Discovery Estates (Kent) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12580568 (England and Wales)

Discovery Estates (Kent) Limited

Unaudited Financial Statements for the Year Ended 30 April 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

P R Fowler

Mrs M L Fowler

REGISTERED OFFICE:

5 London Road

Rainham

Gillingham

Kent

ME8 7RG

BUSINESS ADDRESS:

1 Discovery Road

Bearsted

Maidstone

Kent

ME15 8HF

REGISTERED NUMBER:

12580568 (England and Wales)

ACCOUNTANTS:

Aggarwal & Co Limited

Chartered Accountants

5 London Road

Rainham

Gillingham

Kent

ME8 7RG

FIXED ASSETS

Tangible assets

4

668

996

Investment property

5

1,509,000

1,455,417

1,509,668

1,456,413

CURRENT ASSETS

Debtors

6

7,078

7,916

Cash at bank

26,154

5,764

33,232

13,680

CREDITORS

Amounts falling due within one year

7

405,000

392,339

NET CURRENT LIABILITIES

(371,768

)

(378,659

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,137,900

1,077,754

CREDITORS

Amounts falling due after more than one year

8

(1,047,017

)

(1,085,717

)

PROVISIONS FOR LIABILITIES

(10,181

)

-

NET ASSETS/(LIABILITIES)

80,702

(7,963

)

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

43,402

-

Retained earnings

37,200

(8,063

)

SHAREHOLDERS' FUNDS

80,702

(7,963

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 17 August 2022 and were signed on its behalf by:

P R Fowler - Director

1.	STATUTORY INFORMATION

Discovery Estates (Kent) 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.	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 as modified by the revaluation of certain assets.

Income recognition

Income represents the fair value of consideration received or receivable derived from the provision of goods and services to customers during the year (excluding value added tax) and is recognised when the company becomes entitled to it, usually on the rendering of an invoice.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

33% on reducing balance

Investment property

Investment property is included at fair value. Gains are recognised in the income statement and shown in a fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Basic financial instruments are recognised at amortised cost, with changes recognised in the income statement.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2021

and 30 April 2022

1,487

DEPRECIATION

At 1 May 2021

491

Charge for year

328

At 30 April 2022

819

NET BOOK VALUE

At 30 April 2022

668

At 30 April 2021

996

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2021

1,455,417

Revaluations

53,583

At 30 April 2022

1,509,000

NET BOOK VALUE

At 30 April 2022

1,509,000

At 30 April 2021

1,455,417

Fair value at 30 April 2022 is represented by:

£

Valuation in 2022

1,509,000

Investment properties were valued on market value basis on 30 April 2022 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

7,078

7,916

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

68,700

68,712

Taxation and social security

8,851

-

Other creditors

327,449

323,627

405,000

392,339

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

352,017

420,717

Other creditors

695,000

665,000

1,047,017

1,085,717

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

352,017

420,717

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

420,717

489,429

The bank loans are secured by means of fixed charges on the relevant investment property.