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Registration number: 04066286

T-Shirts 4 Less Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

T-Shirts 4 Less Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

T-Shirts 4 Less Ltd

Company Information

Directors

V Lykourgos

E Lykourgos

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd 590 Green Lanes
Palmers Green
London
N13 5RY

 

T-Shirts 4 Less Ltd

(Registration number: 04066286)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

80,258

78,930

Current assets

 

Stocks

5

21,360

26,742

Debtors

6

192,341

274,318

Cash at bank and in hand

 

2,269,261

2,070,450

 

2,482,962

2,371,510

Creditors: Amounts falling due within one year

7

(655,100)

(660,696)

Net current assets

 

1,827,862

1,710,814

Net assets

 

1,908,120

1,789,744

Capital and reserves

 

Called up share capital

8

262,000

262,000

Retained earnings

1,646,120

1,527,744

Shareholders' funds

 

1,908,120

1,789,744

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 June 2025 and signed on its behalf by:
 

.........................................
V Lykourgos
Director

 

T-Shirts 4 Less Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
1 Temple Parade
Netherlands Road
Barnet
Herts
EN5 1DN

These financial statements were authorised for issue by the Board on 23 June 2025.

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 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 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.

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-Shirts 4 Less Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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

Freehold property

2% straight line

Leasehold property

21 years

Fixtures, fittings & equipment

25% reducing balance method

Motor vehicles

25% reducing balance method

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.

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.

 

T-Shirts 4 Less Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

T-Shirts 4 Less Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

123,907

70,803

8,050

202,760

Additions

7,411

377

-

7,788

At 30 September 2024

131,318

71,180

8,050

210,548

Depreciation

At 1 October 2023

52,527

63,578

7,725

123,830

Charge for the year

4,234

1,901

325

6,460

At 30 September 2024

56,761

65,479

8,050

130,290

Carrying amount

At 30 September 2024

74,557

5,701

-

80,258

At 30 September 2023

71,380

7,225

325

78,930

Included within the net book value of land and buildings above is £67,219 (2023 - £61,384) in respect of freehold land and buildings and £7,338 (2023 - £9,996) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

21,360

26,742

6

Debtors

Current

2024
£

2023
£

Trade debtors

141,210

216,525

Prepayments

2,483

1,292

Other debtors

48,648

56,501

 

192,341

274,318

 

T-Shirts 4 Less Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

326,801

360,796

Amounts owed by group undertakings and undertakings in which the company has a participating interest

182,395

159,501

Outstanding defined contribution pension costs

163

394

Accruals and deferred income

16,500

27,500

Taxation and social security

39,198

42,479

Income tax liability

88,954

70,026

Other creditors

1,089

-

655,100

660,696

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

262,000

262,000

262,000

262,000

       

9

Dividends

2024

2023

£

£

Interim dividend of £0.522 (2023 - £0.572) per ordinary share

137,000

150,000

 

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Lyko Holdings Ltd,a company incorporated in the UK.

 The ultimate controlling party is V Lykourgos, the director of the company.

Included in other debtors is an amount of £36,501 (2023: £56,501) owed from G & V Properties Ltd, a company with common shareholders. During the year the company paid rent of £11,288 (2023: £11,288).