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

REGISTERED NUMBER: 08734295 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Escape Live Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J T Dalziel

J S Sodhi

SECRETARY:

J S Sodhi

REGISTERED OFFICE:

45 Blondvil Street

Coventry

CV3 5EQ

REGISTERED NUMBER:

08734295 (England and Wales)

ACCOUNTANTS:

Valhalla Private Client Services LLP

Valhalla House

30 Ashby Road

Tove Valley Business Park

Towcester

Northamptonshire

NN12 6PG

FIXED ASSETS

Intangible assets

4

32,492

25,270

Tangible assets

5

131,447

143,074

163,939

168,344

CURRENT ASSETS

Debtors

6

735,408

102,175

Cash at bank

205,274

94,371

940,682

196,546

CREDITORS

Amounts falling due within one year

7

283,615

165,965

NET CURRENT ASSETS

657,067

30,581

TOTAL ASSETS LESS CURRENT LIABILITIES

821,006

198,925

CREDITORS

Amounts falling due after more than one year

8

(50,000

)

-

PROVISIONS FOR LIABILITIES

(59,170

)

(27,184

)

NET ASSETS

711,836

171,741

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

711,736

171,641

711,836

171,741

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 28 September 2022 and were signed on its behalf by:

J S Sodhi - Director

1.	STATUTORY INFORMATION

Escape Live 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.

Going Concern, Brexit, the Covid19 Pandemic, the War in Ukraine, the Cost of living and the Economy

The directors have reviewed the working capital requirements of the company for a period of not less than 12 months from the balance sheet date, with particular emphasis on the effects of Brexit, the Covid-19 Pandemic, the war in Ukraine, the Cost of living and the overall economy.

All of these factors will have a significant impact on the operations of the company, with the enforced venue closures, staff shortages, increased cost of living impacting on the ability of customers to afford to attend entertainment venues and the increase in costs of goods and utilities, the combined effect of these factors will have a material impact on the profitability of the company.

The directors have been actively implementing plans to mitigate the effect of these challenges, these include significant changes to method of delivery of core services, with provision of remote, socially distant & online services, through the deployment of online gaming and immersive experiences.

The directors have confirmed that the company will utilise all available Covid-19 support and manage the cost of the repayments and resultant tax charges and the directors and group companies will continue to support the business during these unprecedented times.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

Taxation for the year comprises current and deferred tax. Tax 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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 27 (2020 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

40,270

Additions

11,000

At 31 December 2021

51,270

AMORTISATION

At 1 January 2021

15,000

Charge for year

3,778

At 31 December 2021

18,778

NET BOOK VALUE

At 31 December 2021

32,492

At 31 December 2020

25,270

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

270,245

Additions

28,292

At 31 December 2021

298,537

DEPRECIATION

At 1 January 2021

127,171

Charge for year

39,919

At 31 December 2021

167,090

NET BOOK VALUE

At 31 December 2021

131,447

At 31 December 2020

143,074

6.

DEBTORS

31.12.21

31.12.20

£

£

Amounts falling due within one year:

Trade debtors

11,881

20,007

Amounts owed by group undertakings

64,926

64,259

Other debtors

34,101

17,909

110,908

102,175

Amounts falling due after more than one year:

Amounts owed by group undertakings

624,500

-

Aggregate amounts

735,408

102,175

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

28,283

5,928

Amounts owed to group undertakings

8,000

7,000

Taxation and social security

23,136

59,714

Other creditors

224,196

93,323

283,615

165,965

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans

50,000

-

9.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £64,926 (31.12.2020: £59,500) by Escape Live Services Ltd, in respect of costs incurred on their behalf. Escape Live Services Ltd is a company under common directorship and from 10 December 2020 became a fellow subsidiary of Escape Live Enterprises Ltd. This amount is included within debtors.

At the balance sheet date the company was owed £624,500 (31.12.2020: £4,500) by Escape Live Liverpool Ltd, in respect of costs incurred on their behalf. Escape Live Liverpool Ltd is a company under common directorship and from 10 December 2020 became a fellow subsidiary of Escape Live Enterprises Ltd. This amount is included within debtors.

At the balance sheet date the company was owed £1,000 from (31.12.2020: £295 owed to) Escape Live Coventry Ltd, in respect of costs incurred on behalf of this company. Escape Live Coventry Ltd is a company under common directorship and from 10 December 2020 became a fellow subsidiary of Escape Live Enterprises Ltd. This amount is included within creditors.

At the balance sheet date the company owed £7,000 (31.12.2020: £7,000) to Escape Live SUA Ltd, in respect of costs incurred on behalf of this company. Escape Live SUA Ltd is a company under common directorship and from 10 December 2020 became a fellow subsidiary of Escape Live Enterprises Ltd. This amount is included within creditors.

The ultimate controlling party is Escape Enterprises Ltd.

On the 10 December 2020, the company became a wholly owned subsidiary of Escape Enterprises Ltd, a company registered in England and Wales