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REGISTERED NUMBER: 08089816 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

DISCOVERY PARK LIMITED

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Directors' Responsibilities Statement 5

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


DISCOVERY PARK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: S A Green
M Schreiber
M Schreiber





SECRETARY: Mrs. R Niederman





REGISTERED OFFICE: 147 Stamford Hill
London
N16 5LG





REGISTERED NUMBER: 08089816 (England and Wales)





AUDITORS: Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The directors present their strategic report for the year ended 30 November 2024.

REVIEW OF BUSINESS
Discovery Park continues to thrive as a premier science and technology park situated in Sandwich, Kent. Our vision is to create a world-class and world-leading hub, building an environment that fosters innovation by bringing together the best and brightest minds. Discovery Park offers state-of-the-art laboratories, offices, and manufacturing spaces, with room for expansion. We also provide access to finances, business support and a robust scientific skill base.

Ownership of the park is held by Discovery Park Limited (DPL) which has appointed Discovery Park Management Limited (DPML) to manage the park. DPML charges DPL a fee for these services.

DPL derives income from the lease of laboratories, office space and other demises, the recharge of costs in maintaining the park and facilities, and recovery of energy costs.

The company undertakes a range of activities to support the life sciences and healthcare tenants and attract new ones. These include business development networking events, conference attendance, conference hosting and marketing.

DPML is the management agent and responsible for:
o Overseeing the management of facilities and utility services at Discovery Park
o Fostering and driving growth throughout Discovery Park
o Providing services to tenants upon request

Most services required for the operation of Discovery Park are performed in-house by a specialised team employed by DPML. This internal arrangement enables DPML to offer efficient, dependable, and resilient services throughout the premises, all while maintaining optimal efficiency. External or specialised contractors are employed when necessary.

To ensure the effective service delivery and operational excellence, DPML has implemented a business model focused on strong governance, risk management, contingency preparedness, performance tracking, and a commitment to understanding and learning from root causes.

Additionally, there is an ongoing commitment to enhance and scrutinise processes and procedures to ensure a robust and efficient service delivery.

This approach guarantees that DPML operates as a unified team with a coherent vision. A clear guiding principle aligns all staff's objectives with the overall mission and goals of the business.

Through open conversation and reporting, DPML collaboratively addresses key priorities and reaches agreed upon action plans. Timelines for implementation are then established to ensure minimal or no impact on the science tenants within the park


DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company faces several risks which it manages appropriately at operational and strategic levels.
Below are the key risks as considered by the Board in no particular order.

1. Operational failure
The risk of operational failure at DPL is regularly monitored and kept under control through the management agent (DPML). These risks include the supply and flow of energy to the site and waste removal, careful monitoring of potential hazards and mitigation. The Board collaborates closely with senior management to tailor services to meet the needs of DPL and its tenants, all while closely monitoring risks.

2. Liquidity
Liquidity risk refers to the potential challenge the company may face in fulfilling its financial obligations when they become due. The company actively aims to prevent this risk. Since many projects require substantial initial cash outflow before yielding returns, the management of cash flow becomes crucial. After evaluating future cash flow needs, the company anticipates being able to cover its financial responsibilities through the revenue generated from operating activities and the facilities presently available from its investor base.

3. Energy Supply costs
With the global energy market having stabilised, the risk of volatility impacting the cost of utility supplies to DPL and its tenant base is now well-managed. The company, in close collaboration with its tenants, continues to actively monitor and manage energy procurement and consumption, ensuring that potential risks are mitigated and kept in check.

4. Business Rates
The cost of Business Rates for unoccupied space is a challenge that is proactively monitored, with ongoing actions to manage these obligations.

KEY PERFORMANCE INDICATORS
The company uses a range of measures to ensure that the business is properly controlled. These include:

1. Floor space occupied and rental income per square foot

2. Operational costs and recovery of costs

3. Profitability

4. Cashflow management

5. Other non-financial measures such as Customer Feedback on services provided, employee engagement surveys.

ON BEHALF OF THE BOARD:





M Schreiber - Director


25 August 2025

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2024

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of The principal activity of the company continued to be that of developing a world-class world leading science park. This includes buying, selling, developing and rental of real estate in the form of office, laboratory and manufacturing facilities.

DIVIDENDS
No dividends will be distributed for the year ended 30 November 2024.

Dividends were not paid during the year [2023 - £NIL]. The directors do not recommend payment of a final dividend.

