REGISTERED NUMBER: 00565580 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

DEXAM INTERNATIONAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H Bradley

B Dyer

T Roberts

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

FIXED ASSETS

Intangible assets

4

32,094

40,309

Tangible assets

5

163,496

184,863

195,590

225,172

CURRENT ASSETS

Stocks

6

1,766,572

2,175,596

Debtors

7

841,177

855,829

Cash at bank and in hand

86,530

290,061

2,694,279

3,321,486

CREDITORS

Amounts falling due within one year

8

1,888,240

1,917,715

NET CURRENT ASSETS

806,039

1,403,771

TOTAL ASSETS LESS CURRENT LIABILITIES

1,001,629

1,628,943

CREDITORS

Amounts falling due after more than one year

9

(89,606

)

(150,036

)

PENSION LIABILITY

16

(1,266,000

)

(961,000

)

NET (LIABILITIES)/ASSETS

(353,977

)

517,907

CAPITAL AND RESERVES

Called up share capital

13

200,000

200,000

Pension reserve

14

183,000

364,000

Retained earnings

14

(736,977

)

(46,093

)

SHAREHOLDERS' FUNDS

(353,977

)

517,907

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 24 September 2025 and were signed on its behalf by:

B Dyer - Director

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.

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.

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 23 (2023 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Trademark

Goodwill

Website

Totals

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

133,530

1,377

33,620

168,527

AMORTISATION

At 1 January 2024

120,169

17

8,032

128,218

Amortisation for year

1,353

138

6,724

8,215

At 31 December 2024

121,522

155

14,756

136,433

NET BOOK VALUE

At 31 December 2024

12,008

1,222

18,864

32,094

At 31 December 2023

13,361

1,360

25,588

40,309

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2024

299,629

Additions

1,804

At 31 December 2024

301,433

DEPRECIATION

At 1 January 2024

114,766

Charge for year

23,171

At 31 December 2024

137,937

NET BOOK VALUE

At 31 December 2024

163,496

At 31 December 2023

184,863

6.

STOCKS

2024

2023

£

£

Finished goods

1,766,572

2,175,596

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

790,374

815,741

Other debtors

50,803

40,088

841,177

855,829

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 10)

60,000

60,000

Trade creditors

395,193

406,617

Amounts owed to fellow group companies

162,192

169,967

Taxation and social security

137,103

134,745

Other creditors

1,133,752

1,146,386

1,888,240

1,917,715

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 10)

80,000

140,000

Other creditors

9,606

10,036

89,606

150,036

10.

LOANS

The CBILs loan, £80,000 due after 1 year, is spread across the remaining 3 year loan term and is co-terminus with the receivables finance facility with a 1 year minimum period. Therefore it is possible but not probable that the loan term of the CBILs loan will be repayable in full earlier than the remaining 3 years term.

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

132,730

132,730

Between one and five years

74,560

207,290

207,290

340,020

12.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

140,000

200,000

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.

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

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 2024 by a qualified actuary (dated 7 February 2025), independent of the scheme's sponsoring employers. The company's balance sheet valuation showed a deficit attributable to the company of £1,267,000.

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 December 2024, the company had outstanding contributions of £294,653 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.

The amounts recognised in profit or loss are as follows:

Defined benefit

pension plans

2024

2023

£

£

Expenses

80,000

70,000

Net interest on the net defined benefit liability

44,000

53,000

Past service cost

-

-

124,000

123,000

Actual return on plan assets

-

-

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

Defined benefit

pension plans

2024

2023

£

£

Opening defined benefit obligation

8,477,000

8,474,000

Interest cost

374,000

398,000

Benefits paid

(413,000

)

(417,000

)

Actuarial gains/losses on liabilities

(998,000

)

22,000

7,440,000

8,477,000

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

Defined benefit

pension plans

2024

2023

£

£

Opening fair value of scheme assets

7,516,000

7,373,000

Service cost - administrative cost

(80,000

)

(70,000

)

Interest income on scheme assets

330,000

345,000

Benefits paid

(413,000

)

(417,000

)

Returns on assets, excluding interest income

(1,179,000

)

285,000

6,174,000

7,516,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit

pension plans

2024

2023

£

£

Actuarial gains/losses on liabilities

998,000

(22,000

)

Returns on assets, excluding interest income

(1,179,000

)

285,000

(181,000

)

263,000

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

Defined benefit

pension plans

2024

2023

£

£

UK Equities

606,000

492,000

Overseas Equities

3,841,000

2,448,000

Diversified Growth Fund

-

1,210,000

Cash and net current assets

428,000

630,000

Structured equity

1,299,000

2,736,000

6,174,000

7,516,000

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):

2024

2023

Discount rate

5.50%

4.52%

Inflation assumption (RPI)

3.25%

3.05%

Deferred revaluation - RPI max 5%

3.25%

3.05%

Pension increases - RPI max 5%

3.06%

2.95%

Pension increases - RPI max 5% min 3%

3.72%

3.61%

Cash commutation

100% of HMRC maximum

100% of HMRC maximum

Assumed life expectancies on retirement at age 65 are:

2024

2023

(Years

)

(Years

)

Retiring today - Males

21.8

21.8

Retiring today - Females

23.8

23.8

Retiring in 20 years time - Males

23.4

23.4

Retiring in 20 years time - Females

25.1

25.1

17.	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.