Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-3122022-02-01falsefalseproperty investment2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03896366 2022-02-01 2023-01-31 03896366 2021-02-01 2022-01-31 03896366 2023-01-31 03896366 2022-01-31 03896366 c:Director1 2022-02-01 2023-01-31 03896366 d:FurnitureFittings 2022-02-01 2023-01-31 03896366 d:FurnitureFittings 2023-01-31 03896366 d:FurnitureFittings 2022-01-31 03896366 d:FreeholdInvestmentProperty 2023-01-31 03896366 d:FreeholdInvestmentProperty 2022-01-31 03896366 d:CurrentFinancialInstruments 2023-01-31 03896366 d:CurrentFinancialInstruments 2022-01-31 03896366 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 03896366 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 03896366 d:ShareCapital 2023-01-31 03896366 d:ShareCapital 2022-01-31 03896366 d:SharePremium 2023-01-31 03896366 d:SharePremium 2022-01-31 03896366 d:RevaluationReserve 2023-01-31 03896366 d:RevaluationReserve 2022-01-31 03896366 d:RetainedEarningsAccumulatedLosses 2023-01-31 03896366 d:RetainedEarningsAccumulatedLosses 2022-01-31 03896366 c:FRS102 2022-02-01 2023-01-31 03896366 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 03896366 c:FullAccounts 2022-02-01 2023-01-31 03896366 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 03896366 2 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Registered number: 03896366









NETWORK PROPERTY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
NETWORK PROPERTY LIMITED
REGISTERED NUMBER: 03896366

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
31
31

Investment property
 5 
942,296
942,296

  
942,327
942,327

Current assets
  

Debtors: amounts falling due within one year
 6 
48,956
43,424

Cash at bank and in hand
 7 
264,025
235,444

  
312,981
278,868

Creditors: amounts falling due within one year
 8 
(26,234)
(30,303)

Net current assets
  
 
 
286,747
 
 
248,565

Total assets less current liabilities
  
1,229,074
1,190,892

  

Net assets
  
1,229,074
1,190,892


Capital and reserves
  

Called up share capital 
  
470,469
470,469

Share premium account
  
5,733
5,733

Revaluation reserve
  
179,617
179,617

Profit and loss account
  
573,255
535,073

  
1,229,074
1,190,892


Page 1

 
NETWORK PROPERTY LIMITED
REGISTERED NUMBER: 03896366
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

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 by: 




Mr A Anacreonte
Director

Date: 19 October 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
NETWORK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Network Property Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.
The principal activity of the Company is that of property investment.

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

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 principally comprises income recognised by the Company in respect of rent charged and other ancillary services supplied during the period, exclusive of Value Added Tax and trade discounts.
Rental income is recognised on a straight line basis over the term of the lease. Amounts invoiced in advance of the tenancy period are deferred accordingly and recognised as income in the period to which they relate.

 
2.3

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

 
2.5

Taxation

Tax is recognised in the Statement of comprehensive income 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 balance sheet date in the countries where the Company operates and generates income.

Page 3

 
NETWORK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.6

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:

Fixtures and fittings
-
40%
straight-line

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 the Statement of comprehensive income.

  
2.7

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 the Statement of comprehensive income.

 
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

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.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 4

 
NETWORK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 February 2022
15,428



At 31 January 2023

15,428



Depreciation


At 1 February 2022
15,397



At 31 January 2023

15,397



Net book value



At 31 January 2023
31



At 31 January 2022
31

Page 5

 
NETWORK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 February 2022
942,296



At 31 January 2023
942,296


Comprising


Cost
762,679

Annual revaluation surplus:


Revaluation
179,617

At 31 January 2023
942,296

The 2023 valuations were made by the directors, on an open market value for existing use basis.





6.


Debtors

2023
2022
£
£


Trade debtors
8,202
7,670

Other debtors
35,754
35,754

Prepayments and accrued income
5,000
-

48,956
43,424



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
264,025
235,444


Page 6

 
NETWORK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
24
1,304

Corporation tax
8,941
9,707

Other creditors
10,540
11,110

Accruals and deferred income
6,729
8,182

26,234
30,303


 
Page 7