WIGWAM CABINS LIMITED


Director	GULLAND, Charles


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


Registered Number	SC388512 (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.

	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 sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	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.

	Operating leases
	Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

	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.

	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 (%)
	Land and buildings	10
	Plant and machinery	25
	Fixtures and fittings	25
	Vehicles	25
	Office Equipment	25

	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.

	Share capital
	Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

	Related parties
	For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	14		13

3.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 01 January 25	630,793	-	29,265	49,748	312	710,118
Additions	-	49,663	-	5,518	-	55,181
At 31 December 25	630,793	49,663	29,265	55,266	312	765,299
Depreciation and impairment
At 01 January 25	45,214	-	22,610	45,964	97	113,885
Charge for year	3,742	3,979	1,664	2,002	7	11,394
At 31 December 25	48,956	3,979	24,274	47,966	104	125,279
Net book value
At 31 December 25	581,837	45,684	4,991	7,300	208	640,020
At 31 December 24	585,579	-	6,655	3,784	215	596,233

4.	Revaluation of property, plant and equipment
	At the end of the financial year, management undertook a revaluation assessment 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 not to differ materially from their carrying amount. As a result, no revaluation adjustment was considered necessary, and the carrying value of the cabins remains unchanged. Accordingly, no adjustment has been recognised in the financial statements or the revaluation reserve.

Revaluation of property, plant and equipment

At the end of the financial year, management undertook a revaluation assessment 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 not to differ materially from their carrying amount. As a result, no revaluation adjustment was considered necessary, and the carrying value of the cabins remains unchanged. Accordingly, no adjustment has been recognised in the financial statements or the revaluation reserve.

		2025		2024
		£		£
	Land and buildings	206,513		206,513

5.	Stocks

	2025	2024
	£	£
Work in progress	79,028	92,655
Other stocks	82,662	43,209
Total	161,690	135,864

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	6,864	16,684
Amounts owed by group undertakings	267,829	255,403
Other debtors	-	10,988
Total	274,693	283,075

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	266,619	86,333
Bank borrowings and overdrafts	113,594	119,460
Amounts owed to related parties	6,315	125,166
Taxation and social security	8,096	-
Finance lease and HP contracts	42,379	43,230
Total	437,003	374,189

8.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	287,237	248,381
Amounts owed to related parties	3,504	30,420
Other creditors	69,459	110,416
Total	360,200	389,217

9.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	111,838		153,646


	With effect from 1 January 2026, the company has adopted the revised requirements of FRS 102 relating to the accounting treatment of leases. As a result of applying the new lease accounting requirements, comparative figures have been re‑presented to ensure consistency with the current year presentation. In the comparative period ended 31 December 2024, an amount of £12 586 has been reclassified in the profit and loss account from operating expenses to interest payable, representing the interest element of finance leases previously included within operating costs. This reclassification has no impact on profit before taxation or net assets for the period.

With effect from 1 January 2026, the company has adopted the revised requirements of FRS 102 relating to the accounting treatment of leases.
As a result of applying the new lease accounting requirements, comparative figures have been re‑presented to ensure consistency with the current year presentation. 

In the comparative period ended 31 December 2024, an amount of £12 586 has been reclassified in the profit and loss account from operating expenses to interest payable, representing the interest element of finance leases previously included within operating costs. This reclassification has no impact on profit before taxation or net assets for the period.

10.	Related party transactions
	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. Bearwest Limited - 100% owned by Mr Gulland. This company operates as an agent for glamping and holiday accomodation. 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.

10.

Related party transactions

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.
Bearwest Limited - 100% owned by Mr Gulland. This company operates as an agent for glamping and holiday accomodation.

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.

11.	Prior period policy changes
	With effect from 1 January 2026, the company has adopted the revised requirements of FRS 102 relating to the accounting treatment of leases. As a result of applying the new lease accounting requirements, comparative figures have been re‑presented to ensure consistency with the current year presentation. In the comparative period ended 31 December 2024, an amount of £12 586 has been reclassified in the profit and loss account from operating expenses to interest payable, representing the interest element of finance leases previously included within operating costs. This reclassification has no impact on profit before taxation or net assets for the period.

11.

Prior period policy changes

With effect from 1 January 2026, the company has adopted the revised requirements of FRS 102 relating to the accounting treatment of leases.
As a result of applying the new lease accounting requirements, comparative figures have been re‑presented to ensure consistency with the current year presentation. 

In the comparative period ended 31 December 2024, an amount of £12 586 has been reclassified in the profit and loss account from operating expenses to interest payable, representing the interest element of finance leases previously included within operating costs. This reclassification has no impact on profit before taxation or net assets for the period.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		640,020		596,233
			640,020		596,233
Current assets
Stocks	5	161,690		135,864
Debtors	6	274,693		283,075
		436,383		418,939
Creditors amounts falling due within one year	7	(437,003)		(374,189)
Net current assets (liabilities)			(620)		44,750
Total assets less current liabilities			639,400		640,983
Creditors amounts falling due after one year	8		(360,200)		(389,217)
Net assets			279,200		251,766
Capital and reserves
Called up share capital			110		110
Revaluation reserve			156,513		156,513
Profit and loss account			122,577		95,143
Shareholders' funds			279,200		251,766