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REGISTERED NUMBER: 06611612 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Signature X Limited

Signature X Limited (Registered number: 06611612)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Signature X Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: B Maharjan
Ms Z Xue





REGISTERED OFFICE: 2 Chase Road
Park Royal
London
NW10 6HZ





REGISTERED NUMBER: 06611612 (England and Wales)





ACCOUNTANTS: Wilson & Co
Chartered Certified Accountants
and Registered Auditors
9 St Clare Street
London
EC3N 1LQ

Signature X Limited (Registered number: 06611612)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,706,076 4,508,325

CURRENT ASSETS
Stocks 479,178 589,004
Debtors 5 2,984,538 2,440,870
Investments 6 40,740 101,657
Cash at bank and in hand 202,282 26,197
3,706,738 3,157,728
CREDITORS
Amounts falling due within one year 7 3,050,818 2,511,615
NET CURRENT ASSETS 655,920 646,113
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,361,996

5,154,438

CREDITORS
Amounts falling due after more than one year 8 (833,175 ) (933,993 )

PROVISIONS FOR LIABILITIES 10 (969,848 ) (555,448 )
NET ASSETS 4,558,973 3,664,997

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 11 3,189,649 2,404,049
Retained earnings 1,369,224 1,260,848
4,558,973 3,664,997

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Signature X Limited (Registered number: 06611612)

Statement of Financial Position - continued
31 December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





B Maharjan - Director


Signature X Limited (Registered number: 06611612)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Signature X 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 presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Comparative figures
Certain comparative figures have been restated where necessary to conform with current period presentation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets include land and buildings, fixture, fittings and equipment and motor vehicles.

Land and buildings
Land and buildings are stated at fair value at the date of revaluation less subsequent accumulated depreciation and accumulated impairment losses. Revaluations are made with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined to be fair value at the end of the reporting period.

Fixture,fittings and equipment
Fixture, fittings and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

Motor vehicles
Motor vehicles are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold No depreciation
Fixtures, fittings & equipment 20% straight line
Motor vehicles 20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Signature X Limited (Registered number: 06611612)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

At the end of each reporting period shares are assessed for impairment. If an item of share is impaired, the identified share is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
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.

Signature X Limited (Registered number: 06611612)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Exceptional items
The company classifies certain one-off charges or credits that have a material impact on the company’s financial results as ‘exceptional items’. These are disclosed separately to provide further understanding of the financial performance of the company.

Fixed asset investments
Investments in listed companies’ shares are held at cost less accumulated impairment losses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 17 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 4,500,000 144,439 4,644,439
Revaluations 1,200,000 - 1,200,000
At 31 December 2023 5,700,000 144,439 5,844,439
DEPRECIATION
At 1 January 2023 - 136,114 136,114
Charge for year - 2,249 2,249
At 31 December 2023 - 138,363 138,363
NET BOOK VALUE
At 31 December 2023 5,700,000 6,076 5,706,076
At 31 December 2022 4,500,000 8,325 4,508,325

The land and buildings were revalued by the directors as at 31 December 2023. The directors consider that the value provided in the financial statements is not materially different to the market value.

Assets pledged as security
Freehold land and buildings with a carrying amount of £5.7 million (31.12.22: £4.5 million) have been pledged to secure the debt factoring with Lloyds bank (see note 8) and borrowings of the Company (see note 11).

Signature X Limited (Registered number: 06611612)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2021 4,500,000 135,712 4,635,712
Valuation in 2023 1,200,000 8,727 1,208,727
5,700,000 144,439 5,844,439

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 2,970,678 2,431,841
Other debtors 13,860 9,029
2,984,538 2,440,870

Trade debtors are secured for the debt factoring with Lloyds Bank Commercial Finance Ltd (see note 8).

6. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
£    £   
Listed investments 40,740 101,657

Investment in Superdry Plc:

Initially 38,497 shares bought in Superdry Plc at a cost of £180,362.09, the Company was delisted from the London Stock Exchange on 15 July 2024.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 365,590 382,132
Trade creditors 1,983,802 1,462,593
Amounts owed to group undertakings 177,635 118,161
Taxation and social security 507,472 537,586
Other creditors 16,319 11,143
3,050,818 2,511,615

Included in the other creditors there is an amount of £195,939 of debt factoring which is secured by way of a fixed and floating charge that covers all the property or undertaking of the company.

Signature X Limited (Registered number: 06611612)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 833,175 933,993

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 998,091 1,083,506

The bank loan £164,916 is repayable in 1 years and the interest is charged at 2.6% above the Bank of England base rate, the loan is secured on the freehold land and property at 2 Chase Road, see Note 5.

10. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 969,848 555,448

Deferred
tax
£   
Balance at 1 January 2023 555,448
Provided during year 414,400
Balance at 31 December 2023 969,848

11. RESERVES
Revaluation
reserve
£   
At 1 January 2023 2,404,049
Property revaluation 1,200,001
Deferred tax on revaluation (414,401 )

At 31 December 2023 3,189,649

Signature X Limited (Registered number: 06611612)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
B Maharjan
Balance outstanding at start of year (476 ) 6,524
Amounts advanced - (7,000 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (476 ) (476 )

Ms Z Xue
Balance outstanding at start of year (5,451 ) (5,451 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (5,451 ) (5,451 )