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COMPANY REGISTRATION NUMBER: 11442395
Escape Kent Prison Island Limited
Filleted Unaudited Financial Statements
30 April 2024
Escape Kent Prison Island Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Escape Kent Prison Island Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
275,923
404,451
Current assets
Debtors
6
362,535
103,738
Cash at bank and in hand
221,747
177,978
---------
---------
584,282
281,716
Creditors: amounts falling due within one year
7
297,136
419,572
---------
---------
Net current assets/(liabilities)
287,146
( 137,856)
---------
---------
Total assets less current liabilities
563,069
266,595
Creditors: amounts falling due after more than one year
8
21,666
41,666
Provisions
Taxation including deferred tax
43,804
23,787
---------
---------
Net assets
497,599
201,142
---------
---------
Capital and reserves
Called up share capital
20
20
Profit and loss account
497,579
201,122
---------
---------
Shareholders funds
497,599
201,142
---------
---------
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.
For the year ending 30 April 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 .
Escape Kent Prison Island Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 10 January 2025 , and are signed on behalf of the board by:
Mr C Knell
Mr M Knell
Director
Director
Company registration number: 11442395
Escape Kent Prison Island Limited
Notes to the Financial Statements
Year ended 30 April 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 60 High Street, Maidstone, Kent, ME14 1SR, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The directors have considered the basis of the preparation of the accounts and are satisfied that the accounts should be prepared on a going concern basis. The directors have confirmed that they will continue to provide financial support for the foreseeable future.
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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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.
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:
Long leasehold property
-
20% straight line
Motor vehicles
-
20% reducing balance
Equipment
-
20% straight line
Room Sets
-
15% straight line
Impairment of fixed assets
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.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2023: 16 ).
5. Tangible assets
Long leasehold property
Motor vehicles
Equipment
Room Sets
Total
£
£
£
£
£
Cost
At 1 May 2023
54,868
4,950
134,970
714,733
909,521
Additions
19,346
19,346
--------
-------
---------
---------
---------
At 30 April 2024
54,868
4,950
134,970
734,079
928,867
--------
-------
---------
---------
---------
Depreciation
At 1 May 2023
41,257
1,807
76,168
385,838
505,070
Charge for the year
10,974
1,232
26,994
108,674
147,874
--------
-------
---------
---------
---------
At 30 April 2024
52,231
3,039
103,162
494,512
652,944
--------
-------
---------
---------
---------
Carrying amount
At 30 April 2024
2,637
1,911
31,808
239,567
275,923
--------
-------
---------
---------
---------
At 30 April 2023
13,611
3,143
58,802
328,895
404,451
--------
-------
---------
---------
---------
6. Debtors
2024
2023
£
£
Other debtors
362,535
103,738
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
21,823
57,588
Trade creditors
102
3,230
Corporation tax
175,658
106,872
Social security and other taxes
71,049
61,397
Other creditors
28,504
190,485
---------
---------
297,136
419,572
---------
---------
The bank loan is secured by the company by a fixed and floating charge over all of its assets.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
21,666
41,666
--------
--------
The bank loan is secured by the company by a fixed and floating charge over all of its assets.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
87,500
87,500
Later than 1 year and not later than 5 years
350,000
350,000
Later than 5 years
87,500
---------
---------
437,500
525,000
---------
---------
10. Related party transactions
At the year end, the company is owed £105,857,(2023: the company owed £145,470) to a company related by common control. At the year end, the company is owed £232,369 (2023: £80,628) to a company related by common control.