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Registered number: 08596838










ESCAPE TECHNOLOGIES LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ESCAPE TECHNOLOGIES LIMITED
REGISTERED NUMBER: 08596838

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
14,032
19,906

Current assets
  

Stocks
  
88,336
85,164

Debtors: amounts falling due within one year
 5 
1,519,219
1,280,609

Cash at bank and in hand
  
3,192
-

  
1,610,747
1,365,773

Creditors: amounts falling due within one year
 6 
(1,682,614)
(1,444,105)

Net current liabilities
  
 
 
(71,867)
 
 
(78,332)

Total assets less current liabilities
  
(57,835)
(58,426)

Provisions for liabilities
  

Deferred tax
  
(2,865)
(1,770)

Net liabilities
  
(60,700)
(60,196)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(60,800)
(60,296)

  
(60,700)
(60,196)


Page 1

 
ESCAPE TECHNOLOGIES LIMITED
REGISTERED NUMBER: 08596838
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr R Z Januszek
Director

Date: 5 February 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
ESCAPE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Escape Technologies Limited ("the Company") is a private company limited by shares and incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office is given in the Company information.
The principal activity of the Company continued to be the construction and sale of fitness equipment.
The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The director has considered all relevant information, including the annual budgets, forecasted revenues, future cashflows and the impact of possible subsequent events in making his assessment. 
Despite the positive assessment, the Director is aware of a material uncertainty regarding a key supplier, of the wider group, based in the Far East. The balance with this supplier has accumulated to a level exceeding standard trading terms and repayment is being made over an extended period, with the supplier’s support. This has resulted in a net current liability position for the wider Group and the Company, specifically. The supplier has indicated their ongoing support by agreeing to extended terms, and the Directors are confident of maintaining a positive relationship with them, which has now been ongoing for well over two decades.
Also, if the demand for the Group's products does not return to pre-pandemic levels as quickly as forecasted, or if there are delays in the implementation of new product ranges, then this would have a negative impact on the forecasted revenues and future cash flows. In such circumstances, the Directors would need to take steps in order to raise further funds in order to meet cash outflows. Whilst plans are in place, there is still uncertainty over how quickly these plans can be implemented.
Additionally, the Company relies on financial support from the Parent Company to meet its obligations and continue operations. As disclosed in the Parent Company’s financial statements, there is a material uncertainty regarding its ability to continue as a going concern due to the above factors.
Given this uncertainty, there is a risk that the Parent Company may not be able to provide the necessary financial support. As a result, the director acknowledges that these factors give rise to a material uncertainty which may cast significant doubt on the Company’s ability to continue as a going concern. However, the Director has concluded that they can continue to adopt the Going Concern basis in preparing the annual report and accounts.

Page 3

 
ESCAPE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
ESCAPE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Straight-line
Motor vehicles
-
20%
Straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
ESCAPE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
 
Page 6

 
ESCAPE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 7

 
ESCAPE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 9).

Page 8

 
ESCAPE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost


At 1 January 2023
116,298
16,550
132,848



At 31 December 2023

116,298
16,550
132,848



Depreciation


At 1 January 2023
108,529
4,413
112,942


Charge for the year on owned assets
-
3,310
3,310


Charge for the year on financed assets
2,564
-
2,564



At 31 December 2023

111,093
7,723
118,816



Net book value



At 31 December 2023
5,205
8,827
14,032



At 31 December 2022
7,769
12,137
19,906

Finance leases

The net book value of assets held under finance leases or hire purchase contracts, included within plant
and machinery above, totals £5,205 (2022: £7,769).

Page 9

 
ESCAPE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
346
237

Amounts owed by group undertakings
1,516,258
1,279,148

Other debtors
1,224
1,224

Prepayments and accrued income
1,391
-

1,519,219
1,280,609


Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.


6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
14,405

Trade creditors
245,125
344,386

Amounts owed to group undertakings
1,361,863
1,012,061

Corporation tax
6,297
6,296

Other taxation and social security
38,216
38,112

Obligations under finance lease and hire purchase contracts
3,994
8,488

Other creditors
12,367
17,026

Accruals and deferred income
14,752
3,331

1,682,614
1,444,105


Obligations under finance leases and hire purchase contracts falling due within one year amounting to £3,994 (2022: £8,488) are secured against the assets to which they relate.
Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.


7.


Controlling party

The immediate and ultimate parent of the Company is Escape Fitness Limited, a company incorporated in England and Wales and holds all of the shares in this company. The registered office of Escape Fitness Limited is 11-14 Tresham Road, Orton Southgate, Peterborough, Cambridgeshire, PE2 6SG.
Escape Fitness Limited was under the control of the Group's Directors throughout the current and previous year.

Page 10

 
ESCAPE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

We draw attention to Note 2.2 in the financial statements, which describes the material uncertainty related to the Group's reliance on a key supplier for operational and financial support, a net current liability position, reliance on group support and the risks associated with the recovery of product demand and new product implementation. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

The audit report was signed on 5 February 2025 by Ian Jacobs BA FCA (Senior Statutory Auditor) on behalf of MHA
Chartered Accountants & Statutory Auditors
.

 
Page 11