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REGISTERED NUMBER: 12124738 (England and Wales)















Financial Statements

for the Year Ended 30 March 2024

for

NETWORK PLUS GROUP LIMITED

NETWORK PLUS GROUP LIMITED (REGISTERED NUMBER: 12124738)

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 GROUP LIMITED

Company Information
for the year ended 30 March 2024







Directors: D L Holland
M Porter
K A Fowlie





Registered office: Chaddock Lane
Worsley
Greater Manchester
M28 1XW





Registered number: 12124738 (England and Wales)





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

NETWORK PLUS GROUP LIMITED (REGISTERED NUMBER: 12124738)

Balance Sheet
30 March 2024

2024 2023
as restated
Notes £'000 £'000 £'000 £'000
Fixed assets
Investments 5 103,352 103,352

Current assets
Debtors 6 28,952 25,935
Cash at bank 398 251
29,350 26,186
Creditors
Amounts falling due within one year 7 112,558 102,547
Net current liabilities (83,208 ) (76,361 )
Total assets less current liabilities 20,144 26,991

Creditors
Amounts falling due after more than one
year

8

36,558

36,558
Net liabilities (16,414 ) (9,567 )

Capital and reserves
Called up share capital 9 - -
Other reserves 2 2
Retained earnings (16,416 ) (9,569 )
Shareholders' funds (16,414 ) (9,567 )

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 GROUP LIMITED (REGISTERED NUMBER: 12124738)

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


1. Statutory information

Network Plus Group 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.

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 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 GROUP LIMITED (REGISTERED NUMBER: 12124738)

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.

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 year was 17 (2023 - 15 ) .

5. Fixed asset investments
Shares in
group
undertakings
£'000
Cost
At 31 March 2023
and 30 March 2024 103,352
Net book value
At 30 March 2024 103,352
At 30 March 2023 103,352

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

Network Plus Topco Limited
Registered office: Chaddock Lane, Worsley, Manchester M28 1XW
Nature of business: Holding company
%
Class of shares: holding
A - I Ordinary 100.00

6. Debtors: amounts falling due within one year
2024 2023
as restated
£'000 £'000
Amounts owed by group undertakings 21,369 21,369
Other debtors 7,583 4,566
28,952 25,935

NETWORK PLUS GROUP LIMITED (REGISTERED NUMBER: 12124738)

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


7. Creditors: amounts falling due within one year
2024 2023
as restated
£'000 £'000
Amounts owed to group undertakings 112,407 100,380
Social security and other taxes 66 123
Other creditors 16 22
Accruals and deferred income 69 2,022
112,558 102,547

8. Creditors: amounts falling due after more than one year
2024 2023
as restated
£'000 £'000
Preference shares 36,558 36,558

NETWORK PLUS GROUP LIMITED (REGISTERED NUMBER: 12124738)

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


9. Called up share capital

Allotted, issued and
fully paid:

2024 2023
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 year ended 30 March 2024


10. 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

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. 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.