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REGISTERED NUMBER: 08643207 (England and Wales)












DESIGNER EXCHANGE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






DESIGNER EXCHANGE LTD (REGISTERED NUMBER: 08643207)

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


DESIGNER EXCHANGE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr T Bijlani
Mr N Bijlani
Mr D G R Butler
Mrs M Dudani
Mr D A Durante
Mr D J Mullins
Mrs A Seebue
Mr H Y Man





REGISTERED OFFICE: Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE





REGISTERED NUMBER: 08643207 (England and Wales)





ACCOUNTANTS: Christiansons Ltd
Chartered Certified Accountants
Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE

DESIGNER EXCHANGE LTD (REGISTERED NUMBER: 08643207)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 92,615 14,883
Investments 5 2,100 2,100
94,715 16,983

CURRENT ASSETS
Stocks 2,062,550 1,979,331
Debtors 6 639,298 614,274
Cash at bank and in hand 196,752 234,015
2,898,600 2,827,620
CREDITORS
Amounts falling due within one year 7 857,534 796,985
NET CURRENT ASSETS 2,041,066 2,030,635
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,135,781

2,047,618

CREDITORS
Amounts falling due after more than one
year

8

5,708,288

4,557,623
NET LIABILITIES (3,572,507 ) (2,510,005 )

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings (3,582,507 ) (2,520,005 )
SHAREHOLDERS' DEFICIT (3,572,507 ) (2,510,005 )

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.

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 Profit & Loss Account has not been delivered.

DESIGNER EXCHANGE LTD (REGISTERED NUMBER: 08643207)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023



The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





Mr D G R Butler - Director


DESIGNER EXCHANGE LTD (REGISTERED NUMBER: 08643207)

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


1. STATUTORY INFORMATION

Designer Exchange Ltd 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.

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 company made a loss of £1,062,502 during the year ( 2022: loss £289,099) and as at the year end has net liabilities of £3,572,507 ( 2022: £2,510,005) and rely on funds from its related company and directors to run its day to day business. The directors have confirmed that adequate facilities are in place for the continued support of the company for the foreseeable future. These accounts have therefore been prepared on a going concern basis.

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
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of Goods.

Turnover from sale of goods is recognised when significant risk and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually when goods are processed through the company's outlet till and handed over to the customers or processed through internet and goods are dispatched. Sales are recognised in the accounts at the earlier of money received or point of sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - equal installments over the lease term
Plant and machinery etc - 25% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.


DESIGNER EXCHANGE LTD (REGISTERED NUMBER: 08643207)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 79 ).

DESIGNER EXCHANGE LTD (REGISTERED NUMBER: 08643207)

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


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 38,367 736,119 774,486
Additions 4,678 107,220 111,898
At 31 December 2023 43,045 843,339 886,384
DEPRECIATION
At 1 January 2023 38,367 721,236 759,603
Charge for year 936 33,230 34,166
At 31 December 2023 39,303 754,466 793,769
NET BOOK VALUE
At 31 December 2023 3,742 88,873 92,615
At 31 December 2022 - 14,883 14,883

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 2,100
NET BOOK VALUE
At 31 December 2023 2,100
At 31 December 2022 2,100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 407,447 407,447
Other debtors 231,851 206,827
639,298 614,274

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 281,129 231,393
Taxation and social security 115,018 128,473
Other creditors 461,387 437,119
857,534 796,985

DESIGNER EXCHANGE LTD (REGISTERED NUMBER: 08643207)

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
£    £   
Other creditors 5,708,288 4,557,623

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 178,260 135,000
Between one and five years 189,740 111,500
In more than five years 144,300 19,000
512,300 265,500

10. RELATED PARTY DISCLOSURES

During the year the company maintained a current account with CEX Limited a company controlled by Mrs Mohini Dudani a majority share holder (2022: Mrs Mohini Dudani). As at the year end the company owed £5,708,288 to CEX Limited (2022: £4,557,623).

11. ULTIMATE CONTROLLING PARTY

The company as at the year end was controlled by Mrs Mohini Dudani by virtue of holding 55.46% (2022: 55.46%) of the company's issued ordinary share capital.