Designer Exchange Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 08643207 (England and Wales)

DESIGNER EXCHANGE LTD

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD

8 AUGUST 2013 TO 30 JUNE 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr D G R Butler

Mr D A Durante

Mr H Man

Mr D J Mullins

Mrs A Seebue

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

08643207 (England and Wales)

ACCOUNTANTS:

Kounnis And Partners Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Tangible assets

2

158,921

CURRENT ASSETS

Stocks

376,461

Debtors

36,330

Cash at bank and in hand

37,414

450,205

CREDITORS

Amounts falling due within one year

409,579

NET CURRENT ASSETS

40,626

TOTAL ASSETS LESS CURRENT LIABILITIES

199,547

CREDITORS

Amounts falling due after more than one year

350,000

NET LIABILITIES

(150,453

)

CAPITAL AND RESERVES

Called up share capital

3

10,000

Profit and loss account

(160,453

)

SHAREHOLDERS' FUNDS

(150,453

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 1 June 2015 and were signed on its behalf by:

Mr D A Durante - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company made a loss of £160,453 for the first period and as at the year end has net liabilities of £150,453

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 and the directors will continue to support the company for the

foreseeable future. These accounts have therefore been prepared on a going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

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 instalments over the term of lease

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on 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.

Deferred tax

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date.

However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not that there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are

expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or

substantively enacted at the balance sheet date.

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 the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

Additions

182,068

At 30 June 2014

182,068

DEPRECIATION

Charge for period

23,147

At 30 June 2014

23,147

NET BOOK VALUE

At 30 June 2014

158,921

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

10,000

ordinary

£1

10,000

10,000 ordinary shares of £1 were issued during the period for cash of £ 10,000 .

1 ordinary £1 share was subscribed on incorporation. Additional 9,999 ordinary £1 shares were issued on 28

October 2013 for cash at par.