Escape Properties Limited - Period Ending 2016-08-31

Registration number: 06998000

Escape Properties Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

Escape Properties Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Escape Properties Limited
for the Year Ended 31 August 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Escape Properties Limited for the year ended 31 August 2016 set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Escape Properties Limited , as a body . Our work has been undertaken solely to prepare for your approval the accounts of Escape Properties Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Escape Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Escape Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Escape Properties Limited. You consider that Escape Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Escape Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

30 May 2017

Page 1

Escape Properties Limited
(Registration number: 06998000)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					641			754
Current assets
Debtors					5,660			7,819
Cash at bank and in hand					3,666			5,269
					9,326			13,088
Creditors: Amounts falling due within one year					(7,991)			(12,601)
Net current assets					1,335			487
Total assets less current liabilities					1,976			1,241
Provisions for liabilities					(128)			-
Net assets					1,848			1,241
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					1,748			1,141
Shareholders' funds					1,848			1,241

For the year ending 31 August 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 30 May 2017

.........................................
Mr P Ashton
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Escape Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable in respect of the provision of services to customers.

Amortisation

Amortisation is provided on intagnible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Website development	Over 3 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	15% reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Escape Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 September 2015		960			2,000			2,960
At 31 August 2016		960			2,000			2,960
Depreciation
At 1 September 2015		960			1,246			2,206
Charge for the year		-			113			113
At 31 August 2016		960			1,359			2,319
Net book value
At 31 August 2016		-			641			641
At 31 August 2015		-			754			754

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares class A of £1 each		50			50			50			50
Ordinary shares class B of £1 each		50			50			50			50
		100			100			100			100

Page 4

Escape Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid/ Reclassified  £	2015 Advance/ Credit £	2015 Repaid £
Mr R Ingham
	5,040	8,642	9,440	6,307
Mr P Ashton
	6,271	6,722	10,535	6,307

Page 5