Acorah Software Products - Accounts Production 16.5.460 false true true 31 December 2022 27 July 2021 true 30 October 2025 true 1 January 2023 31 December 2023 31 December 2023 13532707 Mr Bjorn Skarlen true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13532707 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2022-12-31 13532707 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2023-12-31 13532707 2022-12-31 13532707 2023-12-31 13532707 2023-01-01 2023-12-31 13532707 frs-core:CurrentFinancialInstruments 2023-12-31 13532707 frs-core:SharePremium 2023-12-31 13532707 frs-core:ShareCapital 2023-12-31 13532707 frs-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 13532707 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 13532707 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13532707 frs-bus:FullAccounts 2023-01-01 2023-12-31 13532707 frs-bus:MediumEntities 2023-01-01 2023-12-31 13532707 frs-bus:Audited 2023-01-01 2023-12-31 13532707 frs-bus:Medium-sizedCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13532707 frs-bus:Medium-sizedCompaniesRegimeForDirectorsReport 2023-01-01 2023-12-31 13532707 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13532707 frs-bus:OrdinaryShareClass1 2023-12-31 13532707 frs-bus:OrdinaryShareClass2 2023-01-01 2023-12-31 13532707 frs-bus:OrdinaryShareClass2 2023-12-31 13532707 1 2023-01-01 2023-12-31 13532707 frs-bus:Director1 2023-01-01 2023-12-31 13532707 frs-bus:Director2 2023-01-01 2023-12-31 13532707 frs-bus:Director2 2023-12-31 13532707 frs-bus:Director3 2023-01-01 2023-12-31 13532707 frs-bus:Director3 2023-12-31 13532707 1 2023-01-01 2023-12-31 13532707 frs-countries:EnglandWales 2023-01-01 2023-12-31 13532707 frs-countries:UnitedArabEmirates 2023-01-01 2023-12-31 13532707 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2022-12-31 13532707 2021-07-26 13532707 2022-12-31 13532707 2021-07-27 2022-12-31 13532707 frs-core:CurrentFinancialInstruments 2022-12-31 13532707 frs-core:SharePremium 2021-07-26 13532707 frs-core:SharePremium 2022-12-31 13532707 frs-core:ShareCapital 2021-07-26 13532707 frs-core:ShareCapital 2022-12-31 13532707 frs-core:RetainedEarningsAccumulatedLosses 2021-07-27 2022-12-31 13532707 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2021-07-26 13532707 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 13532707 frs-bus:OrdinaryShareClass1 2021-07-27 2022-12-31 13532707 frs-bus:OrdinaryShareClass2 2021-07-27 2022-12-31
Registered number: 13532707
DIGITAL PARTNERS NETWORK LIMITED
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
DIGITAL PARTNERS NETWORK LIMITED
Contents
Contents
Page
Company Information 1
Strategic Report 2
Directors' Report 3—4
Independent Auditor's Report 5—7
Profit and Loss Account 8
Statement of Comprehensive Income 9
Balance Sheet 10
Statement of Changes in Equity 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14—19
Page 1
DIGITAL PARTNERS NETWORK LIMITED
Company Information
For The Year Ended 31 December 2023
Company Information
Director Mr Bjorn Skarlen
Company Number 13532707
Registered Office 1 Giltspur Street
Farringdon
London
EC1A 9DD
Auditors Windsor Audit Limited
1 Giltspur Street
Farringdon
London
EC1A 9DD
Page 1
Page 2
DIGITAL PARTNERS NETWORK LIMITED
Strategic Report
For The Year Ended 31 December 2023
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Principal Activity
The company's principal activity continues to be that of the development of a digital platform to promote fintech and digital media
products.
Review of the Business
Since its inception and incorporation the company has been developing a digital platform which will have an easy to-navigate interface and web/mobile application.
The platform will be used to promote and source new digital products with a focus on fintech and digital media industries.
Progress with the development of the platform was proved slower and more difficult than originally planned. The platform and mobile app have been launched in  2023. We have as step 1 invited and offered shares to individuals through a strategic partnership with a company “Cleverdo Payments Technologies Inc. Approximately 150.000 users have indirectly become shareholders by receiving shares in DPN from Cleverdo. The shares are held by a nominee company “Caribbean Nominees Inc” and the users have been given a share statement of said shares in their Cleverdo App as well displayed in the DPN app. The information about each user holding the statement is held in DPN database.
