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

REGISTERED NUMBER: 08734295 (England and Wales)

Unaudited Financial Statements

for the Period 1 April 2020 to 31 December 2020

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:

Arch 39 Henrietta Street

Birmingham

B19 3PS

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

25,270

28,270

Tangible assets

5

143,074

147,085

168,344

175,355

CURRENT ASSETS

Debtors

6

102,175

38,773

Cash at bank

94,371

10,204

196,546

48,977

CREDITORS

Amounts falling due within one year

7

165,965

154,901

NET CURRENT ASSETS/(LIABILITIES)

30,581

(105,924

)

TOTAL ASSETS LESS CURRENT LIABILITIES

198,925

69,431

PROVISIONS FOR LIABILITIES

27,184

27,946

NET ASSETS

171,741

41,485

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

171,641

41,385

171,741

41,485

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2020 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 25 August 2021 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 & Covid-19 Pandemic

The directors have considered in detail the working capital requirements of the business, particular attention was on considering and mitigating the effects of both Brexit & the Covid 19 Pandemic. The directors have confirmed they will continue to support the business in its day to day working capital requirements and will utilise all available government support as is required to ensure the businesses survival through the pandemic national lock down. The directors have instigated significant change in the method of delivery of core services to ensure the business can continue to operate during the lock down. The directors are of the opinion that the impact of Brexit will be minimal on the business.

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.

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 period 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 period 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 period was 25 (2020 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2020

and 31 December 2020

40,270

AMORTISATION

At 1 April 2020

12,000

Charge for period

3,000

At 31 December 2020

15,000

NET BOOK VALUE

At 31 December 2020

25,270

At 31 March 2020

28,270

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

246,786

Additions

23,459

At 31 December 2020

270,245

DEPRECIATION

At 1 April 2020

99,701

Charge for period

27,470

At 31 December 2020

127,171

NET BOOK VALUE

At 31 December 2020

143,074

At 31 March 2020

147,085

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.3.20

£

£

Trade debtors

20,007

264

Amounts owed by group undertakings

64,259

-

Amounts owed by participating interests

-

18,000

Other debtors

17,909

20,509

102,175

38,773

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.3.20

£

£

Trade creditors

5,928

4,363

Amounts owed to group undertakings

7,000

-

Amounts owed to participating interests

-

2,000

Taxation and social security

59,714

19,975

Other creditors

93,323

128,563

165,965

154,901

8.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £59,500 (31.3.2020: £13,500) 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 £4,500 (31.3.2020: £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 £595 from (31.3.2020: £1,000 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 (31.3.2020: £1,000) 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.

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