Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseNo description of principal activity111117trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02441809 2023-01-01 2023-12-31 02441809 2022-01-01 2022-12-31 02441809 2023-12-31 02441809 2022-12-31 02441809 c:Director1 2023-01-01 2023-12-31 02441809 d:Buildings 2023-01-01 2023-12-31 02441809 d:Buildings 2023-12-31 02441809 d:Buildings 2022-12-31 02441809 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02441809 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 02441809 d:Buildings d:LongLeaseholdAssets 2023-12-31 02441809 d:Buildings d:LongLeaseholdAssets 2022-12-31 02441809 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 02441809 d:Buildings d:ShortLeaseholdAssets 2023-12-31 02441809 d:Buildings d:ShortLeaseholdAssets 2022-12-31 02441809 d:MotorVehicles 2023-01-01 2023-12-31 02441809 d:MotorVehicles 2023-12-31 02441809 d:MotorVehicles 2022-12-31 02441809 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02441809 d:OfficeEquipment 2023-01-01 2023-12-31 02441809 d:OfficeEquipment 2023-12-31 02441809 d:OfficeEquipment 2022-12-31 02441809 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02441809 d:ComputerEquipment 2023-01-01 2023-12-31 02441809 d:ComputerEquipment 2023-12-31 02441809 d:ComputerEquipment 2022-12-31 02441809 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02441809 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02441809 d:FreeholdInvestmentProperty 2023-01-01 2023-12-31 02441809 d:FreeholdInvestmentProperty 2023-12-31 02441809 d:FreeholdInvestmentProperty 2022-12-31 02441809 d:CurrentFinancialInstruments 2023-12-31 02441809 d:CurrentFinancialInstruments 2022-12-31 02441809 d:Non-currentFinancialInstruments 2023-12-31 02441809 d:Non-currentFinancialInstruments 2022-12-31 02441809 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02441809 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02441809 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02441809 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02441809 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 02441809 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 02441809 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 02441809 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 02441809 d:ShareCapital 2023-12-31 02441809 d:ShareCapital 2022-12-31 02441809 d:RetainedEarningsAccumulatedLosses 2023-12-31 02441809 d:RetainedEarningsAccumulatedLosses 2022-12-31 02441809 c:FRS102 2023-01-01 2023-12-31 02441809 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02441809 c:FullAccounts 2023-01-01 2023-12-31 02441809 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02441809 2 2023-01-01 2023-12-31 02441809 6 2023-01-01 2023-12-31 02441809 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02441809










THE NORTH LONDON NETWORK LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THE NORTH LONDON NETWORK LIMITED
REGISTERED NUMBER: 02441809

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
842,450
876,790

Investments
 5 
51,516
45,770

Investment property
 6 
610,121
457,878

  
1,504,087
1,380,438

Current assets
  

Debtors: amounts falling due after more than one year
 7 
500,000
1,000,000

Debtors: amounts falling due within one year
 7 
1,160,436
691,007

Cash at bank and in hand
  
520,524
1,195,019

  
2,180,960
2,886,026

Creditors: amounts falling due within one year
 8 
(1,344,730)
(1,368,796)

Net current assets
  
 
 
836,230
 
 
1,517,230

Total assets less current liabilities
  
2,340,317
2,897,668

Creditors: amounts falling due after more than one year
 9 
(374,366)
(574,348)

Provisions for liabilities
  

Deferred tax
  
(48,226)
(52,718)

Other provisions
  
(218,500)
(222,000)

  
 
 
(266,726)
 
 
(274,718)

Net assets
  
1,699,225
2,048,602


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account
  
1,649,225
1,998,602

  
1,699,225
2,048,602


Page 1

 
THE NORTH LONDON NETWORK LIMITED
REGISTERED NUMBER: 02441809
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S E Gerrard
Director

Date: 2 September 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The North London Network Limited is a private company limited by shares incorporated in England and Wales. The registered office address is 197 Ballards Lane, London, England, N3 1LP and the company registration number is 02441809.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis which, inter alia, is based on the directors’ reasonable expectation that the Company has adequate resources to continue to operate as a going concern for at least twelve months from the date of their approval.
In making the assessment of the appropriateness of this basis, the directors have considered the trading of the Company since the year end and the facilities that are either committed to the Company for a period of at least twelve months from the date of approval of the financial statements or which they consider will probably be available to the Company during such period.
After careful consideration, the directors consider that they have reasonable grounds to believe that the Company can be regarded as a going concern and, for this reason, they continue to adopt the going concern basis in preparing the Company’s financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
1%
straight-line method
Long-term leasehold property
-
1%
straight-line method
Leasehold improvements
-
20%
straight-line method
Motor vehicles
-
25%
straight-line method
Office equipment
-
25%
straight-line method
Computer equipment
-
33%
straight-line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.18

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 111 (2022 - 117).

