DESIGN EXCHANGE (SCOTLAND) CIC

Company Registration Number:
SC487439 (Scotland)

Unaudited statutory accounts for the year ended 30 June 2023

Period of accounts

Start date: 1 July 2022

End date: 30 June 2023

DESIGN EXCHANGE (SCOTLAND) CIC

Contents of the Financial Statements

for the Period Ended 30 June 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

DESIGN EXCHANGE (SCOTLAND) CIC

Directors' report period ended 30 June 2023

The directors present their report with the financial statements of the company for the period ended 30 June 2023

Principal activities of the company

The principal activity of the company during the year under review was operating and letting owned realestate.



Directors

The directors shown below have held office during the whole of the period from
1 July 2022 to 30 June 2023

Lynzi Leroy
Evelyn McDonald
Joe Myles


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
29 March 2024

And signed on behalf of the board by:
Name: Lynzi Leroy
Status: Director

DESIGN EXCHANGE (SCOTLAND) CIC

Profit And Loss Account

for the Period Ended 30 June 2023

2023 2022


£

£
Turnover: 662,355 411,142
Cost of sales: ( 15,482 ) ( 14,876 )
Gross profit(or loss): 646,873 396,266
Distribution costs: ( 21,322 ) ( 21,431 )
Administrative expenses: ( 568,364 ) ( 417,661 )
Other operating income: 3,776 65,442
Operating profit(or loss): 60,963 22,616
Interest receivable and similar income: 255
Interest payable and similar charges: ( 1,036 ) ( 1,176 )
Profit(or loss) before tax: 59,927 21,695
Profit(or loss) for the financial year: 59,927 21,695

DESIGN EXCHANGE (SCOTLAND) CIC

Balance sheet

As at 30 June 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 35,018 10,962
Investments:   0 0
Total fixed assets: 35,018 10,962
Current assets
Stocks:   0
Debtors: 4 49,195 42,222
Cash at bank and in hand: 192,650 145,061
Total current assets: 241,845 187,283
Creditors: amounts falling due within one year: 5 ( 176,303 ) ( 142,057 )
Net current assets (liabilities): 65,542 45,226
Total assets less current liabilities: 100,560 56,188
Creditors: amounts falling due after more than one year: 6 ( 60,371 ) ( 75,926 )
Total net assets (liabilities): 40,189 (19,738)
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 40,187 (19,740 )
Total Shareholders' funds: 40,189 (19,738)

The notes form part of these financial statements

DESIGN EXCHANGE (SCOTLAND) CIC

Balance sheet statements

For the year ending 30 June 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 29 March 2024
and signed on behalf of the board by:

Name: Lynzi Leroy
Status: Director

The notes form part of these financial statements

DESIGN EXCHANGE (SCOTLAND) CIC

Notes to the Financial Statements

for the Period Ended 30 June 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    TurnoverTurnover is measured at the fair value of the consideration received or receivable. Turnover is reducedfor estimated customer returns, rebates and other similar allowances.Revenue from the sale of goods is recognised when all the following conditions are satisfied:the Company has transferred to the buyer the significant risks and rewards of ownership of thegoods;the Company retains neither continuing managerial involvement to the degree usually associatedwith ownership nor effective control over the goods sold;the amount of revenue can be measured reliably;it is probable that the economic benefits associated with the transaction will flow to the Company;andthe costs incurred or to be incurred in respect of the transaction can be measured reliably.Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title ispassed.

    Tangible fixed assets depreciation policy

    Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered any impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

    Other accounting policies

    TaxationIncome tax expense represents the sum of the tax currently payable and deferred tax.The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit asreported in the profit and loss account because of items of income or expense that are taxable ordeductible in other years and items that are never taxable or deductible. The Company's liability forcurrent tax is calculated using tax rates that have been enacted or substantively enacted by the end ofthe reporting period.Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities inthe financial statements and the corresponding tax bases used in the computation of taxable profit.Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assetsare generally recognised for all deductible timing differences to the extent that it is probable that taxableprofits will be available against which those deductible temporary differences can be utilised. Thecarrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced tothe extent that it is no longer probable that sufficient taxable profits will be available to allow all or partof the asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period inwhich the liability is settled or the asset realised, based on tax rates (and tax laws) that have beenenacted or substantively enacted by the end of the reporting period.Current or deferred tax for the year is recognised in profit or loss, except when they relate to items thatare recognised in other comprehensive income or directly in equity, in which case, the current anddeferred tax is also recognised in other comprehensive income or directly in equity respectively.Trade and other debtorsTrade and other debtors are initially recognised at fair value and thereafter stated at amortised cost usingthe effective interest method, less impairment losses for bad and doubtful debts.Trade and other creditorsShort term creditors are measured at the transaction price. Other financial liabilities, including bankloans, are measured initially at fair value, net of transaction costs, and are measured subsequently atamortised cost using the effective interest method.Defined contribution pensionsThe Company operates a defined contribution plan for its employees. A defined contribution plan is apension plan under which the company pays fixed contributions into a separate entity. Once thecontributions have been paid the company has no further payments obligations.The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accrualsin the balance sheet. The assets of the plan are held separately from the company in independentlyadministered funds.ProvisionsProvisions are made where an event has taken place that gives the Company a legal or constructiveobligation that probably requires settlement by a transfer of economic benefit, and a reliable estimatecan be made of the amount of the obligation.Provisions are charged as an expense to the profit and loss account in the year that the Companybecomes aware of the obligation, and are measured at the best estimate at balance sheet date of theexpenditure required to settle the obligation, taking into account relevant risks and uncertainties.When payments are eventually made, they are charged to the provision carried in the balance sheet.

