Company registration number 02484070 (England and Wales)
NORTH EAST WORKSPACE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NORTH EAST WORKSPACE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
NORTH EAST WORKSPACE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,374,758
2,391,091
Current assets
Debtors
4
34,714
32,006
Cash at bank and in hand
118,612
132,045
153,326
164,051
Creditors: amounts falling due within one year
5
(182,119)
(157,631)
Net current (liabilities)/assets
(28,793)
6,420
Total assets less current liabilities
2,345,965
2,397,511
Creditors: amounts falling due after more than one year
6
(20,958)
(30,883)
Net assets
2,325,007
2,366,628
Capital and reserves
Called up share capital
504
504
Share premium account
691,996
691,996
Other reserves
142,500
142,500
Profit and loss reserves
1,490,007
1,531,628
Total equity
2,325,007
2,366,628

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

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

NORTH EAST WORKSPACE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
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 02484070 (England and Wales)
NORTH EAST WORKSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

North East Workspace Limited 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.

1.2
Turnover

Turnover consists solely of services provided in the United Kingdom, representing letting income from office space, and is stated net of value added tax. Income is recognised on an accruals basis. Turnover is recognised to the extent that it is probable that economics benefits will flow to the company and the turnover can be reliably measured.

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:

Freehold land and buildings
at varying rates on cost and Straight line over 50 years
Leasehold land and buildings
Straight line basis over term of lease
Fixtures and fittings
20% on cost

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
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.

1.5
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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

NORTH EAST WORKSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8

Grants

Grants for refurbishment of the leasehold and freehold properties are held in the balance sheet and released to the profit and loss account as the conditions of the grants are met.

1.9

Short term debtors and creditors

Debtors and creditors with no interest rate which are receivable or payable within one year are recorded at transaction price. Any loss arising from impairment are recognised immediately in profit and loss.

2
Employees

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

2023
2022
Number
Number
Total
4
4
NORTH EAST WORKSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1,801,273
1,970,371
2,631
3,774,275
Depreciation and impairment
At 1 January 2023
672,494
708,455
2,235
1,383,184
Depreciation charged in the year
-
0
16,228
105
16,333
At 31 December 2023
672,494
724,683
2,340
1,399,517
Carrying amount
At 31 December 2023
1,128,779
1,245,688
291
2,374,758
At 31 December 2022
1,128,779
1,261,916
396
2,391,091

Freehold land and buildings are not considered by the directors to be investment properties as described by FRS102 as they are held to provide workspace to new and growing businesses on a lower than commercial rent basis, and not for their investment potential. Consequently they are not accounted for as such.

 

In line with the prior year adjustment made in 2018 to Woods Pottery South Side, the directors have deemed it appropriate to take a depreciation holiday on a number of the Freehold and Leasehold properties. The depreciation holiday is continues in 2023. This represents a departure from the requirement to depreciate all tangible fixed assets however is considered necessary to correctly reflect the value of these assets at year end.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,609
8,347
Prepayments and accrued income
25,105
23,659
34,714
32,006
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,742
9,558
Trade creditors
27,624
13,474
Taxation and social security
11,198
6,839
Other creditors
7,802
13,222
Accruals and deferred income
125,753
114,538
182,119
157,631
NORTH EAST WORKSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20,958
30,883
7
Parent company

Project North East Limited is considered by the directors to be the ultimate parent company.

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