Wigan Pier Two Limited - Period Ending 2021-03-31

Wigan Pier Two Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 5

Wigan Pier Two Limited

Company Information

Director

Mr H S Dhaliwal

Registered office

Unit 4 Royal Mills 17 Redhill Street Manchester M4 5BA

Accountants

Aventus Partners Limited Hygeia Building Ground Floor 66-68 College Road Harrow Middlesex HA1 1BE

Wigan Pier Two Limited

(Registration number: 11281354)
Balance Sheet as at 31 March 2021

	Note	2021 £	2020 £
Current assets
Stocks	4	20,819	20,819
Debtors	5	250	100
		21,069	20,919
Creditors: Amounts falling due within one year	6	(23,713)	(22,800)
Net liabilities		(2,644)	(1,881)
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(2,744)	(1,981)
Shareholders' deficit		(2,644)	(1,881)

For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements were approved and authorised for issue by the director on 16 December 2021
 

.........................................

Mr H S Dhaliwal
Director

Wigan Pier Two Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 4 Royal Mills
17 Redhill Street
Manchester
M4 5BA
United Kingdom

These financial statements were authorised for issue by the director on 16 December 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the time of approving these financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and also in light of the continuing financial support from the company's lenders. Also, the director does not expect there to be any major impacts due to the COVID-19 virus on the financials and accordingly these financial statements have been prepared on a going concern basis.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Wigan Pier Two Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)

2	Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 1 (2020: 1).

4

Stocks

	2021 £	2020 £
Work in progress - Land and development costs	20,819	20,819

5

Debtors

	Note	2021 £	2020 £
Amounts owed by parent undertaking	8	100	100
Other debtors		150	-
Total current trade and other debtors		250	100

Wigan Pier Two Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)

6

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Trade creditors		900	-
Other creditors	8	22,063	22,050
Accrued expenses		750	750
		23,713	22,800

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8	Related party transactions

The company has taken advantage of the exemptions available in FRS 102 1A from disclosing related party transactions with other companies that are wholly owned within the group.

Summary of transactions with other related parties

At the balance sheet date Wigan Pier Two Limited owed a loan of £22,063 (2020: £22,050) to a company with a common director. The loan is interest free and repayable on demand.
 

9	Parent and ultimate parent undertaking

The company's immediate parent is The Cutting Room Limited, incorporated in Jersey.

 The ultimate controlling party is The Dhaliwal Family Trust (Jersey).