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Registered number: 03068609
Discovery Research Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Booth & Co
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 03068609
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,878 22,875
Investments 5 100 100
19,978 22,975
CURRENT ASSETS
Debtors 6 555,693 536,785
Cash at bank and in hand 653,684 751,904
1,209,377 1,288,689
Creditors: Amounts Falling Due Within One Year 7 (506,673 ) (487,380 )
NET CURRENT ASSETS (LIABILITIES) 702,704 801,309
TOTAL ASSETS LESS CURRENT LIABILITIES 722,682 824,284
NET ASSETS 722,682 824,284
CAPITAL AND RESERVES
Called up share capital 8 67,869 67,869
Share premium account 2,880 2,880
Profit and Loss Account 651,933 753,535
SHAREHOLDERS' FUNDS 722,682 824,284
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
B Parker
Director
D Kelly
Director
Mr Alan Hathaway
Director
19/08/2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Discovery Research Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03068609 . The registered office is 25 Gloucester Place, LONDON, W1U 8HT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold None provided
Plant & Machinery Depreciated over 2 to 10 years
2.4. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 2
Page 3
3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2023: 20)
19 20
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2024 254,795
Additions 3,633
As at 31 December 2024 258,428
Depreciation
As at 1 January 2024 231,920
Provided during the period 6,630
As at 31 December 2024 238,550
Net Book Value
As at 31 December 2024 19,878
As at 1 January 2024 22,875
5. Investments
Unlisted
£
Cost or Valuation
As at 1 January 2024 100
As at 31 December 2024 100
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 100
As at 1 January 2024 100
During the previous year the company purchased 100% of the Share Cpaital in Childwise Research Ltd (company number 4285610). The company as at 31 December 2024 had negative assets of £74,231 and for the year ended 31 December 2024 had a profit of £28,166.
Page 3
Page 4
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 296,266 299,457
Prepayments and accrued income 61,289 56,945
Other debtors 88,415 95,383
Amounts owed by subsidiaries 109,723 85,000
555,693 536,785
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 111,980 73,053
Corporation tax 56,003 107,564
Other taxes and social security 23,969 25,197
VAT 75,296 87,967
Other creditors 105,528 99,663
Accruals and deferred income 133,897 93,936
506,673 487,380
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 67,869 67,869
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 219,909 181,366
Later than one year and not later than five years 1,075,220 1,069,804
1,295,129 1,251,170
10. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 265,419 170,713
Page 4