Registered number
09194922
NetMC Estates Limited
Filleted Accounts
31 August 2024
NetMC Estates Limited
Registered number: 09194922
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 720,000 720,000
Investments 4 355,758 355,758
1,075,758 1,075,758
Current assets
Debtors 5 19,800 1,800
Cash at bank and in hand 34,693 32,175
54,493 33,975
Creditors: amounts falling due within one year 6 (86,133) (90,314)
Net current liabilities (31,640) (56,339)
Total assets less current liabilities 1,044,118 1,019,419
Creditors: amounts falling due after more than one year 7 (1,028,000) (1,028,000)
Net assets/(liabilities) 16,118 (8,581)
Capital and reserves
Called up share capital 2 2
Non-distributable reserve 9 (52,779) (52,779)
Profit and loss account 68,895 44,196
Shareholders' deficit 16,118 (8,581)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Butterworth
Director
Approved by the board on 12 May 2025
NetMC Estates Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Group accounts
Under the Companies Act 2006 both the company and the group of which it is the parent qualify as small and accordingly the company has taken advantage of the exemption from preparing consolidated financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rents receivable and reimbursed costs which are recogised as they fall due in accordance with the terms of the leases.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Nil
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 September 2023 720,000
At 31 August 2024 720,000
Depreciation
At 31 August 2024 -
Net book value
At 31 August 2024 720,000
At 31 August 2023 720,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 772,779 772,779
Cumulative depreciation based on historical cost - -
772,779 772,779
The freehold land and buildings are stated at the directors' fair market valuation to reflect the current office, retail and residential usage. The historical cost value reflects the developer premium paid at the time of purchase where a change of use from commercial to residential without extensive planning permission had been approved under the relevant government scheme now expired.
The directors remain of the opinion that in the medium term the depletion of quality office accommodation within the area will ultimately provide both a higher rental return and an increased asset value.
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 September 2023 355,758
At 31 August 2024 355,758
Historical cost
At 1 September 2023 375,758
At 31 August 2024 375,758
Gilmar Engineering Limited, incorporated in Scotland 31/10/2023 31/10/2022
Percentage ownership 100% 100%
Profit for the year £102,083 £83,740
Net assets £450,900 £390,817
5 Debtors 2024 2023
£ £
Trade debtors 1,800 1,800
Amounts owed by group undertakings and undertakings in which the company has a participating interest 18,000 -
19,800 1,800
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 22,430 28,278
Amounts owed to group undertakings and undertakings in which the company has a participating interest 30,000 30,000
Taxation and social security costs 663 261
Other creditors 33,040 31,775
86,133 90,314
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 1,028,000 1,028,000
Other creditors falling due after more than one year comprise related party loans concluded under normal market conditions as follows:
Lender £ Terms
NetMC Marine Ltd 600,000 Year ended 31.08.2014: 5 year fixed term at 2.5% above base capped at 6%, extended for 5 years to 2024 at 3% fixed.
Network Media Communications Ltd 158,000 Year ended 31.08.2014: 5 year fixed term at 2.5% above base capped at 6%, extended for 5 years to 2024 at 3% fixed.
Network Media Communications Ltd 270,000 Year ended 31.08.2022: 10 year maximum fixed term to 2031, no exit penalty, 5% above base, no cap.
1,028,000
The shareholders of the company also hold interests in the lender companies. The 2024 deadline dates expired after the company's year end and have since been further extended.
8 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,028,000 1,028,000
9 Non-distributable reserve arising on property revaluation 2024 2023
£ £
At 1 September 2023 (52,779) (52,779)
At 31 August 2024 (52,779) (52,779)
10 Other information
NetMC Estates Limited is a private company limited by shares and incorporated in England. Its registered office is:
260 High Street
Dorking
Surrey
RH4 1QT
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