncertainties affecting the company:

Market risk
With an ever-changing horizon in technology, the directors are aware of the potential for new processes that will bring efficiencies and better products to our marketplace. To this extent the company constantly looks at new methods of production to seek out increasing levels of efficiency and quality. We bulk buy materials where appropriate and forecast all purchasing to benefit from economies of scale.

Legislative and regulatory risk
The directors remain alert to the impact of regulatory and legislative changes on the company's operations. The management team continue to monitor the changing environment and alter resource, planning, systems and processes accordingly.

The fluctuation in foreign exchange rates due to the political situations both in the UK and globally presents a challenge and we continue to monitor currency movements to set budgetary rates at reasonable levels and hedge when appropriate.

Actions of competitors
The directors continue to take appropriate steps to develop new products and new markets. Investment in new processes and technology enables the group to remain competitive. Continuous improvement in existing processes is supplemented by investment in new products to offer a more complete offering for our customers.

KEY PERFORMANCE INDICATORS
The company monitors its performance using a number of measures. These include Key Performance Indicators for sales, capacity, manpower and quality control across the two manufacturing facilities. The Indicators are presented at the monthly management meetings to monitor constant improvements. They also serve as a measure to make sure our management team are reaching and exceeding the targets set by the Board.

2023 2022

Turnover (£) 8,966,396 11,393,581
Gross profit (£) 2,284,503 3,739,996
Gross profit margin 25% 33%
Loss before tax (£) (2,120,665) (275,947)


ON BEHALF OF THE BOARD:





A Egressy - Director


17 September 2024

T Shirt & Sons Limited (Registered number: 04745669)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

P Boonekamp
A Egressy

Other changes in directors holding office are as follows:

S Calvert - resigned 26 September 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





A Egressy - Director


17 September 2024

Report of the Independent Auditors to the Members of
T Shirt & Sons Limited

Opinion
We have audited the financial statements of T Shirt & Sons Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
T Shirt & Sons Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of inter-company balances, the finances charges that have been imputed thereon, and the calculation of deferred income. Audit procedures performed by the audit engagement team included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;
- Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;
- Reviewing Board of Directors minutes;
- Review of tax compliance with the involvement of our tax specialists in the audit;
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of
expenses;
- Testing transactions entered into outside of the normal course of the company's business; and
- Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with
round numbers.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 Report of the Auditors.

Report of the Independent Auditors to the Members of
T Shirt & Sons Limited


Use of our 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 a Report of the Auditors 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.




David Iain Black (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Statutory Auditor
Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA

18 September 2024

T Shirt & Sons Limited (Registered number: 04745669)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 8,966,936 11,393,581

Cost of sales 6,682,431 7,653,585
GROSS PROFIT 2,284,505 3,739,996

Administrative expenses 4,908,760 4,664,940
(2,624,255 ) (924,944 )

Other operating income 746,658 731,729
OPERATING LOSS 5 (1,877,597 ) (193,215 )

Interest receivable and similar income 138 301
(1,877,459 ) (192,914 )

Interest payable and similar expenses 6 243,206 83,033
LOSS BEFORE TAXATION (2,120,665 ) (275,947 )

Tax on loss 7 (497,926 ) (104,415 )
LOSS FOR THE FINANCIAL YEAR (1,622,739 ) (171,532 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(1,622,739

)

(171,532

)

T Shirt & Sons Limited (Registered number: 04745669)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - 3,041
Tangible assets 9 4,644,033 3,991,747
Investments 10 4,227 4,227
4,648,260 3,999,015

CURRENT ASSETS
Stocks 11 874,914 1,017,053
Debtors 12 4,274,275 3,730,792
Cash at bank 2,116,489 2,475,256
7,265,678 7,223,101
CREDITORS
Amounts falling due within one year 13 9,521,668 6,709,181
NET CURRENT (LIABILITIES)/ASSETS (2,255,990 ) 513,920
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,392,270

4,512,935

PROVISIONS FOR LIABILITIES 15 14,268 512,194
NET ASSETS 2,378,002 4,000,741

CAPITAL AND RESERVES
Called up share capital 16 102 102
Retained earnings 2,377,900 4,000,639
SHAREHOLDERS' FUNDS 2,378,002 4,000,741

