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REGISTERED NUMBER: SC181201 (Scotland)















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: Mr A Scott
Mr G A Scott





REGISTERED OFFICE: Faraldon
8 Markethill Road
Turriff
Aberdeenshire
AB53 4AZ





REGISTERED NUMBER: SC181201 (Scotland)





ACCOUNTANTS: SBP
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 81,767 88,590
Investments 5 873,299 843,792
955,066 932,382

CURRENT ASSETS
Stocks 67,195 39,940
Debtors 6 20,939 110,214
Investments 7 1,730,431 1,252,021
Cash at bank and in hand 97,210 98,261
1,915,775 1,500,436
CREDITORS
Amounts falling due within one year 8 238,757 163,663
NET CURRENT ASSETS 1,677,018 1,336,773
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,632,084

2,269,155

PROVISIONS FOR LIABILITIES 21,346 2,422
NET ASSETS 2,610,738 2,266,733

CAPITAL AND RESERVES
Called up share capital 135,000 135,000
Capital redemption reserve 15,000 15,000
Retained earnings 2,460,738 2,116,733
SHAREHOLDERS' FUNDS 2,610,738 2,266,733

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

North East Projects Ltd. (Registered number: SC181201)

Balance Sheet - continued
31 March 2022


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 16 August 2022 and were signed on its behalf by:





Mr A Scott - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 10% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance

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 2 (2021 - 3 ) .

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 122,849 13,068 131,377 4,679 271,973
DEPRECIATION
At 1 April 2021 56,716 11,825 110,378 4,464 183,383
Charge for year 2,457 124 4,199 43 6,823
At 31 March 2022 59,173 11,949 114,577 4,507 190,206
NET BOOK VALUE
At 31 March 2022 63,676 1,119 16,800 172 81,767
At 31 March 2021 66,133 1,243 20,999 215 88,590

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2021 843,792
Additions 219,507
Disposals (190,000 )
At 31 March 2022 873,299
NET BOOK VALUE
At 31 March 2022 873,299
At 31 March 2021 843,792

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 17,616 29,028
Other debtors 3,323 81,186
20,939 110,214

7. CURRENT ASSET INVESTMENTS
31.3.22 31.3.21
£    £   
Other investments 1,730,431 1,252,021

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 125,911 87,427
Taxation and social security 72,776 64,422
Other creditors 40,070 11,814
238,757 163,663

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.