Company registration number 1622585 (England and Wales)
WEST CORNWALL STORAGE AND DISTRIBUTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
WEST CORNWALL STORAGE AND DISTRIBUTION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WEST CORNWALL STORAGE AND DISTRIBUTION LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
174,515
181,447
Current assets
Debtors
4
9,057
9,572
Investments
5
72
72
Cash at bank and in hand
51,007
76,338
60,136
85,982
Creditors: amounts falling due within one year
6
(18,524)
(19,290)
Net current assets
41,612
66,692
Total assets less current liabilities
216,127
248,139
Provisions for liabilities
(3,398)
(4,254)
Net assets
212,729
243,885
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
212,726
243,882
Total equity
212,729
243,885

The notes on pages 3 to 7 form part of these financial statements.

WEST CORNWALL STORAGE AND DISTRIBUTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 18 July 2025 and are signed on its behalf by:
Mr M Richards
Mr R M Edwards
Director
Director
Company registration number 1622585 (England and Wales)
WEST CORNWALL STORAGE AND DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Company information
West Cornwall Storage and Distribution is a private limited company by shares, incorporated in England.
The address of its registered office is:
Calloose
Fraddam
Hayle
Cornwall
TR27 5ET
1
Accounting policies
1.1
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.
1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

WEST CORNWALL STORAGE AND DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
(Continued)
- 4 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
Improvements to property-straight line
over 50 years
Plant and machinery
10% straight line basis
Computers
33% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

Basic financial assets are assessed for indicators of impairment at each reporting date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

The impairment loss is recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WEST CORNWALL STORAGE AND DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WEST CORNWALL STORAGE AND DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
(Continued)
- 6 -
1.11
Retirement benefits

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and

the company has no legal or constructive obligation to pay further contributions even if the fund does not hold

sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

 

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

1.12

Trade debtors

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

course of business.

 

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised

cost using the effective interest method, less provision for impairment. A provision for the impairment of trade

debtors is established when there is objective evidence that the company will not be able to collect all amounts

due according to the original terms of the receivables.

1.13

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.

 

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost

using the effective interest method.

1.14

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in

the period in which the dividends are declared.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
3
WEST CORNWALL STORAGE AND DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024 and 31 March 2025
187,420
270,240
457,660
Depreciation and impairment
At 1 April 2024
30,028
246,185
276,213
Depreciation charged in the year
2,127
4,805
6,932
At 31 March 2025
32,155
250,990
283,145
Carrying amount
At 31 March 2025
155,265
19,250
174,515
At 31 March 2024
157,392
24,055
181,447
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
9,057
9,572
5
Current asset investments
2025
2024
£
£
Other investments
72
72

Listed investments

 

Investments having a net book value of £72 (31 March 2024 - £72) are listed on a recognised stock exchange

and had a market value of £500 the end of the year (31 March 2024 - £426)

 

6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
255
486
Corporation tax
54
565
Other taxation and social security
6,806
8,282
Other creditors
11,409
9,957
18,524
19,290
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Mr M RichardsMr R CargeegMr R M EdwardsMr Michael Richards
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