Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 1 true 2024-01-01 false The principal activity of the company continued to be that of providing consultancy services to the oil and gas industry.1 true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04616811 2024-01-01 2024-12-31 04616811 2023-01-01 2023-12-31 04616811 2024-12-31 04616811 2023-12-31 04616811 c:Director1 2024-01-01 2024-12-31 04616811 d:ComputerEquipment 2024-01-01 2024-12-31 04616811 d:ComputerEquipment 2024-12-31 04616811 d:ComputerEquipment 2023-12-31 04616811 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04616811 d:CurrentFinancialInstruments 2024-12-31 04616811 d:CurrentFinancialInstruments 2023-12-31 04616811 d:Non-currentFinancialInstruments 2024-12-31 04616811 d:Non-currentFinancialInstruments 2023-12-31 04616811 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 04616811 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04616811 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 04616811 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04616811 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 04616811 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 04616811 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-12-31 04616811 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 04616811 d:ShareCapital 2024-12-31 04616811 d:ShareCapital 2023-12-31 04616811 d:RetainedEarningsAccumulatedLosses 2024-12-31 04616811 d:RetainedEarningsAccumulatedLosses 2023-12-31 04616811 c:OrdinaryShareClass1 2024-01-01 2024-12-31 04616811 c:OrdinaryShareClass1 2024-12-31 04616811 c:FRS102 2024-01-01 2024-12-31 04616811 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 04616811 c:FullAccounts 2024-01-01 2024-12-31 04616811 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04616811 2 2024-01-01 2024-12-31 04616811 6 2024-01-01 2024-12-31 04616811 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04616811 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04616811 DISCOVERY ENERGY LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
DISCOVERY ENERGY LIMITED
CONTENTS
| Page
Balance sheet | 1 - 2
Notes to the financial statements | 3 - 9
DISCOVERY ENERGY LIMITED REGISTERED NUMBER:04616811
BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | - |  | 307
Investments | 5 |  | 16,138 |  | 47,267
|  |  | 16,138 |  | 47,574
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 111,774 |  | 219,211 |
Cash at bank and in hand | 7 | 410 |  | 69 |
|  | 112,184 |  | 219,280 |
Creditors: amounts falling due within one year | 8 | (63,841) |  | (87,466) |
Net current assets |  |  | 48,343 |  | 131,814
Total assets less current liabilities |  |  | 64,481 |  | 179,388
Creditors: amounts falling due after more than one year | 9 |  | (98,500) |  | (104,531)
Provisions for liabilities |  |  |  |  |
Deferred tax | 11 | - |  | (77) |
|  |  | - |  | (77)
Net (liabilities)/assets |  |  | (34,019) |  | 74,780
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 3,240 |  | 3,240
Profit and loss account |  |  | (37,259) |  | 71,540
|  |  | (34,019) |  | 74,780
1
DISCOVERY ENERGY LIMITED REGISTERED NUMBER:04616811
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
K E Ainsworth
Director
Date: 15 September 2025
The notes on pages 3 to 9 form part of these financial statements. 2
DISCOVERY ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Discovery Energy Limited is a private limited company, limited by shares, registered in England and Wales, registration number 04616811. The registered office address is Waundwrgi, Whitland, Wales, SA34 0RH. The principal activity of the company continued to be that of providing consultancy services to the oil and gas industry. On 4 August 2025, the company changed its registered office address from Salisbury House, London Wall, EC2M 5PS to Waundwrgi, Whitland, Wales, SA34 0RH. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
| 2.2 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is pound sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'administration expenses'.
| 2.3 | Turnover
Turnover from consultancy services 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. Turnover from consultancy services is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. 3
DISCOVERY ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Computer equipment | - | 25% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Valuation of investments
Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. 4
DISCOVERY ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | 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.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | 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.
| 2.13 | Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in ordinary shares. Investments in non-derivative instruments that are equity to the issuer are measured: ∙at fair value with changes recognised in the profit and loss account if the shares are publicly traded or their fair value can otherwise be measured reliably; ∙at cost less impairment for all other investments.
3. | Employees
| The average monthly number of employees, including the director, during the year was 1 (2023 -1).
5
DISCOVERY ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost or valuation |
| At 1 January 2024 | 1,841
| At 31 December 2024 | 1,841
| Depreciation |
| At 1 January 2024 | 1,534
| Charge for the year | 307
| At 31 December 2024 | 1,841
| Net book value |
| At 31 December 2024 | -
| At 31 December 2023 | 307
5. | Fixed asset investments
|  | Listed investments
|  | £
| Valuation |
| At 1 January 2024 | 47,267
| Additions | 30,000
| Disposals | (600)
| Revaluations | (60,529)
| At 31 December 2024 | 16,138
6
DISCOVERY ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 1,872 | -
| Other debtors | 90,900 | 200,404
| Prepayments | 195 | -
| Tax recoverable | 18,807 | 18,807
|  | 111,774 | 219,211
7. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 410 | 69
8. | Creditors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 3,250 | 3,250
| Other loans | 23,977 | 47,730
| Trade creditors | 1,140 | -
| Other taxation and social security | 1,346 | 1,545
| Other creditors | 24,752 | 28,006
| Accruals and deferred income | 9,376 | 6,935
|  | 63,841 | 87,466
| Secured loans Included in other loans is a loan of £23,977 (2023 - £47,730) which was taken from Discovery Pension Scheme contains a fixed and floating charge. The fixed charge is on all properties acquired, all present and future interests of the borrower, all present and future rights, licenses, guarantees, rents, deposits and contracts of the borrower. The fixed charge also includes all present and future goodwill, all of the intellectual property and all fees and royalties delivered to the intellectual property. The floating charge covers all the property or undertaking of the company. The bank loan of £3,250 (2023 - £3,250) included in creditors due within one year is Coronavirus Bounce Back Loan, 100% guaranteed by the government.
7
DISCOVERY ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Creditors: amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 3,250 | 6,500
| Other loans | 95,250 | 98,031
|  | 98,500 | 104,531
| Secured loans Included in other loans is a loan of £95,250 (2023 - £98,031) which was taken from Discovery Pension Scheme contains a fixed and floating charge. The fixed charge is on all properties acquired all present and future interests of the borrower, all present and future rights, licenses, guarantees, rents, deposits and contracts of the borrower. The fixed charge also includes all present and future goodwill, all of the intellectual property and all fees and royalties delivered to the intellectual property. The floating charge covers all the property or undertaking of the company. The bank loan of £3,250 (2023 - £6,500) included in creditors due more than one year is a Coronavirus Bounce Back Loan, 100% guaranteed by the government.
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 3,250 | 3,250
| Other loans | 23,977 | 47,730
|  | 27,227 | 50,980
| Amounts falling due 1-2 years |  |
| Bank loans | 3,250 | 6,500
|  | 3,250 | 6,500
| Amounts falling due 2-5 years |  |
| Other loans | 95,250 | 98,031
|  | 95,250 | 98,031
|  | 125,727 | 155,511
8
DISCOVERY ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | 77
| Charged to profit or loss | (77)
| At end of year | -
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | - | 77
12. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 3,240 Ordinary shares of £1.00 each | 3,240 | 3,240
13. | Related party transactions
| Included within other debtors at the year end is a balance totalling £51,409 (2023 - £56,603) due from the director and the loan is interest free and repayable on demand. An interest of £1,377 (2023- £809) been charged at the official interest rate.
9