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Registered Number: 10820671
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 March 2024

for

LABYRINTH NORWICH LIMITED

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 73,338    73,382 
73,338    73,382 
Current assets      
Stocks 4 162    162 
Debtors 5 1,132   
Cash at bank and in hand 14,282    24,158 
15,576    24,320 
Creditors: amount falling due within one year 6 (117,152)   (107,651)
Net current assets (101,576)   (83,331)
 
Total assets less current liabilities (28,238)   (9,949)
Creditors: amount falling due after more than one year 7   (8,736)
Provisions for liabilities 8 (18,251)   (19,703)
Net assets (46,489)   (38,388)
 

Capital and reserves
     
Called up share capital 10    10 
Profit and loss account (46,499)   (38,398)
Shareholders' funds (46,489)   (38,388)
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 27 December 2024 and were signed by:


-------------------------------
Tirion Davies
Director
1
General Information
Labyrinth Norwich Limited is a private company, limited by shares, registered in England and Wales, registration number 10820671, registration address First Floor, Rose Lane Car Park, Unit A 72-76, Mountergate, Norwich, Norfolk, NR1 1PY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 7% Reducing Balance
Plant and Machinery 25% 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 12 (2023 : 10).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Total
  £   £   £
At 01 April 2023 54,406    124,155    178,561 
Additions 333    13,433    13,766 
Disposals    
At 31 March 2024 54,739    137,588    192,327 
Depreciation
At 01 April 2023 17,214    87,965    105,179 
Charge for year 2,602    11,208    13,810 
On disposals    
At 31 March 2024 19,816    99,173    118,989 
Net book values
Closing balance as at 31 March 2024 34,923    38,415    73,338 
Opening balance as at 01 April 2023 37,192    36,190    73,382 


4.

Stocks

2024
£
  2023
£
Stocks 162    162 
162    162 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 1,132   
1,132   

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 1,116   
Bank Loans & Overdrafts 11,202    8,513 
Corporation Tax   1,150 
PAYE & Social Security 599   
Directors' Current Accounts 96,181    88,872 
VAT 8,054    9,116 
117,152    107,651 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts   8,736 
  8,736 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 18,251    16,822 
Charged to Profit & Loss   2,881 
18,251    19,703 

2