IRIS Accounts Production v24.2.0.383 08866050 Board of Directors 31.3.23 30.3.24 30.3.24 23/8/2024 0 0 true false true false false true false Auditors Opinion Ordinary 1.00000 Ordinary A 1.00000 Ordinary 1.00000 Ordinary A 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh088660502023-03-30088660502024-03-30088660502023-03-312024-03-30088660502022-03-31088660502022-04-012023-03-30088660502023-03-3008866050ns15:EnglandWales2023-03-312024-03-3008866050ns14:PoundSterling2023-03-312024-03-3008866050ns10:Director12023-03-312024-03-3008866050ns10:PrivateLimitedCompanyLtd2023-03-312024-03-3008866050ns10:SmallEntities2023-03-312024-03-3008866050ns10:Audited2023-03-312024-03-3008866050ns10:SmallCompaniesRegimeForDirectorsReport2023-03-312024-03-3008866050ns10:SmallCompaniesRegimeForAccounts2023-03-312024-03-3008866050ns10:FullAccounts2023-03-312024-03-3008866050ns10:OrdinaryShareClass12023-03-312024-03-3008866050ns10:OrdinaryShareClass22023-03-312024-03-3008866050ns10:Director22023-03-312024-03-3008866050ns10:Director42023-03-312024-03-3008866050ns10:Director52023-03-312024-03-3008866050ns10:RegisteredOffice2023-03-312024-03-3008866050ns5:CurrentFinancialInstruments2024-03-3008866050ns5:CurrentFinancialInstruments2023-03-3008866050ns5:ShareCapital2024-03-3008866050ns5:ShareCapital2023-03-3008866050ns5:FurtherSpecificReserve2ComponentTotalEquity2024-03-3008866050ns5:FurtherSpecificReserve2ComponentTotalEquity2023-03-3008866050ns5:RetainedEarningsAccumulatedLosses2024-03-3008866050ns5:RetainedEarningsAccumulatedLosses2023-03-3008866050ns5:CostValuation2023-03-3008866050ns5:Subsidiary12023-03-312024-03-3008866050ns5:Subsidiary112023-03-312024-03-3008866050ns5:Subsidiary12024-03-3008866050ns5:Subsidiary12023-03-3008866050ns5:Subsidiary12022-04-012023-03-3008866050ns5:Subsidiary22023-03-312024-03-30088660503ns5:Subsidiary22023-03-312024-03-3008866050ns5:Subsidiary22024-03-3008866050ns5:Subsidiary22023-03-3008866050ns5:Subsidiary32023-03-312024-03-3008866050ns5:Subsidiary352023-03-312024-03-3008866050ns5:Subsidiary32024-03-3008866050ns5:Subsidiary32023-03-3008866050ns5:Subsidiary32022-04-012023-03-3008866050ns10:OrdinaryShareClass12024-03-3008866050ns10:OrdinaryShareClass22024-03-30
REGISTERED NUMBER: 08866050 (England and Wales)















Financial Statements

for the Year Ended 30 March 2024

for

NETWORK PLUS UTILITY SERVICES LIMITED

NETWORK PLUS UTILITY SERVICES LIMITED (REGISTERED NUMBER: 08866050)

Contents of the Financial Statements
for the year ended 30 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NETWORK PLUS UTILITY SERVICES LIMITED

Company Information
for the year ended 30 March 2024







Directors: M P O'Sullivan
D L Holland
M Porter
K A Fowlie





Registered office: Chaddock Lane
Worsley
Greater Manchester
M28 1XW





Registered number: 08866050 (England and Wales)





Auditors: CLA Evelyn Partners Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

NETWORK PLUS UTILITY SERVICES LIMITED (REGISTERED NUMBER: 08866050)

Balance Sheet
30 March 2024

2024 2023
Notes £ £ £ £
Fixed assets
Investments 5 6,000,000 6,000,000

Current assets
Cash at bank 5 5

Creditors
Amounts falling due within one year 6 38,796 38,796
Net current liabilities (38,791 ) (38,791 )
Total assets less current liabilities 5,961,209 5,961,209

