Wigan Mining & Restoration Co. Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00934051 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

WIGAN MINING & RESTORATION CO. LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Mr C J Baybutt

Mr J Melling

Mr M Baybutt

Registered office:

Greenbank House

152 Wigan Lane

Wigan

Lancashire

WN1 2LA

Registered number:

00934051 (England and Wales)

Accountants:

NRB

1st Floor Waterside House

Waterside Drive

Wigan

Lancashire

WN3 5AZ

FIXED ASSETS

Tangible assets

4

1,500,208

1,528,149

Investment property

5

2,272,154

2,264,500

3,772,362

3,792,649

CURRENT ASSETS

Debtors

6

296,721

203,080

Cash at bank

263,948

279,517

560,669

482,597

CREDITORS

Amounts falling due within one year

7

11,696

13,194

NET CURRENT ASSETS

548,973

469,403

TOTAL ASSETS LESS CURRENT LIABILITIES

4,321,335

4,262,052

PROVISIONS FOR LIABILITIES

8

580,092

580,092

NET ASSETS

3,741,243

3,681,960

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Revaluation reserve

1,228,564

1,228,564

Retained earnings non

distributable

1,118,050

1,118,050

Retained earnings

1,393,629

1,334,346

SHAREHOLDERS' FUNDS

3,741,243

3,681,960

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2023 and were signed on its behalf by:

Mr M Baybutt - Director

1.	STATUTORY INFORMATION

Wigan Mining & Restoration Co. Limited 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.

The directors have reviewed the company's forecasts and projections and in particular have considered the potential implications of the Coronavirus (COVID - 19) pandemic. Whilst the eventual financial impact of the pandemic on the company, and on the overall economy, remains uncertain, the directors are confident that the company will be able to remain operational throughout the pandemic.

The directors have reasonable expectation that the company will have adequate funding and support to continue in operational existence for the foreseeable future.

The company therefore continues to adopt the going concern basis in preparing its financial statements.

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 group companies.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

in accordance with the property

Ground rent

-

not provided

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Depreciation is not provided on freehold property. This treatment may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. The accounting policy adopted is considered necessary for the accounts to give a true and fair view. Depreciation or amortization is one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Investment property

Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in the income statement. Properties are valued on an open market basis by Mr C J Baybutt (FRICS), a director of the company and supported by external professional valuers.

Taxation

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for the current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases in the computation of taxable profit. The carrying amount of any deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantially enacted by the end of the reporting period.

Short term debtors and creditors receivable

Short term debtors and creditors with no stated interest rate are recorded at the transaction price. Any losses arising from impairment are recognised in the income statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Ground

Plant and

and

property

rent

machinery

fittings

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2022

1,500,000

27,904

1,262

6,407

1,535,573

Disposals

-

(27,904

)

-

-

(27,904

)

At 31 December 2022

1,500,000

-

1,262

6,407

1,507,669

DEPRECIATION

At 1 January 2022

-

-

1,262

6,162

7,424

Charge for year

-

-

-

37

37

At 31 December 2022

-

-

1,262

6,199

7,461

NET BOOK VALUE

At 31 December 2022

1,500,000

-

-

208

1,500,208

At 31 December 2021

1,500,000

27,904

-

245

1,528,149

Cost or valuation at 31 December 2022 is represented by:

Fixtures

Freehold

Ground

Plant and

and

property

rent

machinery

fittings

Totals

£

£

£

£

£

Valuation in 2014

2,870

27,904

1,262

6,407

38,443

Valuation in 2014

1,197,130

-

-

-

1,197,130

Valuation in 2015

300,000

-

-

-

300,000

Valuation in 2022

-

(27,904

)

-

-

(27,904

)

1,500,000

-

1,262

6,407

1,507,669

If freehold property had not been revalued it would have been included at the following historical cost:

31.12.22

31.12.21

£

£

Cost

2,870

2,870

Freehold property was valued on a fair value basis on 31 December 2015 by Parkinson Commercial Property Consultants .

In the opinion of the directors the fair value of the existing use of the company's freehold property at 31 December 2022 is not materially different from the book value as stated in these financial statements.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

2,264,500

Additions

7,654

At 31 December 2022

2,272,154

NET BOOK VALUE

At 31 December 2022

2,272,154

At 31 December 2021

2,264,500

Fair value at 31 December 2022 is represented by:

£

Valuation in 2012

1,965,000

Valuation in 2013

60,000

Valuation in 2019

239,500

Valuation in 2022

7,654

2,272,154

If investment property had not been revalued it would have been included at the following historical cost:

31.12.22

31.12.21

£

£

Cost

623,462

623,462

Investment property was valued on an open market basis basis on 31 December 2019 by Healy Simpson Limited .

In the opinion of the directors the fair value for the existing use of the company's investment properties at 31 December 2022 is not materially different from the book value as stated in these financial statements.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

15,907

13,699

Amounts owed by group undertakings

277,737

186,618

Other debtors

3,077

2,763

296,721

203,080

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

1,176

515

Other creditors

10,520

12,679

11,696

13,194

8.	PROVISIONS FOR LIABILITIES

31.12.22

31.12.21

£

£

Deferred tax

580,092

580,092

Deferred

tax

£

Balance at 1 January 2022

580,092

Balance at 31 December 2022

580,092

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.	ULTIMATE PARENT UNDERTAKING

The company is a wholly owned subsidiary of Greenbank Group Holdings Limited.

11.	CONTROLLING INTEREST

As shareholders of Greenbank Group Holdings Limited the Trustees of the Baybutt Family Trusts have a controlling interest in the company.