German Christmas Company Limited - Accounts to registrar (filleted) - small 18.2

German Christmas Company Limited - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 07822476 (England and Wales)















Unaudited Financial Statements

for the Period

1 February 2020 to 31 March 2020

for

German Christmas Company Limited

German Christmas Company Limited (Registered number: 07822476)

Contents of the Financial Statements
for the Period 1 February 2020 to 31 March 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


German Christmas Company Limited

Company Information
for the Period 1 February 2020 to 31 March 2020







DIRECTOR: N Loewenthal





REGISTERED OFFICE: Suite 305
Guildhall Building
Navigation Street
Birmingham
B2 4BT





REGISTERED NUMBER: 07822476 (England and Wales)





ACCOUNTANTS: Tuerner & Co Ltd
Chartered Accountants
Bridge House
Old Grantham Road
Whatton
Nottingham
NG13 9FG

German Christmas Company Limited (Registered number: 07822476)

Balance Sheet
31 March 2020

31.3.20 31.1.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,501,011 1,562,077

CURRENT ASSETS
Stocks 120,000 120,000
Debtors 6 1,677,572 1,513,826
Cash at bank and in hand 193,893 1,039,667
1,991,465 2,673,493
CREDITORS
Amounts falling due within one year 7 1,085,522 1,730,423
NET CURRENT ASSETS 905,943 943,070
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,406,954

2,505,147

CREDITORS
Amounts falling due after more than one
year

8

(178,556

)

(191,864

)

PROVISIONS FOR LIABILITIES (19,361 ) (26,712 )
NET ASSETS 2,209,037 2,286,571

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 2,208,937 2,286,471
SHAREHOLDERS' FUNDS 2,209,037 2,286,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 April 2021 and were signed by:




N Loewenthal - Director


German Christmas Company Limited (Registered number: 07822476)

Notes to the Financial Statements
for the Period 1 February 2020 to 31 March 2020


1. STATUTORY INFORMATION

German Christmas Company 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, she continues to adopt the going concern basis in preparing the financial statements.

These financial statements are for the 2 month period from 1 February 2020 to 31 March 2020. The prior period was 12 months. The reporting period has been moved to an administratively less active date for the business. Therefore the comparatives are not entirely comparable.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Long term leasehold property- lifetime of lease straight line
Freehold property- 50 years straight line
Plant and machinery- 3 - 5 years straight line

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

Taxation
Taxation for the period 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 balance sheet date.


German Christmas Company Limited (Registered number: 07822476)

Notes to the Financial Statements - continued
for the Period 1 February 2020 to 31 March 2020


3. ACCOUNTING POLICIES - continued
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 period 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 balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
Contributions made by the company to defined contribution pension schemes are charged to the profit and loss account in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2020 - 18 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2020
and 31 March 2020 801,725 1,886,280 2,688,005
DEPRECIATION
At 1 February 2020 61,090 1,064,838 1,125,928
Charge for period 2,224 58,842 61,066
At 31 March 2020 63,314 1,123,680 1,186,994
NET BOOK VALUE
At 31 March 2020 738,411 762,600 1,501,011
At 31 January 2020 740,635 821,442 1,562,077

Long-term leasehold property property comprises a property with a net book value of £477,581 (31.1.2020: £478,893) which has been pledged as security for a duty deferment facility and a property with a net book value of £260,830 (31.1.2020: £261,742) which has been pledged as security for a bank loan.

German Christmas Company Limited (Registered number: 07822476)

Notes to the Financial Statements - continued
for the Period 1 February 2020 to 31 March 2020


6. DEBTORS
31.3.20 31.1.20
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 3,514 3,514
Other debtors 1,635,969 1,487,099
1,639,483 1,490,613

Amounts falling due after more than one year:
Other debtors 38,089 23,213

Aggregate amounts 1,677,572 1,513,826

Included within other debtors due within one year is an amount of £1,253,398 (31.1.2020: £1,106,357) relating to a loan to a close relative of the director. The loan bears interest at 2.5% per annum.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.20 31.1.20
£    £   
Bank loans and overdrafts 72,812 72,812
Trade creditors 195,109 167,697
Taxation and social security 553,210 1,293,752
Other creditors 264,391 196,162
1,085,522 1,730,423

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.20 31.1.20
£    £   
Bank loans 178,556 191,864

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 64,408 69,283

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.20 31.1.20
£    £   
Within one year 371,167 393,667
Between one and five years 993,341 1,039,165
In more than five years 342,480 359,355
1,706,988 1,792,187

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.3.20 31.1.20
value: £    £   
100 Ordinary 1 100 100

German Christmas Company Limited (Registered number: 07822476)

Notes to the Financial Statements - continued
for the Period 1 February 2020 to 31 March 2020


11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 March 2020 and the year ended 31 January 2020:

31.3.20 31.1.20
£    £   
N Loewenthal
Balance outstanding at start of period 23,213 23,292
Amounts advanced 14,875 23,213
Amounts repaid - (23,292 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 38,088 23,213

The advances to the director bear interest at a rate of 2.5% per annum.

12. POST BALANCE SHEET EVENTS

Due to government restrictions imposed during the Covid-19 pandemic, the 2020 "Birmingham's Frankfurt Christmas Market" event was cancelled. Consequently, the company has been unable to generate trading income in the period to the approval of these financial statements. In addition, approximately £59,000 worth of beer and wine stocks included in the balance sheet at 31 March 2020 was consequently unable to be used and will be destroyed.