WIGWAM HOLIDAYS LTD.


Director	GULLAND, Charles


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 2025

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.

	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.

	Revenue from rendering of services
	Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

	Interest income
	Interest income is recognised using the effective interest rate method.

	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:

	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.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	11		14

3.	Intangible assets
	Other Intangible Asset – Website and Booking Platform The balance included within “Other” relates primarily to the development, enhancement and ongoing maintenance of the Company's proprietary website and online booking platform. The website is a core strategic asset of the business and serves as the primary interface between guests, franchisees and the Wigwam® Holidays brand. The platform enables guests to discover Wigwam Holidays locations, check availability, make bookings, purchase upgrades and interact directly with franchise sites across the network. It also functions as a central marketing hub, generating customer enquiries and bookings through online advertising, search engine optimisation, brand promotion and digital campaigns. The website supports the Company's franchise model by providing franchisees with access to a recognised national brand, a central reservations system and a consistent customer experience. Management considers the website and booking platform to be fundamental to the generation of future revenues, as it drives customer acquisition, facilitates online transactions and strengthens brand awareness across the UK. The asset therefore represents significantly more than a standard corporate website, forming an integral part of the Company's operating infrastructure, customer service delivery and long-term growth strategy

Intangible assets

Other Intangible Asset – Website and Booking Platform

The balance included within “Other” relates primarily to the development, enhancement and ongoing maintenance of the Company's proprietary website and online booking platform. The website is a core strategic asset of the business and serves as the primary interface between guests, franchisees and the Wigwam® Holidays brand.

The platform enables guests to discover Wigwam Holidays locations, check availability, make bookings, purchase upgrades and interact directly with franchise sites across the network. It also functions as a central marketing hub, generating customer enquiries and bookings through online advertising, search engine optimisation, brand promotion and digital campaigns. The website supports the Company's franchise model by providing franchisees with access to a recognised national brand, a central reservations system and a consistent customer experience.

Management considers the website and booking platform to be fundamental to the generation of future revenues, as it drives customer acquisition, facilitates online transactions and strengthens brand awareness across the UK. The asset therefore represents significantly more than a standard corporate website, forming an integral part of the Company's operating infrastructure, customer service delivery and long-term growth strategy

	Goodwill	Other	Total
	£	£	£
Cost or valuation
At 01 January 25	89,400	551,697	641,097
Additions	-	69,556	69,556
At 31 December 25	89,400	621,253	710,653
Amortisation and impairment
At 01 January 25	7,014	70,264	77,278
Charge for year	461	31,079	31,540
At 31 December 25	7,475	101,343	108,818
Net book value
At 31 December 25	81,925	519,910	601,835
At 31 December 24	82,386	481,433	563,819

4.	Revaluation of intangible assets
	At the end of the financial year, management performed a review of the carrying value of goodwill. The assessment considered the ongoing performance of the business, expected future economic benefits, market conditions, and other relevant indicators which could suggest that the value of the goodwill had changed. Based on this review, management concluded that the carrying value of goodwill remains appropriate and does not differ materially from its estimated value. Accordingly, no revaluation adjustment or impairment adjustment has been recognised during the year, and the goodwill continues to be carried at its existing value of £80,000.

Revaluation of intangible assets

At the end of the financial year, management performed a review of the carrying value of goodwill. The assessment considered the ongoing performance of the business, expected future economic benefits, market conditions, and other relevant indicators which could suggest that the value of the goodwill had changed.

Based on this review, management concluded that the carrying value of goodwill remains appropriate and does not differ materially from its estimated value. Accordingly, no revaluation adjustment or impairment adjustment has been recognised during the year, and the goodwill continues to be carried at its existing value of £80,000.

		2025		2024
		£		£
	Goodwill	80,000		80,000

5.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 01 January 25	78,495	3,375	-	46,991	8,025	136,886
Additions	-	-	13,995	-	5,272	19,267
Revaluations	16,787	-	-	-	-	16,787
At 31 December 25	95,282	3,375	13,995	46,991	13,297	172,940
Depreciation and impairment
At 01 January 25	8,077	1,372	-	33,535	8,025	51,009
Charge for year	8,077	501	2,924	3,237	977	15,716
At 31 December 25	16,154	1,873	2,924	36,772	9,002	66,725
Net book value
At 31 December 25	79,128	1,502	11,071	10,219	4,295	106,215
At 31 December 24	70,418	2,003	-	13,456	-	85,877

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.

