REGISTERED NUMBER: 08971892 (England and Wales) |
Report of the Director and |
Unaudited Consolidated Financial Statements for the Year Ended 31 August 2023 |
for |
Creative Network Partners Limited |
REGISTERED NUMBER: 08971892 (England and Wales) |
Report of the Director and |
Unaudited Consolidated Financial Statements for the Year Ended 31 August 2023 |
for |
Creative Network Partners Limited |
Creative Network Partners Limited (Registered number: 08971892) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 August 2023 |
Page |
Report of the Director | 1 |
Consolidated Income Statement | 2 |
Consolidated Balance Sheet | 3 |
Company Balance Sheet | 5 |
Notes to the Consolidated Financial Statements | 7 |
Creative Network Partners Limited (Registered number: 08971892) |
Report of the Director |
for the Year Ended 31 August 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 August 2023. |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Creative Network Partners Limited (Registered number: 08971892) |
Consolidated Income Statement |
for the Year Ended 31 August 2023 |
Period |
1.7.21 |
Year Ended | to |
31.8.23 | 31.8.22 |
Notes | £ | £ |
TURNOVER | 6,852,870 | 6,862,452 |
Cost of sales | 2,817,837 | 2,879,898 |
GROSS PROFIT | 4,035,033 | 3,982,554 |
Administrative expenses | 3,179,066 | 2,912,124 |
855,967 | 1,070,430 |
Other operating income | 102,727 | 72,711 |
OPERATING PROFIT | 4 | 958,694 | 1,143,141 |
Interest receivable and similar income | - | 11,538 |
958,694 | 1,154,679 |
Gain/loss on revaluation of investment property |
7,893,211 |
- |
8,851,905 | 1,154,679 |
Interest payable and similar expenses | 403,684 | 122,073 |
PROFIT BEFORE TAXATION | 8,448,221 | 1,032,606 |
Tax on profit | 5 | 2,188,114 | 144,464 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 6,260,107 | 888,142 |
Creative Network Partners Limited (Registered number: 08971892) |
Consolidated Balance Sheet |
31 August 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 | (79,342 | ) | (79,342 | ) |
Tangible assets | 8 | 7,774,059 | 7,145,545 |
Investments | 9 | - | - |
Investment property | 10 | 19,590,000 | 5,819,500 |
27,284,717 | 12,885,703 |
CURRENT ASSETS |
Debtors | 11 | 3,584,376 | 2,918,157 |
Cash at bank | 570,975 | 375,405 |
4,155,351 | 3,293,562 |
CREDITORS |
Amounts falling due within one year | 12 | 3,458,822 | 7,105,056 |
NET CURRENT ASSETS/(LIABILITIES) | 696,529 | (3,811,494 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
27,981,246 |
9,074,209 |
CREDITORS |
Amounts falling due after more than one year |
13 |
(14,138,458 |
) |
(3,679,643 |
) |
PROVISIONS FOR LIABILITIES | 14 | (2,875,260 | ) | (687,146 | ) |
NET ASSETS | 10,967,528 | 4,707,420 |
CAPITAL AND RESERVES |
Called up share capital | 2 | 1 |
Retained earnings | 10,967,526 | 4,707,419 |
SHAREHOLDERS' FUNDS | 10,967,528 | 4,707,420 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006. |
The director acknowledges his responsibilities for: |
(a) | ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group. |
Creative Network Partners Limited (Registered number: 08971892) |
Consolidated Balance Sheet - continued |
31 August 2023 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the director and authorised for issue on 6 March 2024 and were signed by: |
Mr L Lawson-O'Neil - Director |
Creative Network Partners Limited (Registered number: 08971892) |
Company Balance Sheet |
31 August 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 2,285,906 | 54,827 |
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. |
Creative Network Partners Limited (Registered number: 08971892) |
Company Balance Sheet - continued |
31 August 2023 |
The financial statements were approved by the director and authorised for issue on |
Creative Network Partners Limited (Registered number: 08971892) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Creative Network Partners Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Short leasehold improvements | - |
Plant and machinery | - |
Fixtures, fittings and equipment | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Creative Network Partners Limited (Registered number: 08971892) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
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 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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.7.21 |