FUTURE DEVELOPMENTS
The company's strategic focus continues to be creating a world class and world leading science technology park in the South East of England. This includes further development of the Building 500 and the leasing of laboratories and other demises, operational efficiencies across the site and improved facilities. The company maintains its focus to support the life sciences and healthcare tenants and to attract new ones, and to expand our company’s profile and reach nationally or overseas in selective markets.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

S A Green
M Schreiber
M Schreiber

Other changes in directors holding office are as follows:

B Spitz ceased to be a director after 30 November 2024 but prior to the date of this report.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Venitt and Greaves, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Schreiber - Director


25 August 2025

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DISCOVERY PARK LIMITED

Opinion
We have audited the financial statements of Discovery Park Limited (the 'company') for the year ended 30 November 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Directors' Responsibilities Statement, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DISCOVERY PARK LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DISCOVERY PARK LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of investment properties. Audit procedures performed by the companies engagement team included:

- Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and

- Assessment of identified fraud risk factors; and

- Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and

- Review of significant and unusual transactions and evaluation of the underlying financial rationale
supporting the transactions; and

- Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DISCOVERY PARK LIMITED

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Malcolm A Venitt (Senior Statutory Auditor)
for and on behalf of Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

25 August 2025

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024

30.11.24 30.11.23
Notes £    £   

TURNOVER 23,704,170 20,758,522

Cost of sales (16,812,983 ) (17,871,666 )
GROSS PROFIT 6,891,187 2,886,856

Administrative expenses (3,760,305 ) (2,084,917 )
3,130,882 801,939

Other operating income 256,838 249,249
OPERATING PROFIT 5 3,387,720 1,051,188

Income from fixed asset investments - 40,718
Interest receivable and similar income 24,026 1,558
3,411,746 1,093,464

Interest payable and similar expenses 6 (256,401 ) (259,225 )
PROFIT BEFORE TAXATION 3,155,345 834,239

Tax on profit 7 9,108 (7,303,311 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

3,164,453

(6,469,072

)

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

30.11.24 30.11.23
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 3,164,453 (6,469,072 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,164,453

(6,469,072

)

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2024

30.11.24 30.11.23
Notes £    £   
FIXED ASSETS
Tangible assets 8 100,772 141,120
Investments 9 200 200
Investment property 10 116,357,962 116,357,962
116,458,934 116,499,282

CURRENT ASSETS
Debtors 11 26,007,480 18,605,277
Cash at bank 2,173,688 743,081
28,181,168 19,348,358
CREDITORS
Amounts falling due within one year 12 (21,579,040 ) (15,679,162 )
NET CURRENT ASSETS 6,602,128 3,669,196
TOTAL ASSETS LESS CURRENT
LIABILITIES

123,061,062

120,168,478

CREDITORS
Amounts falling due after more than one
year

13

(40,253

)

(72,158

)

PROVISIONS FOR LIABILITIES 15 (28,973,429 ) (28,982,537 )

ACCRUALS AND DEFERRED INCOME 16 (1,844,822 ) (2,075,678 )
NET ASSETS 92,202,558 89,038,105

CAPITAL AND RESERVES
Called up share capital 17 102 102
Fair value reserve 18 84,990,105 84,990,105
Retained earnings 18 7,212,351 4,047,898
SHAREHOLDERS' FUNDS 92,202,558 89,038,105

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 25 August 2025 and were signed on its behalf by:





M Schreiber - Director


DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2022 102 10,516,970 84,990,105 95,507,177

Changes in equity
Total comprehensive income - (6,469,072 ) - (6,469,072 )
Balance at 30 November 2023 102 4,047,898 84,990,105 89,038,105

Changes in equity
Total comprehensive income - 3,164,453 - 3,164,453
Balance at 30 November 2024 102 7,212,351 84,990,105 92,202,558

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1. STATUTORY INFORMATION

Discovery Park Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Discovery Park Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The preparation of the financial statements requires the directors to make judgments, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.

The following judgments have had the most significant impact on amounts recognised in the financial statements:

- Carrying value of investment properties

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

3. ACCOUNTING POLICIES - continued

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

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Turnover represents rents and other services receivable during the year.

Operating lease: the company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic have been recognised on a systematic basis over the periods that the change in lease income is intended to compensate. This is conditional on:

- the change in lease income resulting in revised consideration for the lease that is less than the consideration for the lease immediately preceding the change;
- any reduction in lease income affecting only income originally due on or before 30 June 2022;
- there being no significant change to other terms and conditions of the lease.

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 - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

3. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

4. EMPLOYEES AND DIRECTORS


30.11.24 30.11.23
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.11.24 30.11.23
£    £   
Depreciation - owned assets 38,933 42,015
Profit on disposal of fixed assets - (397 )
Auditors' remuneration 9,500 11,750

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.24 30.11.23
£    £   
Interest payable 250,451 250,000
Hire purchase 5,950 9,225
256,401 259,225

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
30.11.24 30.11.23
£    £   
Current tax:
UK corporation tax - 3,324

Deferred tax (9,108 ) 7,299,987
Tax on profit (9,108 ) 7,303,311

UK corporation tax has been charged at 25% .

