2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 1,940 1,940 388 388 1,552 xbrli:pure xbrli:shares iso4217:GBP 09490665 2023-04-01 2024-03-31 09490665 2024-03-31 09490665 2023-03-31 09490665 2022-04-01 2023-03-31 09490665 2023-03-31 09490665 2022-03-31 09490665 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 09490665 bus:Director1 2023-04-01 2024-03-31 09490665 bus:Director2 2023-04-01 2024-03-31 09490665 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 09490665 core:WithinOneYear 2024-03-31 09490665 core:WithinOneYear 2023-03-31 09490665 core:ShareCapital 2024-03-31 09490665 core:ShareCapital 2023-03-31 09490665 core:RetainedEarningsAccumulatedLosses 2024-03-31 09490665 core:RetainedEarningsAccumulatedLosses 2023-03-31 09490665 bus:SmallEntities 2023-04-01 2024-03-31 09490665 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09490665 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09490665 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09490665 bus:FullAccounts 2023-04-01 2024-03-31 09490665 core:KeyManagementPersonnel 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 09490665
Discovery Products Limited
Filleted Unaudited Financial Statements
31 March 2024
Discovery Products Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Discovery Products Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
1,552
Current assets
Debtors
6
199
476
Cash at bank and in hand
724
1,688
----
-------
923
2,164
Creditors: amounts falling due within one year
7
53,085
51,061
--------
--------
Net current liabilities
52,162
48,897
--------
--------
Total assets less current liabilities
( 50,610)
( 48,897)
--------
--------
Net liabilities
( 50,610)
( 48,897)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 50,612)
( 48,899)
--------
--------
Shareholders deficit
( 50,610)
( 48,897)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr L J Martino
Mr P M Skinner
Director
Director
Company registration number: 09490665
Discovery Products Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on a going concern basis. The directors are satisfied that the company will continue to meet its current obligations for at least the next 12 months.
Judgements and key sources of estimation uncertainty
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.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
Additions
1,940
-------
At 31 March 2024
1,940
-------
Amortisation
Charge for the year
388
-------
At 31 March 2024
388
-------
Carrying amount
At 31 March 2024
1,552
-------
At 31 March 2023
-------
6. Debtors
2024
2023
£
£
Other debtors
199
476
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,626
9,339
Other creditors
46,459
41,722
--------
--------
53,085
51,061
--------
--------
8. Related party transactions
At the year end the company owed the Directors £44,935 (2023: £40,198).