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Registration number: 12968199

Escape West Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

Escape West Limited

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 4

 

Escape West Limited

(Registration number: 12968199)
Abridged Balance Sheet as at 31 March 2023

2023
£

2022
£

Fixed assets

Tangible assets

5,651

8,476

Investment property

283,890

283,890

Investments

2,771

2,756

292,312

295,122

Current assets

Debtors

3,318

298

Cash at bank and in hand

49,719

24,075

53,037

24,373

Creditors: Amounts falling due within one year

(312,061)

(311,616)

Net current liabilities

(259,024)

(287,243)

Total assets less current liabilities

33,288

7,879

Provisions for liabilities

2,741

(1,150)

Net assets

36,029

6,729

Capital and reserves

Called up share capital

100

100

Profit and loss account

35,929

6,629

Total equity

36,029

6,729

For the financial year ending 31 March 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 of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 4 October 2023
 

Miss L Phillips

Director

 

Escape West Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Calyx House
South Road
Taunton
Somerset
TA1 3DU

These financial statements were authorised for issue by the director on 4 October 2023.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. Of the company's current liabilities at 31 March 2023, an amount of £303,656 is owed to the directors, who have agreed to continue to support the company, and not to demand repayment of this amount to the extent that any such repayment would jeopardise the future of the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

Escape West Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss account. Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Total
£

Cost or valuation

At 1 April 2022

11,301

At 31 March 2023

11,301

Depreciation

At 1 April 2022

2,825

Charge for the year

2,825

At 31 March 2023

5,650

Carrying amount

At 31 March 2023

5,651

At 31 March 2022

8,476

Investment properties

2023
£

At 1 April

283,890

At 31 March

283,890

There has been no valuation of investment property by an independent valuer.

 

Escape West Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

5

Investments

Total
£

Cost or valuation

At 1 April 2022

2,756

Additions

15

At 31 March 2023

2,771

Carrying amount

At 31 March 2023

2,771

At 31 March 2022

2,756