REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DEXAM INTERNATIONAL LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PENSION LIABILITY | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Pension reserve | 14 |
Retained earnings | 14 | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
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 |
4. | INTANGIBLE FIXED ASSETS |
Trademark | Goodwill | Website | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Finished goods |
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 |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Trade creditors |
Amounts owed to fellow group companies |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 10) |
Other creditors |
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 |
Between one and five years |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
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: | £ | £ |
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. |
for and on behalf of |
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 |
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 |
Interest cost |
Benefits paid | ( |
) | ( |
) |
Actuarial gains/losses on liabilities | 22,000 | (3,645,000 | ) |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Opening fair value of scheme assets |
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 | ) |
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 |
Overseas Equities | 2,448,000 | 2,093,000 |
Diversified Growth Fund |
Cash and net current assets |
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 |
Inflation assumption (RPI) |
Deferred revaluation - RPI max 5% |
Pension increases - RPI max 5% |
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: | 2023 | 2022 |
(Years | ) | (Years | ) |
Retiring today - Males | 21.8 | 22.0 |
Retiring today - Females | 23.8 | 24.2 |
Retiring in 20 years time - Males | 23.4 | 23.3 |
Retiring in 20 years time - Females | 25.1 | 25.6 |
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. |