Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-012The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity2falsetrue 04593883 2022-04-01 2023-03-31 04593883 2021-04-01 2022-03-31 04593883 2023-03-31 04593883 2022-03-31 04593883 2021-04-01 04593883 c:Director1 2022-04-01 2023-03-31 04593883 d:CurrentFinancialInstruments 2023-03-31 04593883 d:CurrentFinancialInstruments 2022-03-31 04593883 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04593883 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04593883 d:ShareCapital 2022-04-01 2023-03-31 04593883 d:ShareCapital 2023-03-31 04593883 d:ShareCapital 2021-04-01 2022-03-31 04593883 d:ShareCapital 2022-03-31 04593883 d:ShareCapital 2021-04-01 04593883 d:CapitalRedemptionReserve 2022-04-01 2023-03-31 04593883 d:CapitalRedemptionReserve 2023-03-31 04593883 d:CapitalRedemptionReserve 2021-04-01 2022-03-31 04593883 d:CapitalRedemptionReserve 2022-03-31 04593883 d:CapitalRedemptionReserve 2021-04-01 04593883 d:RevaluationReserve 2022-04-01 2023-03-31 04593883 d:RevaluationReserve 2023-03-31 04593883 d:RevaluationReserve 2021-04-01 2022-03-31 04593883 d:RevaluationReserve 2022-03-31 04593883 d:RevaluationReserve 2021-04-01 04593883 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 04593883 d:RetainedEarningsAccumulatedLosses 2023-03-31 04593883 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 04593883 d:RetainedEarningsAccumulatedLosses 2022-03-31 04593883 d:RetainedEarningsAccumulatedLosses 2021-04-01 04593883 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 04593883 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 04593883 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-04-01 2023-03-31 04593883 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 04593883 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-03-31 04593883 c:FRS102 2022-04-01 2023-03-31 04593883 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04593883 c:FullAccounts 2022-04-01 2023-03-31 04593883 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04593883 2 2022-04-01 2023-03-31 04593883 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 04593883

























DISCUS MANAGEMENT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
For the year ended 31 MARCH 2023













Fletcher & Partners
Chartered Accountants
Salisbury

 
DISCUS MANAGEMENT LIMITED
REGISTERED NUMBER: 04593883

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
11,018,667
10,062,907

  
11,018,667
10,062,907

Current assets
  

Stocks
  
819,248
819,248

Debtors: amounts falling due within one year
 6 
2,355
2,355

Cash at bank and in hand
 7 
491,516
737,468

  
1,313,119
1,559,071

Creditors: amounts falling due within one year
 8 
(50,844)
(18,233)

Net current assets
  
 
 
1,262,275
 
 
1,540,838

Total assets less current liabilities
  
12,280,942
11,603,745

Provisions for liabilities
  

Other provisions
 10 
(142,500)
(211,300)

  
 
 
(142,500)
 
 
(211,300)

Net assets
  
12,138,442
11,392,445


Capital and reserves
  

Called up share capital 
  
114
114

Revaluation reserve
  
701,501
701,501

Capital redemption reserve
  
6
6

Profit and loss account
  
11,436,821
10,690,824

  
12,138,442
11,392,445


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

D G Lingafelter
Page 1

 
DISCUS MANAGEMENT LIMITED
REGISTERED NUMBER: 04593883

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

Director
Date: 25 October 2023

The notes on pages 5 to 9 form part of these financial statements.

Page 2

 
DISCUS MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2022
114
6
701,501
10,690,824
11,392,445


Comprehensive income for the year

Profit for the year

-
-
-
882,797
882,797


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
882,797
882,797


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(136,800)
(136,800)


Total transactions with owners
-
-
-
(136,800)
(136,800)


At 31 March 2023
114
6
701,501
11,436,821
12,138,442


The notes on pages 5 to 9 form part of these financial statements.

Page 3

 
DISCUS MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2021
114
6
701,501
9,681,133
10,382,754


Comprehensive income for the year

Profit for the year

-
-
-
1,462,491
1,462,491


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
1,462,491
1,462,491


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(452,800)
(452,800)


Total transactions with owners
-
-
-
(452,800)
(452,800)


At 31 March 2022
114
6
701,501
10,690,824
11,392,445


The notes on pages 5 to 9 form part of these financial statements.

Page 4

 
DISCUS MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Discus Management Limited is a private company limited by shares and incorporated in England and Wales with the registered number 04593883. Its registered office is York House, Castlewood, Ashley, Ringwood, Hampshire, BH24 2AX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
DISCUS MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
DISCUS MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 7

 
DISCUS MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Turnover

2023
2022
£
£

Turnover includes the following


Income from shares in group undertakings
944,000
1,144,000

Income from other fixed asset investments
95,947
39,857

Interest received on listed investments
22,840
8,764

Other interest received
2,161
88

1,064,948
1,192,709


5.


Fixed asset investments





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 April 2022
1,699,195
8,363,712
10,062,907


Additions
61,700
5,678,635
5,740,335


Disposals
-
(4,605,919)
(4,605,919)


Revaluations
-
(178,656)
(178,656)



At 31 March 2023
1,760,895
9,257,772
11,018,667




Page 8

 
DISCUS MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Other debtors
2,355
2,355

2,355
2,355



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
491,516
737,468

491,516
737,468



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
48,544
15,933

Other creditors
2,300
2,300

50,844
18,233



9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
9,257,772
8,363,712




10.


Provisions



£





At 1 April 2022
211,300


Charged to profit or loss
(68,800)



At 31 March 2023
142,500


Page 9