DPN will promote financial products, including but not exclusive to Cleverdo wallet with financial solutions. The Cleverdo services should include International Bank Account Number (IBAN), money transfer platform and internal transfer within the wallet system.
Principal Risks and Uncertainties
The main risk to the company is that funding is not made available to finalize partnerships and products to promote to the user base or that the final product is not attractive to potential users.
Future Developments
We believe that a working digital platform with financial solutions from Cleverdo is close to completion and will be able to beta test it in the first half of 2024. DPN will work out a commission agreement with Cleverdo in order to generate income to DPN from its users activities.
Section 172(1) Statement
This statement sets out how the company complies with the requirements of Section 172 Companies Act 2006, by considering the company’s purpose and values together with its strategic priorities. The directors have regard to the long term interests of the shareholders, employees and other stakeholders and acting fairly at all times. The directors recognise the importance of fostering good relationships with both suppliers and customers by maintaining high standards of business and ethical conduct. The directors do not foresee its operations having an impact on the environment or wider community.
On behalf of the board
Mr Bjorn Skarlen
Director
28/10/2025
Page 2
Page 3
DIGITAL PARTNERS NETWORK LIMITED
Company No. 13532707
Directors' Report For The Year Ended 31 December 2023
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Dividends
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Financial Instruments
The company's activities expose it to a number of financial risks including liquidity, cash flow and credit risks. The company does not use derivative financial instruments for speculative purposes.
Directors
The directors who held office during the year were as follows:
Mr Bjorn Skarlen
Mr Leonard Fertig Resigned 20/02/2023
Mr Gary Morley Resigned 27/12/2023
Post Balance Sheet Events
On 11th November 2024, the company re-registered as a Private Limited Company, with the company name being changed from Digital Partners Network PLC to Digital Partners Network Limited.
Streamlined Energy and Carbon Reporting
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Page 3
Page 4
DIGITAL PARTNERS NETWORK LIMITED
Directors' Report (continued)
For The Year Ended 31 December 2023
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
Sanders have resigned as auditors and the directors have appointed Windsor Audit Limited as auditors to the company in accordance with S485 Companies Act 2006. A resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Bjorn Skarlen
Director
28/10/2025
Page 4
Page 5
Independent Auditor's Report
to the Members of
DIGITAL PARTNERS NETWORK LIMITED
Independent Auditor's Report
Qualified opinion
We have audited the financial statements of DIGITAL PARTNERS NETWORK LIMITED for the year ended 31 December 2023 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 
Basis for Qualified Opinion
We were unable to obtain sufficient appropriate audit evidence in respect of certain balances and transactions in the financial statements:
We were unable to verify payroll expenses and related liabilities due to the absence of adequate supporting documentation, such as employment records, payroll summaries, and PAYE filings.
We were unable to obtain sufficient appropriate audit evidence regarding the opening balance of trade creditors of £35,314.
During the year, a prior year adjustment of £18,340 was made to increase trade and other creditors on the basis of an invoice identified as relating to the previous financial year. We were unable to obtain sufficient appropriate audit evidence to determine whether this adjustment was accurate or whether the invoice related to amounts already included in the original trade creditors balance.
We were unable to obtain sufficient appropriate audit evidence regarding the movement during the year in the balance of other creditors, which relates to supplier payments made through a third-party payment agent. Therefore, we are unable to verify the accuracy of the closing balance. The opening balance of £715,058 for other creditors was agreed to the audited financial statements of the prior year.
We were unable to obtain sufficient appropriate audit evidence in respect of supplier payments totalling £210,437 made via the third-party payment agent. Of this total, £142,577 was funded through other creditors and £67,860 was funded from a loan. While we obtained third-party confirmation that the loan was outstanding as at 31 December 2023, we were unable to verify the use of the loan proceeds and other funds by the payment agent to settle supplier invoices.
