Escape Asylum Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09824878 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2019

for

Escape Asylum Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms S Topp

G D Topp

D Walford

SECRETARY:

REGISTERED OFFICE:

Spirits

6 Hotel Street

Leicester

LE1 5AW

REGISTERED NUMBER:

09824878 (England and Wales)

ACCOUNTANTS:

M Ahmed & Co

Chartered Accountants

83 Park Road

Chilwell

Nottingham

NG9 4DE

FIXED ASSETS

Tangible assets

4

62,015

68,095

CURRENT ASSETS

Debtors

5

97,484

104,614

Cash at bank

175

7,329

97,659

111,943

CREDITORS

Amounts falling due within one year

6

94,428

77,858

NET CURRENT ASSETS

3,231

34,085

TOTAL ASSETS LESS CURRENT LIABILITIES

65,246

102,180

CREDITORS

Amounts falling due after more than one year

7

88,272

99,975

NET (LIABILITIES)/ASSETS

(23,026

)

2,205

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(23,126

)

2,105

SHAREHOLDERS' FUNDS

(23,026

)

2,205

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2020 and were signed on its behalf by:

D Walford - Director

1.	STATUTORY INFORMATION

Escape Asylum Ltd 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

Turnover 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

-

20% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2018

83,214

Additions

3,897

At 31 October 2019

87,111

DEPRECIATION

At 1 November 2018

15,119

Charge for year

9,977

At 31 October 2019

25,096

NET BOOK VALUE

At 31 October 2019

62,015

At 31 October 2018

68,095

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Amounts owed by associates

83,050

100,114

Other debtors

14,434

4,500

97,484

104,614

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Bank loans and overdrafts (see note 8)

49,981

50,651

Corporation Tax

-

(2,150

)

Social security and other taxes

905

560

VAT

10,972

545

Other creditors

3,318

-

Directors' current accounts

27,042

24,801

Accrued expenses

2,210

3,451

94,428

77,858

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.19

31.10.18

£

£

Bank loans (see note 8)

88,272

99,975

8.

LOANS

An analysis of the maturity of loans is given below:

31.10.19

31.10.18

£

£

Amounts falling due within one year or on demand:

Bank loans

49,981

50,651

Amounts falling due between one and two years:

Bank loans - 1-2 years

29,700

31,650

Amounts falling due between two and five years:

Bank loans - 2-5 years

58,572

68,325

9.	GOING CONCERN

During the year, the company moved into new premises as part of an expansion. The new premises encountered

severe ongoing flooding issues caused by Severn Trent. This forced the business to close for 6 months of this

financial year. Severn Trent fixed the issue on 15th March 2020. The director's believe that the company will

return to profitability when it restarts trading following the end of the Covid Pandemic. Accordingly, the

accounts have been prepared on a going concern basis.