Network Technology Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 3055360

Network Technology Limited

Filleted Unaudited Abridged Financial Statements

31 March 2025

Network Technology Limited

Abridged Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Current assets

Debtors	6	81,188	112,420
Cash at bank and in hand		4	–
		--------	---------
		81,192	112,420

Creditors: amounts falling due within one year	41,400		36,834
	--------		---------
Net current assets		39,792	75,586
		--------	--------
Total assets less current liabilities		39,792	75,586

Creditors: amounts falling due after more than one year	2,039,393	1,959,457
	------------	------------
Net liabilities	( 1,999,601)	( 1,883,871)
	------------	------------

Capital and reserves

Called up share capital	4,134,800	4,134,800
Share premium account	8,044,000	8,044,000
Other reserves	1,975,000	1,975,000
Profit and loss account	( 16,153,401)	( 16,037,671)
	-------------	-------------
Shareholders deficit	( 1,999,601)	( 1,883,871)
	-------------	-------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31st March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31st March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

Network Technology Limited

Abridged Statement of Financial Position (continued)

31 March 2025

These abridged financial statements were approved by the board of directors and authorised for issue on 12 December 2025 , and are signed on behalf of the board by:

Mrs. H Bollmann

Director

Company registration number: 3055360

Network Technology Limited

Notes to the Abridged Financial Statements

Year ended 31st March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hbm House, 26 Victoria Way, Burgess Hill, West Sussex, RH17 7QX.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The ability of the company to continue as a going concern is dependent upon the support of its subsidiaries and it directors and related parties as described in the related parties note. On the basis of the group's projections, of which the company is a part for the period to December 2026 and the cash balances and loan facilities available, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of signing these financial statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Tangible assets

Tangible 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

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:

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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.

4. Tangible assets

	£
Cost
At 1st April 2024 and 31st March 2025	6,000
	-------
Depreciation
At 1st April 2024 and 31st March 2025	6,000
	-------
Carrying amount
At 31st March 2025	–
	-------
At 31st March 2024	–
	-------

5. Investments

	£
Cost
At 1st April 2024 and 31st March 2025	4,417,000
	------------
Impairment
At 1st April 2024 and 31st March 2025	4,417,000
	------------
Carrying amount

6. Debtors

Debtors include amounts of £78,432 (2024: £78,432) falling due after more than one year.

7. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	39,600	39,600
	--------	--------

8. Related party transactions

Nextus Limited, Ringdale Inc, Nextus Inc and Ringdale UK Limited are related parties of the company because they are 100% subsidiaries of Network Technology Limited . At the year end the company owed £1,105,317 to Ringdale UK Limited and £845,889 to Nextus Limited and £88,187 to Nextus Inc. At the year end the company was owed £78,432 from Ringdale Inc. Group loans are long term creditors and debtors and are not expected to be repaid within the next 12 months. The group guarantees amounts outstanding due to the company from its subsidiaries. The group has net liabilities of £2.43 million but group related party loans of £3.37 million are only payable at the discretion on of the directors and directors family. The directors consider net fixed asset development costs within the group of £137,635 as a fair value for the amount recoverable for the brand, patents and technology capitalised. The group has annual profits excluding amortisation of £560k. Group related party loans include $2,992,928 due from Ringdale Inc and £396,000 due from Ringdale UK Limited to WPM Software Limited a company controlled by Jan Bollmann. The company allows its two UK subsidiaries to operate rent free from the premises it leases. The company also incurs other administrative costs that relate to its subsidiaries operations. Tax losses of £115,730 from the company were given as group relief to Ringdale UK Limited. Woodgate Trust is considered to be a related party as K and H Bollmann are Trustees. Woodgate Trust charged £39,600 (year to 31 March 2024: £39,600)in respect of rent to the company during the year. At the year end £10,270 was due to the Woodgate Trust for accrued rent. There is a fixed charge over the fixed assets of the company and a floating charge over the other assets of the company in favour of Barclays Bank by way of two debentures dated in November 2002 and September 2001. These registered charges also guarantee the debts due to the bank by Ringdale UK Limited and Nextus Limited.

9. Controlling party

The ultimate controlling party is K Bollmann and Mrs H Bollmann via their shareholdings and as trustees of The Woodgate Trust which also hold shares in the Company.