Escape Properties Limited - Period Ending 2017-08-31
Escape Properties Limited - Period Ending 2017-08-31
Registration number:
Escape Properties Limited
for the Year Ended 31 August 2017
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG
Escape Properties Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Escape Properties Limited
Company Information
Director |
Mr P Ashton |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Escape Properties Limited
for the Year Ended 31 August 2017
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 2017 as set out on pages 3 to 7 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
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 the Board of Directors of Escape Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. 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.
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Chartered Accountants
Colne
Lancashire
BB8 9DG
Page 2 |
Escape Properties Limited
(Registration number: 06998000)
Balance Sheet as at 31 August 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mr P Ashton
Director
Page 3 |
Escape Properties Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
15% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 4 |
Escape Properties Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 5 |
Escape Properties Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Intangible assets |
Website cost |
Total |
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Cost or valuation |
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At 1 September 2016 |
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At 31 August 2017 |
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Amortisation |
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At 1 September 2016 |
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At 31 August 2017 |
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Carrying amount |
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At 31 August 2017 |
- |
- |
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 September 2016 |
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At 31 August 2017 |
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Depreciation |
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At 1 September 2016 |
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Charge for the year |
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At 31 August 2017 |
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Carrying amount |
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At 31 August 2017 |
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At 31 August 2016 |
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Debtors |
2017 |
2016 |
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Other debtors |
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Total current trade and other debtors |
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Page 6 |
Escape Properties Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Other creditors |
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Related party transactions |
Transactions with directors |
2017 |
At 1 September 2016 |
Advances to directors |
Repayments by director |
At 31 August 2017 |
Mr P Ashton |
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Repayable on demand |
3,740 |
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( |
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2016 |
At 1 September 2015 |
Advances to directors |
Repayments by director |
At 31 August 2016 |
Mr P Ashton |
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Repayable on demand |
4,191 |
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( |
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Transition to FRS 102 |
The date of transition to FRS 102 was 01 September 2015. The transition to FRS 102 has not resulted in any changes in accounting which would require a reconciliation of the profit for the financial year ended 31 August 2016 or total equity as at 01 September 2015 and 31 August 2016 between previously reported UK GAAP and FRS 102.
Page 7 |