Designer Exchange Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08643207 (England and Wales)

DESIGNER EXCHANGE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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

14,883

59,931

Investments

5

2,100

2,100

16,983

62,031

CURRENT ASSETS

Stocks

6

1,979,331

1,546,484

Debtors

7

614,274

573,961

Cash at bank and in hand

234,015

145,477

2,827,620

2,265,922

CREDITORS

Amounts falling due within one year

8

796,985

827,595

NET CURRENT ASSETS

2,030,635

1,438,327

TOTAL ASSETS LESS CURRENT LIABILITIES

2,047,618

1,500,358

CREDITORS

Amounts falling due after more than one year

9

4,557,623

3,721,264

NET LIABILITIES

(2,510,005

)

(2,220,906

)

CAPITAL AND RESERVES

Called up share capital

11

10,000

10,000

Retained earnings

12

(2,520,005

)

(2,230,906

)

SHAREHOLDERS' FUNDS

(2,510,005

)

(2,220,906

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2023 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 £289,099 during the year ( 2021: profit £20,042) and as at the year end has net liabilities of £2,510,005 ( 2021: £2,220,906) 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 Statement of Income and Retained Earnings, 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 79 (2021 - 64 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2022

38,367

686,591

36,613

761,571

Additions

-

-

12,915

12,915

At 31 December 2022

38,367

686,591

49,528

774,486

DEPRECIATION

At 1 January 2022

38,367

632,323

30,950

701,640

Charge for year

-

52,311

5,652

57,963

At 31 December 2022

38,367

684,634

36,602

759,603

NET BOOK VALUE

At 31 December 2022

-

1,957

12,926

14,883

At 31 December 2021

-

54,268

5,663

59,931

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

and 31 December 2022

2,100

NET BOOK VALUE

At 31 December 2022

2,100

At 31 December 2021

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

31.12.22

31.12.21

£

£

Aggregate capital and reserves

(1,442

)

(127,214

)

Profit for the year

125,772

63,085

6.

STOCKS

31.12.22

31.12.21

£

£

Stocks

1,979,331

1,546,484

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Amounts owed by group undertakings

407,447

407,447

Other debtors

128,857

134,881

Prepayments

77,970

31,633

614,274

573,961

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

231,393

286,795

Social security and other taxes

58,736

26,629

VAT

69,737

97,642

Exchange liability

164,939

138,123

Directors' current accounts

117,958

117,958

Accrued expenses

154,222

160,448

796,985

827,595

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Related company

4,557,623

3,721,264

10.	LEASING AGREEMENTS

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

31.12.22

31.12.21

£

£

Within one year

135,000

-

Between one and five years

111,500

290,783

In more than five years

19,000

-

265,500

290,783

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

10,000

Ordinary

£1

10,000

10,000

12.

RESERVES

Retained

earnings

£

At 1 January 2022

(2,230,906

)

Deficit for the year

(289,099

)

At 31 December 2022

(2,520,005

)

13.	ULTIMATE CONTROLLING PARTY

The company as at the year end was controlled by Mrs Mohini Dudani by virtue of holding 55.46% (2021: 55.46%) of the company's issued ordinary share capital.