Capital and reserves
Called up share capital 7 56,000 56,000
Merger reserve 948 948
Retained earnings 5,904,261 5,904,261
Shareholders' funds 5,961,209 5,961,209

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:





M Porter - Director


NETWORK PLUS UTILITY SERVICES LIMITED (REGISTERED NUMBER: 08866050)

Notes to the Financial Statements
for the year ended 30 March 2024


1. Statutory information

Network Plus Utility Services 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. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis as the Directors have a reasonable expectation that the Company has adequate resources for a period of at least 12 months from the date of approval of the financial statements.

In assessing the appropriateness of the going concern basis of accounting, the Board have taken into account a number of factors including current operating performance, cash liquidity, approved budgets forecasts covering the going concern period and forecast banking compliance ratios.

Management has prepared, and the Directors have reviewed and approved, budgets for the year ending 30 March 2025. These budgets include profit projections and cash flow forecasts. Longer term 5 year plans out to March 2028 have also been prepared and reviewed by the Board. An element of uncertainty is inherent in forecasting and key sensitivities have been considered when budgets are prepared and approved.

Consequently, the Directors are satisfied that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Therefore, the financial statements have 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.

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 estimates or judgements in applying the company's accounting policies.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year 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.


NETWORK PLUS UTILITY SERVICES LIMITED (REGISTERED NUMBER: 08866050)

Notes to the Financial Statements - continued
for the year ended 30 March 2024


3. Accounting policies - continued
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.

4. Employees and directors

The average number of employees during the year was NIL (2023 - NIL).

5. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 31 March 2023
and 30 March 2024 6,000,000
Net book value
At 30 March 2024 6,000,000
At 30 March 2023 6,000,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Network Plus Services Limited
Registered office: Chaddock Lane, Worsley, Greater Manchester M28 1XW
Nature of business: Civil engineering
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 91,891,976 67,749,467
Profit for the year/period 24,142,509 11,293,263

Network Plus Plant Hire Limited
Registered office: Chaddock Lane, Worsley, Greater Manchester M28 1XW
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 7,329 7,329

NETWORK PLUS UTILITY SERVICES LIMITED (REGISTERED NUMBER: 08866050)

Notes to the Financial Statements - continued
for the year ended 30 March 2024


5. Fixed asset investments - continued

Go Traffic Management Limited
Registered office: Chaddock Lane, Worsley, Greater Manchester M28 1XW
Nature of business: Hire of traffic management systems
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 16,321,243 13,247,893
Profit for the year/period 3,073,350 6,812,024

6. Creditors: amounts falling due within one year
2024 2023
£ £
Amounts owed to group undertakings 36,809 37,296
Accruals and deferred income 1,987 1,500
38,796 38,796

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
10,000 Ordinary £1 10,000 10,000
46,000 Ordinary A £1 46,000 46,000
56,000 56,000

All shares are entitled to dividends and have full voting rights. Ordinary shares have priority to the first £10,000,000 of realised value on any exit event with the Ordinary A shares having the right to any value in excess of £10,000,000.

8. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

David Fort FCA (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited

9. Contingent liabilities

The company has guaranteed the bank loans and overdrafts of its parent and subsidiary undertakings. At 30 March 2024 the indebtedness of these companies was £215,400,000 (2023 - £222,000,000).

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.

NETWORK PLUS UTILITY SERVICES LIMITED (REGISTERED NUMBER: 08866050)

Notes to the Financial Statements - continued
for the year ended 30 March 2024


11. Ultimate controlling party

The immediate parent company, by virtue of its 100% shareholding, is Network Plus Topco 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. Copies of the group accounts are available from Chaddock Lane, Worsley, Greater Manchester M28 1XW.

OMERS Administration Corporation is the ultimate controlling party of Nyetimber Finco Limited.