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





A Egressy - Director


T Shirt & Sons Limited (Registered number: 04745669)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 102 4,172,171 4,172,273

Changes in equity
Total comprehensive income - (171,532 ) (171,532 )
Balance at 31 December 2022 102 4,000,639 4,000,741

Changes in equity
Total comprehensive income - (1,622,739 ) (1,622,739 )
Balance at 31 December 2023 102 2,377,900 2,378,002

T Shirt & Sons Limited (Registered number: 04745669)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

T Shirt & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about T Shirt & Sons Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, CB Poly Holdings LLC, Corporation Trust Centre 1209 Orange Street, Wilmington, New Castle, DE, 19801, USA.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

For the purposes of these financial statements, a party is considered to be related to the company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or
exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;
(ii) the company and the party are subject to common control;
(iii) the party is an associate of the company or a joint venture in which the company is a venturer;
(iv) the party is a member of key management personnel of the company or the company's parent, or a close
family member of such an individual, or is an entity under the control, joint control or significant influence of
such individuals;
(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control
or significant influence of such individuals; or
(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

Close family members of an individual are those family members who may be expected to influence, or be
influenced by, that individual in their dealings with the entity.

T Shirt & Sons Limited (Registered number: 04745669)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.

The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the
financial statements are described below:

Trade and other debtors
The allowance for doubtful accounts involves significant management judgement and review of individual receivables based on individual customer creditworthiness, current economic trends and analysis of historical bad debts on a portfolio basis.

Investments
Investments are stated at their historic cost to the company, less, where appropriate, impairment provisions for any permanent or temporary diminution in value. The determination of the recoverable amount of an investment involves the use of estimates by management.

Stock provisions
Significant estimates are involved in the determination of stock provisions. Management exercise judgement in determining whether costs of stock items can be recovered. A provision is made where a loss is likely and can be reliably estimated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. Tangible fixed assets are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of items.

Short leasehold-10% on a straight line basis
Plant and machinery-15% on reducing balance or 20% on a straight line basis
Computer equipment-20% - 33% on a straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

T Shirt & Sons Limited (Registered number: 04745669)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the requirements of sections 11 and 12 of FRS 102 in respect of the
measurement and disclosure of financial instruments.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the
effective interest method, less impairment losses for bad and doubtful debts except where the effect of
discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for
bad and doubtful debts.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other
short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the
balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Objective evidence of impairment could include:

- significant financial difficulty of the issuer or counterparty; or
- breach of contract, such as a default or delinquency in interest or principal payments; or
- it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or
- the disappearance of an active market for that financial asset because of financial difficulties.

For certain categories of financial asset, such as trade debtors, assets that are assessed not to be impaired
individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of debtors could include the company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 30 days, as well as observable changes in national or local economic conditions that correlate with default on debtors.

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference
between the asset's carrying amount and the present value of estimated future cash flows, discounted at the
financial asset's original effective interest rate.

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between
the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account.Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss
decreases and the decrease can be related objectively to an event occurring after the impairment was
recognised, the previously recognised impairment loss is reversed through statement of comprehensive income to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.


T Shirt & Sons Limited (Registered number: 04745669)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities held in foreign currencies 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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sale of goods 8,920,949 10,575,047
Other income 45,987 818,534
8,966,936 11,393,581

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,522,035 3,379,485
Social security costs 285,369 272,804
Other pension costs 57,460 52,779
3,864,864 3,705,068

T Shirt & Sons Limited (Registered number: 04745669)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Managerial 3 3
Operational 79 85
82 88

2023 2022
£    £   
Directors' remuneration 248,064 221,495

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 248,064 221,495

5. OPERATING LOSS

The operating loss is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 1,181,044 1,156,043
Goodwill amortisation 3,041 9,125
Auditors' remuneration 24,328 27,844
Foreign exchange differences 122,933 119,930
Operating leases 241,990 273,439

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest on late Corporation tax - 1,778
Intercompany loan 243,206 81,255
243,206 83,033

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2023 2022
£    £   
Deferred tax (497,926 ) (104,415 )
Tax on loss (497,926 ) (104,415 )

T Shirt & Sons Limited (Registered number: 04745669)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (2,120,665 ) (275,947 )
Loss multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

(498,356

)

(52,430

)

Effects of:
Expenses not deductible for tax purposes 7,692 1,691
Capital allowances in excess of depreciation (61,961 ) -
Depreciation in excess of capital allowances - 13,225

Deferred tax due to timing differences (497,926 ) (104,415 )
rates

Losses carried forward 552,625 37,514
Total tax credit (497,926 ) (104,415 )

The main UK corporation tax rate increased from 19% to 25% from 1 April 2023. The rate of 23.500% used is calculated by prorating the rates of 19% and 25% over the period 1 January 2023 to 31 December 2023.

