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REGISTERED NUMBER: 13097612 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Lets Escape Limited

Lets Escape Limited (Registered number: 13097612)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Lets Escape Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: J D Marling
J E Marling





REGISTERED OFFICE: Venture House
Calne Road
Lyneham
Chippenham
SN15 4PP





BUSINESS ADDRESS: The Walled Garden
11 Manor Gardens
Bradford on Avon
Wiltshire
BA15 1FR





REGISTERED NUMBER: 13097612 (England and Wales)





ACCOUNTANTS: Venture
Chartered Accountants
Venture House
Calne Road
Lyneham
Chippenham
SN15 4PP

Lets Escape Limited (Registered number: 13097612)

Statement of Financial Position
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 3,802,127 3,187,951

CURRENT ASSETS
Debtors 5 100,739 15,223
Cash at bank 9,041 5,793
109,780 21,016
CREDITORS
Amounts falling due within one year 6 2,997,186 1,693,636
NET CURRENT LIABILITIES (2,887,406 ) (1,672,620 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

914,721

1,515,331

CREDITORS
Amounts falling due after more than one
year

7

-

504,164
NET ASSETS 914,721 1,011,167

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 914,621 1,011,067
SHAREHOLDERS' FUNDS 914,721 1,011,167

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lets Escape Limited (Registered number: 13097612)

Statement of Financial Position - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 3 December 2024 and were signed on its behalf by:





J D Marling - Director


Lets Escape Limited (Registered number: 13097612)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Lets Escape Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on cost

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.


Lets Escape Limited (Registered number: 13097612)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The Directors of Lets Escape Holdings Limited will continue to support this company. It is envisaged a trading profit will be generated in 2024/2025 on completion of an extensive development to the freehold property.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 3,059,569 141,475 3,201,044
Additions 585,356 64,103 649,459
At 30 April 2024 3,644,925 205,578 3,850,503
DEPRECIATION
At 1 May 2023 - 13,093 13,093
Charge for year - 35,283 35,283
At 30 April 2024 - 48,376 48,376
NET BOOK VALUE
At 30 April 2024 3,644,925 157,202 3,802,127
At 30 April 2023 3,059,569 128,382 3,187,951

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Other debtors 100,739 15,223

Lets Escape Limited (Registered number: 13097612)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 29,827 23,446
Other creditors 2,967,359 1,670,190
2,997,186 1,693,636

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans (see note 8) - 504,164

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst - 504,164

8. LOANS

The mortgage was fixed at the standard variable rate until 12th April 2025 on an interest only basis and the capital is due on or before 31.03.2042. This loan was repaid during 2024.

9. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Mortgage - 504,113

There is a first legal charge over the freehold property known as Keynvor, Mawgan Porth, Cornwall. This was satisfied during 2024 when the mortgage was repaid.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
100 ordinary £1 100 100

11. RELATED PARTY DISCLOSURES

During 2023 £1,066,533 owed by Lets Escape Limited was written off by the Directors of Paper Bag Co (South West) Limited.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J D Marling.

The parent company is Lets Escape Holdings Limited, a company registered in England and Wales.