Registered number: 13399010
THOMAS PINK SHIRTMAKER LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 MAY 2023
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THOMAS PINK SHIRTMAKER LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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THOMAS PINK SHIRTMAKER LIMITED
REGISTERED NUMBER:13399010
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Provisions for liabilities
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THOMAS PINK SHIRTMAKER LIMITED
REGISTERED NUMBER:13399010
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2023
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 March 2025.
The notes on pages 3 to 9 form part of these financial statements.
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THOMAS PINK SHIRTMAKER LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
Thomas Pink Shirtmaker Limited is a limited liability company registered in England and Wales. Its registered office address is at Suite 1, 7th Floor 50 Broadway, London, SW1H 0BL.
The principal activity of the Company during the period was that of selling clothing.
The Company was incorporated and started trading on 14 May 2021.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which assumes the company is able to meet its obligations as they fall due for the foreseeable future.
The company performs a weekly assessment on short-term cash, trade and operational expenditure. The related cash flows and forecast of the company indicate there is sufficient head room to operate for the next 12 months and beyond.
The company was acquired on 5 December 2024 by a private equity firm. The Director has obtained assurance from the shareholders that funds will be made available to the company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months
Therefore, the company continues to adopt the going concern basis in the financial statements.
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THOMAS PINK SHIRTMAKER LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is £ Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Turnover comprises revenue recognised by the Company in respect of goods sold in the year exclusive of trade discounts and excluding value added tax.
Revenue is recognised when the Company has transferred the significant risks and rewards of ownership to the buyer.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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THOMAS PINK SHIRTMAKER LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Short-term leasehold property
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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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.
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THOMAS PINK SHIRTMAKER LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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The average monthly number of employees, including directors, during the period was 16 (2022 - 3).
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Charge for the period on owned assets
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THOMAS PINK SHIRTMAKER LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
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Short-term leasehold property
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Charge for the period on owned assets
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Amounts owed by group undertakings
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Called up share capital not paid
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Prepayments and accrued income
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THOMAS PINK SHIRTMAKER LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings include loans of £10,709,748 (2022-£3,232,601) which are secured by a fixed and floating charge over the assets of the Company.
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Charged to profit or loss
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Allotted, called up and fully paid
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The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,460 (2022: £2,274). Contributions totalling £4,108 (2022: £5,305) were payable to the fund at the reporting date and are included in creditors.
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Post balance sheet events
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On 5 December 2024, the Company was acquired by Original Pink LLC from Lisroyan Group Holdings LLC. As a part of the acquisition, the loan balance including interest payable to group undertakings amounting to £10,709,748 is to be written off subsequently.
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THOMAS PINK SHIRTMAKER LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
Prior to its acquisition on 5 December 2024, the ultimate parent company of the Group was Lisroyan Group Holdings LLC, a company registered in Delaware, USA. Following the acquisition, the Group's new ultimate controlling party is Original Pink LLC, a company registered in Delaware, USA.
The auditors' report on the financial statements for the period ended 31 May 2023 was qualified.
The qualification in the audit report was as follows:
In December 2024, a new management team assumed control of the Company following acquisition. As a result, we were unable to obtain sufficient appropriate audit evidence in relation to the following material account balances and transactions:
• We have not obtained confirmations for intercompany balances, and hence we were unable to verify the
accuracy and completeness of such balances.
• We were unable to obtain the revised inter-company loan agreement and the balance confirmation as at the year ended 31 May 2023 in respect of a loan received. As a result, we were unable to verify the completeness and accuracy of these liabilities.
• We have not obtained the year-end stock report, purchase invoices and a stock reconciliation. Consequently,we were unable to confirm the accuracy and valuation of the inventory balance included in the financial statements.
• We have not obtained relevant information to be able to perform testing on income and the cost of sales for the year ended 31 May 2023. Consequently, we were unable to verify the completeness and accuracy of the balances recognised.
• We were unable to obtain the credit card statements in respect to balances as at 31 May 2023. As a result, we could not confirm the existence and accuracy of this balance.
• We were unable to verify the accuracy and completeness of the VAT balance as at 31 May 2023 due to a VAT reconciliation not being provided.
Consequently we were unable to determine whether any adjustments to these amounts were necessary.
The audit report was signed on 18 March 2025 by Sean Brennan FCCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.
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