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REGISTERED NUMBER: 00565580 (England and Wales)









AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

DEXAM INTERNATIONAL LIMITED

DEXAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 00565580)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


DEXAM INTERNATIONAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: H Bradley
B Dyer





SECRETARY: B Dyer





REGISTERED OFFICE: Units 8-10
Holmbush Industrial Estate
Midhurst
West Sussex
GU29 9HE





REGISTERED NUMBER: 00565580 (England and Wales)





AUDITORS: Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

DEXAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 00565580)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 40,309 32,312
Tangible assets 5 184,863 165,249
225,172 197,561

CURRENT ASSETS
Stocks 6 2,175,596 2,152,963
Debtors 7 855,829 896,099
Cash at bank and in hand 290,061 298,281
3,321,486 3,347,343
CREDITORS
Amounts falling due within one year 8 1,917,715 1,823,583
NET CURRENT ASSETS 1,403,771 1,523,760
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,628,943

1,721,321

CREDITORS
Amounts falling due after more than one
year

9

(150,036

)

(200,000

)

PENSION LIABILITY 16 (961,000 ) (1,101,000 )
NET ASSETS 517,907 420,321

CAPITAL AND RESERVES
Called up share capital 13 200,000 200,000
Pension reserve 14 364,000 101,000
Retained earnings 14 (46,093 ) 119,321
SHAREHOLDERS' FUNDS 517,907 420,321

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2024 and were signed on its behalf by:





B Dyer - Director


DEXAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 00565580)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Dexam International Limited 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.

The company's principle activites are that of the sourcing, sale and distribution of high quality kitchenware and giftware.

Monetary amounts in these financial statements are rounded to the nearest whole £1. The financial statements are presented in sterling which is also the functional currency of the company.

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 directors have reviewed the expected forecasts for the company and the level of cash to be generated. The directors are confident in the company's ability to meet its financial requirements as they fall due on the basis that the pension liability is under active discussion with the pension trustees. On that basis the directors are satisfied that the going concern basis of preparing the financial statements is appropriate.

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 subsidiaries within the group.

Turnover
Revenue is measured at fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Goodwill
Goodwill arising on the acquisition of a business in 2023 is carried at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is calculated on a straight-line basis over the useful economic life of 10 years.

Intangible fixed assets (other than goodwill)
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation of Trademarks is calculated on a straight-line basis over the useful economic life of ten years.

Amortisation of the Website is calculated on a straight-line basis over the useful economic life of five years.

Tangible fixed assets
Tangible fixed assets held for the company's own use are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of tangible fixed assets, less their estimated residual value, over their expected useful lives on a straight-line basis at rates of 4%, 10% and 25% per annum.

Government grants
Government grants in the form of Covid-19 Small Business Support are recognised as revenue grants in accordance with the performance model under Financial Reporting Standard 102.

DEXAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 00565580)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Investments in associates
Investments are included at cost less amounts written off. Profits or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs are measured using the Standard Cost method. Provision is made for damaged, obsolete, and slow moving stock where appropriate.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Taxation
Taxation for the year comprises of current tax. Tax is recognised in the Income Statement, 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.

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
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the statement of comprehensive income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Pension costs and other post-retirement benefits
The company is a member of the Goodwood Pension Scheme. The pension scheme of the company is funded by contributions partly from employees and partly from the company at rates determined by independent actuaries in the light of regular valuations. Such contributions are held in trustee-administered funds completely independent of the company's finances.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

DEXAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 00565580)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Trademark Goodwill Website Totals
£    £    £    £   
COST
At 1 January 2023 120,000 - 33,620 153,620
Additions 13,530 1,377 - 14,907
At 31 December 2023 133,530 1,377 33,620 168,527
AMORTISATION
At 1 January 2023 120,000 - 1,308 121,308
Amortisation for year 169 17 6,724 6,910
At 31 December 2023 120,169 17 8,032 128,218
NET BOOK VALUE
At 31 December 2023 13,361 1,360 25,588 40,309
At 31 December 2022 - - 32,312 32,312

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023 258,520
Additions 41,109
At 31 December 2023 299,629
DEPRECIATION
At 1 January 2023 93,271
Charge for year 21,495
At 31 December 2023 114,766
NET BOOK VALUE
At 31 December 2023 184,863
At 31 December 2022 165,249

6. STOCKS
2023 2022
£    £   
Finished goods 2,175,596 2,152,963

DEXAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 00565580)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 815,741 855,676
Other debtors 40,088 40,423
855,829 896,099

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 60,000 60,000
Trade creditors 406,617 262,720
Amounts owed to fellow group companies 169,967 178,340
Taxation and social security 134,745 151,503
Other creditors 1,146,386 1,171,020
1,917,715 1,823,583

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 10) 140,000 200,000
Other creditors 10,036 -
150,036 200,000

10. LOANS

The CBILs loan, £140,000 due after 1 year, is spread across the remaining 4 year loan term and is co-terminus with the receivables finance facility with a minimum period of 3 years. Therefore it is possible but not probable that the loan term of the CBILs loan will be repayable in full earlier than the remaining 4 years term.

