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Registration number: 06703661

Networx3 Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

Pages for filing with Registrar

 

Networx3 Group Limited

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Networx3 Group Limited

Company Information


 

Directors

Mr I Ashworth

Mrs J Ashworth

Mrs C Earnshaw

Mr K Anderson

Mr I M Lomax

Registered office

Thomas House Meadowcroft Busines Park
Pope Lane
Whitestake
Preston
Lancashire
PR4 4AZ

 

Networx3 Group Limited

(Registration number: 06703661)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,342,958

1,592,422

Investments

6

400

400

 

1,343,358

1,592,822

Current assets

 

Stocks

30,000

30,000

Debtors

7

398,804

525,332

Cash at bank and in hand

 

70,970

194,243

 

499,774

749,575

Creditors: Amounts falling due within one year

8

(369,870)

(404,152)

Net current assets

 

129,904

345,423

Total assets less current liabilities

 

1,473,262

1,938,245

Creditors: Amounts falling due after more than one year

8

(362,599)

(546,091)

Provisions for liabilities

(140,376)

(202,206)

Net assets

 

970,287

1,189,948

Capital and reserves

 

Called up share capital

200

200

Share premium reserve

24,980

24,980

Retained earnings

945,107

1,164,768

Shareholders' funds

 

970,287

1,189,948

 

Networx3 Group Limited

(Registration number: 06703661)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................
Mr I Ashworth
Director

 

Networx3 Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Thomas House Meadowcroft Busines Park
Pope Lane
Whitestake
Preston
Lancashire
PR4 4AZ
England

The principal place of business is:
The Old Kennels
Monk Hall, Monk Hall Lane
Briercliffe
Burnley
BB10 3PJ

These financial statements were authorised for issue by the Board on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

Networx3 Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The company recognises government grants on the accruals model under FRS102.

Grants that compensate the company for expenses incurred are recognised in profit or loss on a systematic basis in the periods in which the expenses are recognised.

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Networx3 Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Improvements to property

10% straight line

Plant and machinery

15% reducing balance, 33% straight line & 20% straight line

Fixtures and fittings

15% reducing balance

Motor vehicles

20% reducing balance

Computer equipment

33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Networx3 Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

 

Networx3 Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

 

Networx3 Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2023 - 18).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

247,000

247,000

At 31 March 2024

247,000

247,000

Amortisation

At 1 April 2023

247,000

247,000

At 31 March 2024

247,000

247,000

Carrying amount

At 31 March 2024

-

-

 

Networx3 Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Tangible assets

Leasehold Improvements
£

Fixtures and fittings
 £

Motor vehicles
 £

Computer Equipment
£

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2023

610,771

51,382

922,816

115,207

535,940

2,236,116

Additions

96,908

-

24,495

7,773

14,483

143,659

Disposals

(818)

-

(218,143)

-

-

(218,961)

At 31 March 2024

706,861

51,382

729,168

122,980

550,423

2,160,814

Depreciation

At 1 April 2023

38,274

24,307

216,261

88,666

276,187

643,695

Charge for the year

68,106

4,061

132,069

13,476

53,650

271,362

Eliminated on disposal

(71)

-

(97,130)

-

-

(97,201)

At 31 March 2024

106,309

28,368

251,200

102,142

329,837

817,856

Carrying amount

At 31 March 2024

600,552

23,014

477,968

20,838

220,586

1,342,958

At 31 March 2023

572,496

33,425

706,555

20,193

259,753

1,592,422

 

Networx3 Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Investments

2024
£

2023
£

Investments in subsidiaries

400

400

Subsidiaries

£

Cost or valuation

At 1 April 2023

400

Provision

Carrying amount

At 31 March 2024

400

At 31 March 2023

400

7

Debtors

Current

2024
£

2023
£

Trade debtors

382,506

510,327

Prepayments

15,089

14,640

Other debtors

1,209

365

 

398,804

525,332

 

Networx3 Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

10,763

9,984

Trade creditors

23,453

45,709

Other taxation and social security

184,995

143,335

Other creditors

145,659

184,283

Accruals and deferred income

5,000

20,841

369,870

404,152

Due after one year

Loans and borrowings

19,238

30,019

Other non-current financial liabilities

343,361

516,072

362,599

546,091

Creditors: amounts falling due after more than one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured against the assets to which they relate.

The loans and borrowings contain fixed and floating charges over all the unencumbered assets of the company.

9

Related party transactions

Loans to related parties

 

Key management

2024
£

2023
£

At start of period

364

(3,302)

Advanced

250,426

163,500

Repaid

(250,058)

(159,834)

At end of period

732

364

Terms of loans to related parties

Loans owed by key management are repayable on demand.