Company Registration No. 10817046 (England and Wales)
Aspire North East Limited
Unaudited accounts
for the year ended 30 November 2024
Aspire North East Limited
Unaudited accounts
Contents
Aspire North East Limited
Company Information
for the year ended 30 November 2024
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 2024
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 2024 as set out on pages
5 -
8 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
24 June 2025
Aspire North East Limited
Statement of financial position
as at 30 November 2024
Investment property
3,098,169
2,661,205
Cash at bank and in hand
47,417
158,382
Creditors: amounts falling due within one year
(163,789)
(175,020)
Net current assets
47,074
135,236
Total assets less current liabilities
3,145,343
2,796,541
Creditors: amounts falling due after more than one year
(2,254,303)
(2,152,050)
Provisions for liabilities
Deferred tax
(264,508)
(191,791)
Net assets
626,532
452,700
Called up share capital
1
1
Revaluation reserve
793,525
639,069
Profit and loss account
(166,994)
(186,370)
Shareholders' funds
626,532
452,700
For the year ending 30 November 2024 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 31 July 2025 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 2024
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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fair value at 1 December 2023
2,661,205
Net gain from fair value adjustments
205,941
At 30 November 2024
3,098,169
5
Investments
Subsidiary undertakings
Valuation at 1 December 2023
100
Valuation at 30 November 2024
100
Aspire North East Limited
Notes to the Accounts
for the year ended 30 November 2024
Amounts falling due within one year
Other debtors
105,777
13,000
Amounts falling due after more than one year
Amounts due from group undertakings etc.
-
2,783
Other debtors
57,669
136,091
7
Creditors: amounts falling due within one year
2024
2023
Other creditors
162,409
174,000
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,826,421
1,706,936
Amounts owed to group undertakings and other participating interests
58,433
-
Other creditors
369,449
360,413
Loans from directors
-
84,701
Aggregate of amounts that fall due for payment after five years
1,791,158
1,666,108
Included in long term creditors are bank loans secured on investment properties. Personal guarantees have been provided.
9
Deferred taxation
2024
2023
Revaluation of investment property
264,508
213,023
Tax losses carried forward
-
(21,232)
Provision at start of year
191,791
-
Charged to the profit and loss account
72,717
191,791
Provision at end of year
264,508
191,791
Comparatives have been restated for deferred tax on revaluation of investment properties, and deferred tax asset on taxable losses.
Aspire North East Limited
Notes to the Accounts
for the year ended 30 November 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loans to Director
(84,701)
177,478
-
92,777
11
Transactions with related parties
Included in long term debtors are balances of £57,669 (2023 - £37,283) owed by related companies.
Included in long term creditors is a loan of £369,449 (2023 - £365,727) owed to a related company. These loans are interest-free and repayable on demand.
At the year end, the director owed the company £92,777.
Interest at 2.25% p.a., calculated on a daily basis, was charged on the overdrawn directors loan account balance, which was fully paid back in 24-25.
12
Average number of employees
During the year the average number of employees was 2 (2023: 0).