FD Exchange Limited iXBRL

Company Registration Number: NI070922

FD Exchange Limited

Unaudited Financial Statements

for the financial year ended 31 October 2024

FD Exchange Limited

DIRECTORS AND OTHER INFORMATION


Directors	Stuart Dixon
	Trevor Finlay


Company Secretary	Stuart Dixon


Company Registration Number	NI070922


Registered Office and Business Address	25-27 Ferryquay Street
	Londonderry
	BT48 6JB


Accountants	MCI Chartered Accountants
	Sentinel House
	13 Pump Street
	Londondery
	BT48 7QG


Bankers	HSBC
	1 Dublin Road
	Omagh
	Co. Tyrone
	BT74 1ES


	Santander
	Bridle Road
	Bootle
	Merseyside
	United Kingdom
	L30 4GB


	Ulster Bank
	11-16 Donegall Square East
	Belfast
	BT1 5UB

FD Exchange Limited

Company Registration Number: NI070922

BALANCE SHEET

as at 31 October 2024

		2024	2023
	Notes	£	£

Fixed Assets

Intangible assets	4	14,000	23,000
Tangible assets	5	601,880	697,653
Investments	6	200	-
		─────────	─────────
Fixed Assets		616,080	720,653
		─────────	─────────

Current Assets

Stocks	7	824,266	812,665
Debtors	8	831,741	835,632
Cash and cash equivalents		498,250	287,213
		─────────	─────────
		2,154,257	1,935,510
		─────────	─────────
Creditors: amounts falling due within one year	9	(1,483,385)	(1,292,918)
		─────────	─────────
Net Current Assets		670,872	642,592
		─────────	─────────
Total Assets less Current Liabilities		1,286,952	1,363,245

Creditors:

amounts falling due after more than one year	10	(217,950)	(276,197)

Provisions for liabilities	12	(121,343)	(140,079)
		─────────	─────────
Net Assets		947,659	946,969
		═════════	═════════

Capital and Reserves

Called up share capital	2	2
Statement of income and retained earnings	947,657	946,967
	─────────	─────────
Shareholders' Funds	947,659	946,969
	═════════	═════════

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 company has taken advantage of the exemption under section 444 not to file the Statement of Income and Retained Earnings and Directors' Report.

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Board and authorised for issue on 31 October 2025 and signed on its behalf by

Stuart Dixon

Director

Trevor Finlay

Director

FD Exchange Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 October 2024

General Information

FD Exchange Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI070922. The registered office of the company is 25-27 Ferryquay Street, Londonderry, BT48 6JB which is also the principal place of business of the company. The principal activity of the company is the operation of a retail franchise. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 31 October 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Consolidated accounts

The company is entitled to the exemption in Section 399 of the Companies Act 2006 from the obligation to prepare group accounts.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods) and the amount of revenue can be measured reliably and it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. This is usually at the point of sale.

Government grants and assistance

Grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met.

Grants received in respect of capital expenditure are treated as deferred income and are released to the Statement of Income and Retained earnings at the same rate as the assets to which they relate are depreciated.

Grants received in respect of revenue expenditure are released to the Statement of Income and Retained Earnings in the period in which the related expenditure is incurred.

Intangible assets

Licences

Intangible assets are capitalised in the balance sheet and amortised over the estimated useful ecomonic life of ten years, being the period during which the benefits are expected to accrue.

If there is an indiciation that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

The carrying value of intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may be impaired. Impairment losses are recognised in that statement of income and retained earnings.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Fixtures, fittings and equipment

15% reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current markets assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of income and retained earnings, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the statement of income and retained earnings, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Investments

Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Statement of Income and Retained Earnings in the financial year in which it is receivable.

Stocks

Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Taxation

The charge for taxation is based on the results for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Provision is made at the rates expected to apply when the timing differences reverse. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in taxable profits in period's difference from those in which they are recognised in the financial statements.

Employees

The average monthly number of employees, including directors, during the financial year was 48, (2023 - 103).


