T2 TEA (UK) LIMITED

• ⚠

  Annual accounts overdue

  Due 2025-09-30.

• ⚠

  Material uncertainty over going concern

  In November 2022 the directors took the decision to cease trading in February 2023. As the directors do not intend to acquire a replacement trade, they have not prepared the financial statements on a going concern basis. This decision is a result of the loss-making nature of the company, coupled with the directors being unable to establish a path to profitability in future years. ekaterra B.V, the intermediate parent entity, has agreed to provide financial support to facilitate the wind-up of the company. Accordingly, the directors have not prepared the financial statements on a going concern basis. As a result, assets and liabilities have been measured at their estimated realisable values and settlement amounts rather than on a going concern basis. Our opinion is not modified in respect of this matter.

• ◆

  Audit opinion: Qualified

  Latest auditor's report carried a non-clean opinion.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Ballards LLP

Audit opinion

Qualified

Going concern

Material uncertainty disclosed

“In November 2022 the directors took the decision to cease trading in February 2023. As the directors do not intend to acquire a replacement trade, they have not prepared the financial statements on a going concern basis. This decision is a result of the loss-making nature of the company, coupled with the directors being unable to establish a path to profitability in future years. ekaterra B.V, the intermediate parent entity, has agreed to provide financial support to facilitate the wind-up of the company. Accordingly, the directors have not prepared the financial statements on a going concern basis. As a result, assets and liabilities have been measured at their estimated realisable values and settlement amounts rather than on a going concern basis. Our opinion is not modified in respect of this matter.”

Significant events

• “In November 2022 the directors took the decision to cease trading from the end of February 2023. This was announced to staff in January 2023 and all retail stores were closed by 18 February 2023, and the last online orders shipped in March 2023.”
• “All five remaining retail leases have been surrendered after a negotiated settlement, within the provisions held at 31 December 2023. Three in 2023 (Regent St, Cardinal Place and Oxford St), the remaining two (Buchanan St and Tottenham) in the first quarter of 2024.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -61.6%

  £5,521,641 → £2,120,105

• Cash

  —

  Not reported

• Net assets

  +0.4%

  -£41,754,242 → -£41,604,362

• Employees

  -43.1%

  51 → 29

• Operating profit

  +161.8%

  -£2,932,449 → £1,812,382

• Profit before tax

  +103.1%

  -£4,772,310 → £149,880

• Wages

  -71.4%

  £812,926 → £232,714

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers