Company registration number 06450447 (England and Wales)
T S KNITWEAR (UK) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
T S KNITWEAR (UK) LTD
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
T S KNITWEAR (UK) LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
354,143
291,797
Current assets
Stocks
13,954
29,912
Debtors
5
554,489
611,874
Cash at bank and in hand
415,679
329,318
984,122
971,104
Creditors: amounts falling due within one year
6
(987,523)
(971,926)
Net current liabilities
(3,401)
(822)
Total assets less current liabilities
350,742
290,975
Provisions for liabilities
(86,915)
(53,844)
Net assets
263,827
237,131
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
263,727
237,031
Total equity
263,827
237,131

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
Mr C S Biring
Mr A S Biring
Director
Director
Company Registration No. 06450447
T S KNITWEAR (UK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
100
243,437
243,537
Deferred tax adjustment
-
(59,048)
(59,048)
As restated
100
184,389
184,489
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
292,642
292,642
Dividends
-
(240,000)
(240,000)
Balance at 31 December 2022
100
237,031
237,131
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
226,696
226,696
Dividends
-
(200,000)
(200,000)
Balance at 31 December 2023
100
263,727
263,827
T S KNITWEAR (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

T S Knitwear (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 80 Burnmoor Street, Leicester, LE2 7JJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance basis.
Computers
33% straight line basis.
Motor vehicles
20% reducing balance basis.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

T S KNITWEAR (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company 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 AND LIABILITIES

Basic financial assets and liabilities, which include debtors and creditors with no stated interest rate and receivables or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEFERRED TAX

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

T S KNITWEAR (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.11

Prior period error

Adjustments have been made in respect of the prior periods relating to the recognition of a deferred tax provision. Details of this can be found in note 9.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
as restated
Total
48
35
T S KNITWEAR (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
1,013,537
14,721
5,000
1,033,258
Additions
118,119
5,240
2,850
126,209
Disposals
-
0
-
0
(5,000)
(5,000)
At 31 December 2023
1,131,656
19,961
2,850
1,154,467
Depreciation
At 1 January 2023
721,830
14,720
4,911
741,461
Depreciation charged in the year
61,474
1,730
570
63,774
Eliminated in respect of disposals
-
0
-
0
(4,911)
(4,911)
At 31 December 2023
783,304
16,450
570
800,324
Carrying amount
At 31 December 2023
348,352
3,511
2,280
354,143
At 31 December 2022
291,707
1
89
291,797
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
475,447
603,735
Other debtors
70,000
-
0
Prepayments and accrued income
9,042
8,139
554,489
611,874
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
666,756
794,361
Corporation tax
139,166
77,526
Other taxation and social security
81,895
89,558
Other creditors
90,256
6,171
Accruals and deferred income
9,450
4,310
987,523
971,926
T S KNITWEAR (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Directors' transactions

Dividends totalling £100,000 (2022 - £100,000) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.19
-
78,738
130
(152,336)
(73,468)
Director
2.19
(6,171)
121,000
392
(115,221)
-
(6,171)
199,738
522
(267,557)
(73,468)
9
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2022
2022
Notes
£
£
Adjustments to prior year
Deferred tax
1
(59,048)
(53,844)
Equity as previously reported
243,537
290,975
Equity as adjusted
184,489
237,131
Analysis of the effect upon equity
Profit and loss reserves
(59,048)
(53,844)
Reconciliation of changes in profit for the previous financial period
2022
Notes
£
Adjustments to prior year
Deferred tax
1
5,204
Profit as previously reported
287,438
Profit as adjusted
292,642
T S KNITWEAR (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Prior period adjustment
(Continued)
- 8 -
Notes to reconciliation
Deferred Tax

(1) Deferred taxation was not provided for in previous years therefore prior period adjustments have been made to recognise the related provision.

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