The Escape Design Company Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03523822 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

The Escape Design Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

I A Mumford

REGISTERED OFFICE:

The Old Farmhouse

Hatch Warren Farm

Hatch Warren Lane

Basingstoke

Hampshire

RG22 4RA

REGISTERED NUMBER:

03523822 (England and Wales)

ACCOUNTANTS:

Lane Monnington Welton

Chartered Accountants

Riverside View

Basing Road

Old Basing

Basingstoke

Hampshire

RG24 7AL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

19,465

13,198

19,465

13,198

CURRENT ASSETS

Stocks

1,000

-

Debtors

6

555,406

424,463

Cash at bank

297,139

241,040

853,545

665,503

CREDITORS

Amounts falling due within one year

7

606,472

375,131

NET CURRENT ASSETS

247,073

290,372

TOTAL ASSETS LESS CURRENT LIABILITIES

266,538

303,570

CREDITORS

Amounts falling due after more than one year

8

(104,766

)

(144,654

)

PROVISIONS FOR LIABILITIES

11

(3,461

)

(2,218

)

NET ASSETS

158,311

156,698

CAPITAL AND RESERVES

Called up share capital

12

1,000

1,000

Capital redemption reserve

2

2

Retained earnings

157,309

155,696

SHAREHOLDERS' FUNDS

158,311

156,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 10 May 2023 and were signed by:

I A Mumford - Director

1.	STATUTORY INFORMATION

The Escape Design Company Limited 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Debtors and creditors payable/receivable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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, adjusted for indexation where applicable.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

35,000

AMORTISATION

At 1 April 2022

and 31 March 2023

35,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2022

7,339

37,496

44,835

Additions

8,233

8,846

17,079

At 31 March 2023

15,572

46,342

61,914

DEPRECIATION

At 1 April 2022

6,949

24,688

31,637

Charge for year

2,446

8,366

10,812

At 31 March 2023

9,395

33,054

42,449

NET BOOK VALUE

At 31 March 2023

6,177

13,288

19,465

At 31 March 2022

390

12,808

13,198

The company has allowed a fixed charge over the company's assets, including any property and all other assets owned outright as security for the bank.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

292,803

229,017

Amounts owed by group undertakings

235,000

185,000

Other debtors

27,603

10,446

555,406

424,463

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

39,887

39,887

Trade creditors

54,618

35,777

Taxation and social security

115,081

117,165

Other creditors

396,886

182,302

606,472

375,131

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

104,766

144,654

Included within other creditors falling due after more than one year is an amount of £Nil (2022: £3,334) in respect of liabilities which fall due for payment by instalments after more than five years from the balance sheet date.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.23

31.3.22

£

£

Within one year

6,018

31,250

Between one and five years

4,012

-

10,030

31,250

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

144,653

184,541

Funding Circle loan

-

5,559

144,653

190,100

The loans are secured by a debenture.

11.	PROVISIONS FOR LIABILITIES

31.3.23

31.3.22

£

£

Deferred tax

3,461

2,218

Deferred

tax

£

Balance at 1 April 2022

2,218

Accelerated capital allowances

1,243

Balance at 31 March 2023

3,461

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

999

Ordinary

£1

999

999

1

A Ordinary

£1

1

1

1,000

1,000