REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
WIGAN SPORTING CLUB LIMITED |
PREVIOUSLY KNOWN AS |
LENAGAN INVESTMENTS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
WIGAN SPORTING CLUB LIMITED |
PREVIOUSLY KNOWN AS |
LENAGAN INVESTMENTS LIMITED |
WIGAN SPORTING CLUB LIMITED (REGISTERED NUMBER: 06302126) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
WIGAN SPORTING CLUB LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 November 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BANKERS: |
1st Floor |
3 Hardman Street |
Spinningfields |
Manchester |
M3 3HF |
WIGAN SPORTING CLUB LIMITED (REGISTERED NUMBER: 06302126) |
STATEMENT OF FINANCIAL POSITION |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
WIGAN SPORTING CLUB LIMITED (REGISTERED NUMBER: 06302126) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Wigan Sporting Club Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company remains reliant upon the continued support, both financial and management, of the shareholder, Mike Danson, which has been confirmed for the foreseeable future. The loans from the shareholder are unsecured, interest free and have no fixed repayment terms. |
Profit and loss and cash flow forecasts have been prepared which indicate that, whilst operating losses may continue in Wigan Rugby League Club Limited, working capital requirements will be met by additional loan funding from the company, which in turn will seek debt funding from the shareholder. |
On this basis, the director believes the company has adequate resources to continue in operational existence for the foreseeable future and that it is therefore appropriate to prepare the financial statements on the going concern basis. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Fixed asset investments |
Investments in subsidiaries are stated at cost less impairment. |
Financial instruments |
Short term other debtors and trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due. |
Related party loans and directors loan accounts have no stated interest rate, are payable on demand and are measured at the undiscounted amount due. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
WIGAN SPORTING CLUB LIMITED (REGISTERED NUMBER: 06302126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiary |
Principal Activity |
% Holding |
Direct/Indirect Holding |
Wigan Rugby League Club Limited | Professional rugby league club | 89% | Direct |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Shareholder loans |
Directors' current accounts | 4,050,146 | 6,177,173 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY DISCLOSURES |
Loan to subsidiary undertakings |
During the year the company had transactions with Wigan Rugby League Club Limited as follows: loans paid of £2,126,170 (2022 - £1,446,004) and received of £133,461 (2022 - £193,436). At 30 November 2023 there is an amount of £9,495,469 (2022 - £7,502,760) owed by Wigan Rugby League Club Limited. |
9. | ULTIMATE CONTROLLING PARTY |
During the year the ultimate controlling party was I F Lenagan, however, on 1 December 2023, M Danson became the ultimate controlling party of Wigan Sporting Club Limited. |