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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
Page
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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
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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
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Aspire North East Limited Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Investment property
2,661,205 
2,585,000 
Investments
100 
100 
2,661,305 
2,585,100 
Current assets
Debtors
151,874 
51,372 
Cash at bank and in hand
158,382 
38,957 
310,256 
90,329 
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 
Capital and reserves
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
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Aspire North East Limited Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Investment property
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
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.
4
Investment property
2023 
£ 
Fair value at 1 December 2022
2,585,000 
Additions
7,146 
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 
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Aspire North East Limited Notes to the Accounts for the year ended 30 November 2023
6
Debtors
2023 
2022 
£ 
£ 
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 
138,874 
38,372 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Other creditors
174,000 
583,472 
Accruals
1,020 
1,020 
175,020 
584,492 
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 
2,152,050 
1,568,110 
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).
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