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Registration number: 03640337

Escape Velocity Ventures Ltd

Unaudited Filleted Financial Statements

for the Period from 1 December 2023 to 31 October 2024

 

Escape Velocity Ventures Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Escape Velocity Ventures Ltd

Company Information

Director:

A Kerr

Registered office:

1st Floor Frameworks
2 Sheen Road
Richmond
England
TW9 1AE

Registered number:

03640337

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Escape Velocity Ventures Ltd

(Registration number: 03640337)
Balance Sheet as at 31 October 2024

Note

31.10.24

30.11.23

   

£

£

£

£

FIXED ASSETS

   

 

Tangible assets

5

 

1,348,370

 

1,050,066

CURRENT ASSETS

   

 

Debtors

6

71,187

 

178,501

 

Cash at bank and in hand

 

245,022

 

414,941

 

 

316,209

 

593,442

 

CREDITORS

   

 

Creditors within 1yr

7

2,239,172

 

1,873,433

 

Net current liabilities

   

(1,922,963)

 

(1,279,991)

Total assets less current liabilities

   

(574,593)

 

(229,925)

PROVISIONS FOR LIABILITIES

 

-

 

(262,517)

Net liabilities

   

(574,593)

 

(492,442)

CAPITAL AND RESERVES

   

 

Called up share capital

 

4

 

4

Profit and loss account

 

(574,597)

 

(492,446)

Shareholders' deficit

   

(574,593)

 

(492,442)

For the financial period ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Escape Velocity Ventures Ltd

(Registration number: 03640337)
Balance Sheet as at 31 October 2024 (continued)

Approved and authorised by the director on 19 March 2025

.........................................
A Kerr
Director

 

Escape Velocity Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2023 to 31 October 2024

1.

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor Frameworks
2 Sheen Road
Richmond
England
TW9 1AE

These financial statements were authorised for issue by the director on 19 March 2025.

2.

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis on the basis that the director and associated companies have agreed to support the company for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Escape Velocity Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2023 to 31 October 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

Straight line over 5 years

Plant and machinery

Straight line over 10 years

Office equipment

Straight line over 3 years

Leasehold property

Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Escape Velocity Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2023 to 31 October 2024 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3.

Staff numbers

The average number of persons employed by the company during the period, was 0 (2023 - 0).

4.

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 0 (2023 - 0).

5.

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2023

168,470

273,191

763,600

14,245

1,219,506

Additions

18,245

7,923

495,700

1,021

522,889

At 31 October 2024

186,715

281,114

1,259,300

15,266

1,742,395

Depreciation

At 1 December 2023

33,694

54,638

76,360

4,748

169,440

Charge for the period

37,343

56,223

125,930

5,089

224,585

At 31 October 2024

71,037

110,861

202,290

9,837

394,025

Carrying amount

At 31 October 2024

115,678

170,253

1,057,010

5,429

1,348,370

At 30 November 2023

134,776

218,553

687,240

9,497

1,050,066

Included within the net book value of land and buildings above is £115,678 (2023 - £134,776) in respect of short leasehold land and buildings.
 

 

Escape Velocity Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2023 to 31 October 2024 (continued)

6.

Debtors

31.10.24
£

30.11.23
£

Other debtors

56,842

178,501

Prepayments

14,166

-

Accrued income

179

-

71,187

178,501

7.

Creditors

Creditors: amounts falling due within one year

Note

31.10.24
£

30.11.23
£

Due within one year

 

Trade creditors

 

11,305

26,429

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

2,200,000

1,800,000

Accruals and deferred income

 

8,925

28,062

Other creditors

 

18,942

18,942

 

2,239,172

1,873,433

Included in other creditors is £18,942 owed to the director. No interest or repayment terms have been set.

The company has taxable losses of £1.8 million available to offset future profits.


 

The company owes its parent company £2,200,000 in respect of a loan. No interest is accrued and the loan is repayable within 30 days of demand by the parent company.

8.

Related party transactions

Loans from related parties

 

Escape Velocity Ventures Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2023 to 31 October 2024 (continued)

8

Related party transactions (continued)

2024

Parent
£

Total
£

At start of period

1,800,000

1,800,000

Advanced

400,000

400,000

At end of period

2,200,000

2,200,000

2023

Parent
£

Total
£

Advanced

1,800,000

1,800,000

At end of period

1,800,000

1,800,000