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 2021

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

45,521

53,555

CURRENT ASSETS

Debtors

5

11,023

22,272

Cash at bank

2,579

(407

)

13,602

21,865

CREDITORS

Amounts falling due within one year

6

119,523

116,483

NET CURRENT LIABILITIES

(105,921

)

(94,618

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(60,400

)

(41,063

)

CREDITORS

Amounts falling due after more than one year

7

42,533

46,667

NET LIABILITIES

(102,933

)

(87,730

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(103,033

)

(87,830

)

SHAREHOLDERS' FUNDS

(102,933

)

(87,730

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2022 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

-

15% on reducing balance

Taxation

Taxation for the year comprises current which 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 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2020

and 31 October 2021

88,102

DEPRECIATION

At 1 November 2020

34,547

Charge for year

8,034

At 31 October 2021

42,581

NET BOOK VALUE

At 31 October 2021

45,521

At 31 October 2020

53,555

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Other debtors

9,934

9,934

VAT

1,089

12,338

11,023

22,272

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Bank loans and overdrafts (see note 8)

16,000

23,327

Amounts owed to associates

21,756

28,308

Corporation Tax

4,915

4,915

Social security and other taxes

14,296

7,556

Other creditors

3,697

2,339

Directors' current accounts

57,197

49,576

Accrued expenses

1,662

462

119,523

116,483

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.21

31.10.20

£

£

Bank loans (see note 8)

42,533

46,667

8.

LOANS

An analysis of the maturity of loans is given below:

31.10.21

31.10.20

£

£

Amounts falling due within one year or on demand:

Bank loans

16,000

23,327

Amounts falling due between one and two years:

Bank loans - 1-2 years

12,082

10,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

30,451

36,667

9.	GOING CONCERN

In 2019, 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 in 2019 and 2020. Severn Trent fixed the issue on 15th March 2020 but the claim for compensation has not yet been settled. The director's believe that the company will return to profitability when it restarts trading following the settlement of the claim. Accordingly, the accounts have been prepared on a going concern basis.