Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31true1371072021-01-01falseNo description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02441809 2021-01-01 2021-12-31 02441809 2020-01-01 2020-12-31 02441809 2021-12-31 02441809 2020-12-31 02441809 c:Director1 2021-01-01 2021-12-31 02441809 d:Buildings 2021-01-01 2021-12-31 02441809 d:Buildings 2021-12-31 02441809 d:Buildings 2020-12-31 02441809 d:Buildings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02441809 d:Buildings d:LongLeaseholdAssets 2021-01-01 2021-12-31 02441809 d:Buildings d:LongLeaseholdAssets 2021-12-31 02441809 d:Buildings d:LongLeaseholdAssets 2020-12-31 02441809 d:Buildings d:ShortLeaseholdAssets 2021-01-01 2021-12-31 02441809 d:Buildings d:ShortLeaseholdAssets 2021-12-31 02441809 d:Buildings d:ShortLeaseholdAssets 2020-12-31 02441809 d:PlantMachinery 2021-01-01 2021-12-31 02441809 d:PlantMachinery 2021-12-31 02441809 d:PlantMachinery 2020-12-31 02441809 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02441809 d:MotorVehicles 2021-01-01 2021-12-31 02441809 d:MotorVehicles 2021-12-31 02441809 d:MotorVehicles 2020-12-31 02441809 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02441809 d:OfficeEquipment 2021-01-01 2021-12-31 02441809 d:OfficeEquipment 2021-12-31 02441809 d:OfficeEquipment 2020-12-31 02441809 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02441809 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02441809 d:FreeholdInvestmentProperty 2021-01-01 2021-12-31 02441809 d:FreeholdInvestmentProperty 2021-12-31 02441809 d:FreeholdInvestmentProperty 2020-12-31 02441809 d:CurrentFinancialInstruments 2021-12-31 02441809 d:CurrentFinancialInstruments 2020-12-31 02441809 d:Non-currentFinancialInstruments 2021-12-31 02441809 d:Non-currentFinancialInstruments 2020-12-31 02441809 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 02441809 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 02441809 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 02441809 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 02441809 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 02441809 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-12-31 02441809 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 02441809 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 02441809 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-12-31 02441809 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-12-31 02441809 d:ShareCapital 2021-12-31 02441809 d:ShareCapital 2020-12-31 02441809 d:RetainedEarningsAccumulatedLosses 2021-12-31 02441809 d:RetainedEarningsAccumulatedLosses 2020-12-31 02441809 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 02441809 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 02441809 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 02441809 d:TaxLossesCarry-forwardsDeferredTax 2020-12-31 02441809 d:OtherDeferredTax 2021-12-31 02441809 d:OtherDeferredTax 2020-12-31 02441809 c:FRS102 2021-01-01 2021-12-31 02441809 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 02441809 c:FullAccounts 2021-01-01 2021-12-31 02441809 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 02441809 2 2021-01-01 2021-12-31 02441809 6 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 02441809










THE NORTH LONDON NETWORK LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

 
THE NORTH LONDON NETWORK LIMITED
REGISTERED NUMBER: 02441809

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
787,281
708,894

Investments
 5 
71,635
58,246

Investment property
 6 
457,878
449,830

  
1,316,794
1,216,970

Current assets
  

Debtors: amounts falling due within one year
 7 
1,122,055
787,899

Cash at bank and in hand
  
2,103,871
1,954,042

  
3,225,926
2,741,941

Creditors: amounts falling due within one year
 8 
(1,500,037)
(1,882,441)

Net current assets
  
 
 
1,725,889
 
 
859,500

Total assets less current liabilities
  
3,042,683
2,076,470

Creditors: amounts falling due after more than one year
 9 
(774,331)
(973,686)

Provisions for liabilities
  

Deferred tax
 11 
(39,778)
-

Other provisions
  
(201,000)
(112,000)

  
 
 
(240,778)
 
 
(112,000)

Net assets
  
2,027,574
990,784


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account
  
1,977,574
940,784

  
2,027,574
990,784


Page 1

 
THE NORTH LONDON NETWORK LIMITED
REGISTERED NUMBER: 02441809
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2022.