Consequently, we were unable to determine whether adjustments might have been necessary to trade creditors, other creditors, payroll expenses, and the related elements making up the statement of profit or loss and other comprehensive income.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material Uncertainty related to Going Concern
We draw attention to the financial statements, which shows that the company incurred a net loss of £396,534 during the year ended 31 December 2023 and, as of that date, the company had net liabilities of £1,131,764. As stated in Note 2.2, the company is reliant on the continued support of the ultimate parent company in Dubai, United Arab Emirates which indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 5
Page 6
Independent Auditor's Report (continued)
to the Members of
DIGITAL PARTNERS NETWORK LIMITED
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
Except for the possible effects of the matters described in the Basis for Qualified Opinion section of our report:
• We have not received all the information and explanations we require for our audit.
We have nothing to report in respect of the following further matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• the financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
  • We obtained an understanding of the legal and regulatory frameworks that are applicable to the company. We determined that the most significant are directly relevant to specific assertions in the financial statements are those related to the reporting framework (FRS 102, the Companies Act 2006) and the tax related legislation (the Finance Act); 
  • We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
  • We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
  • We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
  • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • Evaluate the appropriateness of accounting policies used and the related disclosures made by the directors. 
  • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
  • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Page 6
Page 7
Independent Auditor's Report (continued)
to the Members of
DIGITAL PARTNERS NETWORK LIMITED
Daniel Mould ACCA (Senior Statutory Auditor)
for and on behalf of Windsor Audit Limited , Statutory Auditor
30/10/2025
Windsor Audit Limited
1 Giltspur Street
Farringdon
London
EC1A 9DD
Page 7
Page 8
DIGITAL PARTNERS NETWORK LIMITED
Profit and Loss Account
For The Year Ended 31 December 2023
Profit and Loss Account
31 December 2023 31 December 2022
as restated
Notes £ £
Administrative expenses (367,314 ) (795,230 )
OPERATING LOSS (367,314 ) (795,230 )
Interest payable and similar charges 7 (29,220 ) -
LOSS FOR THE FINANCIAL YEAR (396,534 ) (795,230 )
The notes on pages 13 to 19 form part of these financial statements.
Page 8
Page 9
DIGITAL PARTNERS NETWORK LIMITED
Statement of Comprehensive Income
For The Year Ended 31 December 2023
Statement of Comprehensive Income
31 December 2023 31 December 2022
as restated
£ £
LOSS FOR THE FINANCIAL YEAR (396,534 ) (795,230 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (396,534 ) (795,230 )
Page 9
Page 10
DIGITAL PARTNERS NETWORK LIMITED
Balance Sheet
As At 31 December 2023
Balance Sheet
31 December 2023 31 December 2022
as restated
Notes £ £ £ £
CURRENT ASSETS
Debtors 10 36,075 35,314
Cash at bank and in hand 298 4,299
36,373 39,613
Creditors: Amounts Falling Due Within One Year 11 (1,168,137 ) (774,843 )
NET CURRENT ASSETS (LIABILITIES) (1,131,764 ) (735,230 )
TOTAL ASSETS LESS CURRENT LIABILITIES (1,131,764 ) (735,230 )
NET LIABILITIES (1,131,764 ) (735,230 )
CAPITAL AND RESERVES
Called up share capital 13 501 501
Share premium account 59,499 59,499
Profit and Loss Account (1,191,764 ) (795,230 )
SHAREHOLDERS' FUNDS (1,131,764) (735,230)
On behalf of the board
Mr Bjorn Skarlen
Director
28/10/2025
The notes on pages 13 to 19 form part of these financial statements.