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 182,500
AMORTISATION
At 1 January 2023 179,459
Amortisation for year 3,041
At 31 December 2023 182,500
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 3,041

T Shirt & Sons Limited (Registered number: 04745669)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS
Short Plant and Computer
leasehold machinery equipment Totals
£    £    £    £   
COST
At 1 January 2023 379,148 9,088,451 775,376 10,242,975
Additions 113,308 1,435,772 305,392 1,854,472
Disposals - (122,716 ) - (122,716 )
At 31 December 2023 492,456 10,401,507 1,080,768 11,974,731
DEPRECIATION
At 1 January 2023 161,583 5,674,191 415,454 6,251,228
Charge for year 39,202 1,015,475 126,367 1,181,044
Eliminated on disposal - (101,574 ) - (101,574 )
At 31 December 2023 200,785 6,588,092 541,821 7,330,698
NET BOOK VALUE
At 31 December 2023 291,671 3,813,415 538,947 4,644,033
At 31 December 2022 217,565 3,414,260 359,922 3,991,747

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 4,227
NET BOOK VALUE
At 31 December 2023 4,227
At 31 December 2022 4,227

The company's investments at the Balance Sheet date in the share capital of companies include the following:

T Shirt & Sons BV
Registered office: Lauren Janszoon Costerstraat 50, 5916PS, Venlo, The Netherlands
Nature of business: Printing of T-shirts
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (73,190 ) (186,623 )
Profit/(loss) for the year 113,433 (349,076 )

11. STOCKS
2023 2022
£    £   
Stocks 874,914 1,017,053

T Shirt & Sons Limited (Registered number: 04745669)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,005,145 2,299,088
Amounts owed by group undertakings 2,113,058 1,069,935
Other debtors 2 2
Tax 7,904 7,937
Prepayments and accrued income 148,166 353,830
4,274,275 3,730,792

Trade debtors are stated after provisions for impairment of £14,551 (December 2022 - £14,551).

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,864,051 3,388,560
Amounts owed to group undertakings 6,052,985 2,800,000
Social security and other taxes 247,057 295,900
Other creditors 21,439 22,905
Accrued expenses 336,136 201,816
9,521,668 6,709,181

Amounts owed to group undertakings are unsecured, have no fixed date of repayment and are repayable on demand. Interest on the intercompany loan is charged annually at the average balance for the year at a rate of 2.068%.

Included within other creditors are outstanding pension contributions of £21,439 (2022: £22,905).

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 225,909 179,986
Between one and five years 564,773 160,271
790,682 340,257

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 14,268 512,194

Deferred
tax
£   
Balance at 1 January 2023 512,194
Provided during year (497,926 )
Balance at 31 December 2023 14,268

T Shirt & Sons Limited (Registered number: 04745669)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

15. PROVISIONS FOR LIABILITIES - continued

The provision for deferred tax consists of the following deferred tax liabilities/(assets):


31/12/23 31/12/22
££
Capital allowances654,160571,385
Losses carried forward(638,297)(57,772)
Other timing differences(1,595)(1,419)
14,268512,194

16. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
10,204 Share capital 1 £0.01 102 102

The shares have a nominal value of £0.01 and were issued at par. All shares rank equally in regards to voting rights, dividend issues and capital distributions including on winding up or other repayment of capital.

17. ULTIMATE CONTROLLING PARTY

The immediate parent company of the entity is PF Concept International Cooperatief U.A., a company registered in The Netherlands. The ultimate parent company and controlling party is CB Poly Holdings LLC a company registered in the USA, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of the consolidated accounts can be obtained from Corporation Trust Centre 1209 Orange Street, Wilmington, New Castle, DE, 19801, USA.