Garpa Garden & Park Furniture Limited
Financial Statements
For the year ended 31 December 2021
For Filing with Registrar
Company Registration No. 04536226 (England and Wales)
Garpa Garden & Park Furniture Limited
Company Information
Director
M Köhler-Prehn
Company number
04536226
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Auditors
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Garpa Garden & Park Furniture Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Garpa Garden & Park Furniture Limited
Balance Sheet
As at 31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Current assets
Debtors
4
303,515
146,927
Cash at bank and in hand
45,806
170,624
349,321
317,551
Creditors: amounts falling due within one year
5
(68,884)
(49,854)
Net current assets
280,437
267,697
Capital and reserves
Called up share capital
6
10,000
10,000
Profit and loss reserves
270,437
257,697
Total equity
280,437
267,697
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 15 September 2022
M Köhler-Prehn
Director
Company Registration No. 04536226
Garpa Garden & Park Furniture Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Page 2
1
Accounting policies
Company information
Garpa Garden & Park Furniture Limited is a
private
company
limited by shares
domiciled and
incorporated in
England and Wales
.
The registered office is
6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
The directors have considered the impact of the COVID-19 outbreak and the measures taken to contain it when forming their assessment of going concern. Although the ultimate impact of the outbreak cannot be assessed with certainty, because of the nature of the business, the directors do not consider that the outbreak will impact the ability of the company to continue in business and meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements.
1.3
Turnover
Turnover represents amounts receivable for commissions paid by the parent company and for goods and services net of VAT and trade discounts. Turnover is recognised on delivery of garden furniture provided to customers.
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.
1.4
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
Garpa Garden & Park Furniture Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 3
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0
(2020 - 0).
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
14,798
207
Amounts owed by group undertakings
263,904
141,761
Other debtors
24,813
4,959
303,515
146,927
Garpa Garden & Park Furniture Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 4
5
Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
2,988
2,806
Other taxation and social security
16,851
9,756
Other creditors
49,045
37,292
68,884
49,854
6
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary Shares of £1 each
10,000
10,000
10,000
10,000
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Ryan Day and the auditor was Moore Kingston Smith LLP.
8
Related party transactions
The company made purchases from its parent company, GARPA Garten and Park Einrichtungen GmbH, amounting to £321,740 (2020: £289,182). It also received £15,879 (2020: £69,224 ) for intermediary services supplied to the parent company during the period under review. At the year end a balance of £263,904 (2020: £141,761) was due from the parent company.
9
Parent company
The company is a wholly owned subsidiary undertaking of GARPA Garten and Park Einrichtungen GmbH, registered in Germany. The registered office is Kiehnwiese 1, Escheburg, 21039, Germany.
The ultimate controlling party of the group which owns the company is DK Premium Brands Holdings AG by virtue of their 100% holding in GARPA Holert Handelsgesellschaft mbH & Co. KG.