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REGISTERED NUMBER: 10508381 (England and Wales)






















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: J N E Breheny





SECRETARY: S Aziz





REGISTERED OFFICE: Flordon Road
Creeting St Mary
Ipswich
Suffolk
IP6 8NH





REGISTERED NUMBER: 10508381 (England and Wales)





AUDITORS: Wright Vigar Limited
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 4 248,577 510,059
Cash at bank 779,884 844,342
1,028,461 1,354,401
CREDITORS
Amounts falling due within one year 5 1,904,459 2,151,894
NET CURRENT LIABILITIES (875,998 ) (797,493 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(875,998

)

(797,493

)

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings (876,098 ) (797,593 )
SHAREHOLDERS' FUNDS (875,998 ) (797,493 )

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

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 2 October 2023 and were signed by:





J N E Breheny - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 5 (2022 - 3 ) .

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 106,878 260,117
Amounts owed by group undertakings 180 100
Amounts recoverable on contracts 96,820 163,196
Other debtors 44,699 86,646
248,577 510,059

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Provision for future costs 1,443,160 1,579,233
Trade creditors 119,584 120,244
Amounts owed to group undertakings 311,648 312,427
Taxation and social security 8,700 6,856
Other creditors 21,367 133,134
1,904,459 2,151,894

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 31,750 31,750
Between one and five years 22,002 53,752
53,752 85,502

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
78 Ordinary £1 78 78
15 B Ordinary £1 15 15
7 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.

Kevin Shaw Bsc FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited

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