1 March 2023 v2024.42.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activity0falsetruexbrli:purexbrli:sharesiso4217:GBPSC2977692023-03-012024-02-29SC2977692024-02-29SC2977692023-02-28SC297769core:WithinOneYear2024-02-29SC297769core:WithinOneYear2023-02-28SC297769core:AfterOneYear2024-02-29SC297769core:AfterOneYear2023-02-28SC297769core:RetainedEarningsAccumulatedLosses2024-02-29SC297769core:RetainedEarningsAccumulatedLosses2023-02-28SC297769bus:Director12023-03-012024-02-29SC297769bus:RegisteredOffice2023-03-012024-02-29SC297769core:FurnitureFittings2023-03-012024-02-29SC2977692022-03-012023-02-28SC297769core:PlantMachinery2024-02-29SC297769core:CostValuation2023-03-01SC297769core:CostValuation2024-02-29SC29776912023-03-012024-02-29SC297769countries:Scotland2023-03-012024-02-29SC297769bus:AuditExempt-NoAccountantsReport2023-03-012024-02-29SC297769bus:CompanyLimitedByGuarantee2023-03-012024-02-29SC297769bus:SmallEntities2023-03-012024-02-29SC297769bus:FullAccounts2023-03-012024-02-29
Company registration number:
SC297769
Discovery Investment Fund Limited
Company limited by guarantee
Unaudited Filleted Financial Statements for the year ended
29 February 2024
Discovery Investment Fund Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Discovery Investment Fund Limited
Year ended
29 February 2024
As described on the statement of financial position, the Board of Directors of
Discovery Investment Fund Limited
are responsible for the preparation of the
financial statements
for the year ended
29 February 2024
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Thomson Financial Limited
Millars House
41a Gray Street
Dundee
Tayside
DD5 2BJ
United Kingdom
Discovery Investment Fund Limited
Statement of Financial Position
29 February 2024
20242023
Note££
Fixed assets    
Investments 7
74,401
 
74,401
 
Current assets    
Debtors 8
362,054
 
371,355
 
Cash at bank and in hand
452
 
795
 
362,506
 
372,150
 
Creditors: amounts falling due within one year 9
(364,370
)
(373,829
)
Net current liabilities
(1,864
)
(1,679
)
Total assets less current liabilities 72,537   72,722  
Creditors: amounts falling due after more than one year 10
(9,667
)
(13,667
)
Net assets
62,870
 
59,055
 
Capital and reserves    
Profit and loss account
62,870
 
59,055
 
Members funds
62,870
 
59,055
 
For the year ending
29 February 2024
, 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 year 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
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
19 September 2024
, and are signed on behalf of the board by:
J Carnegie
Director
Company registration number:
SC297769
Discovery Investment Fund Limited
Notes to the Financial Statements
Year ended
29 February 2024

1 General information

The company is a private company limited by guarantee and is registered in Scotland. The address of the registered office is
41a Gray Street
,
Broughty Ferry
,
Dundee
,
DD5 2BJ
, Scotland.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
25% straight line

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Limited by guarantee

The company is limited by guarantee, not having a share capital and consequently the liability of the members, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as maybe required not exceeding £1.

5 Average number of employees

The average number of persons employed by the company during the year was nil (2023:
2.00
).

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 March 2023
and
29 February 2024
1,388
 
Depreciation  
At
1 March 2023
and
29 February 2024
1,388
 
Carrying amount  
At
29 February 2024
-  
At 28 February 2023 -  

7 Investments

Other investments other than loans
£
Cost  
At
1 March 2023
74,401
 
At
29 February 2024
74,401
 
Impairment  
At
1 March 2023
and
29 February 2024
-  
Carrying amount  
At
29 February 2024
74,401
 
At 28 February 2023
74,401
 

8 Debtors

20242023
££
Trade debtors
9,202
 
18,503
 
Other debtors
352,852
 
352,852
 
362,054
 
371,355
 

9 Creditors: amounts falling due within one year

20242023
££
Trade creditors
16,270
 
9,818
 
Taxation and social security
5
 
4,712
 
Other creditors
348,095
 
359,299
 
364,370
 
373,829
 

10 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
9,667
 
13,667