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REGISTERED NUMBER: 08643207 (England and Wales)












DESIGNER EXCHANGE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021






DESIGNER EXCHANGE LTD (REGISTERED NUMBER: 08643207)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DESIGNER EXCHANGE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







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

DESIGNER EXCHANGE LTD (REGISTERED NUMBER: 08643207)

BALANCE SHEET
31 DECEMBER 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 59,931 164,606
Investments 5 2,100 2,100
62,031 166,706

CURRENT ASSETS
Stocks 6 1,546,484 864,937
Debtors 7 573,961 541,071
Cash at bank and in hand 145,477 465,234
2,265,922 1,871,242
CREDITORS
Amounts falling due within one year 8 827,595 650,935
NET CURRENT ASSETS 1,438,327 1,220,307
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,500,358

1,387,013

CREDITORS
Amounts falling due after more than one
year

9

3,721,264

3,627,961
NET LIABILITIES (2,220,906 ) (2,240,948 )

CAPITAL AND RESERVES
Called up share capital 11 10,000 10,000
Retained earnings 12 (2,230,906 ) (2,250,948 )
SHAREHOLDERS' FUNDS (2,220,906 ) (2,240,948 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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.

DESIGNER EXCHANGE LTD (REGISTERED NUMBER: 08643207)

BALANCE SHEET - continued
31 DECEMBER 2021


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 14 September 2022 and were signed on its behalf by:





Mr D G R Butler - Director


DESIGNER EXCHANGE LTD (REGISTERED NUMBER: 08643207)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


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 profit of £20,042 during the year ( 2020: loss £566,706) and as at the year end has net liabilities of £2,220,906 ( 2020: £2,240,948) 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.


DESIGNER EXCHANGE LTD (REGISTERED NUMBER: 08643207)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued
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 64 (2020 - 57 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 January 2021 42,725 826,206 37,673 906,604
Additions - - 2,510 2,510
Disposals (4,358 ) (139,615 ) (3,570 ) (147,543 )
At 31 December 2021 38,367 686,591 36,613 761,571
DEPRECIATION
At 1 January 2021 37,675 676,539 27,784 741,998
Charge for year 5,050 95,399 6,736 107,185
Eliminated on disposal (4,358 ) (139,615 ) (3,570 ) (147,543 )
At 31 December 2021 38,367 632,323 30,950 701,640
NET BOOK VALUE
At 31 December 2021 - 54,268 5,663 59,931
At 31 December 2020 5,050 149,667 9,889 164,606

DESIGNER EXCHANGE LTD (REGISTERED NUMBER: 08643207)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2021
and 31 December 2021 2,100
NET BOOK VALUE
At 31 December 2021 2,100
At 31 December 2020 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
31.12.21 31.12.20
£    £   
Aggregate capital and reserves (127,214 ) (190,299 )
Profit for the year 63,085 30,161

6. STOCKS
31.12.21 31.12.20
£    £   
Stocks 1,546,484 864,937

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Amounts owed by group undertakings 407,447 436,767
Other debtors 134,881 63,151
Prepayments 31,633 41,153
573,961 541,071

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade creditors 286,795 160,426
Social security and other taxes 26,629 25,095
VAT 97,642 102,950
Exchange liability 138,123 149,779
Directors' current accounts 117,958 117,958
Accrued expenses 160,448 94,727
827,595 650,935

DESIGNER EXCHANGE LTD (REGISTERED NUMBER: 08643207)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.21 31.12.20
£    £   
Related company 3,721,264 3,627,961

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.21 31.12.20
£    £   
Between one and five years 290,783 206,000
In more than five years - 19,000
290,783 225,000

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.21 31.12.20
value: £    £   
10,000 Ordinary £1 10,000 10,000

12. RESERVES
Retained
earnings
£   

At 1 January 2021 (2,250,948 )
Profit for the year 20,042
At 31 December 2021 (2,230,906 )

13. ULTIMATE CONTROLLING PARTY

The company as at the year end was controlled by Mrs Mohini Dudani by virtue of holding 55.46% (2020: 55.46%) of the company's issued ordinary share capital.