REGISTERED NUMBER: |
CROWN NETWORK LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 DECEMBER 2022 |
REGISTERED NUMBER: |
CROWN NETWORK LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 DECEMBER 2022 |
CROWN NETWORK LIMITED (REGISTERED NUMBER: 02395432) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2022 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 4 |
CROWN NETWORK LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
CROWN NETWORK LIMITED (REGISTERED NUMBER: 02395432) |
BALANCE SHEET |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their 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. |
CROWN NETWORK LIMITED (REGISTERED NUMBER: 02395432) |
BALANCE SHEET - continued |
31 December 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CROWN NETWORK LIMITED (REGISTERED NUMBER: 02395432) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Crown Network Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The functional currency is considered by the directors to be the United Arab Emirates Dirham (AED) from 1 January 2019, as this is the currency of the primary economic environment in which the entity operates. The financial statements continue presented in the Pound Stirling (£) as this is deemed an appropriate presentation and is in-line with the reporting of associated UK companies within the group. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
Amounts included within other creditors falling due within one year, and amounts falling due within more than one year are owed to connected parties with common management and ultimate control. The directors have received assurances that amounts owed will not be demanded until the company has sufficient resources to make repayments after meeting all other financial commitments, furthermore the same affiliated entities will continue to financially support the company for the foreseeable future. The directors have therefore concluded that it is appropriate for the financial statements to be prepared on a going concern basis. |
The directors have also reviewed the post year end financial information available at the time of approving these financial statements, giving consideration to the worldwide coronavirus outbreak, and have concluded that it is continues to be appropriate for the financial statements to be prepared on a going concern basis. |
Turnover |
Turnover represents licence fees received less VAT where applicable. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any impairment losses. |
Intangible assets relating to the ongoing development of the online platform are amortised over their useful economic life. In accordance with FRS 102 amortisation is calculated and charged to the profit and loss account on a systematic basis that reflects the pattern in which it is expected the future economic benefit will be consumed by way of reference to known and estimated future income streams. It is expected the asset, in its current form, will have a estimated useful life of 5 years. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
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 have been enacted or substantively enacted by the balance sheet date. |
CROWN NETWORK LIMITED (REGISTERED NUMBER: 02395432) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred taxation |
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. |
Foreign currency |
The underlying accounting records are maintained in the United Arab Emirates Dirham (AED), transactions in other currencies are translated to AED at the rates ruling when they occurred. Monetary assets and liabilities denominated in currencies other than AED at the balance sheet date are translated at the rates ruling at that date. Any differences are taken to the profit and loss account. |
The financial statements are translated from AED to Pound Stirling (£) for presentational purposes. In accordance with the requirements of FRS 102, balance sheet items are translated at the closing spot rate at the balance sheet date, and income and expenditure is translated at the monthly average exchange rate (where rates have not fluctuated from transaction spot rates significantly, in which case the rate at the date of the transaction is used). All resulting exchange differences on translation to the presentational currency are recognised in other comprehensive income. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | INTANGIBLE FIXED ASSETS |
Online |
platform |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
Amortisation for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
CROWN NETWORK LIMITED (REGISTERED NUMBER: 02395432) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
The company's investments at the Balance sheet date in the share capital of companies include the following: |
Registered office: Unit 5 Silverdale Road, Off Pump Lane, Hayes, Middlesex, England, UB3 3BL |
Nature of business: |
% |
Class of shares: | holding |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Other creditors |
9. | ULTIMATE CONTROLLING PARTY |
The company's parent undertaking is Bytco International S.A, a company registered in the British Virgin Islands. It is the parent of both the smallest and largest groups of which the company is a member. A majority shareholding in Bytco International S.A is held by Choithram International Foundation. |