Caseware UK (AP4) 2022.0.179 2022.0.179 2022-10-312022-10-3116falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.192021-05-01No description of principal activityfalsetrue 06047795 2021-05-01 2022-10-31 06047795 2020-05-01 2021-04-30 06047795 2022-10-31 06047795 2021-04-30 06047795 c:Director1 2021-05-01 2022-10-31 06047795 d:FurnitureFittings 2021-05-01 2022-10-31 06047795 d:FurnitureFittings 2022-10-31 06047795 d:FurnitureFittings 2021-04-30 06047795 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-05-01 2022-10-31 06047795 d:CurrentFinancialInstruments 2022-10-31 06047795 d:CurrentFinancialInstruments 2021-04-30 06047795 d:Non-currentFinancialInstruments 2022-10-31 06047795 d:Non-currentFinancialInstruments 2021-04-30 06047795 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 06047795 d:CurrentFinancialInstruments d:WithinOneYear 2021-04-30 06047795 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 06047795 d:Non-currentFinancialInstruments d:AfterOneYear 2021-04-30 06047795 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 06047795 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-04-30 06047795 d:ShareCapital 2022-10-31 06047795 d:ShareCapital 2021-04-30 06047795 d:SharePremium 2022-10-31 06047795 d:SharePremium 2021-04-30 06047795 d:CapitalRedemptionReserve 2022-10-31 06047795 d:CapitalRedemptionReserve 2021-04-30 06047795 d:RetainedEarningsAccumulatedLosses 2022-10-31 06047795 d:RetainedEarningsAccumulatedLosses 2021-04-30 06047795 c:OrdinaryShareClass1 2021-05-01 2022-10-31 06047795 c:OrdinaryShareClass1 2022-10-31 06047795 c:FRS102 2021-05-01 2022-10-31 06047795 c:AuditExempt-NoAccountantsReport 2021-05-01 2022-10-31 06047795 c:FullAccounts 2021-05-01 2022-10-31 06047795 c:PrivateLimitedCompanyLtd 2021-05-01 2022-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06047795









DESIGN WAREHOUSE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 OCTOBER 2022

 
DESIGN WAREHOUSE LIMITED
REGISTERED NUMBER: 06047795

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2022

31 October
30 April
2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
48,011
21,756

Current assets
  

Stocks
  
2,044,964
442,327

Debtors: amounts falling due within one year
 5 
928,544
894,525

Cash at bank and in hand
  
866
17,873

  
2,974,374
1,354,725

Creditors: amounts falling due within one year
 6 
(2,658,687)
(734,116)

Net current assets
  
 
 
315,687
 
 
620,609

Total assets less current liabilities
  
363,698
642,365

Creditors: amounts falling due after more than one year
 7 
(320,140)
(204,166)

Net assets
  
43,558
438,199


Capital and reserves
  

Called up share capital 
 9 
900
900

Share premium account
  
49,900
49,900

Capital redemption reserve
  
100
100

Profit and loss account
  
(7,342)
387,299

  
43,558
438,199

Page 1

 
DESIGN WAREHOUSE LIMITED
REGISTERED NUMBER: 06047795
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2022

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2023.


Lysandros Lysandrou
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
DESIGN WAREHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2022

1.


General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 124 Finchley Road, London, England NW3 5JS. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Going concern

The company meets its day to day working capital requirements through its banking facilities and support from its shareholder.
After reviewing the forecasts and projections for the company, the director has reasonable expectations that the company  has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts and value added tax.
Revenue from the sale of fashion garments is recognised when the company has transferred the significant risks and rewards of ownership to the buyer, usually when the goods have been delivered to the buyer.

Page 3

 
DESIGN WAREHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

 
2.5

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
 25% to 33% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
 

Page 4

 
DESIGN WAREHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
2.11

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the period was 19 (2021 - 16).

Page 5

 
DESIGN WAREHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2022

4.


Tangible fixed assets







Fixtures and fittings

£



Cost or valuation


At 1 May 2021
81,780


Additions
46,824



At 31 October 2022

128,604



Depreciation


At 1 May 2021
60,024


Charge for the period on owned assets
20,569



At 31 October 2022

80,593



Net book value



At 31 October 2022
48,011



At 30 April 2021
21,756


5.


Debtors

31 October
30 April
2022
2021
£
£


Trade debtors
868,773
735,203

Other debtors
26,823
96,965

Prepayments
32,948
62,357

928,544
894,525


Page 6

 
DESIGN WAREHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2022

6.


Creditors: Amounts falling due within one year

31 October
30 April
2022
2021
£
£

Bank overdrafts
4,885
-

Bank loans
91,666
45,834

Invoice financing
868,204
179,545

Trade creditors
970,090
93,104

Other taxation and social security
695,223
391,416

Other creditors
4,655
3,964

Accruals
23,964
20,253

2,658,687
734,116


At the reporting date bank overdrafts, bank loans and other loan were secured by a fixed and floating charge over the book debts and all assets of the company.
The bank loans is supported by the Coronavirus Business Interruption Loan Scheme (CBILS), managed by the British Business Bank, on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.


7.


Creditors: Amounts falling due after more than one year

31 October
30 April
2022
2021
£
£

Bank loans
320,140
204,166


Page 7

 
DESIGN WAREHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2022

8.


Loans


Analysis of the maturity of loans is given below:


31 October
30 April
2022
2021
£
£

Amounts falling due within one year

Bank loans
91,666
45,834

Invoice financing
868,204
179,545

959,870
225,379

Amounts falling due 2-5 years

Bank loans
320,140
204,166

1,280,010
429,545



9.


Share capital

31 October
30 April
2022
2021
£
£
Allotted, called up and fully paid



900 Ordinary shares of £1.00 each
900
900



10.


Controlling party

The company's immediate and ultimate parent company is Penfeather Holdings Limited and was controlled throughout the year and the previous year by its director, Dr. Lysandros Lysandrou.

 
Page 8