Discovery Air Limited - Filleted accounts

Registered number

03113248

Discovery Air Limited

Filleted Accounts

31 March 2025

Discovery Air Limited
Registered number:		03113248
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		400,000			400,000

Current assets
Cash at bank and in hand		259			16,344

Creditors: amounts falling due within one year	4	(103,356)			(108,961)

Net current (liabilities)			(103,097)			(92,617)

Total assets less current liabilities			296,903			307,383

Creditors: amounts falling due after more than one year	5		(1,679)			(3,529)

Provisions for liabilities			(2,365)			(2,365)


Net assets			292,859			301,489

Capital and reserves
Called up share capital			2			2
Fair value reserve	7		150,200			150,200
Profit and loss account			142,657			151,287

Shareholder's funds			292,859			301,489

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr C H Moss
Director
Approved by the board on 17 December 2025

Discovery Air Limited
Notes to the Accounts
for the year ended 31 March 2025

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover represents rents receivable net of value added tax accounted for according to the period to which they relate.

	Investment Property
	Investment property is shown at its most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a fair value reserve. No depreciation is provided on investment property as in the directors' opinion the value is substantially in excess of cost.

	Debtors
	Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
	Creditors
	Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					0		0

3	Tangible fixed assets
		Investment Property		Plant and machinery etc				Total
£			£		£
	Cost
	At 1 April 2024	400,000		-				400,000
	Additions	-		-				-
	At 31 March 2025	400,000		-				400,000

	Depreciation
	At 1 April 2024	-		-				-
	Charge for the year	-		-				-
	At 31 March 2025	-		-				-

	Net book value
	At 31 March 2025	400,000		-				400,000
	At 31 March 2024	400,000		-				400,000

	Freehold land and buildings:					2025		2024
£							£
	Historical cost					247,435		247,435
	Cumulative depreciation based on historical cost					-		-
						247,435		247,435
	The investment property was revalued in 2002 £27,897, 2008 £55,000, 2017 £9,470, 2019 £210,198 and 2021 -£150,000.

4	Creditors: amounts falling due within one year					2025		2024
£							£
	Bank loans and overdrafts					1,987		1,987
	Director's loan account					22,369		22,369
	Amount owed to associated company					71,952		71,952
	Taxation and social security costs					4,066		6,928
	Other creditors					2,982		5,725
						103,356		108,961

5	Creditors: amounts falling due after one year					2025		2024
£							£
	Bank loans					1,679		3,529

6	Loans					2025		2024
£							£
	Creditors include:
	Amounts payable otherwise than by instalment falling due for payment after more than five years					-		-
	Instalments falling due for payment after more than five years					-		-
						-		-

	Secured bank loans					-		-



7	Fair value reserve					2025		2024
£							£

	At 1 April 2024					150,200		150,200
	Gain on revaluation					-		-
	Deferred taxation arising on the revaluation of land and buildings					-		-
	Reclassification of reserves							-
	At 31 March 2025					150,200		150,200


8	Other information

	Discovery Air Limited is a private company limited by shares and incorporated in England. Its registered office is:
	The Stables
	23b Lenten Street
	Alton
	Hampshire
	GU34 1HG

	The principal place of business is Pyramid House, 43 Queens Road, Farnborough, Hampshire
	GU14 6JP.