Year Ended | to |
31.8.23 | 31.8.22 |
£ | £ |
Depreciation - owned assets | 595,233 | 530,678 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
1.7.21 |
Year Ended | to |
31.8.23 | 31.8.22 |
£ | £ |
Current tax: |
UK corporation tax | - | 17,829 |
Deferred tax | 2,188,114 | 126,635 |
Tax on profit | 2,188,114 | 144,464 |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Creative Network Partners Limited (Registered number: 08971892) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
7. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 | (79,342 | ) |
NET BOOK VALUE |
At 31 August 2023 | (79,342 | ) |
At 31 August 2022 | (79,342 | ) |
8. | TANGIBLE FIXED ASSETS |
Group |
Short |
Freehold | leasehold | Plant and |
property | improvements | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 September 2022 | 2,185,940 | 2,515,530 | 101,252 |
Additions | - | 826,221 | 7,722 |
Revaluations | 389,440 | - | - |
Reclassification/transfer | (1,065,380 | ) | - | - |
At 31 August 2023 | 1,510,000 | 3,341,751 | 108,974 |
DEPRECIATION |
At 1 September 2022 | - | 1,156,194 | 80,142 |
Charge for year | - | 219,600 | 9,214 |
At 31 August 2023 | - | 1,375,794 | 89,356 |
NET BOOK VALUE |
At 31 August 2023 | 1,510,000 | 1,965,957 | 19,618 |
At 31 August 2022 | 2,185,940 | 1,359,336 | 21,110 |
Creative Network Partners Limited (Registered number: 08971892) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures, |
fittings |
and | Motor | Computer |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 September 2022 | 3,877,735 | 80,000 | 170,792 | 8,931,249 |
Additions | 1,406,366 | - | 59,378 | 2,299,687 |
Revaluations | - | - | - | 389,440 |
Reclassification/transfer | - | - | - | (1,065,380 | ) |
At 31 August 2023 | 5,284,101 | 80,000 | 230,170 | 10,554,996 |
DEPRECIATION |
At 1 September 2022 | 825,057 | 24,000 | 100,311 | 2,185,704 |
Charge for year | 324,454 | 12,000 | 29,965 | 595,233 |
At 31 August 2023 | 1,149,511 | 36,000 | 130,276 | 2,780,937 |
NET BOOK VALUE |
At 31 August 2023 | 4,134,590 | 44,000 | 99,894 | 7,774,059 |
At 31 August 2022 | 3,052,678 | 56,000 | 70,481 | 6,745,545 |
Cost or valuation at 31 August 2023 is represented by: |
Short |
Freehold | leasehold | Plant and |
property | improvements | machinery |
£ | £ | £ |
Valuation in 2023 | 389,439 | - | - |
Cost | 1,120,561 | 3,341,751 | 108,974 |
1,510,000 | 3,341,751 | 108,974 |
Fixtures, |
fittings |
and | Motor | Computer |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2023 | - | - | - | 389,439 |
Cost | 5,284,101 | 80,000 | 230,170 | 10,165,557 |
5,284,101 | 80,000 | 230,170 | 10,554,996 |
Creative Network Partners Limited (Registered number: 08971892) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures, |
fittings |
Freehold | and |
property | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 September 2022 |
Additions |
Revaluations |
Reclassification/transfer | ( |
) | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Cost or valuation at 31 August 2023 is represented by: |
Fixtures, |
fittings |
Freehold | and |
property | equipment | Totals |
£ | £ | £ |
Valuation in 2023 | 389,440 | - | 389,440 |
Cost | 1,120,560 | 742,268 | 1,862,828 |
1,510,000 | 742,268 | 2,252,268 |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 September 2022 |
Additions |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Creative Network Partners Limited (Registered number: 08971892) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Hackney Downs Studios,Amhurst Terrace, London E8 2BT |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Hackney Downs, Amhurst Terrace, London E8 2BT |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Registered office: Hackney Downs, Amhurst Terrace, London E8 2BT |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Registered office: Hackney Downs, Amhurst Terrace, London E8 2BT |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Creative Network Partners Limited (Registered number: 08971892) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
Registered office: Hackney Downs Studios,Amhurst Terrace, London,E8 2BT |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit/(loss) for the year | ( |
) |
Registered office: Hackney Downs Studios,Amhurst Terrace, London,E8 2BT |
Nature of business: |
