REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Networx Utilities Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Networx Utilities Limited |
Networx Utilities Limited (Registered number: 10508381) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Networx Utilities Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
Networx Utilities Limited (Registered number: 10508381) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Networx Utilities Limited (Registered number: 10508381) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Networx Utilities Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
At the year end net liabilities exceeded net assets by £875,998 (2022: £797,493). The company has the continued support of its parent company and on this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Networx Utilities Limited (Registered number: 10508381) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contracts |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Provision for future costs |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
6. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 78 | 78 |
B Ordinary | £1 | 15 | 15 |
C Ordinary | £1 | 7 | 7 |
100 | 100 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | OTHER FINANCIAL COMMITMENTS |
The company is party to a an omnibus guarantee and set off agreement, with an unlimited guarantee given by Breheny Group Limited, all subsidiaries within the Breheny Group, and by Breheny Group Plant Limited, Redbourne Homes (Epworth) Limited and Redbourne Homes (Nedging Tye) Limited. This is supported by debentures by Breheny Group Limited, by all subsidiaries within the Breheny Group, and by Breheny Group Plant Limited, Redbourne Homes (Epworth) Limited and Redbourne Homes (Nedging Tye) Limited. |
The Facility is further secured by a first legal charge over all property held by the Breheny Group and its subsidiaries, and over freehold land and buildings held by Redbourne Homes (Epworth) Limited. |
Networx Utilities Limited (Registered number: 10508381) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | ULTIMATE CONTROLLING PARTY |
The Parent Company is Breheny Group Ltd. The company's registered office is as follows: |
Flordon Road |
Creeting St Mary |
Needham Market |
Ipswich |
Suffolk |
IP6 8NH |