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Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Discover Limited

Discover Limited (Registered number: 01398051)

Contents of the Financial Statements
for the Year Ended 31 December 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Discover Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: C J McHugo
M J McHugo
T Rowell
P Harvey





SECRETARY: G M McHugo





REGISTERED OFFICE: 8-10 South Street
Epsom
Surrey
KT18 7PF





REGISTERED NUMBER: 01398051 (England and Wales)






Discover Limited (Registered number: 01398051)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,033,815 4,119,011
Investments 5 47,530 47,530
Investment property 6 200,000 200,000
4,281,345 4,366,541

CURRENT ASSETS
Stocks 1,000 1,120
Debtors 7 387,476 383,329
Cash at bank 210,882 84,213
599,358 468,662
CREDITORS
Amounts falling due within one year 8 471,670 351,024
NET CURRENT ASSETS 127,688 117,638
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,409,033

4,484,179

CREDITORS
Amounts falling due after more than one
year

9

(449,087

)

(519,342

)

PROVISIONS FOR LIABILITIES 11 (620,783 ) (620,940 )
NET ASSETS 3,339,163 3,343,897

CAPITAL AND RESERVES
Called up share capital 74,868 69,888
Share premium 150,621 31,101
Capital contribution reserve 50,229 50,229
Fair value reserve 12 3,113,458 3,113,458
Retained earnings (50,013 ) 79,221
SHAREHOLDERS' FUNDS 3,339,163 3,343,897

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

Discover Limited (Registered number: 01398051)

Balance Sheet - continued
31 December 2022


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2023 and were signed on its behalf by:





C J McHugo - Director


Discover Limited (Registered number: 01398051)

Notes to the Financial Statements
for the Year Ended 31 December 2022


1. STATUTORY INFORMATION

Discover 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 as modified by the revaluation of certain assets.

Turnover
The company's policy is to recognise turnover on a tour departure date basis, along with non refundable deposits invoiced recognised at the date of the invoice. Turnover represents the net amounts invoiced, excluding VAT.

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

Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock consists of consumables used in the everyday running of the accommodation, as well as souvenirs and promotional products. The stock is valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Discover Limited (Registered number: 01398051)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued

Investments
Fixed asset investments are valued at cost less any provision for diminution in value.

Freehold property
The directors value freehold property in accordance with the rules set out in FRS102. The directors regularly monitor the market value of the property held and consult local agents to advise on any changes in market value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 5 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2022 4,192,500 437,511 27,299 70,061 4,727,371
Additions - - - 1,907 1,907
At 31 December 2022 4,192,500 437,511 27,299 71,968 4,729,278
DEPRECIATION
At 1 January 2022 83,850 427,926 27,025 69,559 608,360
Charge for year 83,850 2,396 69 788 87,103
At 31 December 2022 167,700 430,322 27,094 70,347 695,463
NET BOOK VALUE
At 31 December 2022 4,024,800 7,189 205 1,621 4,033,815
At 31 December 2021 4,108,650 9,585 274 502 4,119,011

Cost or valuation at 31 December 2022 is represented by:

Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Valuation in 2019 1,550,781 - - - 1,550,781
Valuation in 2021 1,511,239 - - - 1,511,239
Cost 1,130,480 437,511 27,299 71,968 1,667,258
4,192,500 437,511 27,299 71,968 4,729,278

If freehold property had not been revalued it would have been included at the following historical cost:

2022 2021
£    £   
Cost 948,594 948,594
Aggregate depreciation 439,135 420,163

Freehold land and buildings were valued on an open market basis on 31 December 2022 by Bosworth Property .

The directors used local estate agents based in Marakesh, Morocco to value the freehold property situated there. The directors believe this is the best way to assess the value of the company asset by using agents who are involved in the day to day management and sale of other commercial properties in the same area.

Discover Limited (Registered number: 01398051)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2022
and 31 December 2022 47,530
NET BOOK VALUE
At 31 December 2022 47,530
At 31 December 2021 47,530

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Kasbah du Toubkal S A
Registered office:
Nature of business: Hotel Operators
%
Class of shares: holding
Ordinary 75.00
2022 2021
£    £   
Aggregate capital and reserves 996,430 923,459
Profit/(loss) for the year 72,972 (74,431 )

Maghreb Investments Limited
Registered office:
Nature of business: Investment company
%
Class of shares: holding
Ordinary 63.00
2022 2021
£    £   
Aggregate capital and reserves 51,355 51,355

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2022
and 31 December 2022 200,000
NET BOOK VALUE
At 31 December 2022 200,000
At 31 December 2021 200,000

The company's investment property was valued in 2017 by professional valuers Sologec in France at £200,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 153,685 57,946
Other debtors 166,273 259,635
Amounts due from group companies 57,722 57,622
VAT 9,796 8,126
387,476 383,329

Discover Limited (Registered number: 01398051)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 50,000 29,167
Trade creditors 6,026 26,753
Social security and other taxes 680 1,594
Other creditors 289,422 167,968
Amounts due to group companies 125,542 125,542
471,670 351,024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
CBILS Loan - 1 - 2 years 50,000 50,000
CBILS Loan - 2 - 5 years 116,667 150,000
CBILS Loan - over 5 years - 20,833
Amounts due to group companies 157,420 148,509
Other creditors 125,000 150,000
449,087 519,342

Amounts falling due in more than five years:

Repayable by instalments
CBILS Loan - over 5 years - 20,833

10. SECURED DEBTS

The company has a £50k overdraft facility secured by company assets.

11. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 620,783 620,940

Deferred
tax
£   
Balance at 1 January 2022 620,940
Provided during year (157 )
Balance at 31 December 2022 620,783

Deferred tax is charged on the freehold property revaluation carried out in the year and provided for in accordance with the rules set out in FRS102.

12. RESERVES

The fair value reserve represents the cumulative effect of revaluations of freehold land and buildings which are revalued to fair value at the reporting date.

13. CONTINGENT LIABILITIES

As at 31 December 2022 there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the company in the normal course of business, to the company's bond obligors in respect of ABTA bonds amounting to £102,601 (2021 - £173,000)

Discover Limited (Registered number: 01398051)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


14. ULTIMATE CONTROLLING PARTY

The board of directors has ultimate control of the company.