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Exchange Supplies Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2023

Registration number: 04549601

 

Exchange Supplies Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Exchange Supplies Limited

Company Information

Director

Mr Andrew James Preston

Registered office

1 Great Western Industrial Centre
Dorchester
Dorset
DT1 1RD

Accountants

PKF Francis Clark
Chartered Accountants
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

 

Exchange Supplies Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

55,658

72,751

Tangible assets

5

796,409

818,683

 

852,067

891,434

Current assets

 

Stocks

6

959,231

910,693

Debtors

7

667,163

726,674

Cash at bank and in hand

 

649,273

279,788

 

2,275,667

1,917,155

Creditors: Amounts falling due within one year

8

(621,922)

(367,845)

Net current assets

 

1,653,745

1,549,310

Total assets less current liabilities

 

2,505,812

2,440,744

Creditors: Amounts falling due after more than one year

8

(379,179)

(437,214)

Provisions for liabilities

(9,172)

-

Net assets

 

2,117,461

2,003,530

Capital and reserves

 

Called up share capital

9

8,700

8,700

Share premium reserve

28,500

28,500

Capital redemption reserve

1,500

1,500

Profit and loss account

2,078,761

1,964,830

Shareholders' funds

 

2,117,461

2,003,530

 

Exchange Supplies Limited

Balance Sheet

31 December 2023

For the financial year ending 31 December 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 and delivered 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 19 August 2024
 

.........................................
Mr Andrew James Preston
Director

   
     

Company Registration Number: 04549601

 

Exchange Supplies Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 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:
1 Great Western Industrial Centre
Dorchester
Dorset
DT1 1RD

These financial statements were authorised for issue by the director on 19 August 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006. There is no material impact on the reported financial position and financial performance.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Government grants

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

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.

 

Exchange Supplies Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

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 current corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Tooling equipment

33% straight line basis

Fixtures and equipment

33%, 25% and 100% straight line basis

Motor vehicles and cycles

25% and 100% straight line basis

Office equipment

25% straight line basis

Computer equipment

25% and 100% straight line basis

Property improvements

33% straight line basis

Research and development

Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with expected future sales from the relate project.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

20% straight line

Webshop software

20% straight line

Computer software

20% straight line

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.

 

Exchange Supplies Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 39 (2022 - 37).

 

Exchange Supplies Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

4

Intangible assets

Software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

266,426

266,426

At 31 December 2023

266,426

266,426

Amortisation

At 1 January 2023

193,675

193,675

Amortisation charge

17,093

17,093

At 31 December 2023

210,768

210,768

Carrying amount

At 31 December 2023

55,658

55,658

At 31 December 2022

72,751

72,751

 

Exchange Supplies Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

693,274

122,108

30,873

380,497

1,226,752

Additions

-

10,975

4,770

17,966

33,711

At 31 December 2023

693,274

133,083

35,643

398,463

1,260,463

Depreciation

At 1 January 2023

4,467

55,934

4,848

342,820

408,069

Charge for the year

-

17,030

9,843

29,112

55,985

At 31 December 2023

4,467

72,964

14,691

371,932

464,054

Carrying amount

At 31 December 2023

688,807

60,119

20,952

26,531

796,409

At 31 December 2022

688,807

66,174

26,025

37,677

818,683

 

Exchange Supplies Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Other inventories

959,231

910,693

7

Debtors

2023
£

2022
£

Trade debtors

524,596

590,834

Prepayments

56,289

28,575

Other debtors

86,278

107,265

667,163

726,674

Details of non-current trade and other debtors

£78,777 (2022 -£82,658) of other debtors is classified as non current. The amount is for container deposits (US$100,000).

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

53,732

53,281

Trade creditors

231,483

211,381

Corporation tax

71,158

-

Taxation and social security

126,741

55,979

Other creditors

13,710

11,506

Accruals and deferred income

125,098

35,698

621,922

367,845

Creditors include bank loans and overdrafts which are secured of £53,734 (2022 - £53,281).

 

Exchange Supplies Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

371,238

425,131

Deferred income

 

7,941

12,083

 

379,179

437,214

Creditors include bank loans and overdrafts which are secured of £371,237 (2022 - £425,131).

9

Share capital

2022

2021

No.

£

No.

£

Ordinary A Shares of £1 each

5,100

5,100

5,100

5,100

Ordinary B Shares of £1 each

3,400

3,400

3,400

3,400

Ordinary C Shares of £1 each

200

200

200

200

8,700

8,700

8,700

8,700

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £30,000 (2022 - £30,000).