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COMPANY REGISTRATION NUMBER: 13674775
Discover Developments Limited
Unaudited financial statements
For the period ended
30 November 2023
Discover Developments Limited
Statement of financial position
30 November 2023
30 Nov 23
31 Oct 22
Note
£
£
£
£
Current assets
Stocks
358,464
Debtors
5
90,000
Cash at bank and in hand
765
420
-------
---------
90,765
358,884
Creditors: Amounts falling due within one year
6
( 66,166)
( 361,466)
-------
---------
Net current assets/(liabilities)
24,599
( 2,582)
-------
------
Total assets less current liabilities
24,599
( 2,582)
Provisions
Taxation including deferred tax
646
-------
------
Net assets/(liabilities)
24,599
( 1,936)
-------
------
Capital and reserves
Called up share capital
2
2
Profit and loss account
24,597
( 1,938)
-------
------
Shareholders funds/(deficit)
24,599
( 1,936)
-------
------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the period ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 July 2024 , and are signed on behalf of the board by:
M J Lawson
Director
Company registration number: 13674775
Discover Developments Limited
Notes to the financial statements
Period from 1 November 2022 to 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St. Edmunds, Suffolk, IP32 7EA. The trading address of the company is 14 Poppy Close, Bury St Edmunds, Suffolk, IP28 8FL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
4. Employee numbers
The average number of employees during the period was 2 (2022: 2 ).
5. Debtors
30 Nov 23
31 Oct 22
£
£
Other debtors
90,000
-------
----
6. Creditors: Amounts falling due within one year
30 Nov 23
31 Oct 22
£
£
Trade creditors
6,360
Amounts owed to group undertakings and undertakings in which the company has a participating interest
4,049
303,937
Social security and other taxes
5,770
Other creditors
56,347
51,169
-------
---------
66,166
361,466
-------
---------