REGISTERED NUMBER: 08567125 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

DISCOVER DIRECT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr Hussain Malik

REGISTERED OFFICE:

505 Pinner Road

Harrow

Middlesex

HA2 6EH

REGISTERED NUMBER:

08567125 (England and Wales)

ACCOUNTANTS:

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

FIXED ASSETS

Intangible assets

4

27,097

32,539

Tangible assets

5

38,043

47,093

65,140

79,632

CURRENT ASSETS

Stocks

6

240,906

329,967

Debtors

7

58,858

63,309

Cash at bank

12,508

9,921

312,272

403,197

CREDITORS

Amounts falling due within one year

8

(324,429

)

(420,377

)

NET CURRENT LIABILITIES

(12,157

)

(17,180

)

TOTAL ASSETS LESS CURRENT LIABILITIES

52,983

62,452

CREDITORS

Amounts falling due after more than one year

9

(71,806

)

(47,508

)

PROVISIONS FOR LIABILITIES

11

(4,178

)

(8,948

)

NET (LIABILITIES)/ASSETS

(23,001

)

5,996

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

(23,101

)

5,896

SHAREHOLDERS' FUNDS

(23,001

)

5,996

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

Mr Hussain Malik - Director

1.	STATUTORY INFORMATION

Discover Direct 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents sale of fabric bundles and haberdashery goods, excluding value added tax. Turnover is recognised when the company has a right to the consideration.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

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

Motor vehicles

-

Straight line over 10 years

Computer equipment

-

33.33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Interest receivable and interest payable

Interest receivable and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2023

and 30 September 2024

54,419

AMORTISATION

At 1 October 2023

21,880

Charge for year

5,442

At 30 September 2024

27,322

NET BOOK VALUE

At 30 September 2024

27,097

At 30 September 2023

32,539

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 October 2023

and 30 September 2024

20,323

50,840

19,991

91,154

DEPRECIATION

At 1 October 2023

8,719

20,336

15,006

44,061

Charge for year

2,321

5,084

1,645

9,050

At 30 September 2024

11,040

25,420

16,651

53,111

NET BOOK VALUE

At 30 September 2024

9,283

25,420

3,340

38,043

At 30 September 2023

11,604

30,504

4,985

47,093

6.

STOCKS

30/9/24

30/9/23

£

£

Stocks

240,906

329,967

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/24

30/9/23

£

£

Trade debtors

53,917

54,111

Other debtors

2,766

2,547

Prepayments

2,175

6,651

58,858

63,309

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/24

30/9/23

£

£

Bank loans and overdrafts (see note 10)

69,223

170,566

Other loans (see note 10)

65,878

-

Hire purchase contracts

4,637

4,637

Trade creditors

142,324

170,801

Social security and other taxes

176

14,169

Pension control

610

290

VAT

8,364

28,032

Wages control

10,890

3,540

Directors' current accounts

19,327

25,342

Accrued expenses

3,000

3,000

324,429

420,377

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/9/24

30/9/23

£

£

Bank loans (see note 10)

46,081

19,073

Hire purchase contracts

25,725

28,435

71,806

47,508

10.

LOANS

An analysis of the maturity of loans is given below:

30/9/24

30/9/23

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

40,069

46,741

Business Loan - Iwoca Ltd

-

36,218

Bank loan

29,154

87,607

Fleximize Capital Loan

37,544

-

Shire Leasing Funding

28,334

-

135,101

170,566

Amounts falling due between one and two years:

Bank loans - 1-2 years

21,861

10,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

24,220

9,073

Included in Creditors is Business Bounce Back loan of £29,073 The loan is repayable in 5 years with the rate of interest fixed at 2.50% per annum starting 13 months after the first drawdown. Interest due for the first 12 months is paid by the UK government as grant also known as business interruption payment.

Included in Creditors is Amazon Lending loan of £77,607. The loan is repayable within 12 months of the drawdown with the rate of interest fixed at 11% per annum.

11.	PROVISIONS FOR LIABILITIES

30/9/24

30/9/23

£

£

Deferred tax

4,178

8,948

Deferred tax

£

Balance at 1 October 2023

8,948

Provided during year

(4,770

)

Balance at 30 September 2024

4,178

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/9/24

30/9/23

value:

£

£

100

Ordinary

1

100

100