Company registration number 07087250 (England and Wales)
INTERACTIVE MANCHESTER LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
PAGES FOR FILING WITH REGISTRAR
INTERACTIVE MANCHESTER LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
INTERACTIVE MANCHESTER LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JULY 2022
31 July 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Current assets
Debtors
4
2,935,362
2,912,742
Cash at bank and in hand
111
2,999
2,935,473
2,915,741
Creditors: amounts falling due within one year
5
(59,051)
(49,279)
Net current assets
2,876,422
2,866,462
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
2,876,421
2,866,461
Total equity
2,876,422
2,866,462

The director of the company has elected not to include a copy of the income statement and director's report within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 October 2023 and are signed on its behalf by:
A Lejune
Director
Company Registration No. 07087250
INTERACTIVE MANCHESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
- 2 -
1
Accounting policies
Company information

Interactive Manchester Limited is a private company limited by shares incorporated in England and Wales. The registered office is Buchanan House, 30 Holborn, London, EC1N 2HS

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Going concern

The financial statements have been prepared on a going concern basis which the director believes to be appropriate for the following reason. The company is reliant on the support of other group companies as a result of the way that the group is financed. Global University Systems Holding B.V. has agreed to continue to provide financial and other support to the company for the foreseeable future to enable it to continue to trade.true

 

As a result, having assessed the response of the directors of Global University Systems Holding B.V., in light of its support and on the basis of her assessment of the company's financial position and Global University Systems Holding B.V. financial position, the Director has a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
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.

The company does not enter into any transactions that can be classified as other financial assets, including equity instruments which are not subsidiaries, associates or joint ventures.

INTERACTIVE MANCHESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 3 -
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.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
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 or 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.

1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.9

Other operating income

The company generated no income. Other operating income relates to subletting to other group entities.

INTERACTIVE MANCHESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates 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.

 

The key judgement applied by management is in respect of the recoverability of amounts due from related entities. In assessing recoverability, management consider the net asset and trading position of the related entity, including any credit enhancements such as guarantees or support from other group entities to determine the expected recoverable amount. Any shortfall is recognised as an impairment. The directors determined that no impairment was required at the period end.

3
Employees

The average monthly number of persons (including director) employed by the company during the year was 1 (2021 - 1).

4
Debtors
2022
2021
as restated
Amounts falling due within one year:
£
£
Trade debtors
-
0
21,504
Amounts owed by group undertakings
2,904,833
2,413,568
Other debtors
30,529
477,670
2,935,362
2,912,742
5
Creditors: amounts falling due within one year
2022
2021
as restated
£
£
Trade creditors
39,551
31,579
Corporation tax
3,000
1,500
Other creditors
16,500
16,200
59,051
49,279
INTERACTIVE MANCHESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 5 -
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Joseph Brewer
Statutory Auditor:
Gravita Audit Limited
7
Contingent liabilities

In 2018 HMRC opened an enquiry into historic VAT treatments applied by certain entities in the Global University Systems group, including Interactive Manchester Limited. The Board are of the view that directives relating to the application of VAT as it applies to education services is open to varying interpretations by HMRC, tax tribunals and courts. As at the year end, appeals were continuing and so no final resolution had been reached in respect of the enquiry. Therefore the Directors consider the outcome of the enquiry, which could include interest and penalties in addition to any assessed VAT liability, to be uncertain.

8
Events after the reporting date

The directors are of the opinion that there were no significant adjusting or non-adjusting events occurring after the reporting date.

9
Related party transactions

The company has taken advantage of the exemption allowed in FRS 102 and has not disclosed details of related party transactions with 100% owned entities within the group.

10
Charges

At the year end, a fixed charge was outstanding in respect of certain of the company's assets.

11
Parent company

The immediate parent undertaking is Interactive Pro Limited, a company incorporated in England and Wales.

 

The ultimate controlling party is The Heritage Trust, registered in Guernsey.

 

The smallest and largest group into which the entity is consolidated is Global University Systems Holding B.V., a company registered in The Netherlands.  The registered office is Passeerdersgracht 23, 1016 XG Amsterdam, The Netherlands.

12
Prior period adjustment

The director identified an amount of £163,619 that had been included in accruals in the comparative year that had been settled by a group entity on the company's behalf prior to the year end. The adjustment to correct this decreases accruals and decreases the intercompany debtor balance by £163,619. There is no impact to the loss in the comparative year as a result of this adjustment.

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