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Registered number: 03068609
Discovery Research Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Booth & Co
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03068609
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 22,875 22,302
Investments 5 100 75
22,975 22,377
CURRENT ASSETS
Debtors 6 536,785 466,941
Cash at bank and in hand 751,904 677,957
1,288,689 1,144,898
Creditors: Amounts Falling Due Within One Year 7 (487,380 ) (520,670 )
NET CURRENT ASSETS (LIABILITIES) 801,309 624,228
TOTAL ASSETS LESS CURRENT LIABILITIES 824,284 646,605
NET ASSETS 824,284 646,605
CAPITAL AND RESERVES
Called up share capital 8 67,869 67,869
Share premium account 2,880 2,880
Profit and Loss Account 753,535 575,856
SHAREHOLDERS' FUNDS 824,284 646,605
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
B Parker
Director
Mr Alan Hathaway
Director
13/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Discovery Research Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03068609 . The registered office is 25 Gloucester Place, LONDON, W1U 8HT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold None provided
Plant & Machinery Depreciated over 2 to 10 years
2.4. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2022: 19)
20 19
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2023 246,595
Additions 8,200
As at 31 December 2023 254,795
Depreciation
As at 1 January 2023 224,293
Provided during the period 7,627
As at 31 December 2023 231,920
Net Book Value
As at 31 December 2023 22,875
As at 1 January 2023 22,302
5. Investments
Unlisted
£
Cost
As at 1 January 2023 75
Additions 100
Disposals (75 )
As at 31 December 2023 100
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 100
As at 1 January 2023 75
During the year the company purchased 100% of the Share Cpaital in Childwise Research Ltd (company number 4285610). The company as at 31 December 2023 had negative assets of £102,397 and for the seveteen months ended 31 DEcember 2023 had a profit of £264,891 due to a release of a Directors loan account balance owed by the company to the Director.
The investment in The Thinking Shed Ltd of £75 was wriiten off.
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 299,457 336,903
Prepayments and accrued income 56,945 60,547
Other debtors 95,383 69,491
Amounts owed by subsidiaries 85,000 -
536,785 466,941
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 73,053 144,506
Corporation tax 107,564 64,748
Other taxes and social security 25,197 29,557
VAT 87,967 80,224
Other creditors 99,663 99,366
Accruals and deferred income 93,936 102,269
487,380 520,670
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 67,869 67,869
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 181,366 180,083
Later than one year and not later than five years 1,069,804 781,079
1,251,170 961,162
10. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 170,713 203,335
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