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DISCOVER FLYING LIMITED

Registered Number
07806308
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

DISCOVER FLYING LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

TURNER, Kevin Mark

Registered Address

71-75 Shelton Street Shelton Street
London
WC2H 9JQ

Registered Number

07806308 (England and Wales)
DISCOVER FLYING LIMITED
Statement of Financial Position
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets39581,490
9581,490
Current assets
Debtors3,2206,960
Cash at bank and on hand19,18518,106
22,40525,066
Creditors amounts falling due within one year4(15,778)(7,845)
Net current assets (liabilities)6,62717,221
Total assets less current liabilities7,58518,711
Provisions for liabilities5(182)-
Net assets7,40318,711
Capital and reserves
Called up share capital11
Profit and loss account7,40218,710
Shareholders' funds7,40318,711
The financial statements were approved and authorised for issue by the Director on 23 July 2024, and are signed on its behalf by:
TURNER, Kevin Mark
Director
Registered Company No. 07806308
DISCOVER FLYING LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery4
Office Equipment3
2.Average number of employees

20232022
Average number of employees during the year11
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 November 221,3199652,284
Additions-282282
At 31 October 231,3191,2472,566
Depreciation and impairment
At 01 November 22367427794
Charge for year367447814
At 31 October 237348741,608
Net book value
At 31 October 23585373958
At 31 October 229525381,490
4.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables162-
Taxation and social security15,5307,370
Other creditors8679
Accrued liabilities and deferred income-396
Total15,7787,845
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
5.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)182-
Total182-