REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
North East Projects Ltd. |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
North East Projects Ltd. |
North East Projects Ltd. (Registered number: SC181201) |
Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
North East Projects Ltd. |
Company Information |
for the Year Ended 31 March 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Accountants |
2 Cross Street |
Fraserburgh |
Aberdeenshire |
AB43 9EQ |
North East Projects Ltd. (Registered number: SC181201) |
Balance Sheet |
31 March 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Investments | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
North East Projects Ltd. (Registered number: SC181201) |
Balance Sheet - continued |
31 March 2022 |
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 |
North East Projects Ltd. (Registered number: SC181201) |
Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
1. | STATUTORY INFORMATION |
North East Projects Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable for goods and services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
North East Projects Ltd. (Registered number: SC181201) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
Fixed asset investments |
Fixed Assets Investments comprises the company's investment in the partnership of the Central Filling Station. The value of the investment in the Balance Sheet reflects the closing value of the capital account of the company within the financial statements of the partnership. The financial year end of the partnership is also 31 March and the profits attributable to the company from its partnership interest are reported in the company's profit & loss statement. |
Current asset investments |
Current Asset Investments are initially stated at original cost in the Balance Sheet and restated to market value on an annual basis with any gain or loss being reported through the Profit & Loss Account. The valuations are based on investment statements provided by the investment brokers and providers. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | Plant and | and |
property | property | machinery | fittings | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2021 |
and 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2021 |
Additions |
Disposals | ( |
) |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
North East Projects Ltd. (Registered number: SC181201) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
5. | FIXED ASSET INVESTMENTS - continued |
Fixed Assets Investments comprises the company's investment in the partnership of the Central Filling Station. The value of the investment in the Balance Sheet reflects the closing value of the capital account of the company within the financial statements of the partnership. The financial year end of the partnership is also 31 March and the profits attributable to the company from its partnership interest are reported in the company's profit & loss statement. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
Other debtors |
7. | CURRENT ASSET INVESTMENTS |
31.3.22 | 31.3.21 |
£ | £ |
Other investments |
Current Asset Investments are initially stated at original cost in the Balance Sheet and restated to market value on an annual basis. The revaluation made in the current financial year resulted in a net gain of £63,589 which has been reported through the Profit & Loss Account. The valuations are based on investment statements received from the investment brokers and providers. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | RELATED PARTY DISCLOSURES |
Directors Alastair Scott and Gordon Scott are materially interested as partners in the Central Filling Station partnership. During the year the company accounted for profits of £179,507 (2021 - £188,077) as its share of partnership profits from Central Filling Station. Included in fixed asset investments at 31 March 2022 is £873,299 (2021 - £843,792) in relation to the Central Filling Station partnership. |
The director Mr A.Scott was advanced a short-term loan by the company during the previous financial year which was repaid in full in December 2021. Interest was charged on the loan at the HMRC stated rate, until the loan was repaid, which totalled £1,178 in the year to 31 March 2022. As at 31 March 2022 there was a balance owing to Mr Scott by the company of £29,268. There are no fixed terms of repayment and no interest is accrued. |
10. | ULTIMATE CONTROLLING PARTY |
The company is controlled by Mr Alastair Scott who owns 100% of the company's issued Ordinary 'A' share capital. |
North East Projects Ltd. (Registered number: SC181201) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
11. | NON DISTRIBUTABLE RETAINED PROFITS |
A total value of £102,158 of the retained profits is non distributable on the basis that it has arisen from non realised gains on the revaluation of investments. |