Wiggin Holdings Limited 13195642 true 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of a holding company. Digita Accounts Production Advanced 6.30.9574.0 true true false true true true true 13195642 2023-04-01 2024-03-31 13195642 2024-03-31 13195642 bus:Consolidated 2024-03-31 13195642 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13195642 core:AdditionsToInvestments 2024-03-31 13195642 core:CostValuation 2024-03-31 13195642 core:RevaluationsIncreaseDecreaseInInvestments 2024-03-31 13195642 bus:SmallEntities 2023-04-01 2024-03-31 13195642 bus:Audited 2023-04-01 2024-03-31 13195642 bus:FullAccounts 2023-04-01 2024-03-31 13195642 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13195642 bus:RegisteredOffice 2023-04-01 2024-03-31 13195642 bus:Director1 2023-04-01 2024-03-31 13195642 bus:Director3 2023-04-01 2024-03-31 13195642 bus:Director7 2023-04-01 2024-03-31 13195642 bus:EntityHasNeverTraded 2023-04-01 2024-03-31 13195642 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13195642 core:AllSubsidiaries 2023-04-01 2024-03-31 13195642 core:Subsidiary1 2023-04-01 2024-03-31 13195642 core:Subsidiary1 1 2023-04-01 2024-03-31 13195642 core:Subsidiary1 countries:AllCountries 2023-04-01 2024-03-31 13195642 core:Subsidiary2 2023-04-01 2024-03-31 13195642 core:Subsidiary2 1 2023-04-01 2024-03-31 13195642 core:Subsidiary2 countries:UnitedKingdom 2023-04-01 2024-03-31 13195642 core:Subsidiary3 2023-04-01 2024-03-31 13195642 core:Subsidiary3 1 2023-04-01 2024-03-31 13195642 core:Subsidiary3 countries:UnitedKingdom 2023-04-01 2024-03-31 13195642 core:Subsidiary4 2023-04-01 2024-03-31 13195642 core:Subsidiary4 1 2023-04-01 2024-03-31 13195642 core:Subsidiary4 countries:UnitedKingdom 2023-04-01 2024-03-31 13195642 1 2023-04-01 2024-03-31 13195642 countries:EnglandWales 2023-04-01 2024-03-31 13195642 core:CostValuation 2023-03-31 13195642 2022-04-01 2023-03-31 13195642 2023-03-31 13195642 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13195642 core:Subsidiary1 1 2022-04-01 2023-03-31 13195642 core:Subsidiary2 1 2022-04-01 2023-03-31 13195642 core:Subsidiary3 1 2022-04-01 2023-03-31 13195642 core:Subsidiary4 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 13195642

Prepared for the registrar

Wiggin Holdings Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Wiggin Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Wiggin Holdings Limited

Company Information

Directors

J R Banister

A M Jones

S D R Quli

Registered office

Jessop House
Jessop Avenue
Cheltenham
GL50 3WG

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Wiggin Holdings Limited

(Registration number: 13195642)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

951,066

11

Current assets

 

Cash at bank and in hand

 

1

1

Creditors: Amounts falling due within one year

5

(1,042,733)

(11)

Net current liabilities

 

(1,042,732)

(10)

Net (liabilities)/assets

 

(91,666)

1

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(91,667)

-

Shareholders' (deficit)/funds

 

(91,666)

1

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 


J R Banister
Director

 

Wiggin Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

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:
Jessop House
Jessop Avenue
Cheltenham
GL50 3WG

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

The company is a member of a group that is majority owned and controlled by Wiggin LLP. The members of Wiggin LLP have prepared an assessment, in line with forecasts made, on the going concern of the group as a whole. After reviewing the group’s forecasts and projections, the members have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

A letter of support has been issued by Wiggin LLP to the company to confirm that it will continue to provide financial support for at least 12 months from the date of this report. The directors are therefore satisfied that the company remains a going concern for the appropriate period of assessment.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

Wiggin Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Wiggin Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Wiggin Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

4

Investments

2024
£

2023
£

Investments in subsidiaries

951,066

11

Subsidiaries

£

Cost

At 1 April 2023

11

Additions

1,042,722

Impairment

(91,667)

At 31 March 2024

951,066

Provision

Carrying amount

At 31 March 2024

951,066

At 31 March 2023

11

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Riagla (Governance, Risk and Compliance) Limited

Jessop House, Jessop Avenue, Cheltenham, GL50 3WG

United Kingdom

Ordinary shares

100%

100%

Viewfinder Film Limited

10th Floor, The Met Building, 22 Percy Street, London, W1T 2BU

United Kingdom

Ordinary shares

90%

90%

IR35 Manager Limited

Jessop House, Jessop Avenue, Cheltenham, GL50 3WG

United Kingdom

Ordinary shares

100%

100%

Wiggin Interactive Limited

Jessop House, Jessop Avenue, Cheltenham, GL50 3WG

United Kingdom

Ordinary shares

100%

0%

 

Wiggin Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Subsidiary undertakings

Riagla (Governance, Risk and Compliance) Limited

The principal activity of Riagla (Governance, Risk and Compliance) Limited is the provision of business support services.

Viewfinder Film Limited

The principal activity of Viewfinder Film Limited is motion picture production activities.

IR35 Manager Limited

The principal activity of IR35 Manager Limited is the provision of legal tech solutions.

Wiggin Interactive Limited

The principal activity of Wiggin Interactive Limited is the provision of legal services.

Wiggin Interactive Limited was acquired from a wholly-owned subsidiary within the group during the year, no unrealised profit arose on acquisition. On identification of an indicator, management performed an impairment assessment which resulted in an impairment in the period.

 

5

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Amounts due to related parties

6

1,042,733

11

 

6

Related party transactions

Summary of transactions with all subsidiaries

The company has taken advantage of the exemption from the requirement under FRS 102 Section 33.1, to disclose transactions with Wiggin LLP and its subsidiaries where wholly-owned within the group.
 

 

7

Parent and ultimate parent undertaking

The immediate controlling party (by way of shareholding) is Wiggin LLP, a limited liability partnership incorporated in England and Wales.

The largest undertaking in which the results of the company are consolidated is Wiggin LLP. Copies of the consolidated financial statements of Wiggin LLP are available from Companies House.

The members of Wiggin LLP are the ultimate controlling party by virtue of their controlling interest in the limited liability partnership.

 

8

Non adjusting events after the financial period

On 19 April 2024, the group disposed of IR35 Manager Limited. IR35 Manager Limited contributed £107,566 profit to the group for the year ended 31 March 2024.

 

9

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 November 2024 was Ian Johnson, who signed for and on behalf of Hazlewoods LLP.