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Registered number: 12932025
WIGAN LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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WIGAN LTD
REGISTERED NUMBER: 12932025
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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WIGAN LTD
REGISTERED NUMBER: 12932025
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 September 2025.
The notes on pages 3 to 9 form part of these financial statements.
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WIGAN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Wigan Limited (the 'Company') is a limited company incorporated in England & Wales. The Company's registered office is at 14 Berkeley Street, London, W1J 8DX.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
The Company meets its day to day working capital requirements through the utilisation of its own funds and loans from fellow group undertakings.
The Company has received confirmation from its parent company that the Company will receive the financial support that it requires in order to meet its liabilities as they fall due. Based on this assurance, the directors consider it appropriate to prepare the financial statements on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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WIGAN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Revenue is measured as the fair value of rent received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss and is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are measured initially at cost, including transaction costs. Where the properties include a lease component, the asset follows the accounting treatment for a finance lease and is initially recognised at the lower of the fair value of the property and the present value of the minimum lease payments, with an equivalent amount recognised as a liability.
Subsequent to initial recognition, investment properties are measured at fair value. All of the Company's property interests held under finance leases to earn rentals or for capital appreciation purposes are accounted for as investment properties and are measured using the fair value model.
Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
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WIGAN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The average monthly number of employees, including directors, during the year was 0 (2022 - 0).
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WIGAN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Long term leasehold investment property
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Prepayments and accrued income
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WIGAN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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WIGAN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Amounts owed to group undertakings
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Accruals and deferred income
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The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:
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Included in net obligations under finance leases and hire purchase contracts is £nil (2022: £5,242,336) which relates to the finance lease obligation in respect of the investment property lease. The lease term was to December 2254 and the effective interest rate is 8.35%. The lease was disposed of during the year.
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Hire purchase and finance leases
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Profit and loss account
At the reporting date, the profit and loss account includes unrealised gains of £nil (2022: £4,261,768) relating to the revaluation of investment properties.
At the reporting date, there is a deferred tax asset of £nil (2022: £588,623).
Accordingly, there are undistributable reserves of £nil (2022: £4,850,391) included in retained earnings carried forward.
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WIGAN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Related party transactions
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At the reporting date, the Company was owed £71,808 (2022: £nil) by EEH Ventures Limited, its ultimate parent company. This amount is unsecured, interest free and repayable on demand.
The Company has taken advantage of the exemptions provided by "Financial Reporting Standard 102" not to disclose transactions with the entities wholly owned within the group.
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During the reporting period to 21 April 2023, the Company was a subsidiary undertaking of Aroundtown S.A. which is the ultimate parent company registered in Luxembourg. The ultimate controlling party was Aroundtown S.A. No other group financial statements include the result of the Company. The consolidated financial statements of the group are available on www.aroundtown.de.
During the reporting date from 21 April 2023, the Company was acquired by Wigan Holdings Limited as the Company's new immediate parent company. During the period, the new ultimate parent company was EEH Ventures Limited. Both the new immediate parent company and new ultimate parent company are incorporated in England & Wales. During the period, the ultimate controlling party was Mr Eitan Eldar.
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