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Registered number: 10212979
Escape London Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10212979
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 159,590 58,969
Tangible Assets 5 167,352 123,454
326,942 182,423
CURRENT ASSETS
Debtors 6 275,046 331,059
Cash at bank and in hand 69,508 32,201
344,554 363,260
Creditors: Amounts Falling Due Within One Year 7 (526,734 ) (235,637 )
NET CURRENT ASSETS (LIABILITIES) (182,180 ) 127,623
TOTAL ASSETS LESS CURRENT LIABILITIES 144,762 310,046
Creditors: Amounts Falling Due After More Than One Year 8 (134,722 ) (62,623 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (31,797 ) -
NET (LIABILITIES)/ASSETS (21,757 ) 247,423
CAPITAL AND RESERVES
Called up share capital 9 40,000 40,000
Profit and Loss Account (61,757 ) 207,423
SHAREHOLDERS' FUNDS (21,757) 247,423
Page 1
Page 2
For the year ending 30 June 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 Janis Lacplesis
Director
8 October 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
Escape London Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10212979 . The registered office is Lewis House, Flat 88, 1 West Bradbury Yard, Brentford, England, TW8 8GL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are:
Franchise - amortised to profit and loss account on 10% reducing balance method.
Gaming Software - amortised to profit and loss account on 15% reducing balance method.
2.5. 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:
Plant & Machinery 20% RB
Fixtures & Fittings 25% RB
Computer Equipment 33% RB
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Page 4
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 24 (2023: 18)
24 18
4. Intangible Assets
Goodwill Other Development Costs Total
£ £ £ £
Cost
As at 1 July 2023 7,000 7,500 73,195 87,695
Additions - - 114,249 114,249
As at 30 June 2024 7,000 7,500 187,444 201,944
Amortisation
As at 1 July 2023 - 3,914 24,812 28,726
Provided during the period - 358 13,270 13,628
As at 30 June 2024 - 4,272 38,082 42,354
Net Book Value
As at 30 June 2024 7,000 3,228 149,362 159,590
As at 1 July 2023 7,000 3,586 48,383 58,969
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Page 5
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 July 2023 158,594 64,432 223,026
Additions 65,488 19,881 85,369
As at 30 June 2024 224,082 84,313 308,395
Depreciation
As at 1 July 2023 65,711 33,861 99,572
Provided during the period 30,205 11,266 41,471
As at 30 June 2024 95,916 45,127 141,043
Net Book Value
As at 30 June 2024 128,166 39,186 167,352
As at 1 July 2023 92,883 30,571 123,454
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 16,962 5,578
Prepayments and accrued income 49,874 44,295
Other debtors 140,231 235,954
Corporation tax recoverable assets 27,979 5,232
Called up share capital not paid 40,000 40,000
275,046 331,059
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 144,793 102,242
Other taxes and social security 11,184 8,984
VAT 95,553 48,638
Net wages 32,594 24,086
Other creditors 122,467 6,090
Other creditors - Credit Card 10 10
Accruals and deferred income 1,632 18,247
Directors' loan accounts 118,501 27,340
526,734 235,637
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Page 6
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 134,722 62,623
9. Share Capital
2024 2023
£ £
Called Up Share Capital not Paid 40,000 40,000
Amount of Allotted, Called Up Share Capital 40,000 40,000
Page 6