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.11.24 30.11.23
£    £   
Profit before tax 3,155,345 834,239
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

788,836

208,560

Effects of:
Expenses not deductible for tax purposes 236 -
Income not taxable for tax purposes (64,210 ) -
Capital allowances in excess of depreciation (9,760 ) -
Utilisation of tax losses (205,187 ) -
Other timing differences due to change in tax rate - 7,299,987
Dividend from UK Companies - (10,180 )
Other differences leading to an increase (decrease) in the tax charge - (5,317 )
Impact of group relief (519,023 ) (189,739 )
Total tax (credit)/charge (9,108 ) 7,303,311

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2023 395,495 226,479 31,892 653,866
Disposals (14,328 ) (4,441 ) - (18,769 )
At 30 November 2024 381,167 222,038 31,892 635,097
DEPRECIATION
At 1 December 2023 267,841 221,654 23,251 512,746
Charge for year 35,808 965 2,160 38,933
Eliminated on disposal (12,913 ) (4,441 ) - (17,354 )
At 30 November 2024 290,736 218,178 25,411 534,325
NET BOOK VALUE
At 30 November 2024 90,431 3,860 6,481 100,772
At 30 November 2023 127,654 4,825 8,641 141,120

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 December 2023
and 30 November 2024 200
NET BOOK VALUE
At 30 November 2024 200
At 30 November 2023 200

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Discovery Park Investments Limited
Registered office: inside UK
Nature of business: Property financing
%
Class of shares: holding
Ordinary 100.00

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2023
and 30 November 2024 116,357,962
NET BOOK VALUE
At 30 November 2024 116,357,962
At 30 November 2023 116,357,962

The company's freehold investment property was last independently valued on 1 January 2022 by Emma Grahame MRICS of Jones Lang LaSalle Limited, who has significant experience in the commercial property market. This valuation was made on a fair value basis.

It is the opinion of the directors that the value at the Balance Sheet date is the same as at the valuation date, in addition to the improvements since this date totalling £6,357,962.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 4,662,366 3,802,420
Amounts owed by group undertakings 15,113,956 12,931,238
Other debtors 5,967,616 1,661,995
Prepayments 263,542 209,624
26,007,480 18,605,277

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Hire purchase contracts (see note 14) 31,905 29,683
Trade creditors 722,202 1,097,547
Amounts owed to group undertakings 3,609,986 3,684,986
Social security and other taxes 1,200 1,200
VAT 284,662 243,824
Other creditors 2,508,905 8,134,400
Accruals and deferred income 12,438,599 1,071,436
Accrued expenses 1,981,581 1,416,086
21,579,040 15,679,162

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.24 30.11.23
£    £   
Hire purchase contracts (see note 14) 40,253 72,158

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.11.24 30.11.23
£    £   
Net obligations repayable:
Within one year 31,905 29,683
Between one and five years 40,253 72,158
72,158 101,841

15. PROVISIONS FOR LIABILITIES
30.11.24 30.11.23
£    £   
Deferred tax 28,973,429 28,982,537

Deferred
tax
£   
Balance at 1 December 2023 28,982,537
Provided during year (9,108 )
Balance at 30 November 2024 28,973,429

16. ACCRUALS AND DEFERRED INCOME
30.11.24 30.11.23
£    £   
Deferred government grants 1,844,822 2,075,678

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £    £   
102 Ordinary £1 102 102

18. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 December 2023 4,047,898 84,990,105 89,038,003
Profit for the year 3,164,453 3,164,453
At 30 November 2024 7,212,351 84,990,105 92,202,456

DISCOVERY PARK LIMITED (REGISTERED NUMBER: 08089816)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

19. CONTINGENT LIABILITIES

The company pays business rates on its unoccupied commercial space that is broadly available to be let. The company is disputing various business rates demands issued by the local district council to the company on commercial space where lease arrangements are in place. The company considers it is not liable for the associated business rates liability and the dispute is being handled by the company’s solicitors.

The amount of the business rate demands in the above dispute for period ended 30 November 2024 total £440,000 and demands are also issued post this period. No provision has been recorded for this amount on the basis that the company considers that no liability should arise and remains uncertain.

20. OTHER FINANCIAL COMMITMENTS

The company has entered into a debenture including fixed and floating charges against the freehold investment property of the company, in favour of British Arab Commercial Bank PLC. This security relates to bank loans drawn by fellow subsidiary undertakings of the Discovery Park Group. The total exposure under this arrangement at the year end is in the sum of £23m [2023 - £23m].