IRIS Accounts Production v24.1.0.578 02395432 Board of Directors 1.1.22 31.12.22 31.12.22 0 0 true false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh023954322021-12-31023954322022-12-31023954322022-01-012022-12-31023954322020-12-31023954322021-01-012021-12-31023954322021-12-3102395432ns15:EnglandWales2022-01-012022-12-3102395432ns14:PoundSterling2022-01-012022-12-3102395432ns10:Director12022-01-012022-12-3102395432ns10:PrivateLimitedCompanyLtd2022-01-012022-12-3102395432ns10:SmallEntities2022-01-012022-12-3102395432ns10:AuditExempt-NoAccountantsReport2022-01-012022-12-3102395432ns10:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3102395432ns10:SmallCompaniesRegimeForAccounts2022-01-012022-12-3102395432ns10:FullAccounts2022-01-012022-12-310239543212022-01-012022-12-3102395432ns10:Director22022-01-012022-12-3102395432ns10:Director32022-01-012022-12-3102395432ns10:CompanySecretary12022-01-012022-12-3102395432ns10:RegisteredOffice2022-01-012022-12-3102395432ns5:CurrentFinancialInstruments2022-12-3102395432ns5:CurrentFinancialInstruments2021-12-3102395432ns5:Non-currentFinancialInstruments2022-12-3102395432ns5:Non-currentFinancialInstruments2021-12-3102395432ns5:ShareCapital2022-12-3102395432ns5:ShareCapital2021-12-3102395432ns5:RetainedEarningsAccumulatedLosses2022-12-3102395432ns5:RetainedEarningsAccumulatedLosses2021-12-3102395432ns5:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3102395432ns5:ComputerSoftware2021-12-3102395432ns5:ComputerSoftware2022-01-012022-12-3102395432ns5:ComputerSoftware2022-12-3102395432ns5:ComputerSoftware2021-12-3102395432ns5:CostValuation2021-12-3102395432ns5:Subsidiary12022-01-012022-12-3102395432ns5:Subsidiary112022-01-012022-12-3102395432ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102395432ns5:CurrentFinancialInstrumentsns5:WithinOneYear2021-12-31
REGISTERED NUMBER: 02395432 (England and Wales)











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: R P Thanwani
L T Pagarani
Miss N Pagarani





SECRETARY: R P Thanwani





REGISTERED OFFICE: Unit 5
Silverdale Road
Off Pump Lane
Hayes
Middlesex
UB3 3BL





REGISTERED NUMBER: 02395432 (England and Wales)






CROWN NETWORK LIMITED (REGISTERED NUMBER: 02395432)

BALANCE SHEET
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 295,808 1,280,529
Investments 5 100 100
295,908 1,280,629

CURRENT ASSETS
Debtors 6 3,430,715 3,430,715
Cash at bank 510 510
3,431,225 3,431,225
CREDITORS
Amounts falling due within one year 7 3,047,074 3,043,474
NET CURRENT ASSETS 384,151 387,751
TOTAL ASSETS LESS CURRENT
LIABILITIES

680,059

1,668,380

CREDITORS
Amounts falling due after more than one
year

8

4,134,411

4,134,411
NET LIABILITIES (3,454,352 ) (2,466,031 )

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings (3,554,352 ) (2,566,031 )
SHAREHOLDERS' FUNDS (3,454,352 ) (2,466,031 )

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

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

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


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 Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:





L T Pagarani - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
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.

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 4,923,605
AMORTISATION
At 1 January 2022 3,643,076
Amortisation for year 984,721
At 31 December 2022 4,627,797
NET BOOK VALUE
At 31 December 2022 295,808
At 31 December 2021 1,280,529

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 100
NET BOOK VALUE
At 31 December 2022 100
At 31 December 2021 100

The company's investments at the Balance sheet date in the share capital of companies include the following:

Crown Oriental Foods Limited
Registered office: Unit 5 Silverdale Road, Off Pump Lane, Hayes, Middlesex, England, UB3 3BL
Nature of business: Wholesale of food, beverages and tobacco
%
Class of shares: holding
Ordinary 100.00

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 2,562,995 2,562,995
Other debtors 867,720 867,720
3,430,715 3,430,715

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 714,000 714,000
Amounts owed to group undertakings 100 100
Other creditors 2,319,374 2,319,374
Accrued expenses 13,600 10,000
3,047,074 3,043,474

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Other creditors 4,134,411 4,134,411

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.