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 132,730 125,850
Between one and five years 207,290 325,113
340,020 450,963

12. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 200,000 260,000

The bank working capital facilities are secured by the lender via fixed and floating charges across all the property or undertakings of the company, the parent company Dexam Group Limited and the fellow group companies Dexam Online Limited and Dexam International (Holdings) Limited and contains a negative pledge.

DEXAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 00565580)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200,000 Ordinary £1 200,000 200,000

Ordinary share rights
The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

14. RESERVES

Retained earnings
Cumulative profit and loss net of distributions to owners.

Pension reserve
The cumulative actuarial gains and losses on the defined benefit pension scheme.

15. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Daniel Chapman (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP

16. EMPLOYEE BENEFIT OBLIGATIONS

Dexam International Limited participates in the Goodwood Estate Pension Scheme which is a defined benefit scheme in the UK, closed to members on 31 December 2008. This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities. The scheme structure requires that the scheme assets and liabilities are segregated on the cessation of any participating employer. Therefore the company is only responsible for its share of the deficit.

The company's share of the scheme liabilities were calculated as part of the full actuarial valuation as at 31 March 2023 (dated March 2024) and have been updated to 31 December 2023 by a qualified actuary (dated 16 February 2024), independent of the scheme's sponsoring employers. The company's balance sheet valuation showed a deficit attributable to the company of £962,000.

The Goodwood Estate Company Limited and Dexam International Limited are responsible for eliminating their respective deficit in the Scheme and have agreed to do so over a period of up to 31 March 2033 by the payment of contributions (including expenses).

The Schedule of Contributions show £nil contributions required for the period from 1 April 2023 to 31 March 2027. The scheme will also absorb its administration costs and PPF levy for that period. It is noted that, as at 31 March 2023, the company had outstanding contributions of £346,649 owing to the Scheme. These are included within "Other creditors" under the note titled "Creditors: amounts falling due within one year" and will be repaid within the period 1 April 2024 to 31 March 2029 at an amount of £69,330 per annum. The actuary will reassess with effect from 31 March 2026, the next triennial valuation date, whether any recommencement of employer contributions, including funding of administration costs and Pension Levy, will be needed after that date to achieve the objective of eliminating the deficit by 31 March 2033.

The major assumptions used by the actuary are shown below. The assets of the scheme are allocated to the employers in line with their share of the assets at each balance sheet date.

DEXAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 00565580)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


16. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Expenses 70,000 74,000
Net interest on the net defined benefit
liability

53,000

23,000
Past service cost - -
123,000 97,000

Actual return on plan assets - -

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening defined benefit obligation 8,474,000 12,356,000
Interest cost 398,000 218,000
Benefits paid (417,000 ) (455,000 )
Actuarial gains/losses on liabilities 22,000 (3,645,000 )
8,477,000 8,474,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening fair value of scheme assets 7,373,000 11,077,000
Service cost - administrative cost (70,000 ) (74,000 )
Interest income on scheme assets 345,000 195,000
Benefits paid (417,000 ) (455,000 )
Returns on assets, excluding interest income 285,000 (3,370,000 )
7,516,000 7,373,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Actuarial gains/losses on liabilities (22,000 ) 3,645,000
Returns on assets, excluding interest income 285,000 (3,370,000 )
263,000 275,000

DEXAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 00565580)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


16. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£    £   
UK Equities 492,000 463,000
Overseas Equities 2,448,000 2,093,000
Diversified Growth Fund 1,210,000 1,133,000
Cash and net current assets 630,000 805,000
Structured equity 2,736,000 2,879,000
7,516,000 7,373,000

None of the fair values of the assets shown above include any direct investments in the company's own financial instruments or any property occupied by, or other assets used by, the company.

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023 2022
Discount rate 4.52% 4.81%
Inflation assumption (RPI) 3.05% 3.10%
Deferred revaluation - RPI max 5% 3.05% 3.10%
Pension increases - RPI max 5% 2.95% 3.03%
Pension increases - RPI max 5% min 3% 3.61% 3.58%


Cash commutation
100% of HMRC
maximum
100% of HMRC
maximum

Assumed life expectancies on retirement at age 65 are:20232022
(Years)(Years)
Retiring today - Males21.822.0
Retiring today - Females23.824.2
Retiring in 20 years time - Males23.423.3
Retiring in 20 years time - Females25.125.6

17. CONTINGENT LIABILITIES

During the year, the company made an acquisition of business and assets. In connection with the acquisition, consideration of £20,000 is contingent upon a number of future events occurring or not occurring, including a sales target being reached within 6 months of the completion date. At the year-end it is possible, but not probable, that the company will be required to make payment of this contingent consideration in 2024.

18. ULTIMATE PARENT COMPANY

The ultimate parent company is Dexam Group Limited, registered in England and Wales. The registered office is Units 8-10 Holmbush Industrial Estate, Midhurst, West Sussex, England, GU29 9HE.