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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
Page
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Labyrinth Photographic Printing Ltd Company Information for the year ended 31 May 2023
Directors
Cosimo d'Aprano John McCarthy
Secretary
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
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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
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Labyrinth Photographic Printing Ltd Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
29,557 
33,359 
Current assets
Debtors
131,260 
100,495 
Cash at bank and in hand
1,095,953 
926,358 
1,227,213 
1,026,853 
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 
Capital and reserves
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
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Labyrinth Photographic Printing Ltd Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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.
Foreign exchange
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.
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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 
Depreciation
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 
Net book value
At 31 May 2023
23,430 
6,127 
29,557 
At 31 May 2022
30,627 
2,732 
33,359 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
100,663 
100,472 
Accrued income and prepayments
29,695 
- 
Other debtors
902 
23 
131,260 
100,495 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
47,105 
69,716 
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 
Accruals
7,978 
9,118 
177,380 
194,790 
7
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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