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Company registration number: 6936785







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


DUXIANA LONDON LIMITED






































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DUXIANA LONDON LIMITED
 


 
COMPANY INFORMATION


Director
Henrik Ljung 




Registered number
6936785



Registered office
Lynton House 7-12
Tavistock Square

London

WC1H 9LT




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT




Trading address
46 George Street
London

W1U 7DX





 


DUXIANA LONDON LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 7


 


DUXIANA LONDON LIMITED
REGISTERED NUMBER:6936785



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,953
7,922

  
4,953
7,922

Current assets
  

Stocks
  
119,556
170,002

Debtors: amounts falling due within one year
 5 
39,314
74,840

Cash at bank and in hand
  
48,417
32,648

  
207,287
277,490

Creditors: amounts falling due within one year
 6 
(402,932)
(284,477)

Net current liabilities
  
 
 
(195,645)
 
 
(6,987)

Total assets less current liabilities
  
(190,692)
935

  

Net (liabilities)/assets
  
(190,692)
935


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(190,693)
934

  
(190,692)
935


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Henrik Ljung
Director

Date: 5 September 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


DUXIANA LONDON LIMITED
 


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

1.


General information

Duxiana London Limited is a private company, limited by shares, domiciled in England and Wales. The address of its registered office, registered number and principal place of business are given on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on the assumption that the Company is a going concern, on the grounds that its parent company, DUX International AB, will continue to provide financial support for its ordinary activity in the same parameters that the parent company has applied to date.
As a result of the actions described above, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, and therefore have prepared the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Responsibility for and ownership of the goods passes to the customer when the goods are delivered or collected by the customer. If the goods have not been collected or delivered within 8 weeks of the customer being notified that the goods are ready, the revenue is recognised if payment has been received in full, in accordance with the terms and conditions of sale as the responsibility and ownership is transferred at this point.

Page 2

 


DUXIANA LONDON LIMITED
 


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

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the life of the lease
Plant and machinery
-
Straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is 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.

Page 3

 


DUXIANA LONDON LIMITED
 


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

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 4

 


DUXIANA LONDON LIMITED
 


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

4.


Tangible fixed assets





Leasehold improvement
Plant and machinery
Total

£
£
£



Cost 


At 1 January 2023
96,376
21,122
117,498


Additions
-
1,053
1,053



At 31 December 2023

96,376
22,175
118,551



Depreciation


At 1 January 2023
96,376
13,200
109,576


Charge for the year on owned assets
-
4,022
4,022



At 31 December 2023

96,376
17,222
113,598



Net book value



At 31 December 2023
-
4,953
4,953



At 31 December 2022
-
7,922
7,922

Page 5

 


DUXIANA LONDON LIMITED
 


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

5.


Debtors

2023
2022
£
£


Trade debtors
12,180
19,355

Other debtors
469
8,033

Prepayments and accrued income
26,665
47,452

39,314
74,840



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
12,275
25,296

Amounts owed to group undertakings
207,596
48,616

Other taxation and social security
16,224
18,927

Other creditors
1,080
1,110

Accruals and deferred income
165,757
190,528

402,932
284,477



7.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
65,000
66,598

Later than 1 year and not later than 5 years
130,000
195,133

195,000
261,731


8.


Controlling party

DUX International AB, a company incorporated in Sweden, is the parent company of the smallest group for which the consolidated financial statements are drawn up of which the company is a member. The parent company's registered office is Norra Vallgatan 76, 211 22 Malmö, Sweden.

Page 6

 


DUXIANA LONDON LIMITED
 


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

9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 10 September 2024 by Sarah Hallam FCCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 7