Creative Network Communications Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07111246 (England and Wales)

Unaudited Financial Statements

for the Period 1 July 2021 to 31 August 2022

for

Creative Network Communications Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

2,455,576

2,117,834

CURRENT ASSETS

Debtors

5

965,670

1,899,998

Cash at bank and in hand

46,751

49,779

1,012,421

1,949,777

CREDITORS

Amounts falling due within one year

6

10,471,448

9,810,825

NET CURRENT LIABILITIES

(9,459,027

)

(7,861,048

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(7,003,451

)

(5,743,214

)

PROVISIONS FOR LIABILITIES

7

154,491

100,535

NET LIABILITIES

(7,157,942

)

(5,843,749

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(7,157,943

)

(5,843,750

)

SHAREHOLDERS' FUNDS

(7,157,942

)

(5,843,749

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 8 March 2023 and were signed by:

Mr L Lawson-O'Neil - Director

1.	STATUTORY INFORMATION

Creative Network Communications Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

07111246

Registered office:

Hackney Downs Studios

Amhurst Terrace

London

E8 2BT

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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Taxation

Taxation for the period 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 10 (2021 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 July 2021

2,517,539

80,000

104,296

2,701,835

Additions

592,717

-

66,496

659,213

At 31 August 2022

3,110,256

80,000

170,792

3,361,048

DEPRECIATION

At 1 July 2021

488,254

12,000

83,747

584,001

Charge for period

292,907

12,000

16,564

321,471

At 31 August 2022

781,161

24,000

100,311

905,472

NET BOOK VALUE

At 31 August 2022

2,329,095

56,000

70,481

2,455,576

At 30 June 2021

2,029,285

68,000

20,549

2,117,834

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

30.6.21

£

£

Trade debtors

138,488

14,411

Other debtors

20,232

23,967

Amounts owed by group

associated companies

198,901

142,791

Amounts owed by associated

companies

119,249

98,220

Directors' loan accounts

-

1,153,739

Corporation tax

349,533

349,533

Vat

45,818

34,162

Prepayments and accrued income

93,449

83,175

965,670

1,899,998

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

30.6.21

£

£

Resident deposits held

3,345

3,268

Trade creditors

147,986

218,324

Corporation tax

250,109

323,750

Social security and other taxes

48,545

169,116

Other creditors

4,982

-

Amounts owed to group associated companies

9,841,967

9,015,950

Directors' loan accounts

99,855

-

Accruals and deferred income

74,659

80,417

10,471,448

9,810,825

7.	PROVISIONS FOR LIABILITIES

31.8.22

30.6.21

£

£

Deferred tax

154,491

100,535

Deferred

tax

£

Balance at 1 July 2021

100,535

Accelerated capital allowances

53,956

Tax losses carried forward

Balance at 31 August 2022

154,491

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 August 2022 and the year ended 30 June 2021:

31.8.22

30.6.21

£

£

Mr L Lawson-O'Neil

Balance outstanding at start of period

1,153,739

407,647

Amounts advanced

-

746,092

Amounts repaid

(1,153,739

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

1,153,739

9.	RELATED PARTY DISCLOSURES

Included in other creditors is a sum of £679,257 (2021: other debtors £21,210) due to Eat Work Art Limited, a company within the group of companies ultimately controlled by Creative Network Partners Limited.

Included in other creditors is a sum of £9,162,710 (2021: £9,015,950) due to Creative Network Partners Limited, the ultimate controlling company.

Included in other debtors is a sum of £32,681 (2021: £32,681) due from Creative Network Events Limited, a company in which the sole director has an interest.

Included in other debtors is a sum of £86,568 (2021: £65,539) due from The Well Garden Limited, a company in which a related party to the sole director has an interest.

Included in other debtors is a sum of £182,151 (2020: £121,081) due from Holetown Limited, a company within the group of companies ultimately controlled by Creative Network Partners Limited.

Included in other debtors is a sum of £16,750 (2021: £500) due from KHH Limited, a company within the group of companies ultimately controlled by Creative Network Partners Limited.