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REGISTERED NUMBER: 06526193 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

D & X LTD

D & X LTD (Registered number: 06526193)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 13


D & X LTD

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mr Z Chen
Mr D Chen





REGISTERED OFFICE: Unit 4 Belvedere Industrial Estate
Fishers Way, Belvedere
Kent
England
DA17 6BS





REGISTERED NUMBER: 06526193 (England and Wales)





ACCOUNTANTS: SDF Accountancy
30 Norman Road
London
SE10 9QX

D & X LTD (Registered number: 06526193)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,994 3,593
Property, plant and equipment 5 2,377,611 2,364,329
Investment property 6 1,500,000 1,500,000
3,880,605 3,867,922

CURRENT ASSETS
Inventories 175,890 105,970
Debtors 7 348,436 323,894
Cash at bank and in hand 155,422 274,001
679,748 703,865
CREDITORS
Amounts falling due within one year 8 3,102,115 1,377,565
NET CURRENT LIABILITIES (2,422,367 ) (673,700 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,458,238

3,194,222

CREDITORS
Amounts falling due after more than
one year

9

-

(1,772,603

)

PROVISIONS FOR LIABILITIES (244,250 ) (244,250 )
NET ASSETS 1,213,988 1,177,369

D & X LTD (Registered number: 06526193)

Balance Sheet - continued
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 200,000 200,000
Retained earnings 1,013,988 977,369
1,213,988 1,177,369

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 1 November 2023 and were signed on its behalf by:





Mr D Chen - Director


D & X LTD (Registered number: 06526193)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

D & X 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Property valuation
The company measures investment properties at fair value based on periodic valuations by external independent valuers and as estimated by the directors and management based on reference to their knowledge on the current market evidence of transaction prices for similar properties.

The actual results could differ from their estimates and the directors and management consider they have used their best estimates to arrive at fair value of the properties. Reference is made to Note 7 in the financial statements.

D & X LTD (Registered number: 06526193)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Rental income is recognised at the fair value of the consideration received or receivable for rent in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Rental revenue represent rental income received from non related parties and also companies under common control.

Intangible assets
Patents and licences are being amortised evenly over their estimated useful life of 10 years.

Computer software is being amortised evenly over its estimated useful life of 4 years.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets include land and buildings, fixture, fittings and computer equipment.

Land and buildings
Land and buildings are stated at fair value at the date of revaluation less subsequent accumulated depreciation and accumulated impairment losses. Revaluations are made with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined to be fair value at the end of the reporting period.

Fixture, fittings and computer equipment
Fixture, fittings and computer equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a Grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

D & X LTD (Registered number: 06526193)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost of goods for resale are valued at purchase cost on average basis of inspected goods.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated net realisable value is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

D & X LTD (Registered number: 06526193)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.




D & X LTD (Registered number: 06526193)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.





D & X LTD (Registered number: 06526193)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.


D & X LTD (Registered number: 06526193)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 16 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2022
and 31 January 2023 42,239
AMORTISATION
At 1 February 2022 38,646
Charge for year 599
At 31 January 2023 39,245
NET BOOK VALUE
At 31 January 2023 2,994
At 31 January 2022 3,593

D & X LTD (Registered number: 06526193)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2022 1,890,599 586,825 2,477,424
Additions - 27,188 27,188
At 31 January 2023 1,890,599 614,013 2,504,612
DEPRECIATION
At 1 February 2022 - 113,095 113,095
Charge for year - 13,906 13,906
At 31 January 2023 - 127,001 127,001
NET BOOK VALUE
At 31 January 2023 1,890,599 487,012 2,377,611
At 31 January 2022 1,890,599 473,730 2,364,329

The company carried out a desktop valuation in October 2023 on all the properties by reference to the market value. The directors considered that the fair value as at the balance sheet date is not significantly different from the valuation.

Assets pledged as security
The investment properties with a carrying amount of £1,890,599 have been pledged to secure the loans and borrowings with Santander UK Plc.

6. INVESTMENT PROPERTY
Total
£   
COST
At 1 February 2022
and 31 January 2023 1,500,000
NET BOOK VALUE
At 31 January 2023 1,500,000
At 31 January 2022 1,500,000

D & X LTD (Registered number: 06526193)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

6. INVESTMENT PROPERTY - continued

The company carried out a desktop valuation in October 2023 on all the properties by reference to the market value. The directors considered that the fair value as at the balance sheet date is not significantly different from the valuation.

Assets pledged as security
The investment properties with a carrying amount of £1,500,000 have been pledged to secure the loans and borrowings with Santander UK Plc.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 92,529 59,628
Other debtors 255,907 264,266
348,436 323,894

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 1,783,420 55,900
Payments on account - 43,616
Trade creditors 407,243 329,185
Taxation and social security 71,171 78,015
Other creditors 840,281 870,849
3,102,115 1,377,565

The Bank loans and overdrafts is secured by way of a fixed and floating charge that covers all the properties and undertaking of the company.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans - 1,772,603

The Bank loans is secured by way of a fixed and floating charge that covers all the properties and undertaking of the company.

D & X LTD (Registered number: 06526193)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2023 and 31 January 2022:

31.1.23 31.1.22
£    £   
Mr D Chen
Balance outstanding at start of year (458,017 ) (461,543 )
Amounts advanced 8,050 3,526
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (449,967 ) (458,017 )

Mr Z Chen
Balance outstanding at start of year (366,500 ) (366,500 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (366,500 ) (366,500 )

11. RELATED PARTY DISCLOSURES

During the year the company entered into the following transactions with related parties.

The company sold goods to the value of £50,000 (2022: £35,000) to Aufora Ltd, a company under common control.

The company also received rent of £35,000 (2022: £37,917) and warehouse management fee of £12,000 (2022: £12,000) from Aufora Ltd, a company under common control.

At the balance sheet date, the balance due to the company from Aufora Ltd is £8,876 (2022: £21,912).

12. ULTIMATE CONTROLLING PARTY

The controlling party is Mr D Chen.