REGISTERED NUMBER: 10508381 (England and Wales)

Financial Statements

for the Year Ended 31 March 2025

for

Networx Utilities Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J N E Breheny

S Aziz

SECRETARY:

S Aziz

REGISTERED OFFICE:

Flordon Road

Creeting St Mary

Ipswich

Suffolk

IP6 8NH

REGISTERED NUMBER:

10508381 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

FIXED ASSETS

Tangible assets

4

20,405

25,821

CURRENT ASSETS

Debtors

5

4,490,335

4,380,849

Cash at bank

161,442

258,703

4,651,777

4,639,552

CREDITORS

Amounts falling due within one year

6

5,173,882

5,423,108

NET CURRENT LIABILITIES

(522,105

)

(783,556

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(501,700

)

(757,735

)

PROVISIONS FOR LIABILITIES

5,101

-

NET LIABILITIES

(506,801

)

(757,735

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

(506,901

)

(757,835

)

SHAREHOLDERS' FUNDS

(506,801

)

(757,735

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2025 and were signed on its behalf by:

J N E Breheny - Director

1.	STATUTORY INFORMATION

Networx Utilities Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

At the year end net liabilities exceeded net assets by £506,801 (2024: £757,735). The company has the continued support of its parent company and on this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2024

25,821

Additions

21,311

Disposals

(25,821

)

At 31 March 2025

21,311

DEPRECIATION

Charge for year

4,198

Eliminated on disposal

(3,292

)

At 31 March 2025

906

NET BOOK VALUE

At 31 March 2025

20,405

At 31 March 2024

25,821

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

586,564

447,194

Amounts owed by group undertakings

3,557,160

3,543,045

Amounts recoverable on contracts

259,748

289,461

Other debtors

86,863

101,149

4,490,335

4,380,849

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Provision for future costs

4,759,046

5,137,734

Trade creditors

225,854

205,680

Taxation and social security

135,076

57,313

Other creditors

53,906

22,381

5,173,882

5,423,108

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

78

Ordinary

£1

78

78

15

B Ordinary

£1

15

15

7

C Ordinary

£1

7

7

100

100

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Shaw Bsc FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

9.	CAPITAL COMMITMENTS

2025

2024

£

£

Contracted but not provided for in the

financial statements

34,170

-

10.	OTHER FINANCIAL COMMITMENTS

The company is party to an intercompany guarantee agreement, with an unlimited guarantee given by Breheny Group Limited, all subsidiaries within the Breheny Group, and by Breheny Group Plant Limited, Redbourne Homes (Epworth) Limited and Redbourne Homes (Warboys) Limited. This is supported by debentures by Breheny Group Limited, by all subsidiaries within the Breheny Group, and by Breheny Group Plant Limited, Redbourne Homes (Epworth) Limited and Redbourne Homes (Warboys) Limited.

11.	ULTIMATE CONTROLLING PARTY

The Parent Company is Breheny Group Ltd. The company's registered office is as follows:

Flordon Road

Creeting St Mary

Needham Market

Ipswich

Suffolk

IP6 8NH