Company registration number 06346812 (England and Wales)
WIGWAM ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
WIGWAM ESTATES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
WIGWAM ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,000
Investment property
5
2,431,547
1,323,361
2,444,547
1,323,361
Current assets
Debtors
4,649
Cash at bank and in hand
50,712
798,044
55,361
798,044
Creditors: amounts falling due within one year
(2,494,297)
(2,119,597)
Net current liabilities
(2,438,936)
(1,321,553)
Total assets less current liabilities
5,611
1,808
Provisions for liabilities
(951)
Net assets
4,660
1,808
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
4,560
1,708
Total equity
4,660
1,808
WIGWAM ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These 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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 18 February 2025 and are signed on its behalf by:
Mr J M Weston
Director
Company registration number 06346812 (England and Wales)
WIGWAM ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Wigwam Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Manor Park Business Centre, Mackenzie Way, Cheltenham, Gloucestershire, England, GL51 9TX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue is recognised in the period to which the sales relate.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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.
1.5
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.
WIGWAM ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
401
Deferred tax
Origination and reversal of timing differences
951
Total tax charge
951
401
4
Tangible fixed assets
Total
£
Cost
At 1 September 2023
Additions
15,000
At 31 August 2024
15,000
Depreciation and impairment
At 1 September 2023
Depreciation charged in the year
2,000
At 31 August 2024
2,000
Carrying amount
At 31 August 2024
13,000
At 31 August 2023
WIGWAM ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
5
Investment property
2024
£
Fair value
At 1 September 2023
1,323,361
Additions
1,108,186
At 31 August 2024
2,431,547
The properties acquired in the year to 31 August 2023 were valued by professional valuers for the purposes of acquisition during that year. In the view of the directors, this value had not changed by 31 August 2024 and the properties are therefore carried at market value plus acquisition costs. The properties acquired during the year to 31 August 2024 are also deemed to have a market value equal to purchase price plus acquisition costs.
6
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary of £1 each
100
100
7
Related party transactions
J M Weston (Construction) Limited
Company in which both directors are a director and shareholder
In a previous period, the related party loaned the company money as working capital and for the acquisition of investment properties. During the year, the related party loaned the company further sums for the same purposes. The balance owed is unsecured, interest-free and repayable on demand. The amount due to the related party at the year end was £2,493,236 (2023: £2,118,196).