Company Registration No. 10817046 (England and Wales)
Aspire North East Limited
Unaudited accounts
for the year ended 30 November 2023
Aspire North East Limited
Unaudited accounts
Contents
Aspire North East Limited
Company Information
for the year ended 30 November 2023
Director
Christopher Paton
Company Number
10817046 (England and Wales)
Registered Office
40 Warton Terrace
Newcastle upon Tyne
Tyne and Wear
NE6 5LS
England
Accountants
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
Aspire North East Limited
Accountants' report
Accountants' report to the director of Aspire North East Limited on the preparation of the unaudited statutory accounts for the year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Aspire North East Limited for the year ended
30 November 2023 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Aspire North East Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Aspire North East Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aspire North East Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Aspire North East Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Aspire North East Limited. You consider that Aspire North East Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Aspire North East Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
9 July 2024
Aspire North East Limited
Statement of financial position
as at 30 November 2023
Investment property
2,661,205
2,585,000
Cash at bank and in hand
158,382
38,957
Creditors: amounts falling due within one year
(175,020)
(584,492)
Net current assets/(liabilities)
135,236
(494,163)
Total assets less current liabilities
2,796,541
2,090,937
Creditors: amounts falling due after more than one year
(2,152,050)
(1,568,110)
Net assets
644,491
522,827
Called up share capital
1
1
Revaluation reserve
852,092
783,033
Profit and loss account
(207,602)
(260,207)
Shareholders' funds
644,491
522,827
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 August 2024 and were signed on its behalf by
Christopher Paton
Director
Company Registration No. 10817046
Aspire North East Limited
Notes to the Accounts
for the year ended 30 November 2023
Aspire North East Limited is a private company, limited by shares, registered in England and Wales, registration number 10817046. The registered office is 40 Warton Terrace, Newcastle upon Tyne, Tyne and Wear, NE6 5LS, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The revaluation was carried out at the period end by the Director.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Fair value at 1 December 2022
2,585,000
Net gain from fair value adjustments
69,059
At 30 November 2023
2,661,205
5
Investments
Subsidiary undertakings
Valuation at 1 December 2022
100
Valuation at 30 November 2023
100
Aspire North East Limited
Notes to the Accounts
for the year ended 30 November 2023
Amounts falling due within one year
Other debtors
13,000
13,000
Amounts falling due after more than one year
Amounts due from group undertakings etc.
2,783
10,983
Other debtors
136,091
27,389
7
Creditors: amounts falling due within one year
2023
2022
Other creditors
174,000
583,472
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
1,706,936
1,123,959
Other creditors
360,413
365,727
Loans from directors
84,701
78,424
In January 2021, the company received a Bounce Back Loan of £50,000, which is a 100% UK Government backed loan.
Under the terms of the loan, the fees and interest incurred in the first 12 months are settled on behalf of the company by the UK Government.
After the first 12 months, an interest rate of 2.5% is applicable.
The initial length of the loan is for six years, with an option to extend to ten years under the Bounce Back Loan Scheme.
9
Transactions with related parties
Included in long term debtors are balances of £37,283 (2022 - £37,283) owed by related companies.
Included in long term creditors are balances of £365,727 (2022 - £365,727) owed to related companies. These balances are interest-free and repayable on demand.
10
Average number of employees
During the year the average number of employees was 0 (2022: 0).