IRIS Accounts Production v24.2.0.383 00621566 Board of Directors 1.3.23 28.2.24 28.2.24 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh006215662023-02-28006215662024-02-28006215662023-03-012024-02-28006215662022-02-28006215662022-03-012023-02-28006215662023-02-2800621566ns15:EnglandWales2023-03-012024-02-2800621566ns14:PoundSterling2023-03-012024-02-2800621566ns10:Director12023-03-012024-02-2800621566ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2800621566ns10:SmallEntities2023-03-012024-02-2800621566ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2800621566ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2800621566ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2800621566ns10:FullAccounts2023-03-012024-02-2800621566ns10:Director22023-03-012024-02-2800621566ns10:CompanySecretary12023-03-012024-02-2800621566ns10:RegisteredOffice2023-03-012024-02-2800621566ns5:CurrentFinancialInstruments2024-02-2800621566ns5:CurrentFinancialInstruments2023-02-2800621566ns5:ShareCapital2024-02-2800621566ns5:ShareCapital2023-02-2800621566ns5:RetainedEarningsAccumulatedLosses2024-02-2800621566ns5:RetainedEarningsAccumulatedLosses2023-02-2800621566ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-2800621566ns5:WithinOneYearns5:CurrentFinancialInstruments2023-02-28
REGISTERED NUMBER: 00621566 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2024

FOR

WIG FACH PROPERTY COMPANY LIMITED

WIG FACH PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00621566)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WIG FACH PROPERTY COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2024







DIRECTORS: N Pounder
P Morgan





SECRETARY: N Pounder





REGISTERED OFFICE: Court House
Court Road
Bridgend
CF31 1BE





REGISTERED NUMBER: 00621566 (England and Wales)





ACCOUNTANTS: Graham Paul Limited
Court House
Court Road
Bridgend
CF31 1BE

WIG FACH PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00621566)

BALANCE SHEET
28 FEBRUARY 2024

28.2.24 28.2.23
Notes £ £ £ £
FIXED ASSETS
Investment property 4 2,488,000 2,488,000

CURRENT ASSETS
Debtors 5 74,406 8,839,111
Cash at bank 103,647 3,825,750
178,053 12,664,861
CREDITORS
Amounts falling due within one year 6 640,344 18,101
NET CURRENT (LIABILITIES)/ASSETS (462,291 ) 12,646,760
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,025,709

15,134,760

PROVISIONS FOR LIABILITIES 36,448 27,700
NET ASSETS 1,989,261 15,107,060

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 7 1,988,261 15,106,060
SHAREHOLDERS' FUNDS 1,989,261 15,107,060

WIG FACH PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00621566)

BALANCE SHEET - continued
28 FEBRUARY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2024 and were signed on its behalf by:





N Pounder - Director


WIG FACH PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00621566)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024


1. STATUTORY INFORMATION

Wig Fach Property Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

At the end of the current year, the company had net current liabilities but due to the ongoing support of fellow group and connected companies, the directors are confident that the company will be able to meet its current liabilities as they fall due and accordingly, the accounts are prepared on the going concern basis.

Turnover
Turnover represents rents receivable in the year and is recognised as the right to consideration is earned.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all significant timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was NIL (2023 - NIL).

WIG FACH PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00621566)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


4. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 March 2023
and 28 February 2024 2,488,000
NET BOOK VALUE
At 28 February 2024 2,488,000
At 28 February 2023 2,488,000

Fair value at 28 February 2024 is represented by:
£
Valuation in 2017 1,293,443
Valuation in 2019 9,373
Cost 1,185,184
2,488,000

Investment properties were revalued in 2017 and 2019 to estimated market value by one of the company directors who is of the opinion that there has not been any significant change in the value of these properties since and so the values per the accounts are not materially different to their current market value.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£ £
Trade debtors 8,960 -
Amounts owed by group undertakings 45,053 8,790,409
Other debtors 20,393 48,702
74,406 8,839,111

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£ £
Taxation and social security 624,878 -
Other creditors 15,466 18,101
640,344 18,101

7. RESERVES

Included within retained earnings are non-distributable reserves relating to investment properties fair value adjustments (net of associated deferred taxation) amounting to £1,266,368 (2023 - £1,275,116).

WIG FACH PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00621566)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


8. RELATED PARTY DISCLOSURES

Amounts owed by group undertakings are on an interest free basis.

9. ULTIMATE CONTROLLING PARTY

The controlling party is Happy Valley (Porthcawl) Holiday Camp Limited.

The ultimate controlling party is P & A Holdings Limited, a company registered in the Channel Islands.