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Company registration number: 12114474
Agent Brains Escape Games Ltd
Unaudited filleted financial statements
31 July 2024
Agent Brains Escape Games Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Agent Brains Escape Games Ltd
Directors and other information
Directors Mr K Lambert
Mr K D Lambert
Mrs J Lambert
Miss A T C Maggiolini
Company number 12114474
Registered office 26 Leys Avenue
Letchworth Garden City
Hertfordshire
SG6 3EW
Accountants Hicks and Company
Chartered Accountant
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Bankers Starling Bank
5th Floor
London Fruit and Wool Exchange
1 Duval Square
London
E1 6PW
Agent Brains Escape Games Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Agent Brains Escape Games Ltd
Year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Agent Brains Escape Games Ltd for the year ended 31 July 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Agent Brains Escape Games Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Agent Brains Escape Games Ltd and state those matters that we have agreed to state to the board of directors of Agent Brains Escape Games Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Agent Brains Escape Games Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Agent Brains Escape Games Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Agent Brains Escape Games Ltd. You consider that Agent Brains Escape Games Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Agent Brains Escape Games Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountant
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
16 October 2024
Agent Brains Escape Games Ltd
Statement of financial position
31 July 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 77,372 65,200
_______ _______
77,372 65,200
Current assets
Debtors 6 26,573 26,151
Cash at bank and in hand 11,015 23,027
_______ _______
37,588 49,178
Creditors: amounts falling due
within one year 7 ( 39,362) ( 62,768)
_______ _______
Net current liabilities ( 1,774) ( 13,590)
_______ _______
Total assets less current liabilities 75,598 51,610
Provisions for liabilities ( 14,700) ( 9,020)
_______ _______
Net assets 60,898 42,590
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 60,896 42,588
_______ _______
Shareholders funds 60,898 42,590
_______ _______
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 October 2024 , and are signed on behalf of the board by:
Mrs J Lambert
Director
Company registration number: 12114474
Agent Brains Escape Games Ltd
Notes to the financial statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 26 Leys Avenue, Letchworth Garden City, Hertfordshire, SG6 3EW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % reducing balance
Computer Equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 9 ).
5. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 August 2023 98,218 1,667 99,885
Additions 31,573 - 31,573
_______ _______ _______
At 31 July 2024 129,791 1,667 131,458
_______ _______ _______
Depreciation
At 1 August 2023 33,956 729 34,685
Charge for the year 19,167 234 19,401
_______ _______ _______
At 31 July 2024 53,123 963 54,086
_______ _______ _______
Carrying amount
At 31 July 2024 76,668 704 77,372
_______ _______ _______
At 31 July 2023 64,262 938 65,200
_______ _______ _______
6. Debtors
2024 2023
£ £
Other debtors 26,573 26,151
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 1,040 -
Social security and other taxes 8,680 1,691
Other creditors 29,642 61,077
_______ _______
39,362 62,768
_______ _______
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 54,583 29,667
Later than 1 year and not later than 5 years 15,792 37,125
_______ _______
70,375 66,792
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Miss A T C Maggiolini ( 5,000) ( 5,000) 5,000 ( 5,000)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Miss A T C Maggiolini - ( 5,000) - ( 5,000)
_______ _______ _______ _______
The above existing loan is interest free and repayable on demand.