Interstate United Kingdom Management Lim - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08280495 (England and Wales)

Financial Statements for the Year Ended 31 December 2018

for

Interstate United Kingdom Management

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Erica Hageman

Darren John Brennen

SECRETARY:

Erica Hageman

REGISTERED OFFICE:

Riverbank House

2 Swan Lane

London

EC4R 3TT

REGISTERED NUMBER:

08280495 (England and Wales)

SENIOR STATUTORY AUDITOR:

James R Weir

AUDITORS:

Stevenson & Kyles

Chartered Accountants

Statutory Auditor

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Intangible assets

4

1,361,417

1,018,162

Tangible assets

5

94,010

46,755

1,455,427

1,064,917

CURRENT ASSETS

Debtors

6

3,035,338

2,353,168

Cash at bank

439,852

444,822

3,475,190

2,797,990

CREDITORS

Amounts falling due within one year

7

2,268,970

1,584,910

NET CURRENT ASSETS

1,206,220

1,213,080

TOTAL ASSETS LESS CURRENT LIABILITIES

2,661,647

2,277,997

CREDITORS

Amounts falling due after more than one year

8

2,242,053

2,242,053

NET ASSETS

419,594

35,944

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

419,593

35,943

SHAREHOLDER FUNDS

419,594

35,944

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 on 23 September 2019 and were signed on its behalf by:

Darren John Brennen - Director

1.	STATUTORY INFORMATION

Interstate United Kingdom Management 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 (£).

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.

Related party exemption

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Management contracts

Management contracts represents costs incurred in securing new contracts which are being amortised

evenly over the term of the contract to which the costs relate. Typically the contract term is five years

and there are no contracts in place which have a term of greater than 20 years.

Management contracts are initially measured at cost. After initial recognition, management contracts

are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Impairment losses have been recognised in the Income Statement, following an assessment at the

Balance Sheet date indicating that the recoverable amount was less than the carrying value.

Key money

This relates to funds paid to secure contracts. The funds paid are written off over the term of the

contract to which the payment relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fittings and equipment

-

20% on cost

Computer equipment

-

33.33% on cost

Financial instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and receivable

or payable within one year, are recorded at transaction price. Any losses arising from impairment are

recognised in the profit and loss account in administrative expenses.

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.

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.

Foreign currencies

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 of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs.

Subsequently they are measured at amortised cost using the effective interest rate method less

impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 84 (2017 - 80 ) .

4.	INTANGIBLE FIXED ASSETS

Management

contracts

Key money

Totals

£

£

£

COST

At 1 January 2018

2,023,454

295,000

2,318,454

Additions

72,173

580,000

652,173

Impairments

(18,165

)

-

(18,165

)

At 31 December 2018

2,077,462

875,000

2,952,462

AMORTISATION

At 1 January 2018

1,113,709

186,583

1,300,292

Amortisation for year

220,619

75,583

296,202

Impairments

(5,449

)

-

(5,449

)

At 31 December 2018

1,328,879

262,166

1,591,045

NET BOOK VALUE

At 31 December 2018

748,583

612,834

1,361,417

At 31 December 2017

909,745

108,417

1,018,162

5.	TANGIBLE FIXED ASSETS

Fittings

and

Motor

Computer

equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2018

35,338

34,750

23,230

93,318

Additions

-

651

74,935

75,586

Disposals

-

-

(1,969

)

(1,969

)

At 31 December 2018

35,338

35,401

96,196

166,935

DEPRECIATION

At 1 January 2018

29,211

2,172

15,180

46,563

Charge for year

6,094

8,850

13,360

28,304

Eliminated on disposal

-

-

(1,942

)

(1,942

)

At 31 December 2018

35,305

11,022

26,598

72,925

NET BOOK VALUE

At 31 December 2018

33

24,379

69,598

94,010

At 31 December 2017

6,127

32,578

8,050

46,755

6.

DEBTORS

2018

2017

£

£

Amounts falling due within one year:

Trade debtors

1,426,494

560,010

Amounts owed by group undertakings

112,996

44,182

Other debtors

23,214

32,201

Deferred tax

7,001

47,709

Prepayments and accrued income

55,743

363,022

1,625,448

1,047,124

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,409,890

1,306,044

Aggregate amounts

3,035,338

2,353,168

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

138,626

43,686

Amounts owed to group undertakings

408,224

274,727

Social security and other taxes

603,556

520,186

Other creditors and accruals

1,118,564

746,311

2,268,970

1,584,910

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Amounts due to group undertakings

2,242,053

2,242,053

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James R Weir (Senior Statutory Auditor)

for and on behalf of Stevenson & Kyles

10.	RELATED PARTY DISCLOSURES

11.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and

submit returns to the tax authorities and assist with the preparation of the financial statements. They

also provide payroll services.

12.	CONTINGENT LIABILITY

In March 2017 an incident occurred at one of the hotels operated under a management contract by the

company. The incident is presently under investigation by the relevant Government authorities. Given

the fact that the matter is still under investigation, no estimate can be made of the financial effect of

this matter, if any, at the present time.

13.	ULTIMATE CONTROLLING PARTY