The TShirt Factory Europe Limited - Filleted accounts

The TShirt Factory Europe Limited - Filleted accounts

THE TSHIRT FACTORY EUROPE LIMITED - Company Information

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Registered number
08181574
The TShirt Factory Europe Limited
Filleted Accounts
31 January 2017
The TShirt Factory Europe Limited
Registered number: 08181574
Balance Sheet
as at 31 January 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 32,799 28,526
Current assets
Stocks 127,612 65,466
Debtors 3 328,085 236,180
Cash at bank and in hand 54,139 2
509,836 301,648
Creditors: amounts falling due within one year 4 (375,242) (284,684)
Net current assets 134,594 16,964
Total assets less current liabilities 167,393 45,490
Provisions for liabilities (5,859) (4,654)
Net assets 161,534 40,836
Capital and reserves
Called up share capital 1 1
Profit and loss account 161,533 40,835
Shareholder's funds 161,534 40,836
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N J Higgins
Director
Approved by the board on 30 October 2017
The TShirt Factory Europe Limited
Notes to the Accounts
for the year ended 31 January 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland as applied to small entities by section 1A of the standard.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Expenditure on leasehold property 25% straight line basis
Plant, machinery and equipment 20% reducing balance basis
Motor vehicles 20% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Leasehold property Plant, machinery and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2016 7,007 26,918 12,950 46,875
Additions - 19,031 - 19,031
Disposals - (12,387) - (12,387)
At 31 January 2017 7,007 33,562 12,950 53,519
Depreciation
At 1 February 2016 1,752 10,047 6,550 18,349
Charge for the year 1,752 6,044 1,280 9,076
On disposals - (6,705) - (6,705)
At 31 January 2017 3,504 9,386 7,830 20,720
Net book value
At 31 January 2017 3,503 24,176 5,120 32,799
At 31 January 2016 5,255 16,871 6,400 28,526
3 Debtors 2017 2016
£ £
Trade debtors 326,939 232,032
Other debtors 1,146 4,148
328,085 236,180
4 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts - 10,388
Trade creditors 267,706 190,221
Corporation tax 37,769 18,500
Other taxes and social security costs 49,472 33,343
Other creditors 20,295 32,232
375,242 284,684
5 Controlling party
The director, Mr N J Higgins is the controlling party.
6 Other information
The TShirt Factory Europe Limited is a private company limited by shares and incorporated in England. Its registered office is:
Hayre Building
Ulverscroft Road
Leicester
LE4 6BY
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