Unaudited Financial Statements |
for the Year Ended 31 December 2022 |
for |
Discover Limited |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Discover Limited (Registered number: 01398051) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Capital contribution reserve |
Fair value reserve | 12 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
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 |
Discover Limited (Registered number: 01398051) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Discover Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
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 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
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 |
Other debtors |
Amounts due from group companies | 57,722 | 57,622 |
VAT |
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 |
Trade creditors |
Social security and other taxes |
Other creditors |
Amounts due to group companies | 125,542 | 125,542 |
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 |
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 |
Provided during year | ( |
) |
Balance at 31 December 2022 |
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. |