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Registration number: SC643829

Discovery Property Investment Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Discovery Property Investment Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Discovery Property Investment Ltd

(Registration number: SC643829)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

794

1,059

Current assets

 

Debtors

5

5,055

8,848

Cash at bank and in hand

 

1,345

188

 

6,400

9,036

Creditors: Amounts falling due within one year

6

(15,293)

(6,543)

Net current (liabilities)/assets

 

(8,893)

2,493

Total assets less current liabilities

 

(8,099)

3,552

Creditors: Amounts falling due after more than one year

6

(12,362)

(15,043)

Net liabilities

 

(20,461)

(11,491)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(20,463)

(11,493)

Shareholders' deficit

 

(20,461)

(11,491)

For the financial year ending 31 October 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.

These financial statements have been prepared and 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 Income Statement.

Approved and authorised by the Board on 30 May 2025 and signed on its behalf by:
 

.........................................
B Ettershank
Director

 

Discovery Property Investment Ltd

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

1

General information

The Company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
29 Commercial Street
Dundee
Tayside
DD1 3DG
Scotland

The principal place of business is:
Ravensby Coach House
Barry
Carnoustie
Angus
DD7 7RJ

These financial statements were authorised for issue by the Board on 30 May 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.

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.

 

Discovery Property Investment Ltd

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

Tangible assets

Tangible assets are stated in the statement of financial position 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

Development Costs

25% reducing balance

Office Equipment

25% reducing balance

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 income statement 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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 0 (2023 - 0).

 

Discovery Property Investment Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Development costs
 £

Total
£

Cost or valuation

At 1 November 2023

874

2,400

3,274

At 31 October 2024

874

2,400

3,274

Depreciation

At 1 November 2023

574

1,641

2,215

Charge for the year

75

190

265

At 31 October 2024

649

1,831

2,480

Carrying amount

At 31 October 2024

225

569

794

At 31 October 2023

300

759

1,059

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

4,048

8,848

Prepayments

 

1,007

-

   

5,055

8,848

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

3,148

3,244

Accruals and deferred income

 

1,042

958

Other creditors

 

11,103

2,341

 

15,293

6,543

Creditors: amounts falling due after more than one year

 

Discovery Property Investment Ltd

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

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

12,362

15,043

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,362

15,043

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,148

3,244