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Registration number: 6655611

Western Discoveries Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Western Discoveries Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Western Discoveries Limited

Company Information

Director

Mr R A Peake

Company secretary

Mrs S R Peake

Registered office

Chynoey
Newmill
Penzance
Cornwall
TR20 8XW

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Western Discoveries Limited

(Registration number: 6655611)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

18

142

Current assets

 

Stocks

5

400

700

Debtors

6

15,216

11,263

Cash at bank and in hand

 

95,108

58,527

 

110,724

70,490

Creditors: Amounts falling due within one year

7

(33,711)

(35,097)

Net current assets

 

77,013

35,393

Total assets less current liabilities

 

77,031

35,535

Provisions for liabilities

(4)

(28)

Net assets

 

77,027

35,507

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

76,827

35,307

Shareholders' funds

 

77,027

35,507

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 3 June 2025
 

.........................................
Mr R A Peake
Director

 

Western Discoveries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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:
Chynoey
Newmill
Penzance
Cornwall
TR20 8XW

These financial statements were authorised for issue by the director on 3 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax and returns.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Western Discoveries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Website

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Western Discoveries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Website
 £

Total
£

Cost or valuation

At 1 December 2023

2,091

29,555

31,646

At 30 November 2024

2,091

29,555

31,646

Depreciation

At 1 December 2023

1,949

29,555

31,504

Charge for the year

124

-

124

At 30 November 2024

2,073

29,555

31,628

Carrying amount

At 30 November 2024

18

-

18

At 30 November 2023

142

-

142

5

Stocks

2024
£

2023
£

Other inventories

400

700

6

Debtors

Current

2024
£

2023
£

Trade debtors

7,376

6,214

Prepayments

822

733

Other debtors

7,018

4,316

 

15,216

11,263

 

Western Discoveries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

11,706

12,010

Accruals and deferred income

2,010

1,895

Other creditors

19,995

21,192

33,711

35,097

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

         

9

Related party transactions

Transactions with director

2024

At 1 December 2023
£

Advances to director
£

Repayments by director
£

At 30 November 2024
£

Mr R A Peake

Interest-free loan to the director, repayable on demand

4,316

80,184

(77,482)

7,018

         
       

 

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr R A Peake

Interest-free loan to the director, repayable on demand

(35,903)

105,198

(64,979)

4,316