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REGISTERED NUMBER: 01248552 (England and Wales)











Financial Statements

for the Year Ended 31 January 2024

for

Westcountry Books & Stationery Limited

Westcountry Books & Stationery Limited (Registered number: 01248552)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Westcountry Books & Stationery Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: P A Vickerstaff
G Butlin





REGISTERED OFFICE: 37 Pennygillam Way
Pennygillam Industrial Estate
Launceston
Cornwall
PL15 7ED





REGISTERED NUMBER: 01248552 (England and Wales)





AUDITORS: Metherell Gard Ltd
Chartered Accountants
Burn View
Bude
Cornwall
EX23 8BX

Westcountry Books & Stationery Limited (Registered number: 01248552)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 40,512 25,686

CURRENT ASSETS
Stocks 299,591 604,979
Debtors 5 122,922 270,201
Cash at bank 156,768 353,662
579,281 1,228,842
CREDITORS
Amounts falling due within one year 6 51,339 192,849
NET CURRENT ASSETS 527,942 1,035,993
TOTAL ASSETS LESS CURRENT
LIABILITIES

568,454

1,061,679

PROVISIONS FOR LIABILITIES 7,600 6,400
NET ASSETS 560,854 1,055,279

CAPITAL AND RESERVES
Called up share capital 8 10,300 10,300
Retained earnings 550,554 1,044,979
SHAREHOLDERS' FUNDS 560,854 1,055,279

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 10 October 2024 and were signed on its behalf by:





G Butlin - Director


Westcountry Books & Stationery Limited (Registered number: 01248552)

Notes to the Financial Statements
for the Year Ended 31 January 2024


1. STATUTORY INFORMATION

Westcountry Books & Stationery 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured. This is usually on dispatch or collection of the goods.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery etc - 10 and 20% on cost
Motor vehicles - 20% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial
statements of current and previous periods. It is recognised in respect of all timing differences, with certain
exceptions. Timing differences are differences between taxable profits and total comprehensive income as
stated in the financial statements that arise from the inclusion of income and expense in tax assessments in
periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Westcountry Books & Stationery Limited (Registered number: 01248552)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
All financial instruments are recognised initially at transaction price excluding transaction costs and subsequently at amortised cost. These include cash at bank, trade and other debtors and trade and other creditors.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 74,604
Additions 22,942
At 31 January 2024 97,546
DEPRECIATION
At 1 February 2023 48,918
Charge for year 8,116
At 31 January 2024 57,034
NET BOOK VALUE
At 31 January 2024 40,512
At 31 January 2023 25,686

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 75,887 262,412
Other debtors 47,035 7,789
122,922 270,201

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 39,565 147,620
Taxation and social security 1,982 38,854
Other creditors 9,792 6,375
51,339 192,849

Westcountry Books & Stationery Limited (Registered number: 01248552)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 36,000 36,000
Between one and five years 147,000 3,000
183,000 39,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
6,000 Ordinary £1 6,000 6,000
4,000 Ordinary A £1 4,000 4,000
300 Ordinary B £1 300 300
10,300 10,300

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We were not appointed as auditor of the company until after 31 January 2023 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 January 2023, which were included in the balance sheet at £604,979, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 31January 2023 was necessary or whether there was any other consequential effect on the cost of sales for the year ended 31 January 2024.

We conducted our audit in accordance with International Standards on Auditing (UK) (iss (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard,and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for qualified opinion.

David Nigel Cox (Senior Statutory Auditor)
for and on behalf of Metherell Gard Ltd

10. ULTIMATE CONTROLLING PARTY

The directors consider Colthurst Limited, a private company incorporated in the British Virgin Islands to be the company's ultimate parent company. The company's immediate parent company is Octavian International Limited, a private company based in the British Virgin Islands.