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REGISTERED NUMBER: SC671390 (Scotland)















Financial Statements

for the Year Ended

31st March 2024

for

Discovery Contracts Ltd

Discovery Contracts Ltd (Registered number: SC671390)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 6

Discovery Contracts Ltd

Company Information
for the Year Ended 31st March 2024







DIRECTORS: P McBrearty
P Leslie
R Meldrum





REGISTERED OFFICE: 20 Wyvis Avenue
Broughty Ferry
Dundee
DD5 3ST





REGISTERED NUMBER: SC671390 (Scotland)





ACCOUNTANTS: AWH
Chartered Certified Accountants
Fort Street House
63 Fort Street
Broughty Ferry
Dundee
Angus
DD5 2AB

Discovery Contracts Ltd (Registered number: SC671390)

Balance Sheet
31st March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32,023 40,029

CURRENT ASSETS
Debtors 5 102,362 73,738
Cash at bank 19,069 7,794
121,431 81,532
CREDITORS
Amounts falling due within one year 6 65,887 55,395
NET CURRENT ASSETS 55,544 26,137
TOTAL ASSETS LESS CURRENT
LIABILITIES

87,567

66,166

CREDITORS
Amounts falling due after more than one
year

7

(18,591

)

(31,112

)

PROVISIONS FOR LIABILITIES (10,007 ) -
NET ASSETS 58,969 35,054

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 58,966 35,051
58,969 35,054

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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.

Discovery Contracts Ltd (Registered number: SC671390)

Balance Sheet - continued
31st March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th September 2024 and were signed on its behalf by:




P Leslie - Director P McBrearty - Director




R Meldrum - Director


Discovery Contracts Ltd (Registered number: SC671390)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

Discovery Contracts Ltd is a private company, limited by shares , registered in Scotland. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Discovery Contracts Ltd (Registered number: SC671390)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1st April 2023
and 31st March 2024 47,685
DEPRECIATION
At 1st April 2023 7,656
Charge for year 8,006
At 31st March 2024 15,662
NET BOOK VALUE
At 31st March 2024 32,023
At 31st March 2023 40,029

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 13,423 18,939
Other debtors 88,939 54,799
102,362 73,738

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 11,535 9,770
Trade creditors 380 2,622
Taxation and social security 46,778 28,494
Other creditors 7,194 14,509
65,887 55,395

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 18,591 31,112

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Discovery Contracts Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Discovery Contracts Ltd for the year ended 31st March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Discovery Contracts Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Discovery Contracts Ltd and state those matters that we have agreed to state to the Board of Directors of Discovery Contracts Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Discovery Contracts Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Discovery Contracts Ltd. You consider that Discovery Contracts Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Discovery Contracts Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






AWH
Chartered Certified Accountants
Fort Street House
63 Fort Street
Broughty Ferry
Dundee
Angus
DD5 2AB


Date: .............................................