ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Registered number: 05024622

DISCRETE LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2025

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ

DISCRETE LTD

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DISCRETE LTD
FOR THE YEAR ENDED 30 NOVEMBER 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Discrete Ltd for the year ended 30 November 2025 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Discrete Ltd, as a body, in accordance with the terms of our engagement letter dated 01/05/04. Our work has been undertaken solely to prepare for your approval the financial statements of Discrete Ltd and state those matters that we have agreed to state to the Board of Directors of Discrete Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Discrete Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Discrete Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Discrete Ltd. You consider that Discrete Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Discrete Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haggards Crowther LLP

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ

12 May 2026

Page 1

DISCRETE LTD

REGISTERED NUMBER: 05024622

BALANCE SHEET

AS AT 30 NOVEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investment property			1,941,547		1,941,547
			1,941,547		1,941,547
Current assets
Debtors: amounts falling due within one year	6	1,711		538
Cash at bank and in hand	7	13,425		10,272
		15,136		10,810
Creditors: amounts falling due within one year	8	(818,687)		(817,800)
Net current liabilities			(803,551)		(806,990)
Total assets less current liabilities			1,137,996		1,134,557
Creditors: amounts falling due after more than one year	9		(938,578)		(938,578)

Net assets			199,418		195,979

Capital and reserves
Called up share capital		2	2
Other reserves	13	(692,972)	(692,972)
Profit and loss account	14	892,388	888,949
		199,418	195,979

Page 2

DISCRETE LTD

REGISTERED NUMBER: 05024622

BALANCE SHEET (CONTINUED)

AS AT 30 NOVEMBER 2025

The directors consider 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 directors acknowledge their 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 income statement 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 on 12 May 2026.

Mr E P Godrich

Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

DISCRETE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

1.	General information

Discrete Ltd 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

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover is stated net of VAT. Turnover represents the value of rental income provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Rents and service charges from lettings are recognised net of losses from voids. Income is recognised from the date the property is first let.

2.3

Interest income

Interest income is recognised in the Income statement using the effective interest method.

2.4

Finance costs

Finance costs are charged to the Income statement 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.

2.5

Borrowing costs

All borrowing costs are recognised in the Income statement in the year in which they are incurred.

2.6

Taxation

Tax is recognised in the Income statement 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 income 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.

2.7

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.

Page 4

DISCRETE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

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:

Fixtures and fittings

20%

on cost

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 the Income statement.

2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income statement.

2.9

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.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.

2.11

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.

2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive
obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking
into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to the Income statement.

Page 5

DISCRETE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.

Employees

The average monthly number of employees, including directors, during the year was 2 (2024 - 2).

5.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 December 2024	28,693
	At 30 November 2025	28,693
	Depreciation
	At 1 December 2024	28,693
	At 30 November 2025	28,693
	Net book value
	At 30 November 2025	-
	At 30 November 2024	-

Debtors

					2025	2024
					£	£


Trade debtors	143	-
Other debtors	1,347	-
Prepayments and accrued income	221	538
	1,711	538

Page 6

DISCRETE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

7.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	13,425	10,272
	13,425	10,272

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	9,643	7,949
Amounts owed to group undertakings	26,500	25,000
Other taxation and social security	264	4,698
Other creditors	773,424	770,773
Accruals and deferred income	8,856	9,380
	818,687	817,800

9.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	938,578	938,578
	938,578	938,578

Page 7

DISCRETE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025




Amounts falling due after more than 5 years
Bank loans	938,578	938,578
	938,578	938,578
	938,578	938,578

At the period end the amount of two mortgages outstanding was £938,578, (2024: £938,562).

Mortgage one is on an interest only basis at an interest rate of 3.69% and at the period end date the remaining term was 26 years and 3 months. The mortgage are secured by a legal charge over the leasehold property known as Flat 31, Long Island House, 44 Warple Way, London, W3 0RG.

Mortgage two is on an interest only basis at an interest rate of 3.94% and at the period end date the remaining term was 21 years and 9 months. The mortgage are secured by a legal charge over the leasehold property known as Herons Reach, Temeside, Ludlow, SY8 1JN.

11.	Other reserves
		2025
		£


	At 01 December 2024	(692,972)
	Transfer from profit and loss account	-
	At 30 November 2025	(692,972)

12.	Profit and loss account
		2025
		£


	At 01 November 2024	888,949
	Profit for the year	3,439
		-
		892,388

Page 8

DISCRETE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

13.	Transactions with directors

Included within other creditors at the year end are amounts due to directors from the Company. These balances are unsecured, repayable on demand, and do not bear interest.

Mr R C R Hunt - amount due to Mr R C R Hunt was £8,653 (2024: £8,653). During the year, there were no withdrawals (£Nil, 2024: £Nil) and no deposits (£Nil, 2024: £10,000).
Mr J Bergius - The amount due to Mr J Bergius was £755,216 (2024: £753,912). During the year, total withdrawals amounted to £4,242 (2024: £48,288), and total deposits amounted to £5,547 (2024: £57,200).

14.	Post balance sheet events

Subsequent to the year end, the investment property known as Herons Reach, which was included in investment properties at a carrying value of £550,000 at the balance sheet date, was disposed of. The sale completed on 6 February 2026.

On 07th January 2026, Mr Rupert Hunt resigned from directorship, person with significant control, and shareholder of the company. His shareholding and controlling interest were transferred to Mr John Berguis, who became a director and person with significant control of the company from that date.

On 20 January 2026, Mortgage 1 relating to Flat 31, Long Island House, 44 Warple Way, London, W3 0RG was paid in full.

These events are considered non-adjusting events after the reporting period and, as such, no adjustments have been made to the financial statements.

15.	Controlling party

The company was under the control of the directors throughout the current and previous year. There is
no majority shareholder.

Page 9