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REGISTERED NUMBER: SC526954 (Scotland)















Financial Statements

for the Year Ended

29th February 2024

for

Discovery Fire Sprinklers Ltd.

Discovery Fire Sprinklers Ltd. (Registered number: SC526954)






Contents of the Financial Statements
for the Year Ended 29th February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Discovery Fire Sprinklers Ltd.

Company Information
for the Year Ended 29th February 2024







DIRECTOR: J C Bryceland





REGISTERED OFFICE: 138 Nethergate
Dundee
DD1 4ED





REGISTERED NUMBER: SC526954 (Scotland)






Discovery Fire Sprinklers Ltd. (Registered number: SC526954)

Balance Sheet
29th February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 134,420 87,070

CURRENT ASSETS
Stocks 303,388 49,875
Debtors 5 239,775 285,219
Cash at bank 242,909 69,477
786,072 404,571
CREDITORS
Amounts falling due within one year 6 427,814 230,287
NET CURRENT ASSETS 358,258 174,284
TOTAL ASSETS LESS CURRENT
LIABILITIES

492,678

261,354

CREDITORS
Amounts falling due after more than one
year

7

31,124

67,728
NET ASSETS 461,554 193,626

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 460,554 192,626
SHAREHOLDERS' FUNDS 461,554 193,626

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 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.

Discovery Fire Sprinklers Ltd. (Registered number: SC526954)

Balance Sheet - continued
29th February 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 director and authorised for issue on 27th November 2024 and were signed by:





J Bryceland - Director


Discovery Fire Sprinklers Ltd. (Registered number: SC526954)

Notes to the Financial Statements
for the Year Ended 29th February 2024

1. STATUTORY INFORMATION

Discovery Fire Sprinklers 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 - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Discovery Fire Sprinklers Ltd. (Registered number: SC526954)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st March 2023 22,468 89,675 149,077 2,504 263,724
Additions - 32,500 82,854 - 115,354
Disposals - - (83,595 ) - (83,595 )
At 29th February 2024 22,468 122,175 148,336 2,504 295,483
DEPRECIATION
At 1st March 2023 16,690 67,339 90,693 1,932 176,654
Charge for year 1,156 - 28,490 11,082 40,728
Eliminated on disposal - - (56,319 ) - (56,319 )
At 29th February 2024 17,846 67,339 62,864 13,014 161,063
NET BOOK VALUE
At 29th February 2024 4,622 54,836 85,472 (10,510 ) 134,420
At 28th February 2023 5,778 22,336 58,384 572 87,070

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 135,995 285,219
Other debtors 103,780 -
239,775 285,219

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 753 4,995
Hire purchase contracts 14,986 15,688
Trade creditors 289,356 159,333
Taxation and social security 115,314 41,515
Other creditors 7,405 8,756
427,814 230,287

Discovery Fire Sprinklers Ltd. (Registered number: SC526954)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans - 35,874
Hire purchase contracts 31,124 31,854
31,124 67,728