DiscoverMi Ltd 07853046 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of public relations, media and communications Digita Accounts Production Advanced 6.30.9574.0 true true 07853046 2024-01-01 2024-12-31 07853046 2024-12-31 07853046 bus:OrdinaryShareClass1 2024-12-31 07853046 core:CurrentFinancialInstruments 2024-12-31 07853046 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 07853046 core:Non-currentFinancialInstruments 2024-12-31 07853046 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 07853046 core:FurnitureFittingsToolsEquipment 2024-12-31 07853046 bus:SmallEntities 2024-01-01 2024-12-31 07853046 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 07853046 bus:FilletedAccounts 2024-01-01 2024-12-31 07853046 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 07853046 bus:RegisteredOffice 2024-01-01 2024-12-31 07853046 bus:CompanySecretary1 2024-01-01 2024-12-31 07853046 bus:Director3 2024-01-01 2024-12-31 07853046 bus:Director7 2024-01-01 2024-12-31 07853046 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 07853046 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07853046 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 07853046 core:OfficeEquipment 2024-01-01 2024-12-31 07853046 countries:EnglandWales 2024-01-01 2024-12-31 07853046 2023-12-31 07853046 core:FurnitureFittingsToolsEquipment 2023-12-31 07853046 2023-01-01 2023-12-31 07853046 2023-12-31 07853046 bus:OrdinaryShareClass1 2023-12-31 07853046 core:CurrentFinancialInstruments 2023-12-31 07853046 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07853046 core:Non-currentFinancialInstruments 2023-12-31 07853046 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 07853046 core:FurnitureFittingsToolsEquipment 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07853046

DiscoverMi Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

DiscoverMi Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

DiscoverMi Ltd

Company Information

Directors

Mr Bhavenesh Ghai

Ms Karen Elizabeth Lane

Company secretary

ABC Secretaries Limited

Registered office

42-46 Station Road
Edgware
Middlesex
HA8 7AB

Accountants

Kajaine Kafton LLP
Chartered Accountants
42-46 Station Road
Edgware
HA8 7AB

 

DiscoverMi Ltd

(Registration number: 07853046)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

34,230

31,585

Current assets

 

Debtors

5

152,376

86,291

Cash at bank and in hand

 

75,372

46,488

 

227,748

132,779

Creditors: Amounts falling due within one year

6

(183,686)

(80,084)

Net current assets

 

44,062

52,695

Total assets less current liabilities

 

78,292

84,280

Creditors: Amounts falling due after more than one year

6

(286,332)

(444,080)

Net liabilities

 

(208,040)

(359,800)

Capital and reserves

 

Called up share capital

7

200

200

Share premium reserve

101,430

101,430

Retained earnings

(309,670)

(461,430)

Shareholders' deficit

 

(208,040)

(359,800)

For the financial year ending 31 December 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.

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 and delivered 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.

 

DiscoverMi Ltd

(Registration number: 07853046)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 5 March 2025 and signed on its behalf by:
 

.........................................

Mr Bhavenesh Ghai

Director

 

DiscoverMi Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
42-46 Station Road
Edgware
Middlesex
HA8 7AB
England

The principal place of business is:
Castle Hill House
12 Castle Hill
Windsor
SL4 1PD
England

These financial statements were authorised for issue by the Board on 5 March 2025.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value 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.

 

DiscoverMi Ltd

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

Office equipment

25% on reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

DiscoverMi Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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 20 (2023 - 20).

 

DiscoverMi Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

62,883

62,883

Additions

11,735

11,735

Disposals

(15,771)

(15,771)

At 31 December 2024

58,847

58,847

Depreciation

At 1 January 2024

31,298

31,298

Charge for the year

9,091

9,091

Eliminated on disposal

(15,772)

(15,772)

At 31 December 2024

24,617

24,617

Carrying amount

At 31 December 2024

34,230

34,230

At 31 December 2023

31,585

31,585

5

Debtors

Current

2024
£

2023
£

Trade debtors

131,040

70,217

Prepayments

15,282

10,449

Other debtors

6,054

5,625

 

152,376

86,291

 

DiscoverMi Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

82,876

27,644

Taxation and social security

 

85,122

36,537

Other creditors

 

12,511

13,326

Accrued expenses

 

3,177

2,577

 

183,686

80,084

Due after one year

 

Loans and borrowings

8

286,332

444,080

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

286,332

444,080

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

200

200

200

200

       
 

DiscoverMi Ltd

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,167

24,167

Other borrowings

272,165

419,913

286,332

444,080