CREATIVE NETWORK COMMUNICATIONS LTD

CREATIVE NETWORK COMMUNICATIONS LTD

CREATIVE NETWORK COMMUNICATIONS LTD - Company Information

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CREATIVE NETWORK COMMUNICATIONS LTD

Company Registration Number:
07111246 (England and Wales)

Unaudited abridged accounts for the year ended 30 June 2017

Period of accounts

Start date: 01 July 2016

End date: 30 June 2017

CREATIVE NETWORK COMMUNICATIONS LTD

Contents of the Financial Statements

for the Period Ended 30 June 2017

Balance sheet
Notes

CREATIVE NETWORK COMMUNICATIONS LTD

Balance sheet

As at 30 June 2017


Notes
2017
2016


£
£
Fixed assets
Tangible assets: 3 527,366 360,172
Total fixed assets: 527,366 360,172
Current assets
Debtors: 4 473,075 525,344
Cash at bank and in hand: 21,806 21,916
Total current assets: 494,881 547,260
Creditors: amounts falling due within one year: 5 (3,227,474) (2,516,077)
Net current assets (liabilities): (2,732,593) (1,968,817)
Total assets less current liabilities: (2,205,227) (1,608,645)
Total net assets (liabilities): (2,205,227) (1,608,645)
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (2,205,228) (1,608,646)
Shareholders funds: (2,205,227) (1,608,645)

The notes form part of these financial statements

CREATIVE NETWORK COMMUNICATIONS LTD

Balance sheet statements

For the year ending 30 June 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 08 May 2018
and signed on behalf of the board by:

Name: Mr L Lawson-O'Neil
Status: Director

The notes form part of these financial statements

CREATIVE NETWORK COMMUNICATIONS LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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

Tangible fixed assets and depreciation policy

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

Other accounting policies

Taxation for the year 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 that have been enacted or substantively enacted by the balance sheet date.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 year 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.

CREATIVE NETWORK COMMUNICATIONS LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

2. Employees

2017
Average number of employees during the period 7

CREATIVE NETWORK COMMUNICATIONS LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

3. Tangible Assets

Total
Cost £
At 01 July 2016 426,258
Additions 233,025
At 30 June 2017 659,283
Depreciation
At 01 July 2016 66,086
Charge for year 65,831
At 30 June 2017 131,917
Net book value
At 30 June 2017 527,366
At 30 June 2016 360,172

CREATIVE NETWORK COMMUNICATIONS LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

4. Debtors

Trade debtors 2017 £19,648 2016 £109,569 Other debtors 2017 £43,231 2016 £26,191 Amounts owed by associated companies 2017 £113,738 2016 £103,186 Directors' loan accounts 2017 £11,094 2016 £NIL Vat 2017 £21,554 2016 £11,784 Deferred tax asset 2017 £213,768 2016 £246,835 Prepayments and accrued income 2017 £50,042 2016 £27,779 TOTALS 2017 £473,075 2016 £525,344

CREATIVE NETWORK COMMUNICATIONS LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

5. Creditors: amounts falling due within one year note

Resident deposits held 2017 £5,308 2016 £4,978 Trade creditors 2017 £69,288 2016 £37,409 Social security and other taxes 2017 £11,067 2016 £12,088Other creditors 2017 £17,341 2016 £17,450 Amounts owed to group associated companies 2017 £3,117,020 2016 £2,431,667 Accruals and deferred income 2017 £7,450 2016 £12,485 TOTALS 2017 £3,227,474 2016 £2,516,077

CREATIVE NETWORK COMMUNICATIONS LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

6. Loans to directors

Name of director receiving advance or credit: Mr L Lawson-O'Neil
Description of the loan: advance
£
Balance at 01 July 2016 0
Advances or credits made: 11,094
Balance at 30 June 2017 11,094

CREATIVE NETWORK COMMUNICATIONS LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

7. Related party transactions

Name of the related party: Eat Work Art Limited
Relationship:
A company within the group of companies ultimately controlled by Creative Network Partners Limited
Description of the Transaction: Loan transactions
£
Balance at 01 July 2016 2,431,667
Balance at 30 June 2017 3,117,020
Name of the related party: Creative Network Events Limited
Relationship:
A company in which the sole director has an interest
Description of the Transaction: Loan transactions
£
Balance at 01 July 2016 32,306
Balance at 30 June 2017 32,681
Name of the related party: Holetown Limited
Relationship:
A company in which the sole director has an interest
Description of the Transaction: Loan transactions
£
Balance at 01 July 2016 48,481
Balance at 30 June 2017 61,902