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Registered number: 10652606
THE ESCAPOLOGIST LTD
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10652606
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 259,533 81,987
259,533 81,987
CURRENT ASSETS
Stocks 5 9,448 6,596
Debtors 6 14,809 14,479
Cash at bank and in hand 101,060 34,596
125,317 55,671
Creditors: Amounts Falling Due Within One Year 7 (233,699 ) (148,470 )
NET CURRENT ASSETS (LIABILITIES) (108,382 ) (92,799 )
TOTAL ASSETS LESS CURRENT LIABILITIES 151,151 (10,812 )
Creditors: Amounts Falling Due After More Than One Year 8 (310,225 ) (217,316 )
NET LIABILITIES (159,074 ) (228,128 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Share premium account 169,999 169,999
Profit and Loss Account (329,074 ) (398,128 )
SHAREHOLDERS' FUNDS (159,074) (228,128)
Page 1
Page 2
For the year ending 31 March 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
Mrs E McClaren
Director
10 September 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
THE ESCAPOLOGIST LTD is a private company, limited by shares, incorporated in England & Wales, registered number 10652606 . The registered office is Unit 2&3 Britannia Way, Goole, DN14 6ES.
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:
Freehold over 10 years
Plant & Machinery over 4 years
Fixtures & Fittings over 4 years
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: 20 (2023: 17)
20 17
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 115,920 128,078 78,909 322,907
Additions 136,466 42,946 54,260 233,672
As at 31 March 2024 252,386 171,024 133,169 556,579
Depreciation
As at 1 April 2023 55,344 120,874 64,702 240,920
Provided during the period 20,171 15,006 20,949 56,126
As at 31 March 2024 75,515 135,880 85,651 297,046
Net Book Value
As at 31 March 2024 176,871 35,144 47,518 259,533
As at 1 April 2023 60,576 7,204 14,207 81,987
5. Stocks
2024 2023
£ £
Stock 9,448 6,596
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 1,516
Prepayments and accrued income 14,721 12,880
Other debtors 88 83
14,809 14,479
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 88,365 14,748
Bank loans and overdrafts 97,392 53,000
Other taxes and social security 18,332 35,688
Other creditors 29,610 45,034
233,699 148,470
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 201,156 101,208
Other creditors 109,069 116,108
310,225 217,316
9. Secured Creditors
The bank loan and overdraft are secured by fixed and floating charges over the assets of the company.
2024 2023
£ £
Bank loans and overdrafts 2,975 14,875
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 39,396 4,396
Later than one year and not later than five years 297,584 17,584
Later than five years 532,804 235,556
869,784 257,536
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12. Related Party Transactions
Included in other creditors falling due after one year is £59,069 (2023 - £39,545) due to two directors of the company.
Included in other creditors is £27,671 (2023: £47,813) owing to EFM Ltd, a company owned by two of the shareholders of The Escapologist Ltd. Interest was payable at 11.5%.
Also included in other creditors is £50,000 owing to a shareholder of the company (2023 - £50,000).
13. Ultimate Controlling Party
At the balance sheet, there was no ultimate controlling party.
14. Going Concern
The financial statements have been prepared on the going concern basis as the directors believe that the future day to day working capital requirements will be met by trading activities and the use of long and short term debt.
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