REGISTERED NUMBER: 04745669 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

T Shirt & Sons Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

P Boonekamp

A Egressy

REGISTERED OFFICE:

6-9 Falcon Park

West Wilts Trading Estate

Westbury

Wiltshire

BA13 4GZ

REGISTERED NUMBER:

04745669 (England and Wales)

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

T Shirt and Sons Ltd have continued to invest in new printing machinery and new printing techniques to improve efficiency and broaden product range for our customers.During 2025, the decision was taken to close the high cost subsidiary in Venlo, Netherlands - T Shirt and Sons BV. These operations are now been undertaken at a facility in Poland, owned by parent company PF Concept Internationale, helping reduce both variable and fixed costs going forward.

Turnover for the year under review showed an increase of £0.5m up versus prior year.The company made a loss before tax of £3.5m, an increase of £1.4m on the loss for the year to 31 December 2023. This is impacted by the write-off of end of life printing machines of £1.2m.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have identified the following principal risks and uncertainties affecting the company:

Market risk

With an ever-changing horizon in technology, the directors are aware of the potential for new processes that will bring efficiencies and better products to our marketplace. To this extent the company constantly looks at new methods of production to seek out increasing levels of efficiency and quality. We bulk buy materials where appropriate and forecast all purchasing to benefit from economies of scale.

Legislative and regulatory risk

The directors remain alert to the impact of regulatory and legislative changes on the company's operations. The management team continue to monitor the changing environment and alter resource, planning, systems and processes accordingly.

The fluctuation in foreign exchange rates due to the political situations both in the UK and globally presents a challenge and we continue to monitor currency movements to set budgetary rates at reasonable levels and hedge when appropriate.

Actions of competitors

The directors continue to take appropriate steps to develop new products and new markets. Investment in new processes and technology enables the group to remain competitive. Continuous improvement in existing processes is supplemented by investment in new products to offer a more complete offering for our customers.

KEY PERFORMANCE INDICATORS

The company monitors its performance using a number of measures. These include Key Performance Indicators for sales, capacity, manpower and quality control across the two manufacturing facilities. The Indicators are presented at the monthly management meetings to monitor constant improvements. They also serve as a measure to make sure our management team are reaching and exceeding the targets set by the Board.

2024

2023

Turnover (£)

9,483,285

8,966,396

Gross profit (£)

1,946,067

2,284,505

Gross profit margin

32%

25%

Loss before tax (£)

(3,462,203)

(2,120,665)

ON BEHALF OF THE BOARD:

A Egressy - Director

29 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

P Boonekamp

A Egressy

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

A Egressy - Director

29 September 2025

Opinion

We have audited the financial statements of T Shirt & Sons Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance

with laws and regulations and fraud;

-

Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

-

Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;

-

Review of tax compliance;

-

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of

expenses;

-

Testing transactions entered into outside of the normal course of the Company's business; and

-

Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals

with round numbers.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

29 September 2025

TURNOVER

3

9,483,285

8,966,936

Cost of sales

7,537,218

6,682,431

GROSS PROFIT

1,946,067

2,284,505

Administrative expenses

5,016,180

4,908,760

(3,070,113

)

(2,624,255

)

Other operating income

-

746,658

OPERATING LOSS

5

(3,070,113

)

(1,877,597

)

Interest receivable and similar income

1,002

138

(3,069,111

)

(1,877,459

)

Interest payable and similar expenses

6

393,092

243,206

LOSS BEFORE TAXATION

(3,462,203

)

(2,120,665

)

Tax on loss

7

275,552

(497,926

)

LOSS FOR THE FINANCIAL YEAR

(3,737,755

)

(1,622,739

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(3,737,755

)

(1,622,739

)

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

2,828,768

4,644,033

Investments

10

4,227

4,227

2,832,995

4,648,260

CURRENT ASSETS

Stocks

11

987,993

874,914

Debtors

12

4,234,954

4,274,275

Cash at bank

551,045

2,116,489

5,773,992

7,265,678

CREDITORS

Amounts falling due within one year

13

9,657,920

9,521,668

NET CURRENT LIABILITIES

(3,883,928

)

(2,255,990

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,050,933

)

2,392,270

PROVISIONS FOR LIABILITIES

15

308,820

14,268

NET (LIABILITIES)/ASSETS

(1,359,753

)

2,378,002

CAPITAL AND RESERVES

Called up share capital

16

102

102

Retained earnings

(1,359,855

)

2,377,900

SHAREHOLDERS' FUNDS

(1,359,753

)

2,378,002

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

A Egressy - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

102

4,000,639

4,000,741

Changes in equity

Total comprehensive income

-

(1,622,739

)

(1,622,739

)

Balance at 31 December 2023

102

2,377,900

2,378,002

Changes in equity

Total comprehensive income

-

(3,737,755

)

(3,737,755

)

Balance at 31 December 2024

102

(1,359,855

)

(1,359,753

)

1.	STATUTORY INFORMATION

T Shirt & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

For the year ended 31 December 2024 the Company incurred a loss before tax of £3,462,203 (2023: £2,120,665). As at 31 December 2024 the Company had net liabilities of £1,359,753 (2023: £2,378,002 net asset position). The management of the Company have assessed its ability to continue as a going concern and deems that the going concern assertion is appropriate.

The Company has the continued support of its parent company who are able to provide funds to the Company as necessary.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c).

