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Registered number: 12922221









INTERLAND GLOBAL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
INTERLAND GLOBAL LIMITED
 
 
COMPANY INFORMATION


Directors
I Haim 
B Edgar 




Registered number
12922221



Registered office
73 Maygrove Road

London

England

NW6 2EG




Independent auditors
Harris & Trotter LLP
Chartered Accountants & Registered Auditors

101 New Cavendish Street

1st Floor South

London

W1W 6XH





 
INTERLAND GLOBAL LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10 - 11
Company Balance Sheet
12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 39


 
INTERLAND GLOBAL LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their Strategic Report for the period ended 31 December 2023.

Business review
 
The principal activity of the group is property investment and provision of property building and maintenance and related support services. Interland Group prides itself in being a forward thinking property investment group with a broad portfolio of residential and commercial assets in the United Kingdom. 
The Board of Directors meets monthly to monitor key areas such as risk, potential acquisitions, capital expenditures and financial performance of the existing portfolio. Policies continue to be reviewed and improvements implemented to ensure standards are continuously raised and functions within the group are regularly monitored.
It is the Group’s aim to continue to expand its portfolio organically, while ensuring adequate capital expenditure is deployed to maintain the standard of the existing assets in the portfolio. The Projects team ensures the construction of quality developments by ensuring that the Group works with reputable contractors, suppliers and consultants. This approach, alongside effective supply chain management, ensures the Group can build competitively and maintain desired quality within agreed programmes.
The Group continues to focus on the employment and retention of professional and highly competent staff, driving profitability across the group's assets by rationalising costs and maximising revenue. Furthermore, the Directors continue to invest in staff training and IT solutions to further streamline operational processes.
Stable and reliable relationships with banks, agents and landowners are maintained and cultivated to support the Group’s growth objectives.

Principal risks and uncertainties
 
The Group is geographically focused on the London market which has been resilient in the face of recent economic challenges. There has been little effect on the Group’s financial performance despite recent economic turbulence as the portfolio is well diversified and many assets have long leases meaning revenue is assured for many financial periods to come. In addition, the Group’s offerings remain competitive within the markets in which they are operated.
The group maintains strong relationships with several funders and banks to ensure that any major change in a lender’s operations would not have a serious impact on the ability of the Group to trade. The Directors do not consider any of the existing funding arrangements to be overly interest rate sensitive and the effect of interest rate rises on the total cost would be modest. Borrowing for investment properties has been taken on an average 5-year basis, with the majority of loans not having maturity dates before 2028. The Group has been careful not to over-leverage itself meaning that recent interest rate increases could be navigated without any material impact on operations.

Page 1

 
INTERLAND GLOBAL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Financial key performance indicators
 
Financial performance for the year has been analysed as follows:


31 December
31 March
2023
2023
        £
        £

Turnover

16,054,727

13,226,799
 
Gross Profit/(Loss)

12,398,370

9,003,679
 
Profit/(Loss) before tax

8,717,589

43,148,326
 
Shareholders' funds

51,589,970

43,128,062
 


This report was approved by the board and signed on its behalf.



B Edgar
Director

Date: 3 March 2025

Page 2

 
INTERLAND GLOBAL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the period ended 31 December 2023.

Directors

The directors who served during the period were:

I Haim 
B Edgar 

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £8,461,908 (2023 - £43,128,061).

The Directors do not recommend the payment of a final dividend.

Future developments

The directors look forward to the future with optimism. The directors have given due consideration to several external factors when preparing future trading forecasts such as inflation, interest rates and consumer confidence. Overall, the directors do not consider these factors to have a material impact on future forecasts.

Page 3

 
INTERLAND GLOBAL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the period end.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





B Edgar
Director

Date: 3 March 2025

Page 4

 
INTERLAND GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERLAND GLOBAL LIMITED
 

Opinion


We have audited the financial statements of Interland Global Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
INTERLAND GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERLAND GLOBAL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
INTERLAND GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERLAND GLOBAL LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.
• We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates. 
We did not identify any key audit matters relating to irregularities, including fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
INTERLAND GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERLAND GLOBAL LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.