DESIGN EXCHANGE (SCOTLAND) CIC

Notes to the Financial Statements

for the Period Ended 30 June 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 24 22

DESIGN EXCHANGE (SCOTLAND) CIC

Notes to the Financial Statements

for the Period Ended 30 June 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 July 2022 5,277 26,360 31,637
Additions 37,593 37,593
Disposals
Revaluations
Transfers
At 30 June 2023 5,277 63,953 69,230
Depreciation
At 1 July 2022 5,277 15,398 20,675
Charge for year 13,537 13,537
On disposals
Other adjustments
At 30 June 2023 5,277 28,935 34,212
Net book value
At 30 June 2023 0 35,018 35,018
At 30 June 2022 0 10,962 10,962

DESIGN EXCHANGE (SCOTLAND) CIC

Notes to the Financial Statements

for the Period Ended 30 June 2023

4. Debtors

2023 2022
£ £
Trade debtors 13,695 3,782
Prepayments and accrued income 5,500 3,440
Other debtors 30,000 35,000
Total 49,195 42,222

DESIGN EXCHANGE (SCOTLAND) CIC

Notes to the Financial Statements

for the Period Ended 30 June 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 5,555 5,555
Trade creditors 14,222 8,786
Taxation and social security 22,795 29,601
Accruals and deferred income 11,169 6,120
Other creditors 122,562 91,995
Total 176,303 142,057

DESIGN EXCHANGE (SCOTLAND) CIC

Notes to the Financial Statements

for the Period Ended 30 June 2023

6. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Bank loans and overdrafts 32,871 38,426
Other creditors 27,500 37,500
Total 60,371 75,926

COMMUNITY INTEREST ANNUAL REPORT

DESIGN EXCHANGE (SCOTLAND) CIC

Company Number: SC487439 (Scotland)

Year Ending: 30 June 2023

Company activities and impact

Support for Artists & Designers in ScotlandWe support over 320 artists and designers from our Edinburgh and Glasgow stores. We work with the artists and designers to help develop their products, working on branding, pricing, product sustainability, marketing, and social media. The artist rent a space within our store for an affordable fixed fee, which covers our costs for running the stores with any profits reinvested to support the artists and to run our social & charitable projects. The artists keep 100% of the sale of their products. We have paid out over £4m to the artists we work with since 2015, which not only supports the artists, but also supports the local economy.Support for Charities & Social enterprises We provide social enterprises and charities with a free space to sell products, to help them raise funds towards their projects. As well as a free space within our store, we provide support and advice on how to develop their products to raise funds.Napier University Mentorship ProgrammeWe run a yearly mentorship programme with Product Design Students from Napier University. The students work with our CEO for 3 months to create a new product from design to manufacturing. We meet weekly to discuss the sustainability of the product, the materials to use, the manufacturing and sale price, branding and marketing. Once the product has been made, the students get a free space within the store for one month to sell their product.Free art classes at YMCA Edinburgh We run free art classes at the YMCA Edinburgh in Leith. The YMCA work within an area of deprivation. Our art classes are currently running for their women’s group every Wednesday. We provide all the materials for the classes and pay an artist to run the classes. We will run free art classes for kids with the YMCA during the school holidays this year, these classes were put on hold over the last two years due to covid.Art Bank We run an Art Bank where we collect art supplies and materials from the 320 artists we work with and from call outs to the public. We donate the supplies to charities, schools, and social enterprise projects to run art classes. As budgets are cut for the arts, schools are finding it difficult to support the arts, with many Teachers using their own money to purchase materials for art projects. We started the Art Bank to collect materials that would have otherwise been likely put into landfill, to help Schools and Charities access good quality art supplies. This year we have teamed up with Cass Art, to increase what we can supply from the art bank. We now have a large selection of supplies in Edinburgh and will create a similar size Art Bank in Glasgow, to help more charities run art classes.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

Total directors remuneration for the period is £37,432.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
29 March 2024

And signed on behalf of the board by:
Name: Lynzi Leroy
Status: Director