36 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 85,757 56,016 14,287 70,303 15,454 29,741 326,877 292,308 34,569 34,569 326,877 xbrli:pure xbrli:shares iso4217:GBP 04462474 2023-07-01 2024-06-30 04462474 2024-06-30 04462474 2023-06-30 04462474 2022-07-01 2023-06-30 04462474 2023-06-30 04462474 2022-06-30 04462474 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 04462474 core:PlantMachinery 2023-07-01 2024-06-30 04462474 core:FurnitureFittings 2023-07-01 2024-06-30 04462474 core:MotorVehicles 2023-07-01 2024-06-30 04462474 bus:Director1 2023-07-01 2024-06-30 04462474 bus:Director2 2023-07-01 2024-06-30 04462474 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 04462474 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 04462474 core:PlantMachinery 2023-06-30 04462474 core:FurnitureFittings 2023-06-30 04462474 core:MotorVehicles 2023-06-30 04462474 core:PlantMachinery 2024-06-30 04462474 core:FurnitureFittings 2024-06-30 04462474 core:MotorVehicles 2024-06-30 04462474 core:WithinOneYear 2024-06-30 04462474 core:WithinOneYear 2023-06-30 04462474 core:ShareCapital 2024-06-30 04462474 core:ShareCapital 2023-06-30 04462474 core:RevaluationReserve 2024-06-30 04462474 core:RevaluationReserve 2023-06-30 04462474 core:RetainedEarningsAccumulatedLosses 2024-06-30 04462474 core:RetainedEarningsAccumulatedLosses 2023-06-30 04462474 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 04462474 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 04462474 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-06-30 04462474 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 04462474 core:Non-currentFinancialInstruments 2024-06-30 04462474 core:Non-currentFinancialInstruments 2023-06-30 04462474 core:PlantMachinery 2023-06-30 04462474 core:FurnitureFittings 2023-06-30 04462474 core:MotorVehicles 2023-06-30 04462474 bus:Director1 2023-06-30 04462474 bus:Director1 2024-06-30 04462474 bus:Director2 2023-06-30 04462474 bus:Director2 2024-06-30 04462474 bus:Director1 2022-06-30 04462474 bus:Director1 2023-06-30 04462474 bus:Director2 2022-06-30 04462474 bus:Director2 2023-06-30 04462474 bus:Director1 2022-07-01 2023-06-30 04462474 bus:Director2 2022-07-01 2023-06-30 04462474 bus:SmallEntities 2023-07-01 2024-06-30 04462474 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 04462474 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 04462474 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04462474 bus:FullAccounts 2023-07-01 2024-06-30 04462474 core:OfficeEquipment 2023-07-01 2024-06-30 04462474 core:OfficeEquipment 2023-06-30 04462474 core:OfficeEquipment 2024-06-30
COMPANY REGISTRATION NUMBER: 04462474
TShirt Studio Limited
Filleted Unaudited Financial Statements
30 June 2024
TShirt Studio Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
15,454
29,741
Tangible assets
6
149,010
170,829
Investments
7
34,569
326,877
---------
---------
199,033
527,447
Current assets
Stocks
149,979
144,290
Debtors
8
62,241
63,324
Cash at bank and in hand
728,287
269,358
---------
---------
940,507
476,972
Creditors: amounts falling due within one year
9
416,880
316,294
---------
---------
Net current assets
523,627
160,678
---------
---------
Total assets less current liabilities
722,660
688,125
Provisions
Taxation including deferred tax
28,300
42,707
---------
---------
Net assets
694,360
645,418
---------
---------
Capital and reserves
Called up share capital
130
130
Revaluation reserve
53,726
32,730
Profit and loss account
640,504
612,558
---------
---------
Shareholders funds
694,360
645,418
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TShirt Studio Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 21 March 2025 , and are signed on behalf of the board by:
Mr D Liddle
Mr H West
Director
Director
Company registration number: 04462474
TShirt Studio Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oakley House, Tetbury road, Cirencester, Gloucestershire, GL7 1US.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Improvement to short lease
-
16% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Fixtures and fittings
-
33% straight line
Motor vehicles
-
20% reducing balance
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 36 (2023: 33 ).
5. Intangible assets
Development costs
£
Cost
At 1 July 2023 and 30 June 2024
85,757
--------
Amortisation
At 1 July 2023
56,016
Charge for the year
14,287
--------
At 30 June 2024
70,303
--------
Carrying amount
At 30 June 2024
15,454
--------
At 30 June 2023
29,741
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
750,006
33,058
6,525
32,947
822,536
Additions
52,161
414
38,099
6,028
96,702
Disposals
( 293,884)
( 6,525)
( 5,755)
( 306,164)
---------
--------
--------
--------
---------
At 30 June 2024
508,283
33,472
38,099
33,220
613,074
---------
--------
--------
--------
---------
Depreciation
At 1 July 2023
586,962
32,311
3,852
28,582
651,707
Charge for the year
63,276
509
5,080
3,579
72,444
Disposals
( 250,480)
( 3,852)
( 5,755)
( 260,087)
---------
--------
--------
--------
---------
At 30 June 2024
399,758
32,820
5,080
26,406
464,064
---------
--------
--------
--------
---------
Carrying amount
At 30 June 2024
108,525
652
33,019
6,814
149,010
---------
--------
--------
--------
---------
At 30 June 2023
163,044
747
2,673
4,365
170,829
---------
--------
--------
--------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 July 2023
326,877
Additions
( 292,308)
---------
At 30 June 2024
34,569
---------
Impairment
At 1 July 2023 and 30 June 2024
---------
Carrying amount
At 30 June 2024
34,569
---------
At 30 June 2023
326,877
---------
8. Debtors
2024
2023
£
£
Trade debtors
320
741
Other debtors
61,921
62,583
--------
--------
62,241
63,324
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
203,722
202,290
Corporation tax
62,248
11,572
Social security and other taxes
97,801
88,725
Other creditors
53,109
13,707
---------
---------
416,880
316,294
---------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr D Liddle
( 168)
( 11,962)
( 12,130)
Mr H West
( 259)
( 13,193)
( 13,452)
----
--------
--------
( 427)
( 25,155)
( 25,582)
----
--------
--------
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr D Liddle
11
( 179)
( 168)
Mr H West
( 60)
( 199)
( 259)
----
----
----
( 49)
( 378)
( 427)
----
----
----