REGISTERED NUMBER: 01817308 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

WIGAN METROPOLITAN DEVELOPMENT COMPANY

(INVESTMENT) LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

F B Walker

DT Molyneux

K Cunliffe

Mrs N T Rehman

A R Thatcher

J J Lowe

REGISTERED OFFICE:

Wigan Investment Centre

Waterside Drive

Wigan

Lancashire

WN3 5BA

REGISTERED NUMBER:

01817308 (England and Wales)

AUDITORS:

Fairhurst Audit Services Ltd

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

BANKERS:

The Co-operative Bank plc

PO Box 101

1 Balloon Street

Manchester

M60 4EP

FIXED ASSETS

Tangible assets

4

215,627

228,389

Investment property

5

7,606,002

8,272,501

7,821,629

8,500,890

CURRENT ASSETS

Debtors

6

566,973

548,954

Investments

7

2,654,264

2,257,147

Cash at bank and in hand

201,801

3,464

3,423,038

2,809,565

CREDITORS

Amounts falling due within one year

8

2,570,833

2,221,290

NET CURRENT ASSETS

852,205

588,275

TOTAL ASSETS LESS CURRENT LIABILITIES

8,673,834

9,089,165

CREDITORS

Amounts falling due after more than one year

9

(2,319,862

)

(2,382,740

)

PROVISIONS FOR LIABILITIES

11

(137,835

)

(239,354

)

NET ASSETS

6,216,137

6,467,071

CAPITAL AND RESERVES

Called up share capital

676,414

676,414

Fair value reserve

12

337,871

1,035,008

Retained earnings

12

5,201,852

4,755,649

SHAREHOLDERS' FUNDS

6,216,137

6,467,071

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

DT Molyneux - Director

K Cunliffe - Director

1.	STATUTORY INFORMATION

Wigan Metropolitan Development Company (Investment) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption

The company 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.

Tangible fixed assets and unlisted investments

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

2% on cost

Plant and machinery

-

at varying rates on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Purchased investment property is initially measured at the purchase price plus legal and directly attributable expenditure.

Self constructed investment property is initially measured at cost and is brought in as an addition once once practical completion has been achieved, whilst in construction it is recognised in other debtors.

The initial cost of a property interest held under a short lease and classified as an investment property is the lower of the fair value of the property interest and the net present value of the minimum lease payments with an equivalent amount recognised as a liability.

Pension costs and other post-retirement benefits

Employees of Wigan Metropolitan Development Company (Investment) Limited participate in the Greater Manchester Pension Fund, part of the Local Government Pension Scheme.

The scheme is a defined benefit scheme, however the company is unable to identify its share of the underlying assets and liabilities of this multi-employer scheme. The scheme is therefore treated as a defined contribution scheme for the purposes of these financial statements, the cost of the scheme is equal to the contributions payable to the scheme for the accounting period. These costs are recognised in the operating profit and loss account.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable. Basic financial instruments are recognised at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2024 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Short

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

43,988

415,774

459,762

DEPRECIATION

At 1 April 2024

3,080

228,293

231,373

Charge for year

879

11,883

12,762

At 31 March 2025

3,959

240,176

244,135

NET BOOK VALUE

At 31 March 2025

40,029

175,598

215,627

At 31 March 2024

40,908

187,481

228,389

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

8,272,501

Additions

130,350

Revaluations

(796,849

)

At 31 March 2025

7,606,002

NET BOOK VALUE

At 31 March 2025

7,606,002

At 31 March 2024

8,272,501

Fair value at 31 March 2025 is represented by:

£

Valuation in 2015

150,000

Valuation in 2016

20,000

Valuation in 2017

415,000

Valuation in 2019

(584,914

)

Valuation in 2020

(29,164

)

Valuation in 2021

(317,531

)

Valuation in 2022

167,000

Valuation in 2023

898,000

Valuation in 2024

(298,847

)

Valuation in 2025

(796,849

)

Cost

7,983,307

7,606,002

The Investment Property was valued on a fair value basis as at 31 March 2025, the directors have provided for the changes to the property values at the balance sheet date.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

259,449

253,091

Other debtors

263,849

231,319

VAT

-

11,969

Prepayments and accrued income

43,675

52,575

566,973

548,954

7.	CURRENT ASSET INVESTMENTS

2025

2024

£

£

Short term deposits

2,654,264

2,257,147

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Finance leases (see note 10)

20,567

19,114

Trade creditors

474,422

248,120

Amounts owed to group undertakings

1,043,110

1,043,110

Tax

124,368

31,716

Social security and other taxes

7,884

7,132

VAT

78,637

-

Other creditors

395,878

375,304

Accrued expenses

425,967

496,794

2,570,833

2,221,290

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Finance leases (see note 10)

1,409,362

1,429,929

Deferred government grants

910,500

952,811

2,319,862

2,382,740

Amounts falling due in more than five years:

Repayable by instalments

Finance leases

1,308,467

1,336,993

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

2025

2024

£

£

Net obligations repayable:

Within one year

20,567

19,114

Between one and five years

100,895

92,936

In more than five years

1,308,467

1,336,993

1,429,929

1,449,043

Non-cancellable

operating leases

2025

2024

£

£

Within one year

30,882

30,882

Between one and five years

123,528

123,528

In more than five years

2,434,517

2,465,399

2,588,927

2,619,809

Rent is paid monthly to Wigan Council on leases with remaining terms of between 81 and 89 years.

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

38,596

40,403

Other timing differences

99,239

198,951

137,835

239,354

Deferred

tax

£

Balance at 1 April 2024

239,354

Credit to Income Statement during year

(1,807

)

Movement due to revaluation of

Investment Property

(99,712

)

Balance at 31 March 2025

137,835

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2024

4,755,649

1,035,008

5,790,657

Deficit for the year

(250,934

)

-

(250,934

)

Transfer

697,137

(697,137

)

-

At 31 March 2025

5,201,852

337,871

5,539,723

The fair value reserve represents non distributable retained earnings.

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Louise Webster BSc BFP ACA (Senior Statutory Auditor)

for and on behalf of Fairhurst Audit Services Ltd

14.	CONTINGENT LIABILITIES

The Company's banking arrangements are subject to an unlimited multilateral guarantee entered into by Wigan Metropolitan Development Company Limited and this Company to secure any borrowings by these Companies.

15.	OTHER FINANCIAL COMMITMENTS

In respect of all bank accounts there is a Letter of Set Off confirming that the bank's common law right of set off between accounts of the company which are in debit and credit may be exercised without prior notice supporting the resolution held dated 19 May 1993.

16.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Board of Directors.