Weststore Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC237780 (Scotland)

Unaudited Financial Statements for the Year Ended 30 November 2020

for

Weststore Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Grieco

Mrs P Grieco

SECRETARY:

Mrs P Grieco

REGISTERED OFFICE:

16 Roseneath Street

Edinburgh

EH9 1JH

REGISTERED NUMBER:

SC237780 (Scotland)

ACCOUNTANTS:

Neil Nisbet & Co.

2nd Floor

Thain House

226 Queensferry Road

Edinburgh

EH4 2BP

FIXED ASSETS

Tangible assets

4

12,325

12,584

CURRENT ASSETS

Stocks

975

950

Cash at bank and in hand

66,934

39,153

67,909

40,103

CREDITORS

Amounts falling due within one year

5

48,847

41,380

NET CURRENT ASSETS/(LIABILITIES)

19,062

(1,277

)

TOTAL ASSETS LESS CURRENT LIABILITIES

31,387

11,307

PROVISIONS FOR LIABILITIES

2,175

2,175

NET ASSETS

29,212

9,132

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

29,210

9,130

SHAREHOLDERS' FUNDS

29,212

9,132

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 31 August 2021 and were signed on its behalf by:

S Grieco - Director

1.	STATUTORY INFORMATION

Weststore Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2019

69,163

Additions

1,866

At 30 November 2020

71,029

DEPRECIATION

At 1 December 2019

56,579

Charge for year

2,125

At 30 November 2020

58,704

NET BOOK VALUE

At 30 November 2020

12,325

At 30 November 2019

12,584

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

£

Trade creditors

525

-

Taxation and social security

7,856

7,988

Other creditors

40,466

33,392

48,847

41,380

6.	RELATED PARTY DISCLOSURES

During the year, total dividends of £4,000 (2019 - £8,400) were paid to the directors .

The company leases the trading premises from its directors. The company paid an amount of £Nil in respect of rent to its directors in the year ended 30 November 2020.