Company registration number 03978308 (England and Wales)
Terry's Textiles Limited
Unaudited Financial Statements
For the year ended 30 September 2025
Terry's Textiles Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Terry's Textiles Limited
Statement Of Financial Position
As at 30 September 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
307,077
212,968
Tangible assets
4
76,825
78,965
383,902
291,933
Current assets
Stocks
5
414,753
513,775
Debtors
6
347,099
391,347
Cash at bank and in hand
373,427
520,564
1,135,279
1,425,686
Creditors: amounts falling due within one year
7
(1,057,236)
(1,185,848)
Net current assets
78,043
239,838
Total assets less current liabilities
461,945
531,771
Provisions for liabilities
(14,600)
(19,741)
Net assets
447,345
512,030
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
447,245
511,930
Total equity
447,345
512,030
Terry's Textiles Limited
Statement Of Financial Position (continued)
As at 30 September 2025
- 2 -

For the financial year ended 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 June 2026 and are signed on its behalf by:
Mr P McGuinness
Director
Company registration number 03978308 (England and Wales)
Terry's Textiles Limited
Notes to the financial statements
For the year ended 30 September 2025
- 3 -
1
Accounting policies
Company information

Terry's Textiles Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6-8 Winpenny Road, Parkhouse Industrial Estate East, Newcastle, England, ST5 7RH.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue comprises sales of goods provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development costs
3 years
Patents & licences
5 years

No amortisation is charged until the patent becomes active.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Terry's Textiles Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% Straight line
Fixtures and fittings
20% Reducing balance
Computers
20% Straight line
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Terry's Textiles Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Terry's Textiles Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13

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 of 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
34
38
Terry's Textiles Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
- 7 -
3
Intangible fixed assets
Website development costs
Patents & licences
Total
£
£
£
Cost
At 1 October 2024
980,606
12,483
993,089
Additions
251,491
1,840
253,331
Disposals
-
0
(14,323)
(14,323)
At 30 September 2025
1,232,097
-
0
1,232,097
Amortisation and impairment
At 1 October 2024
780,121
-
0
780,121
Amortisation charged for the year
144,899
-
0
144,899
At 30 September 2025
925,020
-
0
925,020
Carrying amount
At 30 September 2025
307,077
-
0
307,077
At 30 September 2024
200,485
12,483
212,968
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2024
99,251
277,598
58,142
55,544
490,535
Additions
25,417
-
0
2,901
-
0
28,318
At 30 September 2025
124,668
277,598
61,043
55,544
518,853
Depreciation and impairment
At 1 October 2024
87,585
247,305
41,549
35,131
411,570
Depreciation charged in the year
7,165
11,009
7,184
5,100
30,458
At 30 September 2025
94,750
258,314
48,733
40,231
442,028
Carrying amount
At 30 September 2025
29,918
19,284
12,310
15,313
76,825
At 30 September 2024
11,666
30,293
16,593
20,413
78,965
Terry's Textiles Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
- 8 -
5
Stocks
2025
2024
£
£
Stocks
414,753
513,775

During 2023 and 2024 the business transitioned 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 2024 year end results being impacted by this old stock which was sold at a discounted rate. This process was completed in the comparative 2024 period 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.

6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
917
4,449
Amounts owed by group undertakings
306,581
292,852
Other debtors
39,601
94,046
347,099
391,347
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
27,118
-
0
Trade creditors
826,348
895,002
Taxation and social security
119,938
151,793
Other creditors
83,832
139,053
1,057,236
1,185,848
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
Notes to the financial statements (continued)
For the year ended 30 September 2025
- 9 -
9
Related party transactions

The company has taken advantage of the exemption from the disclosures accounting 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 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.

2025-09-30 2024-10-01 false false false 24 June 2026 CCH Software CCH Accounts Production 2026.100 No description of principal activity Mr P McGuinness Mr Terry Baskeyfield Mrs Ann Baskeyfield Mr G M Coxall Mr P McGuinness 03978308 2024-10-01 2025-09-30 03978308 2025-09-30 03978308 2024-09-30 03978308 core:ComputerSoftware 2025-09-30 03978308 core:PatentsTrademarksLicencesConcessionsSimilar 2025-09-30 03978308 core:ComputerSoftware 2024-09-30 03978308 core:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 03978308 core:LeaseholdImprovements 2025-09-30 03978308 core:FurnitureFittings 2025-09-30 03978308 core:ComputerEquipment 2025-09-30 03978308 core:MotorVehicles 2025-09-30 03978308 core:LeaseholdImprovements 2024-09-30 03978308 core:FurnitureFittings 2024-09-30 03978308 core:ComputerEquipment 2024-09-30 03978308 core:MotorVehicles 2024-09-30 03978308 core:CurrentInventories 2025-09-30 03978308 core:CurrentInventories 2024-09-30 03978308 core:CurrentFinancialInstruments core:WithinOneYear 2025-09-30 03978308 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 03978308 core:ShareCapital 2025-09-30 03978308 core:ShareCapital 2024-09-30 03978308 core:RetainedEarningsAccumulatedLosses 2025-09-30 03978308 core:RetainedEarningsAccumulatedLosses 2024-09-30 03978308 bus:CompanySecretaryDirector1 2024-10-01 2025-09-30 03978308 core:IntangibleAssetsOtherThanGoodwill 2024-10-01 2025-09-30 03978308 core:ComputerSoftware 2024-10-01 2025-09-30 03978308 core:PatentsTrademarksLicencesConcessionsSimilar 2024-10-01 2025-09-30 03978308 core:LeaseholdImprovements 2024-10-01 2025-09-30 03978308 core:FurnitureFittings 2024-10-01 2025-09-30 03978308 core:ComputerEquipment 2024-10-01 2025-09-30 03978308 core:MotorVehicles 2024-10-01 2025-09-30 03978308 2023-10-01 2024-09-30 03978308 core:ComputerSoftware 2024-09-30 03978308 core:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 03978308 2024-09-30 03978308 core:ComputerSoftware core:ExternallyAcquiredIntangibleAssets 2024-10-01 2025-09-30 03978308 core:PatentsTrademarksLicencesConcessionsSimilar core:ExternallyAcquiredIntangibleAssets 2024-10-01 2025-09-30 03978308 core:ExternallyAcquiredIntangibleAssets 2024-10-01 2025-09-30 03978308 core:LeaseholdImprovements 2024-09-30 03978308 core:FurnitureFittings 2024-09-30 03978308 core:ComputerEquipment 2024-09-30 03978308 core:MotorVehicles 2024-09-30 03978308 core:CurrentFinancialInstruments 2025-09-30 03978308 core:CurrentFinancialInstruments 2024-09-30 03978308 bus:PrivateLimitedCompanyLtd 2024-10-01 2025-09-30 03978308 bus:SmallCompaniesRegimeForAccounts 2024-10-01 2025-09-30 03978308 bus:FRS102 2024-10-01 2025-09-30 03978308 bus:AuditExemptWithAccountantsReport 2024-10-01 2025-09-30 03978308 bus:Director1 2024-10-01 2025-09-30 03978308 bus:Director2 2024-10-01 2025-09-30 03978308 bus:Director3 2024-10-01 2025-09-30 03978308 bus:Director4 2024-10-01 2025-09-30 03978308 bus:CompanySecretary1 2024-10-01 2025-09-30 03978308 bus:FullAccounts 2024-10-01 2025-09-30 xbrli:pure xbrli:shares iso4217:GBP