WIGWAM HOLIDAYS LTD.


Director	Charles B Gulland


Registered Address	4th Floor, Metropolitan House
	31-33 High Street
	Inverness
	IV1 1HT


Registered Number	SC295346 (Scotland)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Finance costs
	Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account. The useful life is set at 7 years.

	Goodwill
	Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	10
Plant and machinery	25	-
Fixtures and fittings	25	-
Vehicles	-	3.333
Office Equipment	25	-

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Related parties
	The company is wholly owned (100%) by Mr. Charles Gulland. Mr. Gulland also holds ownership interests in the following related entities: Wigwam Cabins Ltd – 85% owned by Mr. Gulland. This company is responsible for the design and manufacture of cabin structures used across the group. Wigwam Holidays Ltd – 100% owned by Mr. Gulland. This entity manages the booking and accommodation services for guests across various holiday sites. Wigwam Holidays Glenlivet Ltd – 100% owned by Mr. Gulland. This company operates a dedicated holiday accommodation village located in the Scottish Highlands. These entities are considered related parties. There are intercompany loans between the companies, which are classified as related party transactions. All such transactions are conducted on an arm’s length basis and are disclosed in accordance with applicable financial reporting standards.

Related parties

The company is wholly owned (100%) by Mr. Charles Gulland.

Mr. Gulland also holds ownership interests in the following related entities:

Wigwam Cabins Ltd – 85% owned by Mr. Gulland. This company is responsible for the design and manufacture of cabin structures used across the group.
Wigwam Holidays Ltd – 100% owned by Mr. Gulland. This entity manages the booking and accommodation services for guests across various holiday sites.
Wigwam Holidays Glenlivet Ltd – 100% owned by Mr. Gulland. This company operates a dedicated holiday accommodation village located in the Scottish Highlands.
These entities are considered related parties. There are intercompany loans between the companies, which are classified as related party transactions. All such transactions are conducted on an arm’s length basis and are disclosed in accordance with applicable financial reporting standards.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	14		13

3.	Intangible assets

	Goodwill	Other	Total
	£	£	£
Cost or valuation
At 01 January 24	89,400	474,252	563,652
Additions	-	77,444	77,444
At 31 December 24	89,400	551,696	641,096
Amortisation and impairment
At 01 January 24	6,554	67,539	74,093
Charge for year	460	2,725	3,185
At 31 December 24	7,014	70,264	77,278
Net book value
At 31 December 24	82,386	481,432	563,818
At 31 December 23	82,846	406,713	489,559

4.	Revaluation of intangible assets

		2024		2023
		£		£
	Goodwill	80,000		80,000

5.	Tangible fixed assets

	Land & buildings	Plant & machinery	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 January 24	98,678	3,375	46,991	8,025	157,069
Revaluations	14,467	-	-	-	14,467
Disposals	(34,650)	-	-	-	(34,650)
At 31 December 24	78,495	3,375	46,991	8,025	136,886
Depreciation and impairment
At 01 January 24	-	704	29,220	8,025	37,949
Charge for year	8,077	668	4,315	-	13,060
At 31 December 24	8,077	1,372	33,535	8,025	51,009
Net book value
At 31 December 24	70,418	2,003	13,456	-	85,877
At 31 December 23	98,678	2,671	17,771	-	119,120

6.	Revaluation of property, plant and equipment
	At the end of the financial year, management undertook a revaluation of the company’s cabins. This assessment involved calculating the current value of the cabins, taking into account the period of ownership, the remaining useful life of the assets, and prevailing market conditions. The valuation also considered the potential marketability of the cabins, should a sale be required. Based on this analysis, the fair value of the cabins was determined to differ from their carrying amount. As a result, a revaluation adjustment was made to reflect the updated market value. The corresponding increase in value has been recognised in the revaluation reserve in accordance with applicable accounting standards.

Revaluation of property, plant and equipment

At the end of the financial year, management undertook a revaluation of the company’s cabins. This assessment involved calculating the current value of the cabins, taking into account the period of ownership, the remaining useful life of the assets, and prevailing market conditions. The valuation also considered the potential marketability of the cabins, should a sale be required.

Based on this analysis, the fair value of the cabins was determined to differ from their carrying amount. As a result, a revaluation adjustment was made to reflect the updated market value. The corresponding increase in value has been recognised in the revaluation reserve in accordance with applicable accounting standards.

		2024		2023
		£		£
	Land and buildings	14,467		-

7.	Fixed asset investments
	The above investment in the set-up costs relating to a dormant company. No trade during the financial year

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 January 24	1,797	1,797
At 31 December 24	1,797	1,797
Net book value
At 31 December 24	1,797	1,797
At 31 December 23	1,797	1,797

	Notes
	¹Investments in group undertakings and participating interests

8.	Stocks

	2024	2023
	£	£
Other stocks	-	3,432
Total	-	3,432

9.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	217,516	160,091
Bank borrowings and overdrafts	50,378	26,788
Taxation and social security	22,306	21,472
Finance lease and HP contracts	9,925	11,487
Accrued liabilities and deferred income	-	1,498
Total	300,125	221,336

10.	Creditors: amounts due after one year

	2024	2023
	£	£
Trade creditors / trade payables	50,000	50,000
Bank borrowings and overdrafts	253,352	287,927
Amounts owed to related parties	75,746	118,482
Other creditors	11,072	25,372
Total	390,170	481,781

11.	Obligations under finance leases

		2024		2023
		£		£
	Finance lease and HP contracts	11,072		25,372

12.

Change in reporting period and impact on comparability

The Company collects booking monies from its franchise network on behalf of accommodation providers. After deducting its commission and any agreed fees, the remaining balance is paid out to the respective franchisees.

Historically, the payout to franchisees occurred one month after the booking date. However, during the current reporting period, the Company renegotiated the payout terms with the majority of its franchise network. Under the new arrangement, payouts are made after the guest has completed their stay, rather than at the time of booking.

This change results in the booking monies remaining as a liability on the Company’s balance sheet for a longer period. However, all such liabilities are settled within 12 months of the booking date and therefore continue to be classified as current liabilities.

The change in payout timing affects the comparability of the liability balances between reporting periods. It does not impact the Company’s revenue recognition policy. Revenue continues to be recognized when the guest has stayed and the transaction is no longer cancellable, in line with the Company’s existing accounting policy.

The Company plans to extend this revised payout method to 100% of its franchise network in the near future

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		563,818		489,559
Tangible assets	5		85,877		119,120
Investments	7		1,797		1,797
			651,492		610,476
Current assets
Stocks	8	-		3,432
Debtors		195,415		208,583
Cash at bank and on hand		1,257		6,617
		196,672		218,632
Creditors amounts falling due within one year	9	(300,125)		(221,336)
Net current assets (liabilities)			(103,453)		(2,704)
Total assets less current liabilities			548,039		607,772
Creditors amounts falling due after one year	10		(390,170)		(481,781)
Net assets			157,869		125,991
Capital and reserves
Revaluation reserve			138,982		124,515
Profit and loss account			18,887		1,476
Shareholders' funds			157,869		125,991