Discovery Investment Fund Limited Filleted accounts for Companies House (small and micro)

DISCOVERY INVESTMENT FUND LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC297769

Discovery Investment Fund Limited

Company Limited by Guarantee

Filleted Unaudited Financial Statements

28 February 2019

Discovery Investment Fund Limited

Company Limited by Guarantee

Statement of Financial Position

28 February 2019

	2019		2018
Note	£	£	£

Fixed assets

Investments	7		53,685	33,142

Current assets

Debtors	8	201,717	149,916
Cash at bank and in hand		2,217	2,957
		---------	---------
		203,934	152,873

Creditors: amounts falling due within one year	9	197,971		131,270
		---------		---------
Net current assets			5,963	21,603
			--------	--------
Total assets less current liabilities			59,648	54,745
			--------	--------
Net assets			59,648	54,745
			--------	--------

Capital and reserves

Profit and loss account	59,648	54,745
	--------	--------
Members funds	59,648	54,745
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Discovery Investment Fund Limited

Company Limited by Guarantee

Statement of Financial Position (continued)

28 February 2019

These financial statements were approved by the board of directors and authorised for issue on 8 August 2019 , and are signed on behalf of the board by:

Scott Carnegie
Director

Company registration number: SC297769

Discovery Investment Fund Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 28 February 2019

1. General information

The company is a private company limited by guarantee, registered in United Kingdom. The address of the registered office is Spalding House, 90-92 Queen Street, Broughty Ferry, Dundee, DD5 1AJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixture and fittings	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Company limited by guarantee

The company is limited by guarantee, not having a share capital and consequently the liability of the members, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as maybe required not exceeding £1.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 2 ).

6. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 March 2018 and 28 February 2019	1,274	1,274
	-------	-------
Depreciation
At 1 March 2018 and 28 February 2019	1,274	1,274
	-------	-------
Carrying amount
At 28 February 2019	–	–
	-------	-------
At 28 February 2018	–	–
	-------	-------

7. Investments

	Other investments other than loans
	£
Cost
At 1 March 2018	33,142
Additions	20,543
	--------
At 28 February 2019	53,685
	--------
Impairment
At 1 March 2018 and 28 February 2019	–
	--------

Carrying amount
At 28 February 2019	53,685
	--------
At 28 February 2018	33,142
	--------

Unlisted investments are held in Ocutec Limited and CCB Limited. These investments are held at cost as it would be impractical to obtain a market value for this.

8. Debtors

	2019	2018
	£	£
Trade debtors	6,518	15,607
Other debtors	195,199	134,309
	---------	---------
	201,717	149,916
	---------	---------

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	6,316	1,608
Corporation tax	1,151	2,272
Social security and other taxes	2,226	5,048
Other creditors	188,278	122,342
	---------	---------
	197,971	131,270
	---------	---------

10. Related party transactions

The company was under the control of the directors throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed.