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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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Labyrinth Norwich Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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Labyrinth Norwich Limited |
Labyrinth Norwich Limited (Registered number: 10820671) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Company Information | 1 |
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Chartered Certified Accountants' Report | 2 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 6 |
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Labyrinth Norwich Limited |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
Unit 8 |
Home Farm |
Norwich Road |
Norwich |
Norfolk |
NR10 5PQ |
Chartered Certified Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Labyrinth Norwich Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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This report is made to you in accordance with the terms of our engagement. The work we have undertaken has been so that we can compile these accounts, and report to you that we have done so, and to state those matters that we have agreed to state to you in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than you for our work, or for this report. |
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We have carried out this engagement in accordance with the new UK GAAP (the body of accounting standards and other guidance published by the UK's Financial Reporting Council) - being a new financial reporting framework in the UK effective for accounting periods beginning on or after 1 January 2015. |
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The UK's Financial Reporting Council (FRC) has published five standards which together form the basis of the new UK regime. |
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The former Financial Reporting Standard for Smaller Entities (FRSSE) has been withdrawn and small entities brought within the scope of Financial Reporting Standard 102 being the Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1st January 2016 - and in particular Section 1A of FRS102, which sets out the presentation and disclosure requirements for small entities based on the new small companies regime within company law. |
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These accounts are intended to achieve full compliance with Section 1A of FRS102. There were no material departures from that standard. We have made choices, as available, under the Companies Act and FRS102 regarding presentation and requirements to make disclosures, as judged appropriate. |
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You have approved the accounts and have acknowledged your responsibility for that and for providing all information and explanations necessary for their compilation. |
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True and Fair View |
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The financial statements of a small entity shall give a true and fair view of the assets,. liabilities, financial position and profit or loss of the small entity for the reporting period (FSR102 1A 1A.5) (Section 393 of the Companies Act). |
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As Reporting Accountants we are of the opinion and confirm that no further disclosures in addition to those set out are needed or necessary to enable these statements to give a true and fair view in order to comply with the requirement of paragraph 1A.5 (above); and also para 1A.16 (sufficient information) and 1A.17(material transaction(s)) |
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We have not undertaken an Audit. |
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Chartered Certified Accountants |
Unit 8 |
Home Farm |
Norwich Road |
Chartered Certified Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Labyrinth Norwich Limited |
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Norwich |
Norfolk |
NR10 5PQ |
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Labyrinth Norwich Limited (Registered number: 10820671) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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Labyrinth Norwich Limited (Registered number: 10820671) |
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Balance Sheet - continued |
31 March 2020 |
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The directors acknowledge their 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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Labyrinth Norwich Limited (Registered number: 10820671) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Labyrinth Norwich Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis which dependent on the continued support of the company's director. The director is of the opinion that this support will continue over the next 12 months and therefore believe that it is appropriate for the financial statements to be prepared on the going concern basis. |
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Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Comprise Personal & Premises Licences, and will be amortised over the estimated life of the licences, from when the business starts to trade |
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Tangible fixed assets |
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Leasehold Property Improvements | - |
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Plant and machinery | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Labyrinth Norwich Limited (Registered number: 10820671) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
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a) Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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b) Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
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c) Impairment of financial assets |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
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d) Trade and other creditors |
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Labyrinth Norwich Limited (Registered number: 10820671) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Leasehold |
Property | Plant and |
Improvements | machinery | Totals |
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COST |
At 1 April 2019 |
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Additions |
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Disposals | ( |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Labyrinth Norwich Limited (Registered number: 10820671) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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Payments on account |
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Trade creditors |
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Amounts owed to participating interests | 92,942 | 90,650 |
Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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