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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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NETWORKS CENTRE HOLDING COMPANY LIMITED
COMPANY INFORMATION
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NETWORKS CENTRE HOLDING COMPANY LIMITED
CONTENTS
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NETWORKS CENTRE HOLDING COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present the strategic report for the year ended 31 December 2024.
This is a dormant holding company of a trading group. The trading group operates in three main areas: Telecommunications, Enterprise Networks and Data Centres. The group's core products include fibre optic products, copper twisted pair physical infrastructure systems; rack level power and monitoring solutions; enclosures and containment and test and measurement equipment. The group offers a wide variety of training and other associated services.
The directors are pleased with the performance of the group in the current year. The Gigabit rollout in the UK is forming a large part of the growth and increase in orders. Events within the financial year: The business continued to focus on warehouse space optimisation and fulfilment, maintaining a significant and varied stock profile. In addition to the above, highlights of the company's activity during the year included: • Investment in staff training and development. • Addition of key personnel. • Continued investment in the website and new e commerce website. • Addition of eco friendly waste reducing machinery and systems. • Enhancement of EV motor fleet. Although the office enterprise part remains relatively quiet, the growth in the UK fibre rollout and the Data Centre projects are allowing the company to still grow at double digit growth. As the return to offices has now started, we expect this area to bounce back quickly. The company has a very healthy pipeline for this financial year, and we again expect revenue growth of around 10%.
The Directors acknowledge that, with significant assets tied up in stock, liquidity remains a significant risk. However, they are satisfied that adequate measures are in place to manage stock portfolio and cash flow and so to mitigate this risk.
Although Brexit still provides challenges, it also provides opportunity. With strong partnerships, exports to Europe remain strong with the added advantage of a group company in the Netherlands. Furthermore, the environment within which the entity operates, particularly that related to changes in technology, is always evolving. The Directors take an active interest in the market, monitoring changes and developments in the industry. Active participation and ongoing investment ensure that opportunities are not missed, and the company is well placed to remain at the forefront of the industry and so manage the risk of not keeping pace with these developments. Director's indemnity insurance Director's indemnity insurance is in place with a cover of £1,000,000.
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NETWORKS CENTRE HOLDING COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors recognise their personal responsibility to promote the success of Networks Centre on behalf of its shareholders, and to protect the interests of the various stakeholders connected to the company and ensure that Networks centre remains a going concern indefinitely. The company’s long-term goal is to increase market share and deliver sustainable growth across the Networks Centre group of companies. This ambition is in line with the direction set by our shareholders and aims to enhance shareholder returns through increased share value.
This is mainly evidenced in the continued growth of Networks Centre. This success is seen in the improvement year on year in Gross Profit Margin, Profit before tax and increase in Net assets held by the business. This shows that shareholder return and stability is a priority for the company leadership. Financial success is supported by the underlying culture of the company. The directors have created a supportive culture to its employees and set standards through policies and values related to ethical business practice. Through setting these high standards, the directors ensure that employees feel valued and work in a supportive environment. Customer and supplier relationships are also recognised to be critical to the Networks centres success and the company has developed numerous policies that it adheres to for the purpose of ensuring positive relations are maintained and the company operates in a legal and ethical way. This seeks to reduce potential operating or Financial risk that could occur, as well as the impact of the Networks centre business operation on local and minority interests. While we acknowledge that every decision we make will not necessarily result in a positive outcome for all of our stakeholders, by considering the Company’s mission statement, strategic aims and core values and having a process in place for decision making, we do, however, aim to make sure that our decisions are consistent.
This report was approved by the board on 13 July 2025 and signed on its behalf.
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NETWORKS CENTRE HOLDING COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the Year ended 31 December 2024.
The directors who served during the Year were:
The group operates management policies designed to minimise its exposure to financial risk:
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. Regular cash flow forecasts are prepared to ensure the group is able to cover its interest payments and continually monitors the market rate of interest.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade receivables are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
The results for the year are set out on page 10.
Ordinary dividends were £nil (2023:£nil). The directors do not recommend payment of a further dividend.
After successful expansions in Holland and Scotland, Networks Centre is considering other opportunities in Europe, which will also be supported by its parent company, Alcadon. Further acquisitions to grow the Networks centre brand are likely to happen in 2025.
The Directors expectation is that the business will continue to perform strongly for the foreseeable future.
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NETWORKS CENTRE HOLDING COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The total energy use during the year was below 40,000 kilowatt-hours (kWh), which qualifies the company as a "low energy user" under the Streamlined Energy and Carbon Reporting (SECR) framework. As a result, the company is exempt from providing detailed energy and carbon disclosures.
There have been no significant events affecting the Company since the year end.
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
So far as the director's are aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Where necessary, disclosure relating to principal risks and uncertainties, and financial risk management, have been made in the Strategic Report and have not been repeated here in accordance with Section 414C of the companies Act 2006
The company has taken exemption to consolidate under the Companies Act 2006, S401.
