Hi Rob, and welcome , as Astro and Malcolm just said you will be able to see most things up to a point , but what 114mm's of light gathering is a lot , the moon , planets , brighter star clusters and nebulea , by the thousands .
The secret is learning the night sky and knowing where to look at any given time of the year , thats where astronomy becomes interesting , sussing out a distant object from a book , star chart or " Stellarium" ( a free night sky program , thats universally loved by all here , just google it and download , set your location on the earths surface eg. Cairns , and its there in real time , awsome ) then actually seeing it with your own eyes thru the scope .. great fun and very educational .
Enjoy , but dont rush as the sky aint going anywhere .
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Brian.