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Registered number: SC388512
Wigwam Cabins Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Anlo Financial Solutions Edinburgh
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: SC388512
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 551,548 765,077
551,548 765,077
CURRENT ASSETS
Stocks 5 89,137 73,652
Debtors 6 389,526 31,741
478,663 105,393
Creditors: Amounts Falling Due Within One Year 7 (489,204 ) (464,191 )
NET CURRENT ASSETS (LIABILITIES) (10,541 ) (358,798 )
TOTAL ASSETS LESS CURRENT LIABILITIES 541,007 406,279
Creditors: Amounts Falling Due After More Than One Year 8 (336,625 ) (275,946 )
NET ASSETS 204,382 130,333
CAPITAL AND RESERVES
Called up share capital 10 110 110
Revaluation reserve 12 105,541 41,613
Profit and Loss Account 98,731 88,610
SHAREHOLDERS' FUNDS 204,382 130,333
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Charles Gulland
Director
30/09/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Wigwam Cabins Limited is a private company, limited by shares, incorporated in Scotland, registered number SC388512 . The registered office is 4th Floor Metropolitan House, 31-33 High Street, Inverness, IV1 1HT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% reducing balance
Leasehold 10% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2022: 15)
13 15
4. Tangible Assets
Land & Property
Freehold Leasehold Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost or Valuation
As at 1 January 2023 731,711 66,635 29,265 48,549
Additions - - - -
Disposals (386,796 ) - (16,057 ) -
Revaluation 155,540 - - -
As at 31 December 2023 500,455 66,635 13,208 48,549
Depreciation
As at 1 January 2023 29,844 20,937 16,677 43,625
Provided during the period (27,096 ) 4,621 (12,343 ) 1,320
As at 31 December 2023 2,748 25,558 4,334 44,945
Net Book Value
As at 31 December 2023 497,707 41,077 8,874 3,604
As at 1 January 2023 701,867 45,698 12,588 4,924
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Computer Equipment Total
£ £
Cost or Valuation
As at 1 January 2023 - 876,160
Additions 312 312
Disposals - (402,853 )
Revaluation - 155,540
As at 31 December 2023 312 629,159
Depreciation
As at 1 January 2023 - 111,083
Provided during the period 26 (33,472 )
As at 31 December 2023 26 77,611
Net Book Value
As at 31 December 2023 286 551,548
As at 1 January 2023 - 765,077
During the financial year, the company sold 4 cabins to Wigwam Holidays Glenlivet Ltd and 4 cabins to Wigwam Holidays Ltd. The decision to sell these cabins was driven by the company's strategic goal of maintaining self-sustaining operations and aligning assets with the company where the funding was originally obtained.
This sale aligns with the company's broader objective of managing and controlling its asset portfolio to support long-term sustainability and growth.
In addition to the cabin sales, Wigwam Cabins Limited revalued the 12 cabins it currently owns. As a result of this revaluation, a revaluation reserve of £115,858.88 has been recognized in the financial statements.
5. Stocks
2023 2022
£ £
Stock - Work and Progress 59,262 32,367
Stock - Materials and Stock 29,875 41,285
89,137 73,652
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 35,692 350
Other debtors - 2,589
VAT - 28,802
Amounts owed by group undertakings 353,834 -
389,526 31,741
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 47,079 80,874
Trade creditors 126,980 78,538
Bank loans and overdrafts 147,631 93,524
Corporation tax - 10,234
Other taxes and social security 15,699 16,972
Amounts owed to group undertakings 151,815 184,049
489,204 464,191
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 153,646 105,547
Bank loans 147,889 107,634
Directors loan account 35,090 62,765
336,625 275,946
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 47,079 80,874
Later than one year and not later than five years 153,646 105,547
200,725 186,421
200,725 186,421
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 110 110
11. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 1,684 6,000
1,684 6,000
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12. Reserves
Revaluation Reserve
£
As at 1 January 2023 41,613
Surplus on revaluation 63,928
As at 31 December 2023 105,541
Page 7