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Registration number: 12079511

Disco-licious Limited

Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Disco-licious Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Disco-licious Limited

(Registration number: 12079511)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

56,885

72,329

Current assets

 

Stocks

5

12,100

-

Debtors

6

5,434

14,967

Cash at bank and in hand

 

24,442

18,319

 

41,976

33,286

Creditors: Amounts falling due within one year

7

(65,508)

(116,279)

Net current liabilities

 

(23,532)

(82,993)

Total assets less current liabilities

 

33,353

(10,664)

Provisions for liabilities

7,888

(11,678)

Net assets/(liabilities)

 

41,241

(22,342)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

41,141

(22,442)

Shareholders' funds/(deficit)

 

41,241

(22,342)

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 October 2024 and signed on its behalf by:
 

 

Disco-licious Limited

(Registration number: 12079511)
Balance Sheet as at 31 July 2024

.........................................
Ms Joanna Discombe
Director

 

Disco-licious Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Goshen Cottage Lower Gravenhurst
Gravenhurst
Bedford
Bedfordshire
MK45 4HJ

These financial statements were authorised for issue by the Board on 21 October 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company had net current liabilities of £23,532 (2023: £82,993). The directors have pledged to continue to financially support the company for the foreseeable future. On this basis, the directors feel it is appropriate to prepare these financial statements on a going concern basis.

 

Disco-licious Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

20% Reducing Balance

Plant and Machinery

20% Straight Line

Office Equipment

25% Straight Line

Fixtures and Fittings

25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Disco-licious Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 at the transaction price.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 5).

 

Disco-licious Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Properties under construction
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

12,239

18,000

20,547

61,129

111,915

Additions

788

-

-

667

1,455

At 31 July 2024

13,027

18,000

20,547

61,796

113,370

Depreciation

At 1 August 2023

4,071

8,016

-

27,503

39,590

Charge for the year

2,539

1,997

-

12,359

16,895

At 31 July 2024

6,610

10,013

-

39,862

56,485

Carrying amount

At 31 July 2024

6,417

7,987

20,547

21,934

56,885

At 31 July 2023

8,172

9,984

20,547

33,626

72,329

 

Disco-licious Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Stocks

2024
£

2023
£

Other inventories

12,100

-

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,869

-

Prepayments

645

369

Other debtors

2,920

14,598

 

5,434

14,967

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

113

Taxation and social security

13,905

12,820

Accruals and deferred income

3,305

2,460

Other creditors

48,298

100,886

65,508

116,279

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Share Capital of £1 each

100

100

100

100

         

9

Dividends

2024

2023

£

£

Interim dividend of £200.00 (2023 - £Nil) per ordinary share

20,000

-

 

 
 

Disco-licious Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

10

Related party transactions

At the balance sheet date, the company owed £48,050 (2023: £100,677) to J Discombe, the sole director and shareholder of the company. There are no terms of repayment and no interest is being charged on the loan.

 

Disco-licious Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

11

Parent and ultimate parent undertaking

The ultimate controlling party is Joanna Discombe by virtue of her majority share holding.