Page 10
Page 11
DIGITAL PARTNERS NETWORK LIMITED
Statement of Changes in Equity
For The Year Ended 31 December 2023
Statement of Changes in Equity
Share Capital Share Premium Profit and Loss Account Total
£ £ £ £
As at 27 July 2021 - - - -
Loss for the period and total comprehensive income - - (795,230 ) (795,230)
Arising on shares issued during the period 501 59,499 - 60,000
As at 31 December 2022 and 1 January 2023 as restated 501 59,499 (795,230 ) (735,230)
Loss for the year and total comprehensive income - - (396,534 ) (396,534)
As at 31 December 2023 501 59,499 (1,191,764 ) (1,131,764)
Page 11
Page 12
DIGITAL PARTNERS NETWORK LIMITED
Statement of Cash Flows
For The Year Ended 31 December 2023
Statement of Cash Flows
31 December 2023 31 December 2022
as restated
Notes £ £
Cash flows from operating activities
Net cash used in operations 1 (68,526 ) (55,701 )
Interest paid (29,220 ) -
Net cash used in operating activities (97,746 ) (55,701 )
Cash flows from financing activities
Proceeds from issue of share capital - 60,000
Proceeds from new other loans 92,228 -
Repayment of other loans 1,517 -
Net cash generated from financing activities 93,745 60,000
(Decrease)/increase in cash and cash equivalents (4,001 ) 4,299
Cash and cash equivalents at beginning of year 2 4,299 -
Cash and cash equivalents at end of year 2 298 4,299
Page 12
Page 13
DIGITAL PARTNERS NETWORK LIMITED
Notes to the Statement of Cash Flows
For The Year Ended 31 December 2023
Notes to the Statement of Cash Flows
1. Reconciliation of loss for the financial year to cash used in operations
31 December 2023 31 December 2022
as restated
£ £
Loss for the financial year (396,534 ) (795,230 )
Adjustments for:
Interest expense 29,220 -
Movements in working capital:
Increase in trade and other debtors (761 ) (35,314 )
Increase in trade and other creditors 299,549 774,843
Net cash used in operations (68,526 ) (55,701 )
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
31 December 2023 31 December 2022
as restated
£ £
Cash at bank and in hand 298 4,299
3. Analysis of changes in net funds/(debt)
As at 1 January 2023 Cash flows As at 31 December 2023
£ £ £
Cash at bank and in hand 4,299 (4,001) 298
Debts falling due within one year - (93,745) (93,745 )
4,299 (97,746) (93,447)
Page 13
Page 14
DIGITAL PARTNERS NETWORK LIMITED
Notes to the Financial Statements
For The Year Ended 31 December 2023
Notes to the Financial Statements
1. General Information
DIGITAL PARTNERS NETWORK LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 13532707 . The registered office is 1 Giltspur Street, Farringdon, London, EC1A 9DD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
At the statement of financial position date, there were net liabilities of £1,131,764. Since the statement of financial position date, the parent company has continued to lend the company funds and hence the company has been able to meet liabilities as they fall due for payment. The company is reliant on the parent company for support which has to date been forthcoming and the parent has indicated it will continue to fund the operations. The directors are in regular contact with the parent company about ongoing funding and believe sufficient further finance will be made available to support the business until it is self sufficient. On this basis the directors believe it is appropriate to prepare the accounts on a going concern basis.
2.3. Significant judgements and estimations
In the application of the company’s accounting policies, the directors are required to make judgements,vestimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2.4. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.5. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
...CONTINUED
Page 14
Page 15
DIGITAL PARTNERS NETWORK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
2.5. Financial Instruments - continued
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 15
Page 16
DIGITAL PARTNERS NETWORK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
3. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
31 December 2023 31 December 2022
as restated
£ £
Audit Services
Audit of the company's financial statements 14,400 10,800
4. Staff Costs
Staff costs, including directors' remuneration, were as follows:
31 December 2023 31 December 2022
as restated
£ £
Wages and salaries 23,800 53,518
Social security costs 1,201 982
25,001 54,500
5. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 3)
2 3
6. Directors' remuneration
31 December 2023 31 December 2022
as restated
£ £
Emoluments 23,800 53,518
Amounts paid to third parties in respect of directors' services - 56,000
23,800 109,518
Page 16
Page 17
DIGITAL PARTNERS NETWORK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
7. Interest Payable and Similar Charges
31 December 2023 31 December 2022
as restated
£ £
Foreign exchange charges 24,504 -
Late payment tax charges 3,200 -
Other finance charges 1,516 -
29,220 -
8. Tax on Profit
The tax (credit)/charge on the loss for the year was as follows:
Tax Rate 31 December 2023 31 December 2022
as restated
31 December 2023 31 December 2022 £ £
Current tax
UK Corporation Tax 23.5% 19.0% - -
The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
31 December 2023 31 December 2022
£ £
Profit before tax (396,534) (795,230)
Tax on profit at 23.5% (UK standard rate) (93,186 ) (151,094 )
Expenses not deductible for tax purposes 752 9,665
Difference in tax rates (33,495 ) -
Deferred tax from unrecognised tax loss or credit 125,929 141,429
Total tax charge for the period - -
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). For the financial year ended 31 December 2023 the weighted average tax rate is 23.5% (31 December 2022 weighted average tax rate was 19%).
Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
At 31 December 2023, the company had trading losses of £393,334 available to carry forward (2022: £744,359). A deferred tax asset of £125,929 (2022: £141,429), calculated at 23.5%, has not been recognised due to uncertainty over the timing of future taxable profits.
9. Prior Period Adjustment
A prior period adjustment has been recorded during the year and the comparatives are restated for an error identified in the trade creditors balance brought forward from the prior year. The understatement of trade creditors amounted to £18,340.
Page 17
Page 18
DIGITAL PARTNERS NETWORK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
10. Debtors
31 December 2023 31 December 2022
as restated
£ £
Due within one year
Prepayments and accrued income 36,075 35,314
11. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
as restated
£ £
Trade creditors 175,783 53,654
Other loans 93,745 -
Amounts owed to group undertakings - 696,718
Other creditors 865,409 -
Taxation and social security 4,862 982
Accruals and deferred income 28,338 23,489
1,168,137 774,843
12. Loans
An analysis of the maturity of loans is given below:
31 December 2023 31 December 2022
as restated
£ £
Amounts falling due within one year or on demand:
Other loans 93,745 -
13. Share Capital
31 December 2023 31 December 2022
as restated
Allotted, called up and fully paid £ £
50,000,001 Ordinary Shares of £ 0.00001 each 500 500
1 Ordinary A shares of £ 1.00000 each 1 1
501 501
Ordinary shares have full rights in the company with respect to voting, dividends and distributions.
The Ordinary A shares are irredeemable and have full rights in the company with regards to voting, dividend and capital distribution. The Ordinary A shares shall be deemed to have sufficient votes to constitute 75% of votes in respect of any general and special resolutions. A shareholder holding Ordinary A shares shall also constitute a quorum at any meeting of the company in the event that the holder of the Ordinary A share determines to sell its shares to an offeror, such shareholder(s) will be entitled to require that all other shareholders sell their shares at the same price and on the same terms as have been offered by the offeror.
Page 18
Page 19
DIGITAL PARTNERS NETWORK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
14. Financial Instruments
The company has the following financial instruments:
31 December 2023 31 December 2022
as restated
£ £
Financial assets
Financial assets that are debt Instruments measured at amortised cost 298 4,299
Financial liabilities
Financial liabilities measured at amortised cost 1,134,936 750,372
15. Post Balance Sheet Events
On 2 January 2024 the company entered into a product development agreement whereby Digital Partners Network Limited will facilitate the development of products and services on behalf of the client. This will see the company begin to generate revenue from this date onwards. 
A special resolution was passed on 4 September 2024 where it was resolved that the company would re-register as a private limited company.
On 11 November 2024 the Registrar of Companies for England and Wales certified that Digital Partners Network PLC formerly registered as a public company had been re-registered as a private company and is now incorporated under the name Digital Partners Network Limited.
16. Related Party Disclosures
Pensacola Holdings
During the year, Pensacola Holdings ceased being the immediate and ultimate parent company. Therefore, balance owed to Pensacola Holdings of £865,409 (2023: £715,058) has been moved to other creditors.The loan is interest free and repayable on demand.
Tor Anders Petteroe
During the year, the company was loaned €29,100 and BTC 2  from Tor Anders Petteroe, who is the ultimate beneficial owner. As at the balance sheet date, the amount converted to GBP of £93,745 including accrued interest is owed to Tor Anders Petteroe. This balance is due for repayment on or before 20th March 2024 and has an interest rate of 6%. Interest accrued for the year and charged to the profit and loss is £1,516.
17. Controlling Parties
The company's immediate parent undertaking is Turtle Creek Investments Fzco .
The ultimate parent undertaking is (incorporated in United Arab Emirates). Its registered office is Dubai Silicon Oasis, Ddp, Building A2, Dubai, United Arab Emirates .
Copies of the group accounts may be obtained from the company's registered office.
Page 19