Preparation of consolidated financial statements

The financial statements contain information about T Shirt & Sons Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, CB Poly Holdings LLC, Corporation Trust Centre 1209 Orange Street, Wilmington, New Castle, DE, 19801, USA.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.

The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Trade and other debtors

The allowance for doubtful accounts involves significant management judgement and review of individual receivables based on individual customer creditworthiness, current economic trends and analysis of historical bad debts on a portfolio basis.

Investments

Investments are stated at their historic cost to the company, less, where appropriate, impairment provisions for any permanent or temporary diminution in value. The determination of the recoverable amount of an investment involves the use of estimates by management.

Stock provisions

Significant estimates are involved in the determination of stock provisions. Management exercise judgement in determining whether costs of stock items can be recovered. A provision is made where a loss is likely and can be reliably estimated.

Turnover

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

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover represents amounts receivable for goods net of VAT and trade discounts. Sales income includes turnover earned under a wide variety of contracts to provide computer support and maintenance services. e Turnover is recognised as contract activity progresses to the extent that the company obtains the right to consideration in exchange for its performance under these contracts and so that for incomplete contracts it reflects the partial performance of the contractual obligations. It is measured at the fair value of the right to consideration, by reference to the value of work performed, based on amounts chargeable to customers, excluding VAT.

Turnover earned but not billed to customers is included in accrued income and amounts billed in advance of the revenue being recognised are included in deferred income.

Sales of goods are recognised on transfer of title of the goods on dispatch.

Interest income

Interest income is recognised using the effective interest rate method.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. Tangible fixed assets are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of items.

Short leasehold

-

10% on a straight line basis

Plant and machinery

-

15% on reducing balance or 20% on a straight line basis

Computer equipment

-

20% - 33% on a straight line basis

Repairs and maintenance costs are expensed as incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stock is 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 inventory 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.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current and deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessment in periods different from those in which they are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.

Foreign currency 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. 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 the profit and loss account.

Foreign exchange gains are presented in the profit and loss account within other operating income. Foreign exchange losses are presented in the profit and loss account within administrative expenses.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The obligations are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

Share capital

Ordinary shares are classified as equity.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at call with banks.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Sale of goods

9,400,819

8,920,949

Other income

82,466

45,987

9,483,285

8,966,936

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

7,537,964

6,254,845

Europe

1,478,054

2,171,614

Rest of the World

467,267

540,477

9,483,285

8,966,936

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,901,603

3,522,035

Social security costs

217,598

285,369

Other pension costs

47,541

57,460

3,166,742

3,864,864

The average number of employees during the year was as follows:

2024

2023

Managerial

5

5

Operational

59

79

64

84

2024

2023

£

£

Directors' remuneration

-

248,064

Key management includes members of senior management who are not directors. The compensation paid or payable to key management for employee services is shown below:

2024

2023

£

£

Salaries and other short term benefits

220,673

173,198

5.	OPERATING LOSS

The operating loss is stated after charging:

2024

2023

£

£

Depreciation - owned assets

1,016,609

1,181,044

Loss on disposal of fixed assets

1,217,945

-

Goodwill amortisation

-

3,041

Auditors' remuneration

27,185

24,328

Foreign exchange differences

161,197

122,933

Operating leases

-

241,990

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Intercompany loan

393,092

243,206

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the loss for the year was as follows:

2024

2023

£

£

Deferred tax

275,552

(497,926

)

Tax on loss

275,552

(497,926

)

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Loss before tax

(3,462,203

)

(2,120,665

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

(865,551

)

(498,356

)

Effects of:

Expenses not deductible for tax purposes

303,021

7,692

Capital allowances in excess of depreciation

-

(61,961

)

Depreciation in excess of capital allowances

64,457

-

Deferred tax due to timing differences

275,552

(497,926

)

rates

Losses carried forward

498,073

552,625

Total tax charge/(credit)

275,552

(497,926

)

The main UK corporation tax rate increased from 19% to 25% from 1 April 2023. The rate of 23.500% used is calculated by prorating the rates of 19% and 25% over the period 1 January 2023 to 31 December 2023.

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

182,500

AMORTISATION

At 1 January 2024

and 31 December 2024

182,500

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

9.	TANGIBLE FIXED ASSETS

Short

Plant and

Computer

leasehold

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2024

492,456

10,401,507

1,080,768

11,974,731

Additions

27,566

87,496

304,227

419,289

Disposals

-

(4,684,465

)

-

(4,684,465

)

At 31 December 2024

520,022

5,804,538

1,384,995

7,709,555

DEPRECIATION

At 1 January 2024

200,785

6,588,092

541,821

7,330,698

Charge for year

41,764

861,371

113,474

1,016,609

Eliminated on disposal

-

(3,466,520

)

-

(3,466,520

)

At 31 December 2024

242,549

3,982,943

655,295

4,880,787

NET BOOK VALUE

At 31 December 2024

277,473

1,821,595

729,700

2,828,768

At 31 December 2023

291,671

3,813,415

538,947

4,644,033

10.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

4,227

NET BOOK VALUE

At 31 December 2024

4,227

At 31 December 2023

4,227

The company's investments at the Balance Sheet date in the share capital of companies include the following:

T Shirt & Sons BV

Registered office: Lauren Janszoon Costerstraat 50, 5916PS, Venlo, The Netherlands

Nature of business: Printing of T-shirts

%

Class of shares:

holding

Ordinary

100.00