Company registration number 01715761 (England and Wales)
PROJECT NORTH EAST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PROJECT NORTH EAST
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PROJECT NORTH EAST
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,475
16,141
Investments
4
835,650
835,650
846,125
851,791
Current assets
Debtors
5
143,576
57,557
Cash at bank and in hand
2,531,610
1,542,471
2,675,186
1,600,028
Creditors: amounts falling due within one year
6
(1,335,230)
(323,293)
Net current assets
1,339,956
1,276,735
Net assets
2,186,081
2,128,526
Capital and reserves
Called up share capital
-
0
-
0
Profit and loss reserves
2,186,081
2,128,526
Total equity
2,186,081
2,128,526

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 July 2024 and are signed on its behalf by:
Mrs T Moore
Director
Company registration number 01715761 (England and Wales)
PROJECT NORTH EAST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Project North East is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Ground Floor, 7-15 Pink Lane, Newcastle upon Tyne, NE1 5DW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents the total of administration grants released and invoices raised to third parties for services rendered, net of refunds, allowances and Value Added Tax.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line basis
Computers
33% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

PROJECT NORTH EAST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
15
17
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
16,664
73,637
90,301
Depreciation and impairment
At 1 January 2023
13,205
60,955
74,160
Depreciation charged in the year
679
4,987
5,666
At 31 December 2023
13,884
65,942
79,826
Carrying amount
At 31 December 2023
2,780
7,695
10,475
At 31 December 2022
3,459
12,682
16,141
PROJECT NORTH EAST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
835,650
835,650
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,523
5,105
Amounts owed by group undertakings
14,079
15,333
Prepayments and accrued income
121,974
37,119
143,576
57,557
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,475
11,705
Taxation and social security
3,996
1,373
Project grant funding
1,280,455
253,265
Other creditors
10,622
13,031
Accruals and deferred income
27,682
43,919
1,335,230
323,293
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Nicholas Cunningham FCCA
Statutory Auditor:
Robson Laidler Accountants Limited
Date of audit report:
21 August 2024
2023-12-312023-01-01false21 August 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMrs I L AllcroftMr A C JonesMrs T MooreMr D T MitchellMr  Sarat PediredlaMs Clare Inglefalsefalse017157612023-01-012023-12-31017157612023-12-31017157612022-12-3101715761core:FurnitureFittings2023-12-3101715761core:ComputerEquipment2023-12-3101715761core:FurnitureFittings2022-12-3101715761core:ComputerEquipment2022-12-3101715761core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101715761core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101715761core:CurrentFinancialInstruments2023-12-3101715761core:CurrentFinancialInstruments2022-12-3101715761core:ShareCapital2023-12-3101715761core:ShareCapital2022-12-3101715761core:RetainedEarningsAccumulatedLosses2023-12-3101715761core:RetainedEarningsAccumulatedLosses2022-12-3101715761bus:Director32023-01-012023-12-3101715761core:FurnitureFittings2023-01-012023-12-3101715761core:ComputerEquipment2023-01-012023-12-31017157612022-01-012022-12-3101715761core:FurnitureFittings2022-12-3101715761core:ComputerEquipment2022-12-31017157612022-12-3101715761bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101715761bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101715761bus:FRS1022023-01-012023-12-3101715761bus:Audited2023-01-012023-12-3101715761bus:Director12023-01-012023-12-3101715761bus:Director22023-01-012023-12-3101715761bus:Director42023-01-012023-12-3101715761bus:Director52023-01-012023-12-3101715761bus:Director62023-01-012023-12-3101715761bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP