REGISTERED NUMBER: |
Financial Statements |
for the Period 1 April 2022 to 30 March 2023 |
for |
NETWORK PLUS MULTI UTILITY LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Period 1 April 2022 to 30 March 2023 |
for |
NETWORK PLUS MULTI UTILITY LIMITED |
NETWORK PLUS MULTI UTILITY LIMITED (REGISTERED NUMBER: 12598513) |
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 MULTI UTILITY 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 MULTI UTILITY LIMITED (REGISTERED NUMBER: 12598513) |
Balance Sheet |
30 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
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 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 MULTI UTILITY LIMITED (REGISTERED NUMBER: 12598513) |
Notes to the Financial Statements |
for the period 1 April 2022 to 30 March 2023 |
1. | Statutory information |
Network Plus Multi Utility Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The company incurred a loss for the period and had net liabilities as at 30 March 2023. However, it will be supported by other group companies as required. |
The financial statements have therefore been prepared on a going concern basis. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
There are not considered to be any critical judgements in applying the company's accounting policies. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year. |
Turnover |
Turnover is the total amount receivable by the company in the ordinary course of business with customers for goods supplied and services provided excluding value added tax. |
Turnover is recognised to the extent it is probable that economic benefit will flow to the Company. Turnover is recognised as the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: |
The amount of turnover can be measured reliably; |
It is probable that the Company will receive the consideration due under the contract; and |
Where applicable, the costs incurred and the costs to complete the contract can be measured reliably. |
Turnover in respect of variations to contracts and incentive payments is recognised when it is probable it will be agreed by the customer. Where turnover recognised exceeds billing, the balance is shown as due from customers within debtors. |
NETWORK PLUS MULTI UTILITY LIMITED (REGISTERED NUMBER: 12598513) |
Notes to the Financial Statements - continued |
for the period 1 April 2022 to 30 March 2023 |
3. | Accounting policies - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost using the effective interest method. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade payables are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. |
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. |
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. |
4. | Employees and directors |
The average number of employees during the period was NIL (2022 - NIL). |
NETWORK PLUS MULTI UTILITY LIMITED (REGISTERED NUMBER: 12598513) |
Notes to the Financial Statements - continued |
for the period 1 April 2022 to 30 March 2023 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 61,446 | - |
Accruals and deferred income |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 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. | Contingent liabilities |
The company has guaranteed the bank loans and overdrafts of all group undertakings. At 30 March 2023 the total indebtedness of its ultimate parent company was £207,500,000 (2021 - £75,000,000). The indebtedness of other group companies was £nil (2022 - £nil). |
10. | Related party disclosures |
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. |
11. | Ultimate controlling party |
The immediate parent company, by virtue of its 100% shareholding, is Network Plus Services 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. |