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Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Discover Limited

Discover Limited (Registered number: 01398051)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Discover Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C J McHugo
M J McHugo
P Harvey
G M McHugo





REGISTERED OFFICE: 8-10 South Street
Epsom
Surrey
KT18 7PF





REGISTERED NUMBER: 01398051 (England and Wales)





ACCOUNTANTS: Williams & Co Epsom LLP
Chartered Accountants
8-10 South Street
Epsom
Surrey
KT18 7PF

Discover Limited (Registered number: 01398051)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,073,103 4,033,815
Investments 5 47,530 47,530
Investment property 6 200,000 200,000
4,320,633 4,281,345

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 7 445,826 387,476
Cash at bank 98,440 210,882
545,266 599,358
CREDITORS
Amounts falling due within one year 8 462,652 471,670
NET CURRENT ASSETS 82,614 127,688
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,403,247

4,409,033

CREDITORS
Amounts falling due after more than one
year

9

(383,532

)

(449,087

)

PROVISIONS FOR LIABILITIES 11 (816,270 ) (620,783 )
NET ASSETS 3,203,445 3,339,163

CAPITAL AND RESERVES
Called up share capital 74,868 74,868
Share premium 150,621 150,621
Capital contribution reserve 50,229 50,229
Fair value reserve 12 2,917,737 3,113,458
Retained earnings 9,990 (50,013 )
SHAREHOLDERS' FUNDS 3,203,445 3,339,163

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Discover Limited (Registered number: 01398051)

Balance Sheet - continued
31 December 2023


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





C J McHugo - Director


Discover Limited (Registered number: 01398051)

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


1. STATUTORY INFORMATION

Discover Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The company's policy is to recognise turnover on a tour departure date basis, along with non refundable deposits invoiced recognised at the date of the invoice. Turnover represents the net amounts invoiced, excluding VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock consists of consumables used in the everyday running of the accommodation, as well as souvenirs and promotional products. The stock is valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Discover Limited (Registered number: 01398051)

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


2. ACCOUNTING POLICIES - continued

Investments
Fixed asset investments are valued at cost less any provision for diminution in value.

Freehold property
The directors value freehold property in accordance with the rules set out in FRS102. The directors regularly monitor the market value of the property held and consult local agents to advise on any changes in market value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 4,192,500 437,511 27,299 71,968 4,729,278
DEPRECIATION
At 1 January 2023 167,700 430,322 27,094 70,347 695,463
Charge for year 41,925 1,797 51 789 44,562
Charge written back (83,850 ) - - - (83,850 )
At 31 December 2023 125,775 432,119 27,145 71,136 656,175
NET BOOK VALUE
At 31 December 2023 4,066,725 5,392 154 832 4,073,103
At 31 December 2022 4,024,800 7,189 205 1,621 4,033,815

Cost or valuation at 31 December 2023 is represented by:

Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Valuation in 2019 1,550,781 - - - 1,550,781
Valuation in 2021 1,511,239 - - - 1,511,239
Cost 1,130,480 437,511 27,299 71,968 1,667,258
4,192,500 437,511 27,299 71,968 4,729,278

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 948,594 948,594
Aggregate depreciation 458,107 439,135

Freehold land and buildings were valued on an open market basis on 31 December 2022 by Bosworth Property .

The directors used local estate agents based in Marakesh, Morocco to value the freehold property situated there. The directors believe this is the best way to assess the value of the company asset by using agents who are involved in the day to day management and sale of other commercial properties in the same area.

Discover Limited (Registered number: 01398051)

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


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 47,530
NET BOOK VALUE
At 31 December 2023 47,530
At 31 December 2022 47,530

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Kasbah du Toubkal S A
Registered office:
Nature of business: Hotel Operators
%
Class of shares: holding
Ordinary 75.00
2023 2022
£    £   
Aggregate capital and reserves 983,353 923,458
(Loss)/profit for the year (174,984 ) 59,895

Maghreb Investments Limited
Registered office:
Nature of business: Investment company
%
Class of shares: holding
Ordinary 63.00
2023 2022
£    £   
Aggregate capital and reserves 51,354 51,355

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 200,000
NET BOOK VALUE
At 31 December 2023 200,000
At 31 December 2022 200,000

The company's investment property was valued in 2017 by professional valuers Sologec in France at £200,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 108,583 153,685
Other debtors 273,906 166,273
Amounts due from group companies 57,892 57,722
VAT 5,445 9,796
445,826 387,476

Discover Limited (Registered number: 01398051)

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


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 50,000
Trade creditors 8,513 6,026
Social security and other taxes 1,653 680
Other creditors 276,944 289,422
Amounts due to group companies 125,542 125,542
462,652 471,670

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
CBILS Loan - 1 - 2 years 50,000 50,000
CBILS Loan - 2 - 5 years 66,667 116,667
Amounts due to group companies 166,865 157,420
Other creditors 100,000 125,000
383,532 449,087

10. SECURED DEBTS

The company has a £50k overdraft facility secured by company assets.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 816,270 620,783

Deferred
tax
£   
Balance at 1 January 2023 620,783
Provided during year 195,487
Balance at 31 December 2023 816,270

Deferred tax is charged on the freehold property revaluation carried out in the year and provided for in accordance with the rules set out in FRS102.

12. RESERVES

The fair value reserve represents the cumulative effect of revaluations of freehold land and buildings which are revalued to fair value at the reporting date.

13. CONTINGENT LIABILITIES

As at 31 December 2023 there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the company in the normal course of business, to the company's bond obligors in respect of ABTA bonds amounting to £44,700 (2022 - £102,601)

14. ULTIMATE CONTROLLING PARTY

The board of directors has ultimate control of the company.