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Registration number: 09929071

Discovery Flexibles Group Limited

Financial Statements

for the Year Ended 31 December 2023

 

Discovery Flexibles Group Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 4

 

Discovery Flexibles Group Limited

(Registration number: 09929071)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

1,103,916

1,103,916

Creditors: Amounts falling due after more than one year

6

-

(845,440)

Net assets

 

1,103,916

258,476

Capital and reserves

 

Called up share capital

38

38

Share premium reserve

273,033

273,033

Retained earnings

830,845

(14,595)

Shareholders' funds

 

1,103,916

258,476

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 26 July 2024
 

.........................................
Mr James Alexander Urquhart
Director

 

Discovery Flexibles Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
International House
36-38 Cornhill
London
EC3V 3NG

These financial statements were authorised for issue by the director on 26 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 July 2024 was Danie van Niekerk, who signed for and on behalf of Walker Dunnett & Co.

.........................................

 

Discovery Flexibles Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

 

Discovery Flexibles Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Investments

2023
£

2022
£

Investments in subsidiaries

1,103,916

1,103,916

5

Debtors

Current

2023
£

2022
£

 

-

-

6

Creditors

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

-

845,440

7

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Pack34 Limited, incorporated in Scotland .