Company registration number 01970223 (England and Wales)
WIGGETT HOMES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
WIGGETT HOMES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
WIGGETT HOMES LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
143,350
143,350
Investment property
5
3,250,000
2,541,666
3,393,350
2,685,016
Current assets
Stocks
10,974,507
10,783,883
Debtors
6
282,998
474,060
Cash at bank and in hand
7,768,053
8,379,627
19,025,558
19,637,570
Creditors: amounts falling due within one year
7
(17,611,699)
(17,832,757)
Net current assets
1,413,859
1,804,813
Total assets less current liabilities
4,807,209
4,489,829
Provisions for liabilities
(687,708)
(510,625)
Net assets
4,119,501
3,979,204
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
4,119,401
3,979,104
Total equity
4,119,501
3,979,204

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
Mrs J Sutton
Director
Company registration number 01970223 (England and Wales)
WIGGETT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

Wiggett Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Viking House, 449 Middleton Road, Chadderton, Oldham, OL9 9LB.

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

Turnover represents the sales of developed properties on contracts completed during the year.

1.3
Intangible fixed assets other than goodwill

Ground rents created - Ground rents are created at five times the annual amount receivable in the year in which the leasehold interest in the land is established. Ground rents are credited to profit and loss account in the year in which they are received. No depreciation is charged on capitalised ground rents because the net realisable value is considered to be at least equal to the net book value.

Ground rents created
not amortised
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

WIGGETT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Work in progress is valued at the lower of cost and net realisable value. Costs include all direct costs and where appropriate a proportion of fixed and variable costs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

WIGGETT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WIGGETT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
2
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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Determining the expected outcome of long term contracts prior to their conclusion, the amounts recoverable, and calculating the attributable profit that should be recognise in a manner appropriate to the stage of completion are considered key estimates.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Intangible fixed assets
Ground rents created
£
Cost
At 1 August 2023 and 31 July 2024
143,350
Amortisation and impairment
At 1 August 2023 and 31 July 2024
-
0
Carrying amount
At 31 July 2024
143,350
At 31 July 2023
143,350
WIGGETT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
5
Investment property
2024
£
Fair value
At 1 August 2023
2,541,666
Revaluations
708,334
At 31 July 2024
3,250,000

The fair value of the investment properties has been arrived at on an open market value basis by reference to market evidence obtained following the year end and in the opinion of the directors accurately reflects the properties value as at 31 July 2024.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
499,166
499,166
Accumulated depreciation
-
-
Carrying amount
499,166
499,166

No depreciation is charged on investment property.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,750
35,011
Corporation tax recoverable
42,949
-
0
Other debtors
231,299
439,049
282,998
474,060
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
21,927
41,429
Amounts owed to group undertakings
17,580,820
17,700,452
Corporation tax
-
0
62,717
Other creditors
8,952
28,159
17,611,699
17,832,757
WIGGETT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Dominic Huxley ACA
Statutory Auditor:
BK Plus Audit Limited
Date of audit report:
24 April 2025
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Name of related party
Nature of relationship
The Executors of Mr P J Wiggett (Deceased)
Wiggett Construction Limited 1997 FURB Scheme
Description of
Income
Payments
transaction
2024
2023
2024
2023
£
£
£
£
The Executors of Mr P J Wiggett (Deceased)
-
0
-
0
-
0
-
0
Wiggett Construction Limited 1997 FURB Scheme
-
0
-
0
-
0
-
0
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
The Executors of Mr P J Wiggett (Deceased)
45
414,584
-
0
-
0
Wiggett Construction Limited 1997 FURB Scheme
-
911
-
0
-
0
Other information
WIGGETT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
9
Related party transactions
(Continued)
- 8 -

At 31 July 2024, the company had a balance of £45 (2023 : £414,584) owed by The Executors of Mr P J Wiggett (Deceased), and an amount of £nil (2023 : £911) owed by Wiggett Construction Limited 1997 FURB Scheme.

10
Parent company

The immediate and ultimate parent company of Wiggett Homes Limited is Wiggett Construction Group Limited, a company registered in England and Wales. The results of the company are included within the consolidated financial statements of Wiggett Construction Group Limited, copies of which can be obtained from Companies House. Its registered office is Viking House, 449 Middleton Chadderton, Oldham, Lancashire, OL9 9LB.

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