Wingate Square Capital Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI673584

Wingate Square Capital Limited

Filleted Unaudited Financial Statements

30 August 2024

Wingate Square Capital Limited

Statement of Financial Position

30 August 2024

	2024	2023
Note	£	£

Fixed assets

Investments	4	13,824,429	8,979,587

Current assets

Debtors	5	858,080	826,657
Investments	6	335,629	335,629
Cash at bank and in hand		1,479	292,373
		------------	------------
		1,195,188	1,454,659

Creditors: amounts falling due within one year	7	14,938,355	10,384,724
		-------------	-------------
Net current liabilities		13,743,167	8,930,065
		-------------	------------
Total assets less current liabilities		81,262	49,522
		--------	--------
Net assets		81,262	49,522
		--------	--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	81,260	49,520
	--------	--------
Shareholders funds	81,262	49,522
	--------	--------

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 30 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have 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 .

Wingate Square Capital Limited

Statement of Financial Position (continued)

30 August 2024

These financial statements were approved by the board of directors and authorised for issue on 28 May 2026 , and are signed on behalf of the board by:

Mr N Doyle

Director

Company registration number: NI673584

Wingate Square Capital Limited

Notes to the Financial Statements

Year ended 30 August 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Linenhall Exchange, 26 Linenhall Street, Belfast, BT2 8BG.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Investments

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

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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 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 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Other investments other than loans	Other loans	Total
	£	£	£
Cost
At 1 September 2023	1,538,866	7,440,721	8,979,587
Additions	277,830	5,186,191	5,464,021
Disposals	( 273,948)	( 345,231)	(619,179)
	------------	-------------	-------------
At 30 August 2024	1,542,748	12,281,681	13,824,429
	------------	-------------	-------------
Impairment
At 1 September 2023 and 30 August 2024	–	–	–
	------------	-------------	-------------

Carrying amount
At 30 August 2024	1,542,748	12,281,681	13,824,429
	------------	-------------	-------------
At 31 August 2023	1,538,866	7,440,721	8,979,587
	------------	-------------	-------------

5. Debtors

	2024	2023
	£	£
Other debtors	858,080	826,657
	---------	---------

6. Investments

	2024	2023
	£	£
Investments	335,629	335,629
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Corporation tax	23,925	13,756
Amounts owed to related undertakings	14,317,891	10,368,218
Other creditors	596,539	2,750
	-------------	-------------
	14,938,355	10,384,724
	-------------	-------------

8. Directors' advances, credits and guarantees

The company was under the control of Mr Neil Doyle and Mr Cathal Doyle during the current period, through their shareholding in the company.

9. Related party transactions

During the period the company received loans of £3,949,674 (2023: £9,245,843) from ND Investments (NI) Limited. At the period end £14,317,892 (2023: £10,368,218) was still outstanding. During the year the company made the no loans to Wingate Square Properties Limited, and made net loans of £23,837 to TFNI Limited and £7,588 to Wingate Square Limited. The balances owing to the company at the period end were Wingate Square Properties Limited - £294,164 (2023: £294,164) TFNI Limited - £163,251 (2023: £139,414) Wingate Square Limited - £346,385 (2023: £338,797)