Company Registration No. 07623058 (England and Wales)
Labyrinth Photographic Printing Ltd
Unaudited accounts
for the year ended 31 May 2023
Labyrinth Photographic Printing Ltd
Unaudited accounts
Contents
Labyrinth Photographic Printing Ltd
Company Information
for the year ended 31 May 2023
Directors
Cosimo d'Aprano
John McCarthy
Company Number
07623058 (England and Wales)
Registered Office
121 Roman Road
London
E2 0QN
Accountants
OD Accountants Ltd
7a Ezra Street
London
E2 7RH
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Labyrinth Photographic Printing Ltd
for the year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Labyrinth Photographic Printing Ltd for the year ended 31 May 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
This report is made solely to the Board of Directors of Labyrinth Photographic Printing Ltd, as a body, in accordance with the terms of our engagement letter dated 25 March 2021. Our work has been undertaken solely to prepare for your approval the accounts of Labyrinth Photographic Printing Ltd and state those matters that we have agreed to state to the Board of Directors of Labyrinth Photographic Printing Ltd, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Labyrinth Photographic Printing Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Labyrinth Photographic Printing Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Labyrinth Photographic Printing Ltd. You consider that Labyrinth Photographic Printing Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Labyrinth Photographic Printing Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
OD Accountants Ltd
Member in Practice
7a Ezra Street
London
E2 7RH
6 November 2023
Labyrinth Photographic Printing Ltd
Statement of financial position
as at 31 May 2023
Tangible assets
29,557
33,359
Cash at bank and in hand
1,095,953
926,358
Creditors: amounts falling due within one year
(177,380)
(194,790)
Net current assets
1,049,833
832,063
Net assets
1,079,390
865,422
Called up share capital
4
4
Capital redemption reserve
1
1
Profit and loss account
1,079,385
865,417
Shareholders' funds
1,079,390
865,422
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by
John McCarthy
Director
Company Registration No. 07623058
Labyrinth Photographic Printing Ltd
Notes to the Accounts
for the year ended 31 May 2023
Labyrinth Photographic Printing Ltd is a private company, limited by shares, registered in England and Wales, registration number 07623058. The registered office is 121 Roman Road , London , E2 0QN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Labyrinth Photographic Printing Ltd
Notes to the Accounts
for the year ended 31 May 2023
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 June 2022
77,616
6,002
83,618
Additions
1,508
5,189
6,697
At 31 May 2023
79,124
11,191
90,315
At 1 June 2022
46,989
3,270
50,259
Charge for the year
8,705
1,794
10,499
At 31 May 2023
55,694
5,064
60,758
At 31 May 2023
23,430
6,127
29,557
At 31 May 2022
30,627
2,732
33,359
Amounts falling due within one year
Trade debtors
100,663
100,472
Accrued income and prepayments
29,695
-
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
16,508
7,988
Taxes and social security
100,105
94,763
Other creditors
4,078
6,256
Loans from directors
1,606
6,949
7
Average number of employees
During the year the average number of employees was 2 (2022: 2).