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Registration number: 10752503

Wigton Development Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Wigton Development Ltd

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

4

4

Current assets

 

Stocks

5

-

733,802

Debtors

6

619,927

656,822

Cash at bank and in hand

 

533

3,135

 

620,460

1,393,759

Creditors: Amounts falling due within one year

7

(547,305)

(689,601)

Net current assets

 

73,155

704,158

Total assets less current liabilities

 

73,159

704,162

Creditors: Amounts falling due after more than one year

7

(27,500)

(807,500)

Net assets/(liabilities)

 

45,659

(103,338)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

45,657

(103,340)

Shareholders' funds/(deficit)

 

45,659

(103,338)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Wigton Development Ltd

Statement of Financial Position as at 31 March 2023

Approved and authorised by the Board on 13 March 2024 and signed on its behalf by:
 

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

Mr S Donovan

Director

Company registration number: 10752503

 

Wigton Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
84 Ewell Road
Surbiton
Surrey
KT6 6EX

The principal activity of the company is that of property development.

2

Accounting policies

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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Consolidation

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts.

Going concern

The company made a profit for the year ended 31 March 2023 and had net assets at that date of £45,520.

On the basis of the above and after making enquires, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of consideration received in respect of property sales in the ordinary course of the company's activities. Turnover is recognised on the date the company enters into an unconditional contract.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Wigton Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Interest

Interest incurred on specific borrowings utilised to finance the company's development property is capitalised in work in progress up to the stage the properties are completed and available for sale.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using all costs of purchase, cost of conversion, capitalised interest and other costs incurred in bringing the stock to its present location and condition. Interest is capitalised up to completion of building work, after which it is written off.

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.

Interest is recognised on the basis of the effective interest method and is included in work in progress and stock subject to valuation criteria.

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 during the year, was 0 (2022 - 0).

 

Wigton Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Investments

2023
£

2022
£

Investments in subsidiaries

4

4

Subsidiaries

£

Cost or valuation

At 1 April 2022 and 31 March 2023

4

Carrying amount

At 31 March 2023

4

At 31 March 2022

4

5

Stocks

2023
£

2022
£

Work in progress

-

733,802

Work in progress includes an amount of £Nil (2022: £73,871) in respect of capitalised interest.

6

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

619,327

655,822

Other debtors

 

600

1,000

 

619,927

656,822

 

Wigton Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

8

10,000

10,000

Taxation and social security

 

9,202

-

Other creditors

 

528,103

679,601

 

547,305

689,601

Creditors: amounts falling due after more than one year

2023
£

2022
£

Loans and borrowings

8

27,500

807,500

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loans

10,000

10,000

2023
£

2022
£

Non-current loans and borrowings

Bank loans

27,500

807,500

Bank loans include an amount of £Nil (2022: £770,000) secured by a fixed charge over the development property included in stock and a fixed and floating charge over the other assets and undertakings of the company.