For the financial year ended 31 December 2025 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 of its financial statements for the year in question in accordance with section 476.

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.

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

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

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.

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.

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.

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:

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.

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.

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.

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.

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.

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.

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

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 continued in 2025. 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.

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