S E Gerrard
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

The North London Network Limited is a private company limited by shares incorporated in England and Wales. The registered office is 197 Ballards Lane, Finchley, Middlesex, United Kingdom, N3 1LP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis which, inter alia, is based on the directors’ reasonable expectation that the Company has adequate resources to continue to operate as a going concern for at least twelve months from the date of their approval.
In making the assessment of the appropriateness of this basis, the directors have considered the trading of the Company since the year end and the facilities that are either committed to the Company for a period of at least twelve months from the date of approval of the financial statements or which they consider will probably be available to the Company during such period.
After careful consideration, the directors consider that they have reasonable grounds to believe that the Company can be regarded as a going concern and, for this reason, they continue to adopt the going concern basis in preparing the Company’s financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
1%
straight-line method
Long-term leasehold property
-
1%
straight-line method
Leasehold improvements
-
20%
straight-line method
Plant and machinery
-
33%
straight-line method
Motor vehicles
-
25%
straight-line method
Office equipment
-
25%
straight-line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 5

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.18

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 6

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 107 (2020 - 137).

Page 7

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Freehold property
Long-term leasehold property
Leasehold improvements
Plant and machinery
Motor vehicles

£
£
£
£
£



Cost


At 1 January 2021
325,000
249,950
110,558
6,733
11,870


Additions
-
-
17,865
78,783
31,740



At 31 December 2021

325,000
249,950
128,423
85,516
43,610



Depreciation


At 1 January 2021
-
-
27,303
1,573
11,870


Charge for the year
3,250
2,500
22,637
4,870
1,322



At 31 December 2021

3,250
2,500
49,940
6,443
13,192



Net book value



At 31 December 2021
321,750
247,450
78,483
79,073
30,418



At 31 December 2020
325,000
249,950
83,255
5,160
-
Page 8

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

           4.Tangible fixed assets (continued)


Office equipment
Total

£
£



Cost


At 1 January 2021
108,159
812,270


Additions
9,239
137,627



At 31 December 2021

117,398
949,897



Depreciation


At 1 January 2021
62,629
103,375


Charge for the year
24,662
59,241



At 31 December 2021

87,291
162,616



Net book value



At 31 December 2021
30,107
787,281



At 31 December 2020
45,529
708,894


5.


Fixed asset investments





Investments other than loans

£



Valuation


At 1 January 2021
58,246


Revaluations
13,389



At 31 December 2021
71,635




Page 9

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Investment property


Investment property

£



Valuation


At 1 January 2021
449,830


Additions at cost
8,048



At 31 December 2021
457,878

The directors are of the opinion that the initial cost remains the fair value of the property based on the market conditions at the balance sheet date.





7.


Debtors

2021
2020
£
£


Trade debtors
-
2,487

Other debtors
376,374
46,817

Prepayments and accrued income
745,681
738,595

1,122,055
787,899



8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
200,000
50,000

Trade creditors
159,243
213,748

Corporation tax
191,930
224,975

Other taxation and social security
373,849
723,574

Other creditors
251,415
325,448

Accruals and deferred income
323,600
344,696

1,500,037
1,882,441


Page 10

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
750,000
950,000

Other creditors
24,331
23,686

774,331
973,686



10.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
200,000
50,000

Amounts falling due 1-2 years

Bank loans
200,000
200,000

Amounts falling due 2-5 years

Bank loans
550,000
600,000

Amounts falling due after more than 5 years

Bank loans
-
150,000

950,000
1,000,000


The bank loan, received on 14 September 2020, relates to the Coronavirus Business Interruption Loan Scheme. The loan term is 6 years with no interest to payable for the first 12 months and thereafter the interest rate is 2.07% over the Bank of England Base Rate. The government pays the first 12 months interest direct to the bank and therefore £14,433 has been recognised as a government grant based on 8.5 months' interest.


11.


Deferred taxation




2021


£






At beginning of year
-


Charged to profit or loss
(39,778)



At end of year
(39,778)

Page 11

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
 
11.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(44,275)
-

Unused losses
849
-

Disallowable provisions
3,648
-

(39,778)
-


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £67,350 (2020 - £64,737). Contributions totalling £14,594 (2020 - £14,284) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

At the year end, loans amounting to £230,562 (2020 - £292,836) from members of key management personnel were outstanding. The loan is repayable on demand and the rate of interest charged is 0%. The loans are presented within creditors: amounts falling due within one year.

 
Page 12