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Registration number: 05053188

Nexnet Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Nexnet Management Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Nexnet Management Limited

(Registration number: 05053188)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

585,000

742,500

Current assets

 

Debtors

6

851

3,308

Cash at bank and in hand

 

23,895

18,767

 

24,746

22,075

Creditors: Amounts falling due within one year

7

(31,482)

(190,601)

Net current liabilities

 

(6,736)

(168,526)

Total assets less current liabilities

 

578,264

573,974

Provisions for liabilities

(15,704)

(22,076)

Net assets

 

562,560

551,898

Capital and reserves

 

Called up share capital

8

10,100

10,100

Retained earnings

552,460

541,798

Shareholders' funds

 

562,560

551,898

For the financial year ending 31 December 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.

 

Nexnet Management Limited

(Registration number: 05053188)
Balance Sheet as at 31 December 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 28 April 2025 and signed on its behalf by:
 

.........................................
Mr William George Swales
Director

   
     
 

Nexnet Management Limited

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

1

General information

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

The address of its registered office is:
19 Smales Street
York
YO1 6EW

These financial statements were authorised for issue by the Board on 28 April 2025.

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.

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.

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.

 

Nexnet Management Limited

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

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:

Asset class

Depreciation method and rate

Plant and Machinery

20% Straight Line

Office Equipment

33% Straight Line

Investment property

Investment property is recorded at cost, which includes purchase price and any directly attributable expenditure to the procurement and implementation of the asset.

Investment property is revalued to it's fair value at each reporting date and any changes in fair value are recognised in the statement of retained earnings.

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.

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.

 

Nexnet Management Limited

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

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.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Nexnet Management Limited

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

4

Tangible assets

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

7,895

7,895

At 31 December 2024

7,895

7,895

Depreciation

At 1 January 2024

7,895

7,895

At 31 December 2024

7,895

7,895

Carrying amount

At 31 December 2024

-

-

5

Investment properties

2024
£

At 1 January

742,500

Disposals

(157,500)

At 31 December

585,000

6

Debtors

Current

2024
£

2023
£

Prepayments

851

3,308

 

851

3,308

7

Creditors

Creditors: amounts falling due within one year

 

Nexnet Management Limited

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

2024
£

2023
£

Due within one year

Trade creditors

517

43

Taxation and social security

7,124

3,965

Accruals and deferred income

1,080

9,961

Other creditors

22,761

176,632

31,482

190,601

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

7,575

7,575

7,575

7,575

Ordinary B of £1 each

2,525

2,525

2,525

2,525

10,100

10,100

10,100

10,100

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £0.26 per each Ordinary A

1,970

1,970

Interim dividend of £0.52 per each Ordinary B

1,313

1,313

3,283

3,283