REGISTERED NUMBER: 02899817 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2024

for

NetworksUK Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

2

Fixed assets

Intangible assets

5

731

1,433

Tangible assets

6

13,071

15,610

13,802

17,043

Current assets

Debtors

7

548,570

143,500

Cash at bank

4,011

410,288

552,581

553,788

Creditors

Amounts falling due within one year

8

(37,620

)

(78,655

)

Net current assets

514,961

475,133

Total assets less current liabilities

528,763

492,176

Provisions for liabilities

(3,268

)

(3,903

)

Net assets

525,495

488,273

Capital and reserves

Called up share capital

100

100

Retained earnings

525,395

488,173

525,495

488,273

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

Mr S A Hobbs - Director

1.	Statutory information

NetworksUK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02899817

Registered office:

Queens Head House

The Street

Acle

Norwich

Norfolk

NR13 3DY

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Patents and licences

Costs associated with patents and licences are capitalised and amortised equally over a period of 3 years, which is the period over which the directors consider the costs have a continued value.

Internet domains

Costs associated with internet domains are capitalised and amortised equally over a period of 5 years, which is the period over which the directors consider the costs have a continued value.

Tangible fixed assets

Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Tools and equipment - 15% on reducing balance

Office equipment - 15% on reducing balance

Motor vehicles - 25% on reducing balance

Computer equipment - 33.3% on reducing balance

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

4.	Employees and directors

The average number of employees during the year was 3 (2023 - 3 ) .

5.	Intangible fixed assets

Patents and

Development

Internet

licences

costs

domains

Totals

£

£

£

£

Cost

At 1 January 2024

and 31 December 2024

57,736

166,567

3,513

227,816

Amortisation

At 1 January 2024

57,736

166,567

2,080

226,383

Amortisation for year

-

-

702

702

At 31 December 2024

57,736

166,567

2,782

227,085

Net book value

At 31 December 2024

-

-

731

731

At 31 December 2023

-

-

1,433

1,433

6.	Tangible fixed assets

Tools &

Office

Computer

equipment

equipment

equipment

Totals

£

£

£

£

Cost

At 1 January 2024

and 31 December 2024

130,815

7,774

20,334

158,923

Depreciation

At 1 January 2024

117,446

6,638

19,229

143,313

Charge for year

2,005

170

364

2,539

At 31 December 2024

119,451

6,808

19,593

145,852

Net book value

At 31 December 2024

11,364

966

741

13,071

At 31 December 2023

13,369

1,136

1,105

15,610

7.

Debtors

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

-

75,857

Other debtors

548,209

41,032

548,209

116,889

Amounts falling due after more than one year:

Other debtors

361

26,611

Aggregate amounts

548,570

143,500

8.

Creditors: amounts falling due within one year

2024

2023

£

£

Trade creditors

-

94

Tax

19,017

26,092

Social security and other taxes

-

5,185

VAT

10,216

30,965

Other creditors

818

-

Directors' current accounts

-

1,418

Accruals and deferred income

7,569

14,901

37,620

78,655

9.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Mr Jeremy Laurence Hyde FCCA (Senior Statutory Auditor)

for and on behalf of CG LEE Limited

10.	Parent undertaking and related party disclosures

Parent Undertaking

Following the acquisition of 100% of the share capital of NetworksUK Limited on 29 October 2024, Electrical Testing (Holdings) Limited is the smallest and largest group for which consolidated accounts are prepared. Copies of the consolidated financial statements are publicly available from Companies House, England & Wales.

Related party disclosures

During the year sales of £267,465 (2023 - £340,140) were made to, and purchases of £4,125 (2023 - £2,800) were made from Electrical Testing Ltd, a Company under common control. At the balance sheet date an amount of £nil (2023 - £74,439) was due from Electrical Testing Ltd.

At the balance sheet date an amount of £26,250 (2023 - £61,250) in respect of a loan, was due from Electrical Testing Ltd of which £nil (2022 - £26,500) is due in more than one year.

During the year rent of £10,000 (2023 - £10,000) was paid to Mr A J and Mrs E J Hobbs former Directors of the company.

11.	Ultimate controlling party

Ultimate control of the company rests with Mr S A Hobbs