% |
Class of shares: | holding |
£ |
Aggregate capital and reserves |
Profit for the period/year |
Registered office: Hackney Downs Studios,Amhurst Terrace, London,E8 2BT |
Nature of business: |
% |
Class of shares: | holding |
£ |
Aggregate capital and reserves |
Registered office: Hackney Downs Studios,Amhurst Terrace, London,E8 2BT |
Nature of business: |
% |
Class of shares: | holding |
£ |
Aggregate capital and reserves |
Creative Network Partners Limited (Registered number: 08971892) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
10. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 September 2022 | 6,219,500 |
Additions | 5,801,348 |
Revaluations | 7,503,772 |
Reclassification/transfer | 65,380 |
At 31 August 2023 | 19,590,000 |
NET BOOK VALUE |
At 31 August 2023 | 19,590,000 |
At 31 August 2022 | 6,219,500 |
Fair value at 31 August 2023 is represented by: |
£ |
Valuation in 2023 | 7,503,772 |
Cost | 12,086,228 |
19,590,000 |
Company |
Total |
£ |
FAIR VALUE |
Additions |
Revaluations | 2,981,088 |
Reclassification/transfer | 1,065,380 |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
Fair value at 31 August 2023 is represented by: |
£ |
Valuation in 2023 | 2,981,088 |
Cost | 1,408,912 |
4,390,000 |
Creative Network Partners Limited (Registered number: 08971892) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.8.23 | 31.8.22 | 31.8.23 | 31.8.22 |
£ | £ | £ | £ |
Trade debtors | 260,465 | 177,166 |
Other debtors | 722,719 | 619,146 |
Amounts owed by group |
associated companies | - | - | 23,064,462 | 17,520,133 |
Amounts owed by associated |
companies | 266,584 | 119,249 | - | - |
Directors' loan accounts | 168,240 | - | - | - |
Corporation tax | 2,371 | 351,904 |
VAT | - | 46,379 |
Prepayments and accrued income | 2,163,997 | 1,604,313 |
3,584,376 | 2,918,157 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.8.23 | 31.8.22 | 31.8.23 | 31.8.22 |
£ | £ | £ | £ |
Bank loans and overdrafts | - | 53,774 |
Other loans | 1,286,990 | 5,425,000 |
Trade creditors | 567,722 | 266,992 |
Corporation tax | 45,307 | 293,507 |
Social security and other taxes | 301,978 | 68,443 |
Other creditors | 252,873 | 23,384 |
Amounts due to associated |
companies | 50,673 | 23,093 | - | - |
Amounts owed to group associated companies |
- |
- |
14,637,069 |
18,087,990 |
Directors' loan accounts | - | 99,855 | - | - |
Accruals and deferred income | 953,279 | 851,008 |
3,458,822 | 7,105,056 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.8.23 | 31.8.22 | 31.8.23 | 31.8.22 |
£ | £ | £ | £ |
Bank loans - 1-2 years | - | 53,774 |
Bank loans - 2-5 years | - | 161,322 |
Bank loans more 5 yr by instal | - | 783,683 |
Other loans - 1-2 years | 712,643 | 227,000 |
Other loans - 2-5 years | 1,695,276 | 681,000 |
Other loans more 5yrs instal | 9,948,297 | 387,202 |
Resident deposits held | 1,782,242 | 1,385,662 | - | - |
14,138,458 | 3,679,643 |
Creative Network Partners Limited (Registered number: 08971892) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
Amounts falling due in more than five years: |
Group | Company |
31.8.23 | 31.8.22 | 31.8.23 | 31.8.22 |
£ | £ | £ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 783,683 | - | 783,683 |
Other loans more 5yrs instal | 9,948,297 | 387,202 | 9,948,297 | - |
9,948,297 | 1,170,885 | 9,948,297 | 783,683 |
14. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.8.23 | 31.8.22 | 31.8.23 | 31.8.22 |
£ | £ | £ | £ |
Deferred tax | 2,875,260 | 687,146 | 700,223 | - |
Group |
Deferred |
tax |
£ |
Balance at 1 September 2022 | 687,146 |
Accelerated capital allowances | 640,256 |
Trading losses carried forward | (425,445 | ) |
Revaluation of assets | 1,973,303 |
Balance at 31 August 2023 | 2,875,260 |
Company |
Deferred |
tax |
£ |
Revaluation of assets | 842,632 |
Accelerated capital allowances | 185,567 |
Tax losses carried forward | (327,976 | ) |
Balance at 31 August 2023 |
Creative Network Partners Limited (Registered number: 08971892) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
15. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the year ended 31 August 2023 and the period ended 31 August 2022: |
31.8.23 | 31.8.22 |
£ | £ |
L Lawson-O'Neil |
Balance outstanding at start of year | - | - |
Amounts advanced | 168,240 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 168,240 | - |