REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 March 2024 |
for |
NETWORK PLUS GROUP LIMITED |
REGISTERED NUMBER: |
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: |
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 2024 |
2024 | 2023 |
as restated |
Notes | £'000 | £'000 | £'000 | £'000 |
Fixed assets |
Investments | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Other reserves |
Retained earnings | ( |
) | (9,569 | ) |
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 year ended 30 March 2024 |
1. | Statutory information |
Network Plus Group Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
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 |
5. | Fixed asset investments |
Shares in |
group |
undertakings |
£'000 |
Cost |
At 31 March 2023 |
and 30 March 2024 |
Net book value |
At 30 March 2024 |
At 30 March 2023 |
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 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
as restated |
£'000 | £'000 |
Amounts owed by group undertakings |
Other debtors |
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 |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
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. |
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. 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. |