Company registration number 03602349 (England and Wales)
WIGGETT CONSTRUCTION GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
WIGGETT CONSTRUCTION GROUP LTD
COMPANY INFORMATION
Directors
Mr S Wiggett
Mrs J Sutton
Company number
03602349
Registered office
Viking House
449 Middleton Road
Chadderton
Oldham
OL9 9LB
Auditor
BK Plus Audit Limited
Sterling House
501 Middleton Road
Chadderton
Oldham
Lancashire
OL9 9LY
WIGGETT CONSTRUCTION GROUP LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
WIGGETT CONSTRUCTION GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The directors present the strategic report for the year ended 31 July 2024.

Principal activities

The Wiggett Construction Group is a housebuilder operating in both the private and social housing sector.

Review of the business

During the year the Group generated turnover of £9.6m (2023: £11.9m) and profit of £451,025 (2023: £937,607). The reduction in turnover is a result of the lack of available sites on the open market for purchase and a continued slow down in the housing market. Higher interest rates has led to a lack of confidence amongst home buyers and in particular first time buyers. It was hoped that the General Election in July would provide a much needed boost to the housing market, but we still await any detail from the Government as to how things will improve. The recent budget will have a negative impact on profit in the current year and has also dampened expectations of future interest rate cuts adding to an already depressed market.

 

The Directors will only consider sites which will generate an acceptable level of return and although turnover has dropped on last year the level of profitability remains satisfactory when many of our competitors are struggling.

 

In the past year we completed on the sale of 32 new build properties to private clients, an increase of 3 on the prior year. The average selling price reduced from £328,019 to £269,099. Sales have been achieved over 4 development sites. Two of these sites have now sold out, and we have 14 properties on the other two sites which we hope to complete and sell in the first half of the current year.

 

The current year has got off to a slow start for the reasons described above. Demand in the housing market remains weak. Buyers are out there, but often in lengthy chains which can lead to cancellations as chains collapse. These market conditions are being experienced by all the volume housebuilders.

 

Cost price inflation in the construction sector has eased recently although cost prices remain high and this had a negative impact on margins in 2023-24. Gross margin has suffered this year due to the slow down in the market having a direct impact on costs on site.

 

We continue to work for Registered Providers which complements our private sales. During the year we worked on 1 project which contributed £0.9 million to turnover in the year. Contracting work remains very competitive achieving only low single figure margins.

 

Contracting work provides some certainty in an otherwise uncertain housing market and we continue to tender for work through various frameworks that we are on.

 

We have maintained a healthy cash balance during the year with the expectation of acquiring more sites for future development. With the relatively high interest rates, we have generated interest income of £410,828 in the period by placing money on short term deposit throughout the year.

Principal risks and uncertainties

We continue to maintain a good record with HSE and for another consecutive year can report no notices issued. Wiggett Construction Group have renewed their accreditation to Chas and work with specialist third party providers for external consultancy services and site safety auditing. As the HSE raise the bar in areas such as occupational health, further training and resources are required to meet the challenges and stay ahead of current legislation. Jointly with employee consultation and collaboration, the aid of the audit report and benchmarking tools we continue to monitor and control health and safety performance across the business while maintaining a learning culture.

 

Economy – The UK housing market is currently experiencing very difficult trading conditions. The outlook for the UK economy remains uncertain affecting demand in the housing market resulting in lower revenues, margins and cashflow.

WIGGETT CONSTRUCTION GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

Inflation – Inflation has been prevalent in the construction industry over the last four years since COVID. Whilst inflation has slowed recently with some prices even falling, high costs still remain. Accurately pricing jobs is difficult because of cost uncertainty. A shortage of skilled labour has also led to increases in prices.

 

Materials – The high level of demand for building materials over the last four years has eased as the construction industry and the housing market in particular has slowed. Many manufacturers have cut production in order to protect prices. Lead times have returned to normal levels. By ordering well in advance and maintaining strong supplier relationships we have managed to overcome many of these supply problems.

 

Land - A key focus of the business remains securing suitable land at the right price to secure profitable future trading.