		2025		2024
		£		£
	Land and buildings	31,253		14,467

7.	Fixed asset investments
	Investment in Bearwest Limited The Company's investment relates to Bearwest Limited (Company Number SC651490), previously known as Cosy Outdoors Ltd. Bearwest Limited operates using the Wigwam Holidays booking and operational infrastructure, enabling it to benefit from the established systems, processes and technology developed by the Wigwam Holidays network. However, Bearwest Limited serves a distinct market segment comprising accommodation providers that operate outside the Wigwam Holidays franchise network. The investment provides the Company with an opportunity to extend the use of its existing platform and expertise to a broader customer base while maintaining a clear distinction between franchise network operations and third-party accommodation providers. Management continues to monitor the performance and value of this investment as part of its ongoing review of strategic investments.

Fixed asset investments

Investment in Bearwest Limited

The Company's investment relates to Bearwest Limited (Company Number SC651490), previously known as Cosy Outdoors Ltd.

Bearwest Limited operates using the Wigwam Holidays booking and operational infrastructure, enabling it to benefit from the established systems, processes and technology developed by the Wigwam Holidays network. However, Bearwest Limited serves a distinct market segment comprising accommodation providers that operate outside the Wigwam Holidays franchise network.

The investment provides the Company with an opportunity to extend the use of its existing platform and expertise to a broader customer base while maintaining a clear distinction between franchise network operations and third-party accommodation providers. Management continues to monitor the performance and value of this investment as part of its ongoing review of strategic investments.

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 January 25	1,797	1,797
Transfers	(1,697)	(1,697)
At 31 December 25	100	100
Net book value
At 31 December 25	100	100
At 31 December 24	1,797	1,797

	Notes
	¹Investments in group undertakings and participating interests

8.	Stocks

9.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	51,965	52,774
Amounts owed by group undertakings	164,820	125,166
Deferred tax asset, debtors	29,596	17,475
Total	246,381	195,415

10.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	276,011	217,516
Bank borrowings and overdrafts	68,099	50,378
Taxation and social security	26,046	22,306
Finance lease and HP contracts	10,000	9,925
Other creditors	74	-
Total	380,230	300,125

11.	Creditors: amounts due after one year

	2025	2024
	£	£
Trade creditors / trade payables	-	50,000
Bank borrowings and overdrafts	280,315	253,352
Amounts owed to related parties	197,178	75,746
Other creditors	-	11,072
Total	477,493	390,170

12.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	10,000		20,997

13.

Related party transactions

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.
- Bearwest Limited (previously Cosy Outdoors Ltd) - 100% owned by Mr Gulland. This entity manages the booking and accommodation services for guests across various holiday sites as well as hosting a market place for independent sites.

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.

14.

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 to the respective franchisees.

Historically, payouts to franchisees were made one month after the booking date. During the current and prior reporting periods, the Company implemented a revised payout process whereby franchisees are paid after the guest has completed their stay rather than at the time of booking.

The transition to the revised payout process has been successful and has now been adopted by the substantial majority of the franchise network. Only a small number of sites remain on the previous payout arrangement and are expected to transition in due course.

The revised payout process results in booking monies remaining as a liability on the Company's balance sheet for a longer period. However, all such liabilities are expected to be 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 liability balances between reporting periods. It does not impact the Company's revenue recognition policy. Revenue continues to be recognised when the guest has completed their stay and the transaction is no longer cancellable, in accordance with the Company's existing accounting policy.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		601,835		563,819
Tangible assets	5		106,215		85,877
Investments	7		100		1,797
			708,150		651,493
Current assets
Debtors	9	246,381		195,415
Cash at bank and on hand		27,313		1,257
		273,694		196,672
Creditors amounts falling due within one year	10	(380,230)		(300,125)
Net current assets (liabilities)			(106,536)		(103,453)
Total assets less current liabilities			601,614		548,040
Creditors amounts falling due after one year	11		(477,493)		(390,170)
Net assets			124,121		157,870
Capital and reserves
Called up share capital			100		100
Revaluation reserve			155,769		138,982
Profit and loss account			(31,748)		18,788
Shareholders' funds			124,121		157,870