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REGISTERED NUMBER: 06267896 (England and Wales)















Greatest Discovery Ltd

Unaudited Financial Statements

for the Year Ended 30 June 2024






Greatest Discovery Ltd (Registered number: 06267896)

Contents of the Financial Statements
for the year ended 30 June 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Greatest Discovery Ltd

Company Information
for the year ended 30 June 2024







Director: M J Tindale





Registered office: Bourneside
Bourne Lane
Much Hadham
Hertfordshire
SG10 6ER





Registered number: 06267896 (England and Wales)






Greatest Discovery Ltd (Registered number: 06267896)

Balance Sheet
30 June 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 1,403 2,206
1,403 2,206

Current assets
Stocks 36,035 75,543
Debtors 6 11 1,423
Cash at bank and in hand 3,685 9,190
39,731 86,156
Creditors
Amounts falling due within one year 7 26,278 62,694
Net current assets 13,453 23,462
Total assets less current liabilities 14,856 25,668

Creditors
Amounts falling due after more than one
year

8

9,168

19,168
Net assets 5,688 6,500

Capital and reserves
Called up share capital 100 100
Retained earnings 5,588 6,400
5,688 6,500

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 25 November 2024 and were signed by:



M J Tindale - Director


Greatest Discovery Ltd (Registered number: 06267896)

Notes to the Financial Statements
for the year ended 30 June 2024


1. Statutory information

Greatest Discovery Ltd 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.

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

Turnover represents amounts receivable for services provided in the year and is stated net of VAT.

Goodwill
Goodwill is amortised on a straight line basis over its useful economic life, which is considered to be 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables and equity instruments. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full.

Financial assets and liabilities - classified as basic financial instruments

(i) Cash and cash equivalents
This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

Greatest Discovery Ltd (Registered number: 06267896)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


2. Accounting policies - continued

(ii) Trade and other receivables
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

At the end of each reporting period, the company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss.

(iii) Trade and other payables and loans and borrowings
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method.

Going concern
These financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the director has carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on assessment, the director considers that the company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities.

The director has reviewed and considered relevant information, including the annual budget and future cashflows in making his assessment. The director has tested his cash flows to take into account the impact on his business of possible scenarios, alongside the measures that he can take to mitigate any impacts. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions,and the current resources available, the director has concluded that he can continue to adopt the going concern basis in preparing the annual report and accounts.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 3 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023
and 30 June 2024 15,000
Amortisation
At 1 July 2023
and 30 June 2024 15,000
Net book value
At 30 June 2024 -
At 30 June 2023 -

Greatest Discovery Ltd (Registered number: 06267896)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


5. Tangible fixed assets
Fixtures
Short and Computer
leasehold fittings equipment Totals
£ £ £ £
Cost
At 1 July 2023 149,110 14,314 12,671 176,095
Additions - 698 - 698
Disposals (149,110 ) - - (149,110 )
At 30 June 2024 - 15,012 12,671 27,683
Depreciation
At 1 July 2023 149,110 12,108 12,671 173,889
Charge for year - 1,501 - 1,501
Eliminated on disposal (149,110 ) - - (149,110 )
At 30 June 2024 - 13,609 12,671 26,280
Net book value
At 30 June 2024 - 1,403 - 1,403
At 30 June 2023 - 2,206 - 2,206

6. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 11 1,423

7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 324 3,509
Taxation and social security 7,785 6,360
Other creditors 8,169 42,825
26,278 62,694

8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 9,168 19,168