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Registration number: 07782419

The DX Shop Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

The DX Shop Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 9

 

The DX Shop Limited

Company Information

Director

Mr Roger Marcus Banks

Registered office

Unit 8 Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

Accountants

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

The DX Shop Limited

Director's Report for the Year Ended 28 February 2023

The director presents his report and the financial statements for the year ended 28 February 2023.

Director of the company

The director who held office during the year was as follows:

Mr Roger Marcus Banks

Principal activity

The principal activity of the company is the production and sale of amateur radio equipment.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 17 November 2023 and signed on its behalf by:

.........................................
Mr Roger Marcus Banks
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The DX Shop Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The DX Shop Limited for the year ended 28 February 2023 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of The DX Shop Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The DX Shop Limited and state those matters that we have agreed to state to the Board of Directors of The DX Shop Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The DX Shop Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The DX Shop Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The DX Shop Limited. You consider that The DX Shop Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The DX Shop Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

17 November 2023

 

The DX Shop Limited

(Registration number: 07782419)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

28,931

32,000

Current assets

 

Stocks

6

204,655

120,601

Debtors

7

12,628

9,524

Cash at bank and in hand

 

311,144

307,002

 

528,427

437,127

Creditors: Amounts falling due within one year

8

(498,376)

(410,361)

Net current assets

 

30,051

26,766

Total assets less current liabilities

 

58,982

58,766

Provisions for liabilities

(7,233)

(8,478)

Net assets

 

51,749

50,288

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

51,748

50,287

Shareholders' funds

 

51,749

50,288

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 17 November 2023
 

.........................................
Mr Roger Marcus Banks
Director

 

The DX Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 8 Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

These financial statements were authorised for issue by the director on 17 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The DX Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

The DX Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

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

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,638

8,252

 

The DX Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 March 2022

816

33,167

64,717

98,700

Additions

1,883

-

3,686

5,569

At 28 February 2023

2,699

33,167

68,403

104,269

Depreciation

At 1 March 2022

170

22,378

44,152

66,700

Charge for the year

441

2,698

5,499

8,638

At 28 February 2023

611

25,076

49,651

75,338

Carrying amount

At 28 February 2023

2,088

8,091

18,752

28,931

At 28 February 2022

646

10,789

20,565

32,000

6

Stocks

2023
£

2022
£

Other inventories

204,655

120,601

7

Debtors

2023
£

2022
£

Trade debtors

9,028

5,698

Prepayments

2,043

1,978

Other debtors

1,557

1,848

12,628

9,524

 

The DX Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

34,308

49,463

Amounts owed to parent undertakings

10

369,392

293,570

Taxation and social security

 

27,367

6,287

Other creditors

 

67,309

61,041

 

498,376

410,361

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

10

Related party transactions

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned entities within the group.