| NetMC Estates Limited |
| Registered number: |
09194922 |
| Balance Sheet |
| as at 31 August 2022 |
|
| Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
720,000 |
|
|
720,000 |
| Investments |
4 |
|
|
375,758 |
|
|
- |
|
|
|
|
1,095,758 |
|
|
720,000 |
|
| Current assets |
| Debtors |
5 |
|
4,058 |
|
|
3,600 |
| Cash at bank and in hand |
|
|
13,461 |
|
|
53,488 |
|
|
|
17,519 |
|
|
57,088 |
|
| Creditors: amounts falling due within one year |
6 |
|
(115,744) |
|
|
(40,250) |
|
| Net current (liabilities)/assets |
|
|
|
(98,225) |
|
|
16,838 |
|
| Total assets less current liabilities |
|
|
|
997,533 |
|
|
736,838 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(1,028,000) |
|
|
(758,000) |
|
| Net liabilities |
|
|
|
(30,467) |
|
|
(21,162) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2 |
|
|
2 |
| Non-distributable reserve |
9 |
|
|
(52,779) |
|
|
(52,779) |
| Profit and loss account |
|
|
|
22,310 |
|
|
31,615 |
|
| Shareholders' deficit |
|
|
|
(30,467) |
|
|
(21,162) |
|
|
|
|
|
|
|
|
| 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. |
|
|
|
|
| M Butterworth |
| Director |
| Approved by the board on 28 March 2023 |
|
| NetMC Estates Limited |
| Notes to the Accounts |
| for the year ended 31 August 2022 |
|
|
| 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). |
|
|
Group accounts |
|
Under the Companies Act 2006 both the company and the group of which it is the parent qualify as small and accordingly the company has taken advantage of the exemption from preparing consolidated financial statements. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rents receivable and reimbursed costs which are recogised as they fall due in accordance with the terms of the leases. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
Nil |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
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. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. 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, less any impairment losses for bad and doubtful debts. |
|
|
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 |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
| £ |
|
Cost |
|
At 1 September 2021 |
720,000 |
|
At 31 August 2022 |
720,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 August 2022 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2022 |
720,000 |
|
At 31 August 2021 |
720,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2022 |
|
2021 |
| £ |
£ |
|
Historical cost |
772,779 |
|
772,779 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
772,779 |
|
772,779 |
|
The freehold land and buildings are stated at the directors' fair market valuation to reflect the current office, retail and residential usage. The historical cost value reflects the developer premium paid at the time of purchase where a change of use from commercial to residential without extensive planning permission had been approved under the relevant government scheme now expired. |
|
|
The directors remain of the opinion that in the medium term the depletion of quality office accommodation within the area will ultimately provide both a higher rental return and an increased asset value. |
|
| 4 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
Additions |
375,758 |
|
|
At 31 August 2022 |
375,758 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 31 August 2022 |
375,758 |
|
|
|
|
|
|
|
|
|
|
On 21 November 2021 the company acquired the 100% of the issued share capital of Gilmar Engineering Limited, a company incorporated in Scotland. The share capital consists of 6,000 ordinary £1 shares. |
|
As at 31 October 2021 the capital and reserves of Gilmar Engineering Limited amounted to £303,907, and its profit for the year then ending was £62,925. |
|
| 5 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade debtors |
4,058 |
|
3,600 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade creditors |
24,571 |
|
15,175 |
|
Taxation and social security costs |
470 |
|
1,350 |
|
Other creditors |
90,703 |
|
23,725 |
|
|
|
|
|
|
115,744 |
|
40,250 |
|
|
|
|
|
|
|
|
|
|
Other creditors falling due within one year include the balance of £70,000 outstanding on the purchase of the company's subsidiary. |
|
| 7 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Other creditors |
1,028,000 |
|
758,000 |
|
|
|
|
|
|
|
|
|
|
Other creditors falling due after more than one year comprise related party loans concluded under normal market conditions as follows: |
|
Lender |
£ |
Terms |
|
NetMC Marine Ltd |
600,000 |
Year ended 31.08.2014: 5 year fixed term at 2.5% above base capped at 6%, extended for 5 years to 2024 at 3% fixed. |
|
Network Media Communications Ltd |
158,000 |
Year ended 31.08.2014: 5 year fixed term at 2.5% above base capped at 6%, extended for 5 years to 2024 at 3% fixed. |
|
Network Media Communications Ltd |
270,000 |
Year ended 31.08.2022: 10 year maximum fixed term to 2031, no exit penalty, 5% above base, no cap. |
|
|
1,028,000 |
|
|
|
|
The shareholders of the company also hold interests in the lender companies. |
|
| 8 |
Loans |
2022 |
|
2021 |
| £ |
£ |
|
Creditors include: |
|
Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
1,028,000 |
|
758,000 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Non-distributable reserve arising on property revaluation |
2022 |
|
2021 |
| £ |
£ |
|
|
At 1 September 2021 |
(52,779) |
|
(52,779) |
|
|
At 31 August 2022 |
(52,779) |
|
(52,779) |
|
|
|
|
|
|
|
|
|
|
| 10 |
Other information |
|
|
NetMC Estates Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
260 High Street |
|
Dorking |
|
Surrey |
|
RH4 1QT |
