| Network Estates Limited |
| Registered number: |
03840385 |
| Balance Sheet |
| as at 30 September 2018 |
|
|
|
|
|
|
|
As restated |
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
3,080,000 |
|
|
1,750,000 |
|
| Current assets |
| Debtors |
4 |
|
8,977 |
|
|
5,333 |
| Cash at bank and in hand |
|
|
48,040 |
|
|
55,701 |
|
|
|
57,017 |
|
|
61,034 |
|
| Creditors: amounts falling due within one year |
5 |
|
(103,190) |
|
|
(53,324) |
|
| Net current (liabilities)/assets |
|
|
|
(46,173) |
|
|
7,710 |
|
| Total assets less current liabilities |
|
|
|
3,033,827 |
|
|
1,757,710 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(2,392,495) |
|
|
(1,246,969) |
|
| Provisions for liabilities |
|
|
|
(32,737) |
|
|
(13,080) |
|
|
| Net assets |
|
|
|
608,595 |
|
|
497,661 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Revaluation reserve |
8 |
|
|
679,778 |
|
|
577,917 |
| Profit and loss account |
|
|
|
(71,283) |
|
|
(80,356) |
|
| Shareholders' funds |
|
|
|
608,595 |
|
|
497,661 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| D J Lees |
| Director |
| Approved by the board on 20 May 2019 |
|
| Network Estates Limited |
| Notes to the Accounts |
| for the year ended 30 September 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents rental income and recharges for the year. Rentals received under operating leases are credited to revenue on a straight line basis over the lease terms. |
|
|
Investment properties |
|
The investment properties are revalued annually by the directors at fair value. Any surplus or deficit on revaluation is recognised in the profit or loss in the year they occur and are then transferred to the revaluation reserve. No depreciation is provided in respect of the investment properties. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price). Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2018 |
|
2017 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
| £ |
|
Cost or valuation |
|
At 1 October 2017 |
1,750,000 |
|
Additions |
1,208,482 |
|
Surplus on revaluation |
121,518 |
|
At 30 September 2018 |
3,080,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 30 September 2018 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2018 |
3,080,000 |
|
At 30 September 2017 |
1,750,000 |
|
Investment property has been valued by the company directors at fair value. The valuation was
completed by the directors using their knowledge of the properties in the area, offers they have
received, past sales and informal valuations. |
|
|
| 4 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade debtors |
3,014 |
|
2,820 |
|
Other debtors |
5,963 |
|
2,513 |
|
|
|
|
|
|
8,977 |
|
5,333 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans and overdrafts |
51,000 |
|
- |
|
Trade creditors |
7,258 |
|
5,403 |
|
Taxation and social security costs |
9,239 |
|
5,046 |
|
Other creditors |
35,693 |
|
42,875 |
|
|
|
|
|
|
103,190 |
|
53,324 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans |
1,363,389 |
|
640,000 |
|
Other creditors |
1,029,106 |
|
606,969 |
|
|
|
|
|
|
2,392,495 |
|
1,246,969 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2018 |
|
2017 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
1,414,389 |
|
640,000 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by a fixed and floating charge over the assets of the company. |
|
|
| 8 |
Revaluation reserve |
2018 |
|
2017 |
| £ |
£ |
|
|
At 1 October 2017 |
577,917 |
|
290,997 |
|
Gain on revaluation of land and buildings |
121,518 |
|
300,000 |
|
Deferred taxation arising on the revaluation of land and buildings |
(19,657) |
|
(13,080) |
|
|
At 30 September 2018 |
679,778 |
|
577,917 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Controlling party |
|
|
During the year and prior year, the company had no controlling party. |
|
|
| 10 |
Other information |
|
|
Network Estates Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Portland House |
|
21 Narborough Road |
|
Cosby |
|
Leicester |
|
LE9 1TA |
