ESCAPE HUB LIMITED 31/10/2020 iXBRL
ESCAPE HUB LIMITED 31/10/2020 iXBRL
Company registration number
10850934
Contents
Statement of financial position
Notes to the financial statements
Statement of financial position
31 October 2020
31/10/20 | 31/07/19 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 5 |
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_______ | _______ | ||||||||
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Current assets | |||||||||
Stocks |
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Cash at bank and in hand |
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_______ | _______ | ||||||||
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Creditors: amounts falling due | |||||||||
within one year | 6 |
(
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(
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_______ | _______ | ||||||||
Net current liabilities |
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_______ | _______ | ||||||||
Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 7 |
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(
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_______ | _______ | ||||||||
Net liabilities |
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_______ | _______ | ||||||||
Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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_______ | _______ | ||||||||
Shareholders deficit |
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_______ | _______ | ||||||||
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
29 July 2021
, and are signed on behalf of the board by:
Director
Company registration number:
10850934
Notes to the financial statements
Period ended 31 October 2020
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 39 Royal Star Arcade, High Street, Maidstone, Kent, ME14 1JL.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property | - |
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Fittings fixtures and equipment | - |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Government grants
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
7
(2019:
5
).
5.
Tangible assets
Short leasehold property | Fixtures, fittings and equipment | Total | ||
£ | £ | £ | ||
Cost | ||||
At 1 August 2019 and 31 October 2020 |
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_______ | _______ | _______ | ||
Depreciation | ||||
At 1 August 2019 |
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Charge for the year |
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At 31 October 2020 |
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Carrying amount | ||||
At 31 October 2020 |
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_______ | _______ | _______ | ||
At 31 July 2019 |
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6.
Creditors: amounts falling due within one year
31/10/20 | 31/07/19 | |||
£ | £ | |||
Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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_______ | _______ | |||
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7.
Creditors: amounts falling due after more than one year
31/10/20 | 31/07/19 | |||
£ | £ | |||
Bank loans and overdrafts |
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Other creditors | - |
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_______ | _______ | |||
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_______ | _______ | |||
8.
Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company: | |||||
Period ended 31/10/20 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
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(
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- |
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(
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(8,453) | - | 8,424 | (29) | ||
_______ | _______ | _______ | _______ | ||
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- |
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_______ | _______ | _______ | _______ | ||
Year ended 31/07/19 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
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(
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(
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- |
(
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(13,398) | - | 4,945 | (8,453) | ||
_______ | _______ | _______ | _______ | ||
(
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(
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(
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_______ | _______ | _______ | _______ | ||
The above loan from Mr R. Simpson is repayable over three years with interest charged at 6%.
9.
Controlling party
The company is controlled by
Mr A. Smitherman
, director and majority shareholder.
10.
Going concern
As at 31 October 2020 the balance sheet shows net current liabilities. These accounts have been prepared on the going concern basis as the director has agreed to continue to support the Company to ensure it is able to meets its debts as they fall due.