REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
ESCAPE TECHNOLOGY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
ESCAPE TECHNOLOGY LIMITED |
ESCAPE TECHNOLOGY LIMITED (REGISTERED NUMBER: 05624880) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
ESCAPE TECHNOLOGY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
40 Queen Anne Street |
London |
W1G 9EL |
ESCAPE TECHNOLOGY LIMITED (REGISTERED NUMBER: 05624880) |
STATEMENT OF FINANCIAL POSITION |
28 FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ESCAPE TECHNOLOGY LIMITED (REGISTERED NUMBER: 05624880) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
1. | STATUTORY INFORMATION |
Escape Technology Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
Going Concern |
Notwithstanding net liabilities of £422,387 (2022: £754,952), these financial statements are prepared on a going concern basis. |
Banking facilities remain in place with HSBC Bank plc including an invoice discounting facility. In addition, the directors had received written assurance from Boston Limited, that it will continue to support the company and provide adequate funds as needed so that the company can meet its financial obligations for a period of at least 12 months from the date of approval of the financial statements. It is the opinion of the directors that the continued arrangements will adequately support the business for future growth. Accordingly, the financial statements have been prepared on a going concern basis. |
TURNOVER |
Turnover is recognised to the extent that it is probable that the economic benefit will flow to the company and that benefit can be reliably measured. Turnover from the sale of goods is recognised at the point of delivery while turnover from the rendering of services is recognised in the period in which the services are rendered or, when there is an indeterminate number of acts over a specified period of time, on a straight-line basis over the specified period. Turnover is measured at the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes. The company bases its estimate of returns on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. |
INTANGIBLE FIXED ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
The intangible asset relates solely to goodwill in the financial statements. |
TANGIBLE FIXED ASSETS |
Fixtures and fittings | - |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
ESCAPE TECHNOLOGY LIMITED (REGISTERED NUMBER: 05624880) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and related parties. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 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 in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
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 the Income Statement. |
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. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the Statement of Financial Position date. |
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. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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. |
ESCAPE TECHNOLOGY LIMITED (REGISTERED NUMBER: 05624880) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
FOREIGN CURRENCIES |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease. |
Leased assets |
At inception the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement. |
i. Finance leased assets |
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases. Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined, the group's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the costs of the asset. |
Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. |
The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding. |
ii. Operating leased assets |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease. |
iii. Lease incentives |
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments. |
Incentives received to enter into an operating lease are credited to the Income Statement, to reduce the lease expense, on a straight-line basis over the period of the lease. |
PENSION COSTS |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. |
The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds. |
ESCAPE TECHNOLOGY LIMITED (REGISTERED NUMBER: 05624880) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
INVOICE DISCOUNTING |
Escape Technology Limited operates an invoice discounting facility with HSBC Bank Plc where its unpaid accounts receivable is used as collateral for a loan facility. The debt is secured by way of a fixed and floating charge over the assets of the company. The balance shown in the financial statements represents the rights and obligations on any cash withdrawn or received from this facility. |
DEBTORS |
Short term debtors are measured at transaction price less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value net of transaction costs and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2022 |
and 28 February 2023 |
AMORTISATION |
At 1 March 2022 |
and 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
ESCAPE TECHNOLOGY LIMITED (REGISTERED NUMBER: 05624880) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 March 2022 |
Additions |
Disposals | ( |
) |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
ESCAPE TECHNOLOGY LIMITED (REGISTERED NUMBER: 05624880) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Invoice discounting | (200,154 | ) | 847,714 |
A fixed and floating charge was created by the company for securing all monies due or becoming due to HSBC Bank plc for invoice discounting. The debt is secured by way of a fixed and floating charge over the assets of the company. |
A cross guarantee exists between Escape Technology Limited and Boston Limited. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
During the year, the company bought goods to the value of £2,846,136 (2022: £4,503,783) from Boston Limited and was recharged £Nil (2022: £373,965) of expenses by them. During the year, the company sold goods to the value of £500 (2022: £49,875) to Boston Limited. At the year-end date, the company owed £2,004,075 (2022: £2,982,670) to Boston Limited. No interest is charged on the outstanding balance and this is unsecured. |
During the year, the company sold goods to the value of £12,457 (2022: £1,500) to Escape Technology GmbH. During the year, the company bought goods to the value of £26,463 (2022: £40,640) from Escape Technology GmbH. At the year-end date, the company was owed £1,750 by Escape Technology GmbH (2022:- the company owed £8,454 to Escape Technology GmbH). No interest is charged on the outstanding balance and this is unsecured. |
12. | CONTROLLING PARTIES |
Boston Limited is the company's immediate parent undertaking. Boston Limited is a company incorporated under UK Law. The registered office is Unit 5, Curo Park, Frogmore, St. Albans, Hertfordshire AL2 2DD. |
The ultimate parent undertaking is 2CRSI S.A., a company incorporated under French law. The registered office is 32 Rue Jacobi Netter, 67200 Strasbourg, France. |
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is 2CRSI S.A. Copies of the 2CRSI S.A. consolidated financial statements can be obtained from the Company Secretary at its registered office mentioned above or at 2CRSI S.A.'s website. |
The ultimate controlling party is Mr. Alain Wilmouth. |