 

Financing - We continue to self-fund the bulk of our output. External finance is available should the need arise and we expect to obtain further funding from GMHF as well as Homes England for future projects, both of whom we have an established track record with and offer very competitive rates of interest.

 

The board of directors monitor these risks on a weekly, monthly and annual basis, and take action to mitigate their impact on the business.

Future developments

Over the past five years the nature of the business has changed somewhat in that we are now developing more sites for private sale. Our short term target is to achieve 100 private sales in a year.

 

The second half of this past year going into the next financial year has been very challenging for the housing market with all the major housebuilders reporting a slump in sales. The private development side of the business remains the key focus of the business.

 

The acquisition of suitable development land continues to be challenging as demand is strong for a resource which is in short supply and the time from identifying a site to putting a spade in the ground can be anything up to 3 years.

 

We have been successful in getting accepted on to the JV North and ICN Framework’s recently and will look for other similar opportunities within the Social Housing sector going forward.

Group Financial Key Performance Indicators

 

 

2024

2023

2022

2021

2020

Turnover £’000

9,555

11,851

21,641

17,978

15,217

Gross Profit £’000

1,206

1,748

4,943

2,628

2,246

Gross Profit %

13%

15%

22%

14%

14%

Operating Profit £’000

53

474

3,499

1,318

897

Operating Profit / Turnover %

0.5%

4%

16%

7%

6%

Number of Employees

24

29

32

31

31

 

On behalf of the board

Mrs J Sutton
Director
24 April 2025
WIGGETT CONSTRUCTION GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 July 2024.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S Wiggett
Mrs J Sutton

The following also served as directors in a subsidiary company Wiggett Construction Limited:

Mr D Walker

Mr M Sexton

Auditor

The auditor is deemed to have been re-appointed in accordance with section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

WIGGETT CONSTRUCTION GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
On behalf of the board
Mrs J Sutton
Director
24 April 2025
WIGGETT CONSTRUCTION GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WIGGETT CONSTRUCTION GROUP LTD
- 5 -
Opinion

We have audited the financial statements of Wiggett Construction Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

WIGGETT CONSTRUCTION GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WIGGETT CONSTRUCTION GROUP LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company, we identified that the principal risks of non-compliance related to those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and FRS 102. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates. Appropriate audit procedures were therefore performed to address those risks including testing journal entries and challenging assumptions and judgements made by management in their significant accounting estimates. There are inherent limitations in the audit procedures describe above and the further removed non-compliance with laws and

regulations is from the events and transactions reflected in the financial statements, the less likely we we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

WIGGETT CONSTRUCTION GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WIGGETT CONSTRUCTION GROUP LTD
- 7 -

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Dominic Huxley ACA (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited
24 April 2025
Chartered Certified Accountants
Statutory Auditor
Sterling House
501 Middleton Road
Chadderton
Oldham
Lancashire
OL9 9LY
WIGGETT CONSTRUCTION GROUP LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
9,554,980
11,850,684
Cost of sales
(8,349,225)
(10,102,801)
Gross profit
1,205,755
1,747,883
Administrative expenses
(1,318,099)
(1,418,263)
Other operating income
165,571
144,620
Operating profit
4
53,227
474,240
Interest receivable and similar income
7
396,542
232,448
Interest payable and similar expenses
8
(16,778)
(19,281)
Amounts written off investments
708,334
(180,334)
Profit before taxation
1,141,325
507,073
Tax on profit
9
(235,789)
(253,585)
Profit for the financial year
23
905,536
253,488
Profit for the financial year is all attributable to the owners of the parent company.

The notes on pages 13 to 29 form part of these financial statements.

