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Registered number: 12932025









WIGAN LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
WIGAN LTD
REGISTERED NUMBER: 12932025

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investment property
 4 
20,742,336
27,242,336

  
20,742,336
27,242,336

Current assets
  

Debtors
 5 
11,869,359
4,286,066

Cash at bank and in hand
 6 
2,322,008
778,183

  
14,191,367
5,064,249

Creditors: amounts falling due within one year
 7 
(17,563,904)
(2,861,250)

Net current (liabilities)/assets
  
 
 
(3,372,537)
 
 
2,202,999

Total assets less current liabilities
  
17,369,799
29,445,335

Creditors: amounts falling due after more than one year
 8 
(11,242,336)
(17,283,288)

Provisions for liabilities
  

Deferred tax
 10 
-
(2,723,877)

  
 
 
-
 
 
(2,723,877)

Net assets
  
6,127,463
9,438,170


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
 11 
6,127,462
9,438,169

  
6,127,463
9,438,170


Page 1

 
WIGAN LTD
REGISTERED NUMBER: 12932025
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2024.




Geva Dagan
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
WIGAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Wigan Limited (the 'Company') is a limited company incorporated in England & Wales. The Company's registered office is at 14 Berkeley Street, London, W1J 8DX. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is measured as the fair value of rent received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. 

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
WIGAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss and 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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are measured initially at cost, including transaction costs. Where the properties include a lease component, the asset follows the accounting treatment for a finance lease and is initially recognised at the lower of the fair value of the property and the present value of the minimum lease payments, with an equivalent amount recognised as a liability. 
Subsequent to initial recognition, investment properties are measured at fair value. All of the Company's property interests held under finance leases to earn rentals or for capital appreciation purposes are accounted for as investment properties and are measured using the fair value model. 
Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
WIGAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

  
2.11

Comparatives

The comparative information reflects a 15-month period from incorporation on 6 October 2020 to 31 December 2021.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2021 - 0).


4.


Investment property


Long term leasehold investment property

£



Valuation


At 1 January 2022
27,242,336


Additions at cost
133,738


Deficit on revaluation 
(6,633,738)



At 31 December 2022
20,742,336

The 2022 valuations were made by PricewaterhouseCoopers GmbH, on an open market value for existing use basis.




Page 5

 
WIGAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors


2022
2021
£
£

Due after more than one year

Other debtors
509,592
540,592

509,592
540,592

Due within one year

Trade debtors
691,628
3,228,782

Amounts owed by group undertakings
10,000,001
1

Other debtors
33,203
507,096

Prepayments and accrued income
46,312
9,595

Deferred taxation
588,623
-

11,869,359
4,286,066



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
2,322,008
778,183

2,322,008
778,183



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
229,337
18,474

Amounts owed to group undertakings
13,010,945
-

Corporation tax
1,585,804
-

Other taxation and social security
708,921
1,172,470

Other creditors
703,742
-

Accruals and deferred income
1,325,155
1,670,306

17,563,904
2,861,250


Page 6

 
WIGAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Net obligations under finance leases and hire purchase contracts
5,242,336
5,242,336

Amounts owed to group undertakings
-
12,040,952

Accruals and deferred income
6,000,000
-

11,242,336
17,283,288


The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2022
2021
£
£


Repayable by instalments
5,242,336
5,242,336

5,242,336
5,242,336

Included in net obligations under finance leases and hire purchase contracts is £5,242,336 (2021: £5,242,336) which relates to the finance lease obligation in respect of the investment property lease. The lease term is to December 2254 and the effective interest rate is 8.35%. 


9.


Hire purchase and finance leases


2022
2021
£
£


Over 5 years
5,242,336
5,242,336

5,242,336
5,242,336

Page 7

 
WIGAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Deferred taxation




2022


£






At beginning of year
(2,723,877)


Charged to profit or loss
3,312,500



At end of year
588,623

The deferred taxation balance is made up as follows:

2022
2021
£
£


Other timing differences
588,623
(2,723,877)

588,623
(2,723,877)


11.


Reserves

Profit and loss account

At the reporting date, the profit and loss account includes unrealised gains of £4,261,768 (2021: £10,895,506) relating to the revaluation of investment properties.
At the reporting date, there is a deferred tax asset of £588,623 (2021: deferred tax liability of £2,723,877).
Accordingly, there are undistributable reserves of £4,850,391 (2021: £8,171,629) included in retained earnings carried forward.


12.


Related party transactions

The company is a wholly owned subsidiary within a group and accordingly has taken advantage of the exemptions provided by "Financial Reporting Standard 102" not to disclose transactions with the other wholly owned entities within the group.


13.


Post balance sheet events

Subsequent to the reporting date, the Company was acquired by Wigan Holdings Limited and in turn, the Company acquired a subsidiary, Wigan Retail Limited (formerly known as Eagle Meadows Limited). The Company has since transferred its trade and investment property to its subsidiary. 

Page 8

 
WIGAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

14.


Controlling party

During the reporting period, the Company was a subsidiary undertaking of Aroundtown S.A. which is the ultimate parent company registered in Luxembourg. The ultimate controlling party was Aroundtown S.A. No other group financial statements include the result of the Company. The consolidated financial statements of the group are available on www.aroundtown.de.
Subsequent to the reporting date with effect from 21 April 2023, the Company was acquired by Wigan Holdings Limited as the Company's new immediate parent company. The new ultimate parent company is EEH Ventures Limited. Both the new immediate parent company and new ultimate parent company are incorporated in England & Wales. The new ultimate controlling party is Mr Eitan Eldar.


15.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 18 September 2024 by Richard Paul (Senior Statutory Auditor) on behalf of Nyman Libson Paul LLP.

 
Page 9