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REGISTERED NUMBER: 03978308 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

TERRY'S TEXTILES LIMITED

TERRY'S TEXTILES LIMITED (REGISTERED NUMBER: 03978308)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 8


TERRY'S TEXTILES LIMITED (REGISTERED NUMBER: 03978308)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 212,968 14,518
Property, plant and equipment 5 78,965 94,251
291,933 108,769

CURRENT ASSETS
Inventories 513,775 682,228
Debtors 6 391,347 493,632
Cash at bank and in hand 520,564 499,977
1,425,686 1,675,837
CREDITORS
Amounts falling due within one year 7 (1,185,848 ) (1,053,611 )
NET CURRENT ASSETS 239,838 622,226
TOTAL ASSETS LESS CURRENT
LIABILITIES

531,771

730,995

PROVISIONS FOR LIABILITIES (19,741 ) (23,563 )
NET ASSETS 512,030 707,432

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 511,930 707,332
SHAREHOLDERS' FUNDS 512,030 707,432

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TERRY'S TEXTILES LIMITED (REGISTERED NUMBER: 03978308)

STATEMENT OF FINANCIAL POSITION - continued
30 SEPTEMBER 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2025 and were signed on its behalf by:





P A McGuinness - Director


TERRY'S TEXTILES LIMITED (REGISTERED NUMBER: 03978308)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

TERRY'S TEXTILES LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03978308

Registered office: Unit 6-8 Winpenny Road
Parkhouse Industrial Estate
Newcastle
Staffordshire
ST5 7RH

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgements that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

i) Estimated useful lives and residual values of fixed assets

As described in the notes to the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

REVENUE RECOGNITION
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Website development costs are being amortised evenly over their estimated useful life of three years.

No amortisation is charged until the patent becomes active.

TERRY'S TEXTILES LIMITED (REGISTERED NUMBER: 03978308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% straight line
Fixtures and fittings - 20% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 20% straight line

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

STOCKS
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


TERRY'S TEXTILES LIMITED (REGISTERED NUMBER: 03978308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

RESEARCH AND DEVELOPMENT
Development expenditure incurred is capitalised as an intangible asset only when all of the
following criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or
sale;

- There is the intention to complete the intangible asset and use or sell it;

- There is the ability to use or sell the intangible asset;

- The use or sale of the intangible asset will generate probable future economic benefits;

- There are adequate technical, financial and other resources available to complete the
development and to use or sell the intangible asset; and

- The expenditure attributable to the intangible asset during its development can be measured
reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

TERRY'S TEXTILES LIMITED (REGISTERED NUMBER: 03978308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

EMPLOYEE BENEFITS
The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expenses in the profit and loss account in the period in which they are incurred

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 41 ) .

4. INTANGIBLE FIXED ASSETS
Patents Website
and development
licences costs Totals
£    £    £   
COST
At 1 October 2023 10,072 679,879 689,951
Additions 2,411 300,727 303,138
At 30 September 2024 12,483 980,606 993,089
AMORTISATION
At 1 October 2023 - 675,433 675,433
Amortisation for year - 104,688 104,688
At 30 September 2024 - 780,121 780,121
NET BOOK VALUE
At 30 September 2024 12,483 200,485 212,968
At 30 September 2023 10,072 4,446 14,518

TERRY'S TEXTILES LIMITED (REGISTERED NUMBER: 03978308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Long and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 99,251 277,078 68,270 46,929 491,528
Additions - 520 8,250 12,163 20,933
Disposals - - (20,976 ) (950 ) (21,926 )
At 30 September 2024 99,251 277,598 55,544 58,142 490,535
DEPRECIATION
At 1 October 2023 81,095 239,840 41,081 35,261 397,277
Charge for year 6,490 7,465 5,201 7,064 26,220
Eliminated on disposal - - (11,151 ) (776 ) (11,927 )
At 30 September 2024 87,585 247,305 35,131 41,549 411,570
NET BOOK VALUE
At 30 September 2024 11,666 30,293 20,413 16,593 78,965
At 30 September 2023 18,156 37,238 27,189 11,668 94,251

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 4,449 55,588
Amounts owed by group undertakings 292,852 412,789
Other debtors 94,046 25,255
391,347 493,632

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade creditors 895,002 684,791
Taxation and social security 151,793 278,709
Other creditors 139,053 90,111
1,185,848 1,053,611

8. SECURED DEBTS

The company's bankers hold a debenture that is secured by a fixed and floating charge over all the property and undertaking of the company.

TERRY'S TEXTILES LIMITED (REGISTERED NUMBER: 03978308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


9. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption from the disclosures according to FRS 102 Section 33.1A, regarding the transactions between fellow group companies, where the subsidiary party to the transaction is wholly owned by such a member.

A property used by the business is owned by a director but no rent was charged during the year. All other transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material.

10. ULTIMATE PARENT UNDERTAKING

The ultimate parent undertaking is Gildward Limited, a company registered in England and Wales. The registered office is c/o DPC, Stone House, Stone Road Business Park, Stone Road, Stoke on Trent, ST4 6SR. The principal place of business is Unit 6-8 Winpenny Road, Newcastle, Staffs ST5 7RH.

There is no one controlling party of the parent company.

11. GOING CONCERN

The accounts have been prepared on the going concern basis. The directors believe this to be appropriate at 30 September 2024.

12. STOCK

Over the last two years the business has been transitioning from an inventory held in-house model to a drop ship model business. As part of this transition, a volume of stock was identified in-house that was old and slow-moving and needed to be cleared, and was therefore sold at a heavily discounted rate to allow the reduction of warehouse space and cost. During this transition, the one off clearing process for this stock resulted in the year-end 2024 results being impacted by this old stock which was sold at a discounted rate. This process has now been completed and is seen by the directors as a one off event that will not be repeated due to the fact stock holding massively reduced as a result of transitioning to a drop ship model.