WIGGETT CONSTRUCTION GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
2023
£
£
Profit for the year
905,536
253,488
Other comprehensive income
-
-
Total comprehensive income for the year
905,536
253,488
Total comprehensive income for the year is all attributable to the owners of the parent company.
WIGGETT CONSTRUCTION GROUP LTD
GROUP BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
184,100
184,100
Tangible assets
11
312,694
344,344
Investment property
12
3,250,000
2,541,666
Investments
13
60,252
75,006
3,807,046
3,145,116
Current assets
Stocks
15
10,926,422
10,643,586
Debtors
16
347,504
716,362
Cash at bank and in hand
10,795,910
11,148,325
22,069,836
22,508,273
Creditors: amounts falling due within one year
17
(1,304,601)
(2,094,439)
Net current assets
20,765,235
20,413,834
Total assets less current liabilities
24,572,281
23,558,950
Creditors: amounts falling due after more than one year
18
-
(60,820)
Provisions for liabilities
Deferred tax liability
20
724,411
555,797
(724,411)
(555,797)
Net assets
23,847,870
22,942,333
Capital and reserves
Called up share capital
22
10,300
10,300
Profit and loss reserves
23
23,837,570
22,932,033
Total equity
23,847,870
22,942,333

The notes on pages 13 to 29 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

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:
24 April 2025
Mrs J Sutton
Director
Company registration number 03602349 (England and Wales)
WIGGETT CONSTRUCTION GROUP LTD
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
209,996
209,996
Current assets
Debtors
16
17,530,936
16,960,970
Cash at bank and in hand
20,066
85,109
17,551,002
17,046,079
Creditors: amounts falling due within one year
17
(106,109)
(124,272)
Net current assets
17,444,893
16,921,807
Total assets less current liabilities
17,654,889
17,131,803
Creditors: amounts falling due after more than one year
18
-
(60,820)
Net assets
17,654,889
17,070,983
Capital and reserves
Called up share capital
22
10,300
10,300
Share premium account
23
199,700
199,700
Profit and loss reserves
23
17,444,889
16,860,983
Total equity
17,654,889
17,070,983

The notes on pages 13 to 29 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £583,907 (2023 - £181,049 profit).

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:
24 April 2025
Mrs J Sutton
Director
Company registration number 03602349 (England and Wales)
WIGGETT CONSTRUCTION GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(465,132)
1,187,324
Interest paid
(16,778)
(19,281)
Income taxes paid
(194,676)
(667,985)
Net cash (outflow)/inflow from operating activities
(676,586)
500,058
Investing activities
Proceeds from disposal of intangibles
-
7,500
Purchase of tangible fixed assets
(1,717)
(4,799)
Proceeds from disposal of tangible fixed assets
-
451
Proceeds from disposal of investments
-
(1)
Repayment of loans
(45)
-
Interest received
411,296
205,131
Net cash generated from investing activities
409,534
208,282
Financing activities
Repayment of bank loans
(85,364)
(227,028)
Net cash used in financing activities
(85,364)
(227,028)
Net (decrease)/increase in cash and cash equivalents
(352,416)
481,312
Cash and cash equivalents at beginning of year
11,148,325
10,667,013
Cash and cash equivalents at end of year
10,795,910
11,148,325
WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
1
Accounting policies
Company information

Wiggett Construction Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Viking House, 449 Middleton Road, Chadderton, Oldham, OL9 9LB.

 

The group consists of Wiggett Construction Group Limited and all of its subsidiaries.

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.

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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Wiggett Construction Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 14 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

Disclosure exemptions

 

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such,

advantage has been taken of the following reduced disclosures available under FRS 102:

(a) No cashflow statement has been presented for the company.

(b) Disclosures in respect of financial instruments have not been presented.

(c) Disclosures in respect of share-based payments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel

 

 

The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102

"The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose

related party transactions with wholly owned subsidiaries within the group.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover comprises the value of work done and the sales of developed properties on contracts in the year. Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss, turnover and related costs as contract activity advances.

1.6
Intangible fixed assets other than goodwill
Ground rents created
not amortised

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.

1.7
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.

WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -

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:

Leasehold land and buildings
Over the term of the lease - 10 years
Leasehold improvements
Over the term of the lease - 10 years
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

1.8
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.

 

No depreciation is charged on the investment properties.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
1.10
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

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.

1.11
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.