Page 7

 


 
THE NORTH LONDON NETWORK LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


4.


Tangible fixed assets






Freehold property
Long-term leasehold property
Leasehold improvements
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£
£
£



Cost


At 1 January 2023
325,000
249,950
188,035
31,740
180,255
118,504
1,093,484


Additions
-
-
15,343
-
52,227
24,326
91,896


Disposals
-
-
-
-
(937)
-
(937)



At 31 December 2023
325,000
249,950
203,378
31,740
231,545
142,830
1,184,443



Depreciation


At 1 January 2023
6,500
5,000
60,932
9,257
99,139
35,866
216,694


Charge for the year
3,250
2,499
37,828
7,935
33,492
40,549
125,553


Disposals
-
-
-
-
(254)
-
(254)



At 31 December 2023
9,750
7,499
98,760
17,192
132,377
76,415
341,993



Net book value



At 31 December 2023
315,250
242,451
104,618
14,548
99,168
66,415
842,450



At 31 December 2022
318,500
244,950
127,103
22,483
81,116
82,638
876,790

Page 8

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Listed investments

£



Valuation


At 1 January 2023
45,770


Revaluations
5,746



At 31 December 2023
51,516





6.


Investment property


Investment property

£



Valuation


At 1 January 2023
457,878


Additions at cost
152,243



At 31 December 2023
610,121

The directors are of the opinion that the initial cost remains the fair value of the property based on the market conditions at the balance sheet date.




Page 9

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

As restated
2023
2022
£
£

Due after more than one year

Other debtors
500,000
1,000,000


As restated
2023
2022
£
£

Due within one year

Trade debtors
343,671
361,136

Other debtors
575,873
58,064

Prepayments and accrued income
240,892
271,807

1,160,436
691,007



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
200,000
200,000

Trade creditors
222,518
140,417

Corporation tax
62,757
132,348

Other taxation and social security
509,169
508,707

Other creditors
173,791
206,186

Accruals
176,495
181,138

1,344,730
1,368,796



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
350,000
550,000

Other creditors
24,366
24,348

374,366
574,348


Page 10

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
200,000
200,000

Amounts falling due 1-2 years

Bank loans
200,000
200,000

Amounts falling due 2-5 years

Bank loans
150,000
350,000


550,000
750,000


The bank loan received on 14 September 2020, relates to the Coronavirus Business Interruption Loan Scheme. The loan term is 6 years with no interest payable for the first 12 months and thereafter the interest rate is 2.07% over the Bank of England Base Rate.


11.


Prior year restatement

Included in other debtors falling due within one year at 31 December 2022 was £1,000,000, which the directors consider would be better represented as falling due after more than one year. Accordingly, the comparative for other debtors has been restated to reflect this. No adjustment has been made to retained profit and loss.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £74,625 (2022 - £84,502). Contributions totalling £16,478 (2022 - £24,611) were payable to the fund at the balance sheet date and are included in creditors.

Page 11

 
THE NORTH LONDON NETWORK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Related party transactions

During the year ended 31 December 2023, the company made loan advances totalling £nil (2022: £1,000,000) to a company connected by virtue of common ownership. The loan bears interest of 3.25% per annum over the Lloyds Bank Base Rate calculated on a daily basis and accrued quarterly in arrears. The total interest accrued during the year was £85,288 (2022: £5,185). During the year, interest payments were received totalling £63,226 (2022: £nil). At the year end, the total amount owed to the company was £1,027,247 (2022: £1,005,185) and this was included in other debtors. The loan is due for full repayment by 31 July 2025. The company also received salary contributions totalling £216,375 (2022: £333,625) from the same company connected by virtue of common ownership.
During the year ended 31 December 2023, salary contributions totalling £59,000 (2022: £nil) were also received from a company connected by virtue of common ownership.
At the year end, loans amounting to £149,706 (2022 - £169,068) to members of key management personnel were outstanding. The loans are interest free, repayable on demand and are presented within other creditors.

 
Page 12