4.	Intangible assets

		Licences	Total
		£	£
	Cost
	At 1 November 2023	100,000	100,000
		─────────	─────────

	At 31 October 2024	100,000	100,000
		─────────	─────────
	Amortisation
	At 1 November 2023	77,000	77,000
	Charge for financial year	9,000	9,000
		─────────	─────────
	At 31 October 2024	86,000	86,000
		─────────	─────────
	Net book value
	At 31 October 2024	14,000	14,000
		═════════	═════════
	At 31 October 2023	23,000	23,000
		═════════	═════════


5.	Tangible assets
		Fixtures,	Total
		fittings and
		equipment
		£	£
	Cost
	At 1 November 2023	1,763,863	1,763,863
	Additions	10,000	10,000
		─────────	─────────
	At 31 October 2024	1,773,863	1,773,863
		─────────	─────────
	Depreciation
	At 1 November 2023	1,066,210	1,066,210
	Charge for the financial year	105,773	105,773
		─────────	─────────
	At 31 October 2024	1,171,983	1,171,983
		─────────	─────────
	Net book value
	At 31 October 2024	601,880	601,880
		═════════	═════════
	At 31 October 2023	697,653	697,653
		═════════	═════════


6.	Investments
		Group and	Total
		participating
		interests/
		joint ventures
	Investments	£	£
	Cost
	Additions	200	200
		─────────	─────────
	At 31 October 2024	200	200
		─────────	─────────
	Net book value
	At 31 October 2024	200	200
		═════════	═════════


7.	Stocks	2024	2023
		£	£

	Finished goods and goods for resale	824,266	812,665
		═════════	═════════

	If stocks were stated at replacement cost (latest purchase price) they would not differ materially from the above.


8.	Debtors	2024	2023
		£	£

	Amounts owed by group undertakings	437,112	-
	Amounts owed by related parties	-	437,112
	Other debtors	296,552	376,039
	Taxation (Note 11)	79,058	-
	Prepayments and accrued income	19,019	22,481
		─────────	─────────
		831,741	835,632
		═════════	═════════


9.	Creditors	2024	2023
	Amounts falling due within one year	£	£

	Bank loans	55,040	49,308
	Trade creditors	65,125	72,377
	Amounts owed to related parties (Note 13)	509,126	-
	Taxation (Note 11)	75,183	263,151
	Directors' current accounts	200	-
	Other creditors	638,813	575,101
	Accruals:
	Pension accrual	-	4,146
	Other accruals	139,898	328,835
		─────────	─────────
		1,483,385	1,292,918
		═════════	═════════

	Total creditors above includes secured liabilities amounting to £55,040 (2023: £49,308).


10.	Creditors	2024	2023
	Amounts falling due after more than one year	£	£

	Bank loans	217,950	276,197
		═════════	═════════

	Loans
	Repayable in one year or less, or on demand (Note 9)	55,040	49,308
	Repayable between one and two years	58,673	54,758
	Repayable between two and five years	159,277	166,307
	Repayable in five years or more	-	55,132
		─────────	─────────
		272,990	325,505
		═════════	═════════


	Total creditors above includes secured liabilities amounting to £217,950 (2023: £276,197).


11.	Taxation	2024	2023
		£	£

	Debtors:
	VAT	79,058	-
		═════════	═════════
	Creditors:
	VAT	-	133,152
	Corporation tax	75,183	111,926
	PAYE / NI	-	18,073
		─────────	─────────
		75,183	263,151
		═════════	═════════


12.	Provisions for liabilities

	The amounts provided for deferred taxation are analysed below:

		Capital	Total	Total
		allowances

			2024	2023
		£	£	£

	At financial year start	140,079	140,079	122,807
	Charged to profit and loss	(18,736)	(18,736)	17,272
		─────────	─────────	─────────
	At financial year end	121,343	121,343	140,079
		═════════	═════════	═════════

13.

Related party transactions

The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.

14.

SECURITY

As security for bank borrowings, National Westminster Bank PLC (Trading as Ulster Bank) holds a fixed and floating charge over all assets of the company.