T Shirt City Limited NI047941 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is retail of clothing Digita Accounts Production Advanced 6.30.9574.0 true true NI047941 2023-04-01 2024-03-31 NI047941 2024-03-31 NI047941 bus:OrdinaryShareClass1 2024-03-31 NI047941 core:RetainedEarningsAccumulatedLosses 2024-03-31 NI047941 core:ShareCapital 2024-03-31 NI047941 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI047941 core:MotorVehicles 2024-03-31 NI047941 core:OtherPropertyPlantEquipment 2024-03-31 NI047941 bus:SmallEntities 2023-04-01 2024-03-31 NI047941 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI047941 bus:AbridgedAccounts 2023-04-01 2024-03-31 NI047941 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI047941 bus:RegisteredOffice 2023-04-01 2024-03-31 NI047941 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 NI047941 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI047941 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI047941 core:Goodwill 2023-04-01 2024-03-31 NI047941 core:MotorVehicles 2023-04-01 2024-03-31 NI047941 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI047941 core:PlantMachinery 2023-04-01 2024-03-31 NI047941 core:VehiclesPlantMachinery 2023-04-01 2024-03-31 NI047941 countries:AllCountries 2023-04-01 2024-03-31 NI047941 2023-03-31 NI047941 core:MotorVehicles 2023-03-31 NI047941 core:OtherPropertyPlantEquipment 2023-03-31 NI047941 2022-04-01 2023-03-31 NI047941 2023-03-31 NI047941 bus:OrdinaryShareClass1 2023-03-31 NI047941 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI047941 core:ShareCapital 2023-03-31 NI047941 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI047941 core:MotorVehicles 2023-03-31 NI047941 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI047941

T Shirt City Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

T Shirt City Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

T Shirt City Limited

Company Information

Director

Mrs Phyllis Niblock

Company secretary

Mrs Phyllis Niblock

Registered office

13 Eglantine Avenue
BELFAST
BT9 6DW

Accountants

McKeague Morgan & Company
27 College Gardens
Belfast
BT9 6BS

 

T Shirt City Limited

(Registration number: NI047941)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

20,000

20,000

Tangible assets

5

6,967

5,450

 

26,967

25,450

Current assets

 

Stocks

6

7,150

7,150

Debtors

7

3,822

10,517

Cash at bank and in hand

 

42,385

20,907

 

53,357

38,574

Prepayments and accrued income

 

7

-

Creditors: Amounts falling due within one year

(6,550)

(11,009)

Net current assets

 

46,814

27,565

Total assets less current liabilities

 

73,781

53,015

Accruals and deferred income

 

(450)

(450)

Net assets

 

73,331

52,565

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

73,329

52,563

Total equity

 

73,331

52,565

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

T Shirt City Limited

(Registration number: NI047941)
Abridged Balance Sheet as at 31 March 2024

Approved and authorised by the director on 24 October 2024
 

.........................................
Mrs Phyllis Niblock
Company secretary and director

 

T Shirt City Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
13 Eglantine Avenue
BELFAST
BT9 6DW

These financial statements were authorised for issue by the director on 24 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

T Shirt City Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

0 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

T Shirt City Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 0).

 

T Shirt City Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

20,000

At 31 March 2024

20,000

Amortisation

Carrying amount

At 31 March 2024

20,000

At 31 March 2023

20,000

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

48,182

36,195

84,377

Additions

-

3,255

3,255

At 31 March 2024

48,182

39,450

87,632

Depreciation

At 1 April 2023

46,066

32,861

78,927

Charge for the year

529

1,209

1,738

At 31 March 2024

46,595

34,070

80,665

Carrying amount

At 31 March 2024

1,587

5,380

6,967

At 31 March 2023

2,116

3,334

5,450

6

Stocks

2024
£

2023
£

Other inventories

7,150

7,150

 

T Shirt City Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2