Wiggins & Co. Limited Filleted accounts for Companies House (small and micro)

WIGGINS & CO.LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00158729

WIGGINS & CO. LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 June 2019

WIGGINS & CO. LIMITED

STATEMENT OF FINANCIAL POSITION

30 June 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6	1,506,464	1,506,464
Investments	7	4,750	4,750
		------------	------------
		1,511,214	1,511,214

Current assets

Debtors	8	4,002,590	3,715,899
Cash at bank and in hand		53,759	198,917
		------------	------------
		4,056,349	3,914,816

Creditors: amounts falling due within one year	9	975,881		669,321
		------------		------------
Net current assets			3,080,468	3,245,495
			------------	------------
Total assets less current liabilities			4,591,682	4,756,709

Creditors: amounts falling due after more than one year	10		8,818	8,818

Provisions

Taxation including deferred tax	17,171	17,171
	------------	------------
Net assets	4,565,693	4,730,720
	------------	------------

Capital and reserves

Called up share capital	11	13,199	13,199
Share premium account	12	114,378	114,378
Revaluation reserve	12	1,270,179	1,270,179
Capital redemption reserve	12	7,000	7,000
Profit and loss account	12	3,160,937	3,325,964
		------------	------------
Shareholder funds		4,565,693	4,730,720
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

WIGGINS & CO. LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 June 2019

For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 16 March 2020 , and are signed on behalf of the board by:

Mr J M W Hunt

Director

Company registration number: 00158729

WIGGINS & CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill Blisworth Hill Farm, Stoke Road, Blisworth, Northampton, NN7 3DB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).

5. Tax on (loss)/profit

Reconciliation of tax income

The tax assessed on the (loss)/profit on ordinary activities for the year is the same as (2018: lower than) the standard rate of corporation tax in the UK of 19 % (2018: 19 %).

	2019	2018
	£	£
(Loss)/profit on ordinary activities before taxation	( 123)	35,837
	----	--------
(Loss)/profit on ordinary activities by rate of tax	–	6,809
Effect of expenses not deductible for tax purposes	–	( 1,625)
Utilisation of tax losses	–	( 5,192)
Tax on chargeable gains	–	8
	----	--------
Tax on (loss)/profit	–	–
	----	--------

6. Tangible assets

	Freehold property
	£
Cost
At 1 July 2018 and 30 June 2019	1,506,464
	------------
Depreciation
At 1 July 2018 and 30 June 2019	–
	------------
Carrying amount
At 30 June 2019	1,506,464
	------------
At 30 June 2018	1,506,464
	------------

The company's investment properties were subject to revaluation by the directors during the year ended 30 June 2015. The valuations reflected open market value and where appropriate adjusted to include the length of lease remaining. The directors' consider that these valuations continue to reflect a prudent valuation of the company's investment property portfolio. The directors consider that the value of the properties from the valuation last year is still appropriate and therefore no adjustment has been made in the current year.

7. Investments

	Shares in group undertakings
	£
Cost
At 1 July 2018 and 30 June 2019	4,750
	-------
Impairment
At 1 July 2018 and 30 June 2019	–
	-------

Carrying amount
At 30 June 2019	4,750
	-------
At 30 June 2018	4,750
	-------

8. Debtors

	2019	2018
	£	£
Trade debtors	242,004	242,004
Amounts owed by group undertakings and undertakings in which the company has a participating interest	3,749,241	3,457,527
Other debtors	11,345	16,368
	------------	------------
	4,002,590	3,715,899
	------------	------------

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Social security and other taxes	3,034	6,227
Other creditors	972,847	663,094
	---------	---------
	975,881	669,321
	---------	---------

Included within other creditors is an amount of £600,000 which is secured by way of a floating charge over the company's assets

10. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8,818	8,818
	-------	-------

11. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	13,199	13,199	13,199	13,199
	--------	--------	--------	--------

12. Reserves

The revaluation reserve is a non distributable profit and loss fair value reserve on investment properties

13. Related party transactions

During the year the company provided working capital loans to a 50% subsidiary company. The loan advances during the year totalled £146,995. The balance owed by the subsidiary company at the year end was £1,942,170 (2018 - £1,795,175) This loan is repayable on demand.