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Registered number: 03896366









NETWORK PROPERTY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

 
NETWORK PROPERTY LIMITED
REGISTERED NUMBER: 03896366

BALANCE SHEET
AS AT 31 JANUARY 2025

2025
2024
                                                                      Note
£
£

Fixed assets
  

Tangible assets
 4 
31
31

Investment property
 5 
1,830,000
1,830,000

  
1,830,031
1,830,031

Current assets
  

Debtors: amounts falling due within one year
 6 
18,752
47,647

Cash at bank and in hand
 7 
232,536
248,191

  
251,288
295,838

Creditors: amounts falling due within one year
 8 
(25,145)
(23,447)

Net current assets
  
 
 
226,143
 
 
272,391

Total assets less current liabilities
  
2,056,174
2,102,422

Provisions for liabilities
  

Deferred tax
 9 
(149,983)
(149,983)

Net assets
  
1,906,191
1,952,439


Capital and reserves
  

Called up share capital 
  
470,469
470,469

Share premium account
 10 
5,733
5,733

Non-distributable reserve
 10 
877,386
877,386

Profit and loss account
 10 
552,603
598,851

  
1,906,191
1,952,439


Page 1

 
NETWORK PROPERTY LIMITED
REGISTERED NUMBER: 03896366
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025

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: 




Mr A Anacreonte
Director

Date: 7 July 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NETWORK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


General information

Network Property Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.
The principal activity of the Company is that of property investment.

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

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 principally comprises income recognised by the Company in respect of rent charged and other ancillary services supplied during the period, exclusive of Value Added Tax and trade discounts.
Rental income is recognised on a straight line basis over the term of the lease. Amounts invoiced in advance of the tenancy period are deferred accordingly and recognised as income in the period to which they relate.

 
2.3

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Page 3

 
NETWORK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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 balance sheet 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 balance sheet 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 balance sheet date.


 
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:

Fixtures and fittings
-
40%
straight-line

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 the Statement of comprehensive income.

Page 4

 
NETWORK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

  
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 the Statement of comprehensive income.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

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.

 
2.10

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 the Statement of comprehensive income.

 
2.11

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.

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2024 - 2).

Page 5

 
NETWORK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 February 2024
15,428



At 31 January 2025

15,428



Depreciation


At 1 February 2024
15,397



At 31 January 2025

15,397



Net book value



At 31 January 2025
31



At 31 January 2024
31


5.


Investment property


Freehold investment property

£



Valuation


At 1 February 2024 (as restated)
1,830,000



At 31 January 2025
1,830,000


Comprising


Cost
802,631

Annual revaluation surplus:


Revaluation
1,027,369

At 31 January 2025
1,830,000

The 2025 valuations were made by the directors, on an open market value for existing use basis.



Page 6

 
NETWORK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

6.


Debtors

2025
2024
£
£


Trade debtors
7,093
11,893

Other debtors
11,659
35,754

18,752
47,647



7.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
232,536
248,191



8.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
770
849

Corporation tax
9,830
7,148

Other creditors
10,490
10,490

Accruals and deferred income
4,055
4,960

25,145
23,447


Page 7

 
NETWORK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

9.


Deferred taxation




2025
2024


£

£






At beginning of year
149,983
-


Charged to profit or loss
-
149,983



At end of year
149,983
149,983

The provision for deferred taxation is made up as follows:

As restated
2025
2024
£
£


Chargeable gains
149,983
149,983


10.


Reserves

Non-distributable reserve

This includes the unrealised fair value gains on investment properties which are non-distributable profits.

Profit and loss account

This reserve includes all current and prior period retained profits and losses net of dividends paid and other adjustments which are considered distributable.


11.


Prior year adjustment

During the year a prior period adjustment was identified, whereby leasehold property revaluations as at 31 January 2024 were incorrectly calculated. Investment property has therefore been reduced by £500,000. Deferred tax on revaluations has also been reduced by £125,000.
The net impact is therefore a reduction in non-dirstributable reserves of £375,000.

 
Page 8