ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Registered number: 02441809

THE NORTH LONDON NETWORK LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

THE NORTH LONDON NETWORK LIMITED

REGISTERED NUMBER: 02441809

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		711,511		814,376
Investments	5		57,441		57,441
Investment property	6		655,311		655,311
			1,424,263		1,527,128
Current assets
Debtors: amounts falling due within one year	7	869,673		1,076,350
Cash at bank and in hand		413,713		519,747
		1,283,386		1,596,097
Creditors: amounts falling due within one year	8	(1,647,140)		(1,535,262)
Net current (liabilities)/assets			(363,753)		60,834
Total assets less current liabilities			1,060,510		1,587,962
Creditors: amounts falling due after more than one year	9		(24,348)		(174,348)
Provisions for liabilities
Deferred tax		(59,331)		(69,900)
Other provisions		(216,500)		(250,000)
			(275,831)		(319,900)
Net assets			760,331		1,093,714

Capital and reserves
Called up share capital	50,390	50,000
Profit and loss account	709,941	1,043,714
	760,331	1,093,714

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THE NORTH LONDON NETWORK LIMITED

REGISTERED NUMBER: 02441809

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 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:

................................................

S E Gerrard

Director

Date: 25 September 2026

The notes on pages 3 to 10 form part of these financial statements.

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THE NORTH LONDON NETWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

The North London Network Limited is a private company limited by shares incorporated in England and Wales. The registered office address is 197 Ballards Lane, London, England, N3 1LP and the company registration number is 02441809.

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

Going concern

The financial statements have been prepared on the going concern basis which, inter alia, is based on the directors’ reasonable expectation that the Company has adequate resources to continue to operate as a going concern for at least twelve months from the date of their approval.

In making the assessment of the appropriateness of this basis, the directors have considered the trading of the Company since the year end and the facilities that are either committed to the Company for a period of at least twelve months from the date of approval of the financial statements or which they consider will probably be available to the Company during such period.

After careful consideration, the directors consider that they have reasonable grounds to believe that the Company can be regarded as a going concern and, for this reason, they continue to adopt the going concern basis in preparing the Company’s financial statements.

2.3

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 is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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THE NORTH LONDON NETWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

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:

Freehold property	-	1%	straight-line method
Long-term leasehold property	-	1%	straight-line method
Leasehold improvements	-	20%	straight-line method
Motor vehicles	-	25%	straight-line method
Office equipment	-	25%	straight-line method
Computer equipment	-	33%	straight-line method

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 profit or loss.

2.5

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 profit or loss.

2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

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THE NORTH LONDON NETWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

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

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.11

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

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.

2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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THE NORTH LONDON NETWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.16

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 profit or loss.

2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 reporting 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 reporting 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 reporting date.

Employees

The average monthly number of employees, including directors, during the year was 110 (2024 - 126).

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		THE NORTH LONDON NETWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

	4.	Tangible fixed assets

	Freehold property	Long-term leasehold property	Leasehold improvem'ts	Motor vehicles	Office equipment	Computer equipment	Total
	£	£	£	£	£	£	£
Cost
At 1 January 2025	325,000	249,950	213,299	31,740	313,970	164,404	1,298,363
Additions	-	-	2,957	-	9,530	3,111	15,598
At 31 December 2025	325,000	249,950	216,256	31,740	323,500	167,515	1,313,961
Depreciation
At 1 January 2025	13,000	9,999	132,792	25,128	179,561	123,507	483,987
Charge for the year	3,250	2,500	28,953	6,612	51,458	25,690	118,463
At 31 December 2025	16,250	12,499	161,745	31,740	231,019	149,197	602,450
Net book value
At 31 December 2025	308,750	237,451	54,511	-	92,481	18,318	711,511
At 31 December 2024	312,000	239,951	80,507	6,612	134,409	40,897	814,376

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THE NORTH LONDON NETWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Fixed asset investments

	Listed investments	Investment in subsidiary	Total
	£	£	£
Cost or valuation
At 1 January 2025	57,441	803,167	860,608
At 31 December 2025	57,441	803,167	860,608
Impairment
At 1 January 2025	-	803,167	803,167
At 31 December 2025	-	803,167	803,167
Net book value
At 31 December 2025	57,441	-	57,441
At 31 December 2024	57,441	-	57,441

6.	Investment property

		Investment property
		£
	Valuation
	At 1 January 2025	655,311
	At 31 December 2025	655,311

The directors are of the opinion that the initial cost remains the fair value of the property based on the market conditions at the balance sheet date.

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THE NORTH LONDON NETWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Debtors

					2025	2024
					£	£


Trade debtors	274,646	515,741
Amounts owed by group undertakings	31,368	-
Amounts owed by joint ventures and associated undertakings	2	2
Other debtors	392,723	388,699
Prepayments and accrued income	170,934	171,908
	869,673	1,076,350

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	150,000	200,000
Trade creditors	241,653	264,093
Amounts owed to group undertakings	31,368	-
Corporation tax	4,655	120,204
Other taxation and social security	563,088	553,284
Other creditors	97,352	156,252
Accruals and deferred income	559,024	241,429
	1,647,140	1,535,262

9.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	-	150,000
Other creditors	24,348	24,348
	24,348	174,348

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THE NORTH LONDON NETWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Amounts falling due within one year
Bank loans (secured)	150,000	200,000
Amounts falling due 1-2 years
Bank loans (secured)	-	150,000


	150,000	350,000

The bank loan received on 14 September 2020, relates to the Coronavirus Business Interruption Loan Scheme. The loan term is 6 years with no interest payable for the first 12 months and thereafter the interest rate is 2.07% over the Bank of England Base Rate. The loan is secured against the leasehold property at 365 Regents Park Road, London and the freehold property at 1286 High Road, London.

11.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £78,407 (2024: £78,584). Contributions totalling £18,289 (2024: £15,881) were payable to the fund at the balance sheet date and are included in creditors.

12.

Related party transactions

At the year ended 31 December 2025, the total amount owed to the company from a company connected by virtue of common ownership was £45,009 (2024: £345,010). During the year, the company received capital and interest repayments against this outstanding loan totalling £300,000 (2024: £728,644). The loan bears interest of 3.25% per annum over the Lloyds Bank Base Rate calculated on a daily basis and accrued quarterly in arrears. The total interest accrued during the year was £11,901 (2024: £46,407). The loan was included in other debtors is due for full repayment by 31 July 2025. The company also received salary contributions totalling £218,726 (2024: £216,375) from the same company connected by virtue of common ownership.

During the year ended 31 December 2025, salary contributions totalling £121,276 (2024: £158,839) were also received from a company connected by virtue of common ownership.

At the year end, loans amounting to £53,090 (2024: £111,455) to members of key management personnel were outstanding. The loans are interest free, repayable on demand and are presented within other creditors.

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