Designer Exchange Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08643207 (England and Wales)

DESIGNER EXCHANGE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D G R Butler

Mr D A Durante

Mr H Man

Mr D J Mullins

Mrs A Seebue

Mrs M Dudani

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

4

194,617

234,173

Investments

5

2,100

2,100

196,717

236,273

CURRENT ASSETS

Stocks

6

535,606

284,921

Debtors

7

647,580

523,233

Cash at bank and in hand

45,638

31,571

1,228,824

839,725

CREDITORS

Amounts falling due within one year

8

449,046

228,221

NET CURRENT ASSETS

779,778

611,504

TOTAL ASSETS LESS CURRENT LIABILITIES

976,495

847,777

CREDITORS

Amounts falling due after more than one year

9

2,325,011

2,071,709

NET LIABILITIES

(1,348,516

)

(1,223,932

)

CAPITAL AND RESERVES

Called up share capital

11

10,000

10,000

Retained earnings

(1,358,516

)

(1,233,932

)

SHAREHOLDERS' FUNDS

(1,348,516

)

(1,223,932

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 26 March 2018 and were signed on its behalf by:

Mr D A Durante - 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company made a loss of £124,584 (2016: £468,101) for the year and as at the year end has net liabilities of

£1,348,516 (2016: £1,223,932) 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.

Preparation of consolidated financial statements

The financial statements contain information about Designer Exchange Ltd as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

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

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 42 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2016

18,438

460,154

9,925

488,517

Additions

3,809

86,326

3,315

93,450

At 30 June 2017

22,247

546,480

13,240

581,967

DEPRECIATION

At 1 July 2016

8,919

240,326

5,099

254,344

Charge for year

5,086

125,020

2,900

133,006

At 30 June 2017

14,005

365,346

7,999

387,350

NET BOOK VALUE

At 30 June 2017

8,242

181,134

5,241

194,617

At 30 June 2016

9,519

219,828

4,826

234,173

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 July 2016

and 30 June 2017

2,100

NET BOOK VALUE

At 30 June 2017

2,100

At 30 June 2016

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:

Nature of business: 2nd hand fashion accessories.

%

Class of shares:

holding

Ordinary

100.00

31.12.16

31.12.15

£

£

Aggregate capital and reserves

2,100

2,100

Loss for the year

(76,750

)

(63,780

)

6.

STOCKS

2017

2016

£

£

Stocks

535,606

284,921

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed by group undertakings

532,472

453,384

Other debtors

29,000

24,450

Prepayments

86,108

45,399

647,580

523,233

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

151,632

49,380

Social security and other taxes

56,497

-

VAT

34,543

19,350

Other creditors

461

-

Exchange liability

54,053

29,558

Directors' current accounts

117,958

117,958

Accrued expenses

33,902

11,975

449,046

228,221

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Related company

2,325,011

2,071,709

10.	LEASING AGREEMENTS

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

2017

2016

£

£

In more than five years

130,000

-

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

10,000

ordinary

£1

10,000

10,000

12.	ULTIMATE CONTROLLING PARTY

The company as at the year end was controlled by Mrs Mohini Dudani by virtue of holding 57% of the

company's issued ordinary share capital.