This report was approved by the board on
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NETWORKS CENTRE HOLDING COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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NETWORKS CENTRE HOLDING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NETWORKS CENTRE HOLDING COMPANY LIMITED
We have audited the financial statements of Networks Centre Holding Company Limited (the 'Company') for the Year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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NETWORKS CENTRE HOLDING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NETWORKS CENTRE HOLDING COMPANY LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial Year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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NETWORKS CENTRE HOLDING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NETWORKS CENTRE HOLDING COMPANY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • the nature of the industry and sector, control environment and business performance; • results of our enquiries of management about their own identification and assessment of the risks of irregularities, including those that are specific to the Company's business sector; • results of our discussions and enquiries with management and those charged with governance regarding any known or suspected instances of fraud; • any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. We obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. In addition, we considered other laws and regulations that could have an effect on the company and result in the imposition of financial or other penalties and litigation. We discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements, any opportunities or incentives for fraud and potential indicators of fraud. All matters in relation to non-compliance with relevant laws and regulations and potential fraud risks were communicated to all members of the engagement team, who were all deemed to have appropriate competence and capabilities, and we remained alert to any indications of fraud or non-compliance throughout the audit.
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NETWORKS CENTRE HOLDING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NETWORKS CENTRE HOLDING COMPANY LIMITED (CONTINUED)
Non-compliance with laws and regulations
Our procedures to respond to risks identified included the following: • enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; • reviewing and considering any meeting minutes of those charged with governance for any instances of non-compliance with laws and regulations; • reviewing and considering any correspondence with tax authorities for any instances of non-compliance with laws and regulations; • assessing the appropriateness of disclosures concerning actual and potential litigation and claims, and where appropriate, discussing with third parties; • reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; and • reviewing any legal expenditure accounts to understand the nature of expenditure incurred. These limited procedures did not identify any actual or suspected non-compliance. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Fraud As a result of our risk assessment procedures, we identified the area with the greatest potential for fraud to be revenue recognition. In common with all audits under ISAs (UK), we are required to presume there is a fraud risk in relation to revenue recognition, and we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we reviewed and tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. Our procedures to respond to the risks identified included the following: • performing substantive audit procedures on the revenue recognised during the year by agreeing to supporting documentation; • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and • reviewing and considering any meeting minutes of those charged with governance.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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NETWORKS CENTRE HOLDING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NETWORKS CENTRE HOLDING COMPANY LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Audits
124 Finchley Road
NW3 5JS
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NETWORKS CENTRE HOLDING COMPANY LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NETWORKS CENTRE HOLDING COMPANY LIMITED
REGISTERED NUMBER: 11809457
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 19 form part of these financial statements.
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NETWORKS CENTRE HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Networks Centre Holding Company Limited ("the Company") is a private company limited by shares incorporated in England and Wales. The registered office is Bentley House, Wiston Business Park, London Road, Ashington, West Sussex, RH20 3DJ.
2.Accounting policies
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.
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 £1. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. The company has taken advantage of S401 of the Companies Act 2006: Exemption from preparing consolidated financial statements at a UK intermediate parent company level. This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: • Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures; • Section 33 'Related Party Disclosures': Compensation for key management personnel.
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment, benefiting from increased demand in the, data centre space and intelligent buildings, the directors have performed a robust analysis of forecast future cash flows until July 2026. This analysis also considers the effectiveness of available measures to assist in mitigating any potential impact.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and financial statements.
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NETWORKS CENTRE HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting year end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends are payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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NETWORKS CENTRE HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The tax expense represents the sum of the tax currently payable and deferred tax.
Current Tax The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised where the revision affects only that year, or in the year of the revision and future years where the revision affects both current and future years. However, as a non trading holding company, there are no significant judgements or estimates in these financial statements.
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NETWORKS CENTRE HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NETWORKS CENTRE HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
*Amounts owed to group undertakings are unsecured, payable on demand and all interest free.
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NETWORKS CENTRE HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is included in a joint security arrangement whereby all present and future indebtedness and liabilities owing to the bank are secured by a composite unlimited multilateral guarantee and a debenture given by Networks Centre Limited, Networks Centre Holding Company Limited and Communications Centre International Limited. At the statement of financial position date, there were no further liabilities arising under this arrangement.
All audit fees are borne by the trading subsidiary Networks Centre Limited.
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NETWORKS CENTRE HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Prior year errors relating to the recognition of additional share capital and an investment in a subsidiary.
1. Share Capital - A prior year adjustment was made to recognise additional Class E shares that had not been recorded in the financial statements. This resulted in an increase in share capital and amounts owed by group undertakings by £13. 2. Investment in Subsidiary - The company has retrospectively recognised its investment in Networks Centre Scotland Limited, which was previously omitted. This has been corrected by adjusting the investment in subsidiaries within non-current assets by and amounts owed to group undertakings by £1. These adjustments have been applied retrospectively, and comparative figures have been restated accordingly. No adjustment to prior year profits has been made as the correction affects only equity and non-current assets.
The ultimate parent (owner of Networks Centre Holding Company) is Alcadon Group AB, based in Sweden. Consolidated accounts are available at https://alcadongroup .se/en/investercare /finansiella-rapporter /. The smallest and largest group that consolidates is Alcadon Group AB. Company address is: Segelbatsvagen 2, 112 64 Stockholm, Seweden.
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