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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
Mr L Lawson-O'Neil held office during the whole of the period from 1 September 2022 to the date of this report.

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:





Mr L Lawson-O'Neil - Director


6 March 2024

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 6,260,107 888,142

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 2,252,268 2,185,940
Investments 9 14,515 14,512
Investment property 10 4,390,000 -
6,656,783 2,200,452

CURRENT ASSETS
Debtors 11 23,333,169 17,522,869
Cash at bank 151 19,858
23,333,320 17,542,727
CREDITORS
Amounts falling due within one year 12 14,966,938 18,162,300
NET CURRENT ASSETS/(LIABILITIES) 8,366,382 (619,573 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,023,165

1,580,879

CREDITORS
Amounts falling due after more than one
year

13

(11,454,935

)

(998,779

)

PROVISIONS FOR LIABILITIES 14 (700,223 ) -
NET ASSETS 2,868,007 582,100

CAPITAL AND RESERVES
Called up share capital 2 1
Retained earnings 2,868,005 582,099
SHAREHOLDERS' FUNDS 2,868,007 582,100

Company's profit for the financial year 2,285,906 54,827

The company is 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 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 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 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)

Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Creative Network Partners Limited 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: 08971892

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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold improvements - 10% on cost
Plant and machinery - 20% on cost
Fixtures, fittings and equipment - 25% on cost and 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

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 40 (2022 - 40 ) .

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 2,185,940 - 2,185,940
Additions - 742,268 742,268
Revaluations 389,440 - 389,440
Reclassification/transfer (1,065,380 ) - (1,065,380 )
At 31 August 2023 1,510,000 742,268 2,252,268
NET BOOK VALUE
At 31 August 2023 1,510,000 742,268 2,252,268
At 31 August 2022 2,185,940 - 2,185,940

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 14,512
Additions 3
At 31 August 2023 14,515
NET BOOK VALUE
At 31 August 2023 14,515
At 31 August 2022 14,512

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

EatWorkArt Limited
Registered office: Hackney Downs Studios,Amhurst Terrace, London E8 2BT
Nature of business: Property management
%
Class of shares: holding
Ordinary 100.00
31.8.23 31.8.22
£    £   
Aggregate capital and reserves 14,460,534 12,100,535
Profit for the year 2,359,999 2,492,559

Creative Network Communications Limited
Registered office: Hackney Downs, Amhurst Terrace, London E8 2BT
Nature of business: Provision of office utilities and services
%
Class of shares: holding
Ordinary 100.00
31.8.23 31.8.22
£    £   
Aggregate capital and reserves (8,764,839 ) (7,157,942 )
Loss for the year (1,606,897 ) (1,314,193 )

Holetown Limited
Registered office: Hackney Downs, Amhurst Terrace, London E8 2BT
Nature of business: Event planning and farming activities
%
Class of shares: holding
Ordinary 100.00
31.8.23 31.8.22
£    £   
Aggregate capital and reserves (775,371 ) (646,506 )
Loss for the year (128,865 ) (215,135 )

KHH Limited
Registered office: Hackney Downs, Amhurst Terrace, London E8 2BT
Nature of business: Property management
%
Class of shares: holding
Ordinary 100.00
31.8.23 31.8.22
£    £   
Aggregate capital and reserves 202,422 242,969
Loss for the year (40,547 ) (37,488 )

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

EatWorkArt Investments Limited
Registered office: Hackney Downs Studios,Amhurst Terrace, London,E8 2BT
Nature of business: Property management
%
Class of shares: holding
Ordinary 100.00
31.8.23 31.8.22
£    £   
Aggregate capital and reserves 1,974,213 (600 )
Profit/(loss) for the year 1,973,613 (601 )

Sunbury Workshops Holdings Limited
Registered office: Hackney Downs Studios,Amhurst Terrace, London,E8 2BT
Nature of business: Property management
%
Class of shares: holding
Ordinary 100.00
31.8.23
£   
Aggregate capital and reserves 1,415,470
Profit for the period/year 1,415,469

Armada Way Limited
Registered office: Hackney Downs Studios,Amhurst Terrace, London,E8 2BT
Nature of business: Property management
%
Class of shares: holding
Ordinary 100.00
31.8.23
£   
Aggregate capital and reserves 1

Netil House Limited
Registered office: Hackney Downs Studios,Amhurst Terrace, London,E8 2BT
Nature of business: Property management
%
Class of shares: holding
Ordinary 100.00
31.8.23
£   
Aggregate capital and reserves 1


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 343,532
Revaluations 2,981,088
Reclassification/transfer 1,065,380
At 31 August 2023 4,390,000
NET BOOK VALUE
At 31 August 2023 4,390,000

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 84,030 -
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 1,604,313 184,677 2,736
3,584,376 2,918,157 23,333,169 17,522,869

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 - 53,774
Other loans 1,286,990 5,425,000 284,138 -
Trade creditors 567,722 266,992 44,281 -
Corporation tax 45,307 293,507 - -
Social security and other taxes 301,978 68,443 - 19,898
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 1,450 638
3,458,822 7,105,056 14,966,938 18,162,300

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 - 53,774
Bank loans - 2-5 years - 161,322 - 161,322
Bank loans more 5 yr by instal - 783,683 - 783,683
Other loans - 1-2 years 712,643 227,000 322,659 -
Other loans - 2-5 years 1,695,276 681,000 1,183,979 -
Other loans more 5yrs instal 9,948,297 387,202 9,948,297 -
Resident deposits held 1,782,242 1,385,662 - -
14,138,458 3,679,643 11,454,935 998,779

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 700,223

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 -