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Registration number: 13817439

Wigwam Homes Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Wigwam Homes Ltd

(Registration number: 13817439)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,850

-

Investment property

5

2,642,428

-

 

2,644,278

-

Current assets

 

Debtors

6

845

-

Cash at bank and in hand

 

22,823

180

 

23,668

180

Creditors: Amounts falling due within one year

7

(1,423,386)

-

Net current (liabilities)/assets

 

(1,399,718)

180

Total assets less current liabilities

 

1,244,560

180

Creditors: Amounts falling due after more than one year

7

(1,247,356)

-

Provisions for liabilities

(281)

-

Net (liabilities)/assets

 

(3,077)

180

Capital and reserves

 

Called up share capital

8

280

180

Profit and loss account

(3,357)

-

Shareholders' (deficit)/funds

 

(3,077)

180

For the financial year ending 30 November 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.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 


 

Mr Christopher Myles Roberts
Director


 

Mrs Helena Christine Roberts
Director

 

Wigwam Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
1st Floor Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention 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.

The presentation currency is sterling.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

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 policies

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred Tax
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 at cost, less any subsequent accumulated depreciation and 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 over their estimated useful lives, as follows:

 

Wigwam Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Asset class

Depreciation method and rate

Plant and equipment

25% straight line

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Debtors
Debtors are amounts due from tenants and letting agents for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. 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.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Tangible assets

Plant and equipment
 £

Total
£

Cost

Additions

2,261

2,261

At 30 November 2023

2,261

2,261

Depreciation

Charge for the year

411

411

At 30 November 2023

411

411

Net book value

At 30 November 2023

1,850

1,850

 

Wigwam Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Investment property

2023
£

2022
£

Additions

3,394,285

-

Disposals

(751,857)

-

At 30 November

2,642,428

-

The directors have reviewed the market value of the properties using current market data for similar properties in the same areas and consider that there is no significant change at the balance sheet date.

6

Debtors

2023
£

2022
£

Debtors

845

-

845

-

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Other creditors

7,042

-

Other loans

1,319,228

-

Accruals

97,116

-

1,423,386

-

Creditors: amounts falling due after more than one year

2023
£

2022
£

Bank loans

1,247,356

-

1,247,356

-

Creditors include bank loans which are secured against the assets they relate to by fixed charges and negative pledges of £1,247,356 (2022 - £nil). Within this amount is £1,104,131 (2022 - £nil) which is repayable other than by installaments after more than five years.

 

Wigwam Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023


 2022

 

No.

£

No.

£

Ordinary class A of £1 each

100

100

50

50

Ordinary class B of £1 each

100

100

50

50

Ordinary class C of £1 each

10

10

10

10

Ordinary class D of £1 each

10

10

10

10

Ordinary class E of £1 each

10

10

10

10

Ordinary class F of £1 each

10

10

10

10

Ordinary class G of £1 each

10

10

10

10

Ordinary class H of £1 each

10

10

10

10

Ordinary class I of £1 each

10

10

10

10

Ordinary class J of £1 each

10

10

10

10

 

280

280

180

180

9

Related party transactions

Directors’ loan

The directors provided the company with a loan on which interest was charged at a market rate.

Other related party transactions

The company has purchased an investment property portfolio from the directors on 22 December 2022 at market value via a sale and purchase agreement.