ACCOUNTS - Final Accounts preparation

DISCOVER DIGITAL SOLUTIONS LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-09-302021-09-302020-10-01falseNo description of principal activity88truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03084977 2020-10-01 2021-09-30 03084977 2019-10-01 2020-09-30 03084977 2021-09-30 03084977 2020-09-30 03084977 c:Director2 2020-10-01 2021-09-30 03084977 d:PlantMachinery 2020-10-01 2021-09-30 03084977 d:OfficeEquipment 2020-10-01 2021-09-30 03084977 d:OfficeEquipment 2021-09-30 03084977 d:OfficeEquipment 2020-09-30 03084977 d:OfficeEquipment d:OwnedOrFreeholdAssets 2020-10-01 2021-09-30 03084977 d:CurrentFinancialInstruments 2021-09-30 03084977 d:CurrentFinancialInstruments 2020-09-30 03084977 d:CurrentFinancialInstruments d:WithinOneYear 2021-09-30 03084977 d:CurrentFinancialInstruments d:WithinOneYear 2020-09-30 03084977 d:ShareCapital 2021-09-30 03084977 d:ShareCapital 2020-09-30 03084977 d:RetainedEarningsAccumulatedLosses 2021-09-30 03084977 d:RetainedEarningsAccumulatedLosses 2020-09-30 03084977 c:OrdinaryShareClass1 2020-10-01 2021-09-30 03084977 c:OrdinaryShareClass1 2021-09-30 03084977 c:OrdinaryShareClass1 2020-09-30 03084977 c:FRS102 2020-10-01 2021-09-30 03084977 c:AuditExempt-NoAccountantsReport 2020-10-01 2021-09-30 03084977 c:FullAccounts 2020-10-01 2021-09-30 03084977 c:PrivateLimitedCompanyLtd 2020-10-01 2021-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03084977

DISCOVER IT (UK) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2021

DISCOVER IT (UK) LIMITED

REGISTERED NUMBER: 03084977

BALANCE SHEET

AS AT 30 SEPTEMBER 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		12,927		9,289
			12,927		9,289
Current assets
Debtors: amounts falling due within one year	5	277,419		254,540
Cash at bank and in hand	6	971,004		886,236
		1,248,423		1,140,776
Current liabilities
Creditors: amounts falling due within one year	7	(79,365)		(89,472)
Net current assets			1,169,058		1,051,304
Total assets less current liabilities			1,181,985		1,060,593
Net assets			1,181,985		1,060,593

Capital and reserves
Called up share capital	8	600	600
Profit and loss account		1,181,385	1,059,993
		1,181,985	1,060,593

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 statement of comprehensive income 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:

A F Judd

Director

Date: 8 September 2022

The notes on pages 2 to 6 form part of these financial statements.

Page 1

DISCOVER IT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

1.	General information

The Company is a private company limited by share capital incorporated in England and Wales. The address of its registered office is Reading Bridge House, George Street, Reading, England, RG1 8LS.

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.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery

25%

Reducing balance basis

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.

Page 2

DISCOVER IT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

2.Accounting policies (continued)

2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.5

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.

2.6

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.

2.7

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.

2.8

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 banks and other third parties, loans to related parties and investments in ordinary shares.

Page 3

DISCOVER IT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

2.Accounting policies (continued)

2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.11

Taxation

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 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.

Employees

The average monthly number of employees, including directors, during the year was 8 (2020 - 8).

Page 4

DISCOVER IT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

4.	Tangible fixed assets

		Plant and Machinery etc
		£
	Cost or valuation
	At 1 October 2020	15,580
	Additions	6,812
	At 30 September 2021	22,392
	Depreciation
	At 1 October 2020	6,290
	Charge for the year on owned assets	3,175
	At 30 September 2021	9,465
	Net book value
	At 30 September 2021	12,927
	At 30 September 2020	9,289

Page 5

DISCOVER IT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

Debtors

					2021	2020
					£	£


Trade debtors	250,712	241,775
Other debtors	22,516	11,970
Prepayments and accrued income	4,191	795
	277,419	254,540

6.	Cash and cash equivalents
		2021	2020
		£	£

	Cash at bank and in hand	971,004	886,236

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	12,658	71
Corporation tax	-	22,515
Other taxation and social security	14,879	56,660
Other creditors	9,589	8,296
Accruals and deferred income	42,239	1,930
	79,365	89,472

8.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

600 (2020 - 600) Ordinary shares of £1.00 each	600	600

Page 6