REGISTERED NUMBER: |
Financial Statements |
for the Period 1 April 2022 to 30 March 2023 |
for |
NETWORK PLUS GROUP LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Period 1 April 2022 to 30 March 2023 |
for |
NETWORK PLUS GROUP LIMITED |
NETWORK PLUS GROUP LIMITED (REGISTERED NUMBER: 12124738) |
Contents of the Financial Statements |
for the period 1 April 2022 to 30 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
NETWORK PLUS GROUP LIMITED |
Company Information |
for the period 1 April 2022 to 30 March 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
NETWORK PLUS GROUP LIMITED (REGISTERED NUMBER: 12124738) |
Balance Sheet |
30 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
Net (liabilities)/assets | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Other reserves |
Retained earnings | ( |
) |
Shareholders' funds | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
NETWORK PLUS GROUP LIMITED (REGISTERED NUMBER: 12124738) |
Notes to the Financial Statements |
for the period 1 April 2022 to 30 March 2023 |
1. | Statutory information |
Network Plus Group Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The company had net liabilities as at the year end and so is dependent on the support of other group companies. The group has confirmed that this support will be made available if required. |
The financial statements have therefore been prepared on a going concern basis. |
The company has taken advantage of the exemption available under the Companies Act 2006 not to prepare consolidated financial statements because it is included in the consolidated financial statement of Nyetimber Finco Limited, which are publicly available on Companies House. |
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. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 period 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. |
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. |
NETWORK PLUS GROUP LIMITED (REGISTERED NUMBER: 12124738) |
Notes to the Financial Statements - continued |
for the period 1 April 2022 to 30 March 2023 |
4. | Employees and directors |
The average number of employees during the period was |
5. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 April 2022 |
and 30 March 2023 |
Net book value |
At 30 March 2023 |
At 31 March 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Chaddock Lane, Worsley, Manchester M28 1XW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Chaddock Lane, Worsley, Manchester M28 1XW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Chaddock Lane, Worsley, Manchester M28 1XW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Chaddock Lane, Worsley, Manchester M28 1XW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Chaddock Lane, Worsley, Manchester M28 1XW |
Nature of business: |
% |
Class of shares: | holding |
NETWORK PLUS GROUP LIMITED (REGISTERED NUMBER: 12124738) |
Notes to the Financial Statements - continued |
for the period 1 April 2022 to 30 March 2023 |
5. | Fixed asset investments - continued |
Registered office: Chaddock Lane, Worsley, Manchester M28 1XW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Chaddock Lane, Worsley, Manchester M28 1XW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Chaddock Lane, Worsley, Manchester M28 1XW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Chaddock Lane, Worsley, Manchester M28 1XW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Chaddock Lane, Worsley, Manchester M28 1XW |
Nature of business: |
% |
Class of shares: | holding |
* Shares held by Network Plus Topco Limited. |
** Shares held by Network Plus Utility Services Limited. |
*** Shares held by Network Plus Services Limited |
**** Shares held by Go Traffic Management Limited. |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
NETWORK PLUS GROUP LIMITED (REGISTERED NUMBER: 12124738) |
Notes to the Financial Statements - continued |
for the period 1 April 2022 to 30 March 2023 |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loan - 2-5 yrs | - | 75,000,000 |
Preference shares | 36,558,000 | 36,558,000 |
NETWORK PLUS GROUP LIMITED (REGISTERED NUMBER: 12124738) |
Notes to the Financial Statements - continued |
for the period 1 April 2022 to 30 March 2023 |
9. | Called up share capital |
Allotted, issued and fully paid: |
2023 | 2022 |
Number: | Class: | Nominal value | £ | £ |
584 | B Ordinary | 0.1p | 1 | 1 |
584 | C Ordinary | 0.1p | 1 | 1 |
385 | D Ordinary | 0.1p | 1 | 1 |
385 | E Ordinary | 0.1p | 1 | 1 |
268 | F Ordinary | 0.1p | 1 | 1 |
46 | F2 Ordinary | 0.1p | - | - |
268 | G Ordinary | 0.1p | 1 | 1 |
46 | G2 Ordinary | 0.1p | - | - |
268 | H Ordinary | 0.1p | 1 | 1 |
46 | H2 Ordinary | 0.1p | - | - |
105 | I Ordinary | 0.1p | - | - |
105 | J Ordinary | 0.1p | - | - |
105 | K Ordinary | 0.1p | - | - |
105 | L Ordinary | 0.1p | - | - |
105 | M Ordinary | 0.1p | - | - |
58 | N Ordinary | 0.1p | - | - |
70 | O Ordinary | 0.1p | - | - |
70 | P Ordinary | 0.1p | - | - |
1,118,600 | X Ordinary | 0.0001p | 1 | 1 |
4,474,400 | Y Ordinary | 0.0001p | 4 | 4 |
10,771,200 | Z Deferred Ordinary | 0.0001p | 11 | 11 |
58,874 | Z1 Ordinary | 0.0001p | - | - |
23 | 23 |
All shares are entitled to dividends as declared for each class but only the X and Y ordinary shares have voting rights. |
In the event of a winding up the W shares are entitled to the first £36,558,000 at £10 per share. |
Any excess over £50m is payable as follows: |
B Shares | 2.5% |
C Shares | 2.5% |
D Shares | 1.65% |
E Shares | 1.65% |
F Shares | 1.15% |
F2 Shares | 0.2% |
G Shares | 1.15% |
G2 shares | 0.2% |
H Shares | 1.15% |
H2 Shares | 0.2% |
I Shares | 0.45% |
J Shares | 0.45% |
K Shares | 0.45% |
L Shares | 0.45% |
M Shares | 0.45% |
N Shares | 0.25% |
O shares | 0.3% |
P Shares | 0.3% |
X Shares | 19.8% |
Z1 Shares | 1.0% |
The Y shares are entitled to any remaining assets. |
The Z shares are entitled to a return of nominal value only. |
NETWORK PLUS GROUP LIMITED (REGISTERED NUMBER: 12124738) |
Notes to the Financial Statements - continued |
for the period 1 April 2022 to 30 March 2023 |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | Ultimate controlling party |
The immediate parent company, by virtue of its 100% shareholding, is Nyetimber Bidco Limited, a company registered in the United Kingdom. |
Nyetimber Finco Limited, a company registered in the United Kingdom, is the parent undertaking of the smallest group of undertakings to consolidate these financial statements. OMERS Administration Corporation is the beneficial owner of Nyetimber Finco Limited. |