Designer Exchange Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08643207 (England and Wales)

DESIGNER EXCHANGE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr T Bijlani

Mr N Bijlani

Mr D G R Butler

Mrs M Dudani

Mr D A Durante

Mr D J Mullins

Mrs A Seebue

Mr H Y Man

REGISTERED OFFICE:

Sterling House Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

08643207 (England and Wales)

ACCOUNTANTS:

Christiansons Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Tangible assets

4

259,116

314,671

Investments

5

2,100

2,100

261,216

316,771

CURRENT ASSETS

Stocks

6

1,112,693

817,615

Debtors

7

759,621

719,681

Cash at bank and in hand

124,944

131,704

1,997,258

1,669,000

CREDITORS

Amounts falling due within one year

8

571,789

474,260

NET CURRENT ASSETS

1,425,469

1,194,740

TOTAL ASSETS LESS CURRENT LIABILITIES

1,686,685

1,511,511

CREDITORS

Amounts falling due after more than one year

9

3,360,927

2,746,872

NET LIABILITIES

(1,674,242

)

(1,235,361

)

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

(1,684,242

)

(1,245,361

)

SHAREHOLDERS' FUNDS

(1,674,242

)

(1,235,361

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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.

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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2020 and were signed on its behalf by:

Mr D G R Butler - Director

1.	STATUTORY INFORMATION

Designer Exchange Ltd 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.

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.

The company made a loss of £438,881 during the year ( 2018: profit £51,301) and as at the year end has net liabilities of £1,674,242 ( 2018: £1,235,361) and rely on funds from its related company and directors to run its day to day business. The directors have confirmed that adequate facilities are in place for the continued support of the company for the foreseeable future. These accounts have therefore been prepared on a going concern basis.

Turnover

Turnover represents amounts receivable for sales of goods and services provided during the year, excluding value added tax. Sales are recognised in the accounts at the earlier of money receipts or point of sale.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

equal installments over the lease term

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2018 - 39 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2019

42,725

741,140

24,996

808,861

Additions

-

77,240

10,227

87,467

At 31 December 2019

42,725

818,380

35,223

896,328

DEPRECIATION

At 1 January 2019

25,531

454,137

14,522

494,190

Charge for year

6,072

130,625

6,325

143,022

At 31 December 2019

31,603

584,762

20,847

637,212

NET BOOK VALUE

At 31 December 2019

11,122

233,618

14,376

259,116

At 31 December 2018

17,194

287,003

10,474

314,671

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2019

and 31 December 2019

2,100

NET BOOK VALUE

At 31 December 2019

2,100

At 31 December 2018

2,100

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

Designer Exchange,S.L.

Registered office: Spain

Nature of business: 2nd hand fashion accessories.

%

Class of shares:

holding

Ordinary

100.00

31.12.19

31.12.18

£

£

Aggregate capital and reserves

(220,460

)

(276,543

)

Profit/(loss) for the year

39,454

(43,444

)

6.

STOCKS

31.12.19

31.12.18

£

£

Stocks

1,112,693

817,615

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Amounts owed by group undertakings

590,693

554,979

Other debtors

69,500

81,436

Prepayments

99,428

83,266

759,621

719,681

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

90,794

142,192

Social security and other taxes

27,823

20,883

VAT

64,362

16,685

Exchange liability

181,294

104,828

Directors' current accounts

117,958

117,958

Accrued expenses

89,558

71,714

571,789

474,260

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Related company

3,360,927

2,746,872

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.19

31.12.18

£

£

Between one and five years

206,000

95,000

In more than five years

19,000

130,000

225,000

225,000

11.	ULTIMATE CONTROLLING PARTY

The company as at the year end was controlled by Mrs Mohini Dudani by virtue of holding 57.44% of the company's issued ordinary share capital.