Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-011falseThe principal activity of the company continued to be that of providing consultancy services to the oil and gas industry.1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04616811 2023-01-01 2023-12-31 04616811 2022-01-01 2022-12-31 04616811 2023-12-31 04616811 2022-12-31 04616811 2022-01-01 04616811 c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 04616811 d:Director1 2023-01-01 2023-12-31 04616811 c:ComputerEquipment 2023-01-01 2023-12-31 04616811 c:ComputerEquipment 2023-12-31 04616811 c:ComputerEquipment 2022-12-31 04616811 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04616811 c:CurrentFinancialInstruments 2023-12-31 04616811 c:CurrentFinancialInstruments 2022-12-31 04616811 c:Non-currentFinancialInstruments 2023-12-31 04616811 c:Non-currentFinancialInstruments 2022-12-31 04616811 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 04616811 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 04616811 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 04616811 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 04616811 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 04616811 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 04616811 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 04616811 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 04616811 c:ShareCapital 2023-12-31 04616811 c:ShareCapital 2022-12-31 04616811 c:ShareCapital 2022-01-01 04616811 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04616811 c:RetainedEarningsAccumulatedLosses 2023-12-31 04616811 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 04616811 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04616811 c:RetainedEarningsAccumulatedLosses 2022-12-31 04616811 c:RetainedEarningsAccumulatedLosses 2022-01-01 04616811 d:OrdinaryShareClass1 2023-01-01 2023-12-31 04616811 d:OrdinaryShareClass1 2023-12-31 04616811 d:FRS102 2023-01-01 2023-12-31 04616811 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04616811 d:FullAccounts 2023-01-01 2023-12-31 04616811 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04616811 2 2023-01-01 2023-12-31 04616811 6 2023-01-01 2023-12-31 04616811 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04616811 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04616811 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 04616811 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2022-12-31 04616811 c:PreviouslyStatedAmount 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04616811














DISCOVERY ENERGY LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DISCOVERY ENERGY LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 10


 
DISCOVERY ENERGY LIMITED
REGISTERED NUMBER:04616811

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
307
767

Investments
 5 
47,267
75,886

  
47,574
76,653

Current assets
  

Debtors: amounts falling due within one year
 6 
219,211
272,125

Cash at bank and in hand
 7 
69
11,229

  
219,280
283,354

Creditors: amounts falling due within one year
 8 
(87,466)
(83,836)

Net current assets
  
 
 
131,814
 
 
199,518

Total assets less current liabilities
  
179,388
276,171

Creditors: amounts falling due after more than one year
 9 
(104,531)
(155,511)

Provisions for liabilities
  

Deferred tax
 11 
(77)
(307)

  
 
 
(77)
 
 
(307)

Net assets
  
74,780
120,353


Capital and reserves
  

Called up share capital 
 12 
3,240
3,240

Profit and loss account
  
71,540
117,113

  
74,780
120,353


1

 
DISCOVERY ENERGY LIMITED
REGISTERED NUMBER:04616811
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers 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 director acknowledges his 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 profit and loss account 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: 




K E Ainsworth
Director

Date: 11 September 2024


The notes on pages 4 to 10 form part of these financial statements.

2

 
DISCOVERY ENERGY LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
3,240
151,101
154,341


Comprehensive income for the year

Loss for the year
-
(23,988)
(23,988)

Dividends: Equity capital
-
(10,000)
(10,000)



At 1 January 2023 (as previously stated)
3,240
108,113
111,353

Prior year adjustment - correction of error
-
9,000
9,000


At 1 January 2023 (as restated)
3,240
117,113
120,353


Comprehensive income for the year

Loss for the year
-
(45,573)
(45,573)


At 31 December 2023
3,240
71,540
74,780


The notes on pages 4 to 10 form part of these financial statements.

