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Registered number: 09213223
Labyrinth Tanning Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
MSB & Co Canvey Island Limited
Accountants and Tax Advisors
14 Furtherwick Road
Canvey Island
Essex
SS8 7AE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 09213223
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 14,294 16,817
14,294 16,817
CURRENT ASSETS
Stocks 5 978 1,230
Debtors 6 1,174 1,094
Cash at bank and in hand 26,237 38,528
28,389 40,852
Creditors: Amounts Falling Due Within One Year 7 (58,377 ) (59,463 )
NET CURRENT ASSETS (LIABILITIES) (29,988 ) (18,611 )
TOTAL ASSETS LESS CURRENT LIABILITIES (15,694 ) (1,794 )
NET LIABILITIES (15,694 ) (1,794 )
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account (15,696 ) (1,796 )
SHAREHOLDERS' FUNDS (15,694) (1,794)
Page 1
Page 2
For the year ending 31 August 2024 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Alan Foster
Director
19th February 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Labyrinth Tanning Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09213223 . The registered office is 14 Furtherwick Road, Canvey Island, Essex, SS8 7AE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 15% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 3 5
3 5
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 September 2023 74,270
As at 31 August 2024 74,270
...CONTINUED
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Page 4
Depreciation
As at 1 September 2023 57,453
Provided during the period 2,523
As at 31 August 2024 59,976
Net Book Value
As at 31 August 2024 14,294
As at 1 September 2023 16,817
5. Stocks
2024 2023
£ £
Stock - finished goods and goods for resale 978 1,230
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 888 856
Net wages 49 -
Directors' loan accounts 237 238
1,174 1,094
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 2,744
PAYE control account 938 445
VAT 3,884 4,073
Accruals and deferred income 2,914 1,560
Directors' loan accounts 48,849 48,849
Amounts owed to related parties - Castle Point Motors Ltd 1,792 1,792
58,377 59,463
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
9. Related Party Transactions
Castle Point Motors Limited
Castle Point Motors Limited - a company under the control of Mr A. Foster and Mr K. Wells, directors and shareholders of this company.
As at the balance sheet date, there was an inter-company loan of the following: £1,792 (Creditor)
10. Ultimate Controlling Party
The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the operations and financial policies of the company.
Page 4