Carpo (Knightsbridge) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09629931 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

CARPO (KNIGHTSBRIDGE) LTD

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

FIXED ASSETS

Property, plant and equipment

4

146,162

175,140

CURRENT ASSETS

Inventories

59,107

98,343

Debtors

5

211,564

135,031

Cash at bank and in hand

384,194

72,477

654,865

305,851

CREDITORS

Amounts falling due within one year

6

652,711

408,312

NET CURRENT ASSETS/(LIABILITIES)

2,154

(102,461

)

TOTAL ASSETS LESS CURRENT LIABILITIES

148,316

72,679

CREDITORS

Amounts falling due after more than one year

7

(115,000

)

-

PROVISIONS FOR LIABILITIES

9

(18,889

)

(23,848

)

NET ASSETS

14,427

48,831

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

14,426

48,830

SHAREHOLDERS' FUNDS

14,427

48,831

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

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

The director acknowledges his 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 2 September 2021 and were signed by:

Mr K Kontopoulos - Director

1.	STATUTORY INFORMATION

Carpo (Knightsbridge) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

09629931

Registered office:

1 Kings Avenue

London

N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

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 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.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue represents the value, net of value added tax and discounts, of goods provided to customers and is recognised when the risks and rewards of ownership have been transferred.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Short Leasehold 20% on reducing balance

Plant and machinery 25% on reducing balance

Government grants

Government grants are recognised at the fair value of the asset received when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised as income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised as income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Inventories

Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of inventory sold is recognised as an expense in the period in which the related revenue is recognised.

Taxation

Taxation for the year 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 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

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Hire purchase and leasing commitments

Assets financed under finance leases and similar arrangements such as hire purchase contracts, are capitalised in the balance sheet and depreciated over their useful economic lives.

The interest element of payments under such arrangements is charged to the profit and loss account so as to give a periodic charge commensurate with the balance outstanding.

Rentals paid under operating leases are charged to the profit and loss account as they fall due.

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.

Cash and cash equivalent

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2019 - 23 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Short

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 January 2020

73,689

202,514

276,203

Additions

-

12,542

12,542

At 31 December 2020

73,689

215,056

288,745

DEPRECIATION

At 1 January 2020

28,362

72,701

101,063

Charge for year

9,066

32,454

41,520

At 31 December 2020

37,428

105,155

142,583

NET BOOK VALUE

At 31 December 2020

36,261

109,901

146,162

At 31 December 2019

45,327

129,813

175,140

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

27,170

2,340

Other debtors

184,394

132,691

211,564

135,031

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

169,678

60,772

Amounts owed to group undertakings

401,481

263,993

Taxation and social security

73,512

72,807

Other creditors

8,040

10,740

652,711

408,312

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

115,000

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

115,000

-

The bank loan is secured by way of fixed and floating charge over the property or undertaking of the company and contains a negative pledge.

9.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

18,889

23,848

Deferred

tax

£

Balance at 1 January 2020

23,848

Provided during year

(4,959

)

Balance at 31 December 2020

18,889

10.	OTHER FINANCIAL COMMITMENTS

The company has annual commitments of £97,500 (2019: £97,500) under non-cancellable operating leases for the next four years.

11.	RELATED PARTY DISCLOSURES

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.

Included within other debtors is an amount of £88,080 (2019: £36,036) owed to a connected company. This amount is interest free and repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is London Premium Products Ltd, whose registered office is 1 Kings Avenue, London, N21 3NA. It's principal place of business is 16 Piccadilly, London, W1J 0DE.