1.12
Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

1.13
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.

WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
1.14
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group 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 group.

1.16
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -
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 if, and only if, there is 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.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction contracts
9,554,980
11,850,684
2024
2023
£
£
Other revenue
Interest income
396,542
232,448

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
25,000
26,500
Depreciation of owned tangible fixed assets
33,367
35,602
(Profit)/loss on disposal of tangible fixed assets
-
1,363
Profit on disposal of intangible assets
-
(5,250)
Operating lease charges
23,238
9,911
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management and administration
10
11
-
-
Sales and site supervision
7
10
-
-
Site labour
7
8
-
-
Total
24
29
-
0
-
0
WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
5
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,213,128
1,374,111
-
0
-
0
Social security costs
133,027
159,911
-
-
Pension costs
44,533
67,959
-
0
-
0
1,390,688
1,601,981
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
375,310
370,428
Company pension contributions to defined contribution schemes
25,793
42,674
401,103
413,102
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
96,154
98,709
Company pension contributions to defined contribution schemes
7,518
15,630
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
411,296
182,767
Other interest income
-
22,364
Total interest revenue
411,296
205,131
Other income from investments
Gains on financial instruments measured at fair value through profit or loss
(14,754)
27,317
Total income
396,542
232,448
WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
8,576
19,281
Other finance costs:
Other interest
8,202
-
Total finance costs
16,778
19,281
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
67,175
152,874
Deferred tax
Origination and reversal of timing differences
168,614
100,711
Total tax charge
235,789
253,585

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,141,325
507,073
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
285,331
126,768
Tax effect of expenses that are not deductible in determining taxable profit
2,095
38,161
Gains not taxable
-
0
94
Effect of change in corporation tax rate
-
(29,082)
Permanent capital allowances in excess of depreciation
7,179
19,399
Depreciation on assets not qualifying for tax allowances
(2,399)
-
0
Effect of revaluations of investments
(6,063)
88,287
Tax at marginal rate
(283)
-
0
Contaminated land claim
(18,583)
(21,150)
Consolidation adjustment - unrealised profit
(31,488)
31,108
Taxation charge
235,789
253,585
WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
10
Intangible fixed assets
Group
Ground rents created
£
Cost
At 1 August 2023 and 31 July 2024
184,100
Amortisation and impairment
At 1 August 2023 and 31 July 2024
-
0
Carrying amount
At 31 July 2024
184,100
At 31 July 2023
184,100
The company had no intangible fixed assets at 31 July 2024 or 31 July 2023.
11
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2023
235,542
118,624
15,738
230,722
29,115
629,741
Additions
-
0
-
0
-
0
1,717
-
0
1,717
At 31 July 2024
235,542
118,624
15,738
232,439
29,115
631,458
Depreciation and impairment
At 1 August 2023
70,106
-
0
15,738
175,557
23,996
285,397
Depreciation charged in the year
23,554
-
0
-
0
8,532
1,281
33,367
At 31 July 2024
93,660
-
0
15,738
184,089
25,277
318,764
Carrying amount
At 31 July 2024
141,882
118,624
-
0
48,350
3,838
312,694
At 31 July 2023
165,436
118,624
-
0
55,165
5,119
344,344
The company had no tangible fixed assets at 31 July 2024 or 31 July 2023.
WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 August 2023 and 31 July 2024
2,541,666
-
Net gains or losses through fair value adjustments
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.

 

The historical cost of investment property included at fair value was £499,166 (2023 £499,166). No depreciation is charged on investment property.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
209,996
209,996
Listed investments
60,252
75,006
-
0
-
0
60,252
75,006
209,996
209,996

Listed investments in Standard Life Aberdeen PLC with a carrying value of £60,252 (2023 : £75,006) have an aggregate market value of £60,252 (2023 : £75,006).

 

Listed investments in Lloyds Banking Group PLC with a carrying value of £Nil (2023 : £Nil) have an aggregate market value of £410 (2023 : £311) at the end of the year, the market value of the listed investments is not significantly different to the carrying value and therefore no adjustment to the carrying value has been made.

Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 August 2023
75,006
Valuation changes
(14,754)
At 31 July 2024
60,252
Carrying amount
At 31 July 2024
60,252
At 31 July 2023
75,006
WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
209,996
Carrying amount
At 31 July 2024
209,996
At 31 July 2023
209,996
14
Subsidiaries

Details of the company's subsidiaries at 31 July 2024 are as follows:

Name of undertaking
Class of
% Held
shares held
Direct
Wiggett Construction Limited
Ordinary
100.00
Wiggett Homes Limited
Ordinary
100.00
Salientpoint Limited
Ordinary
100.00

The registered office of the above companies is :

Viking House, 449 Middleton Road, Chadderton, Oldham, OL9 9LB.

15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Land
5,372,195
3,796,094
-
-
Contract work in progress
264,930
298,671
-
-
Other work in progress
5,289,297
6,548,821
-
-
10,926,422
10,643,586
-
-
WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
21,555
158,932
-
0
-
0
Corporation tax recoverable
42,952
-
0
3
-
0
Amounts owed by group undertakings
-
-
17,530,933
16,960,970
Other debtors
204,629
507,718
-
0
-
0
Prepayments and accrued income
78,368
49,712
-
0
-
0
347,504
716,362
17,530,936
16,960,970
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other Loans
19
60,820
85,364
60,820
85,364
Trade creditors
1,047,339
1,664,152
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
17,260
17,296
Corporation tax payable
30,825
115,374
27,969
21,552
Other taxation and social security
46,529
86,737
-
-
Other creditors
265
911
-
0
-
0
Accruals and deferred income
118,823
141,901
60
60
1,304,601
2,094,439
106,109
124,272
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other Loans
19
-
0
60,820
-
0
60,820
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other Loans
60,820
146,184
60,820
146,184
Payable within one year
60,820
85,364
60,820
85,364
Payable after one year
-
0
60,820
-
0
60,820
WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
30,640
35,420
Revaluations
6,063
9,752
Investment property
687,708
510,625
724,411
555,797
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
555,797
-
Charge to profit or loss
168,614
-
Liability at 31 July 2024
724,411
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,533
67,959

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,300
10,300
10,300
10,300
WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
23
Reserves
Share premium

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses, and undistributable amounts of £2,750,834 (2023 : £2,042,500) relating to the revaluation of investment properties, and £24,254 (2023 : £39,007) relating to the revaluation of other fixed asset investments.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
52,925
39,593
-
-
Between two and five years
162,371
143,011
-
-
In over five years
116,667
151,667
-
-
331,963
334,271
-
-
25
Related party transactions
Transactions with related parties

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

Income
Payments
2024
2023
2024
2023
£
£
£
£
Group
Entities with control, joint control or significant influence over the company
-
-
-
132,592
Pension schemes
-
-
37,500
104,244
Key management personnel
-
-
14,651
2,129,405
Other related parties
40
94,949
13,028
-

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Other related parties
6,001
6,952
WIGGETT CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
25
Related party transactions
(Continued)
- 29 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Key management personnel
-
14,651
Other related parties
16,342
29,378
26
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
905,536
253,488
Adjustments for:
Taxation charged
235,789
253,585
Finance costs
16,778
19,281
Investment income
(396,542)
(232,448)
(Gain)/loss on disposal of tangible fixed assets
-
1,363
Gain on disposal of intangible assets
-
(5,250)
Fair value (gain)/loss on investment properties
(708,334)
180,334
Depreciation and impairment of tangible fixed assets
33,367
35,602
Movements in working capital:
Increase in stocks
(282,836)
(1,298,556)
Decrease in debtors
411,855
2,374,664
Decrease in creditors
(680,745)
(394,739)
Cash (absorbed by)/generated from operations
(465,132)
1,187,324
27
Analysis of changes in net funds - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
11,148,325
(352,415)
10,795,910
Borrowings excluding overdrafts
(146,184)
85,364
(60,820)
11,002,141
(267,051)
10,735,090
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