Registration number: 8925433

Explore Holdings Ltd

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	3

Explore Holdings Ltd

(Registration number: 8925433)
Balance Sheet as at 30 November 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	29,109	36,386
Investment property	5	12,513,601	10,637,976
Investments	6	668	768
		12,543,378	10,675,130
Current assets
Debtors	7	545,290	3,564,137
Cash at bank and in hand		183,920	199,650
		729,210	3,763,787
Creditors: Amounts falling due within one year	8	(3,551,263)	(4,459,762)
Net current liabilities		(2,822,053)	(695,975)
Total assets less current liabilities		9,721,325	9,979,155
Provisions for liabilities		(1,456,085)	(1,569,130)
Net assets		8,265,240	8,410,025
Capital and reserves
Allotted, called up and fully paid share capital		2	2
Non-distributable reserve		5,216,643	5,216,643
Profit and loss account		3,048,595	3,193,380
Total equity		8,265,240	8,410,025

Explore Holdings Ltd

(Registration number: 8925433)
Balance Sheet as at 30 November 2024 (continued)

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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 May 2026
 

.........................................

D N Cox

Director

Explore Holdings Ltd

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 company was formerly known as WS Transport Limited.

The address of its registered office is:
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company has net current liabilities at 30 November 2024 and meets its day to day working capital requirements through its bank loan facilities and from loans from related party companies. On the basis of this support, the director considers it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers and related party companies, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Reclassification of comparative amounts

In prior years accounts dividends received were included in turnover. It has been decided that they should be more correctly included in income from joint ventures and participating interests in the profit and loss account. Comparatives have therefore been revised accordingly. The changes have only affected the classification of income within the profit and loss account. The profit for the financial year has not changed.

Explore Holdings Ltd

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities and dividends receivable. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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
Plant and equipment	20% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

Explore Holdings Ltd

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

Trade debtors

Trade debtors are amounts due from customers for the sale of goods 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

Explore Holdings Ltd

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

4	Tangible assets

	Plant and equipment  £	Total £
Cost or valuation
At 1 December 2023	47,876	47,876
At 30 November 2024	47,876	47,876
Depreciation
At 1 December 2023	11,490	11,490
Charge for the year	7,277	7,277
At 30 November 2024	18,767	18,767
Carrying amount
At 30 November 2024	29,109	29,109
At 30 November 2023	36,386	36,386

5	Investment properties

	£
At 1 December 2023	10,637,976
Additions	1,875,625
At 30 November 2024	12,513,601