3

 
DISCOVERY ENERGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Discovery Energy Limited is a private limited company, limited by shares, registered in England and Wales, registration number 04616811. The registered office address is Salisbury House, London Wall, London, EC2M 5PS.
The principal activity of the company continued to be that of providing consultancy services to the oil and gas industry.

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.

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'administration expenses'.

 
2.3

Interest income

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

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

4

 
DISCOVERY ENERGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 Balance Sheet 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 balance sheet date.

 
2.7

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

 Valuation of investments

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

 
2.9

 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.

5

 
DISCOVERY ENERGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions. 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.

 
2.11

 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.

 
2.12

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other  third parties, loans to related parties and investments in ordinary shares.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the profit and loss account if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

 
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 the director, during the year was 1 (2022 -1).

6

 
DISCOVERY ENERGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
1,841



At 31 December 2023

1,841



Depreciation


At 1 January 2023
1,074


Charge for the year on owned assets
460



At 31 December 2023

1,534



Net book value



At 31 December 2023
307



At 31 December 2022
767


5.


Fixed asset investments





Listed investments

£



Valuation


At 1 January 2023
75,885


Revaluations
(28,618)



At 31 December 2023
47,267






6.


Debtors

As restated
2023
2022
£
£


Other debtors
200,404
253,318

Tax recoverable
18,807
18,807

219,211
272,125


7

 
DISCOVERY ENERGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
69
11,229



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
3,250
3,250

Other loans
47,730
44,072

Other taxation and social security
1,545
1,052

Other creditors
28,006
28,007

Accruals and deferred income
6,935
7,455

87,466
83,836


Secured loans

Included in other loans is a loan of 47,730 (2022 - £44,072) which was taken from Discovery Pension Scheme contains a fixed and floating charge. The fixed charge is on all properties acquired, all present and future interests of the borrower, all present and future rights, licenses, guarantees, rents, deposits and contracts of the borrower. The fixed charge also includes all present and future goodwill, all of the intellectual property and all fees and royalties delivered to the intellectual property. The floating charge covers all the property or undertaking of the company.
The bank loan of £3,250 (2022 - £3,250) included in creditors due within one year is Coronavirus Bounce Back Loan, 100% guaranteed by the government.


9.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
6,500
9,750

Other loans
98,031
145,761

104,531
155,511


Secured loans

Included in other loans is a loan of £98,031 (2022 - £145,761) which was taken from Discovery Pension Scheme contains a fixed and floating charge. The fixed charge is on all properties acquired, all present and future interests of the borrower, all present and future rights, licenses, guarantees, rents, deposits and contracts of the borrower. The fixed charge also includes all present and future goodwill, all of the intellectual property and all fees and royalties delivered to the intellectual property. The floating charge covers all the property or undertaking of the company.

The bank loan of £6,500 (2022 - £9,750) included in creditors due more than one year is a Coronavirus Bounce Back Loan, 100% guaranteed by the government. 

8

 
DISCOVERY ENERGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
3,250
3,250

Other loans
47,730
44,072


50,980
47,322

Amounts falling due 1-2 years

Bank loans
6,500
9,750


6,500
9,750

Amounts falling due 2-5 years

Other loans
98,031
145,761

98,031
145,761

155,511
202,833


9

 
DISCOVERY ENERGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023


£






At beginning of year
307


Charged to profit or loss
(230)



At end of year
77

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
77
307


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,240 Ordinary shares of £1.00 each
3,240
3,240



13.


Prior year adjustment

In the prior year, the loan restructuring fee received, amounting to £9,000, was incorrectly classified under other debtors as a reduction of the loan receivable. In the current year, this has been reclassified from other debtors to other operating income in the comparative column. 
The above adjustment has increased the retained profits by £9,000.


14.


Related party transactions

Included within other debtors at the year end is a balance totalling £56,603 due from the director (2022 - £57,783). The loan is interest free and repayable on demand. An interest of £809 (2022 - £1,246) has been charged at the official interest rate. During the year, the director was paid a dividend of £Nil (2022 - £10,000).

 
10