Nicholas Newman (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants
Registered Auditors
  
101 New Cavendish Street
1st Floor South
London
W1W 6XH

3 March 2025
Page 8

 
INTERLAND GLOBAL LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023

Period ended
31 December
Period ended
31 March
2023
2023
Note
£
£

  

Turnover
 4 
16,054,727
13,226,799

Cost of sales
  
(3,656,357)
(4,223,120)

Gross profit
  
12,398,370
9,003,679

Administrative expenses
  
3,295,166
9,288,087

Exceptional administrative expenses
  
67,566
24,489,211

Other operating income
 5 
277,491
256,212

Fair value movements
  
(1,705,365)
4,126,657

Operating profit
  
14,333,228
47,163,846

Interest receivable and similar income
 9 
35,136
20,974

Interest payable and similar expenses
 10 
(5,650,775)
(4,036,494)

Profit before taxation
  
8,717,589
43,148,326

Tax on profit
 11 
(255,681)
(20,265)

Profit for the financial period
  
8,461,908
43,128,061

Profit for the period attributable to:
  

Owners of the parent Company
  
8,461,908
43,128,061

  
8,461,908
43,128,061

There were no recognised gains and losses for December 2023 or March 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for December 2023 (March 2023£NIL).

The notes on pages 18 to 39 form part of these financial statements.

Page 9

 
INTERLAND GLOBAL LIMITED
REGISTERED NUMBER: 12922221

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
31 March
2023
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
(114,320,046)
(124,712,777)

Tangible assets
 14 
17,975,775
18,029,600

Investment property
 15 
214,153,834
224,409,191

  
117,809,563
117,726,014

Current assets
  

Stocks
 16 
11,234,625
10,993,123

Debtors: amounts falling due within one year
 17 
44,100,280
33,108,729

Cash at bank and in hand
 18 
6,395,588
3,587,598

  
61,730,493
47,689,450

Creditors: amounts falling due within one year
 19 
(16,451,771)
(34,353,726)

Net current assets
  
 
 
45,278,722
 
 
13,335,724

Total assets less current liabilities
  
163,088,285
131,061,738

Creditors: amounts falling due after more than one year
 20 
(111,422,586)
(87,933,676)

Provisions for liabilities
  

Deferred taxation
 23 
(75,729)
-

  
 
 
(75,729)
 
 
-

Net assets excluding pension asset
  
51,589,970
43,128,062

Net assets
  
51,589,970
43,128,062


Capital and reserves
  

Called up share capital 
 24 
1
1

Other reserves
 25 
2,719,578
4,242,660

Profit and loss account
 25 
48,870,391
38,885,401

Equity attributable to owners of the parent Company
  
51,589,970
43,128,062

  
51,589,970
43,128,062


Page 10

 
INTERLAND GLOBAL LIMITED
REGISTERED NUMBER: 12922221
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B Edgar
Director

Date: 3 March 2025

The notes on pages 18 to 39 form part of these financial statements.

Page 11

 
INTERLAND GLOBAL LIMITED
REGISTERED NUMBER: 12922221

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
31 March
2023
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 17 
707,129
251,489

Cash at bank and in hand
 18 
1
1

  
707,130
251,490

Creditors: amounts falling due within one year
 19 
(708,084)
(251,489)

Net current (liabilities)/assets
  
 
 
(954)
 
 
1

Total assets less current liabilities
  
(954)
1

  

  

Net assets excluding pension asset
  
(954)
1

Net (liabilities)/assets
  
(954)
1


Capital and reserves
  

Called up share capital 
 24 
1
1

Loss/(profit) for the period
  
(955)
-

Profit and loss account carried forward
  
(955)
-

  
(954)
1


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


B Edgar
Director

Date: 3 March 2025

The notes on pages 18 to 39 form part of these financial statements.

Page 12

 
INTERLAND GLOBAL LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 November 2021
1
-
-
1


Comprehensive income for the period

Profit for the period
-
-
43,128,061
43,128,061

Transfer to/from profit and loss account
-
4,242,660
(4,242,660)
-



At 1 April 2023
1
4,242,660
38,885,401
43,128,062


Comprehensive income for the period

Profit for the period
-
-
8,461,908
8,461,908

Transfer to/from profit and loss account
-
(1,523,082)
1,523,082
-


At 31 December 2023
1
2,719,578
48,870,391
51,589,970


The notes on pages 18 to 39 form part of these financial statements.

Page 13

 
INTERLAND GLOBAL LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 November 2021
1
-
1



At 1 April 2023
1
-
1


Comprehensive income for the period

Loss for the period
-
(955)
(955)


At 31 December 2023
1
(955)
(954)


The notes on pages 18 to 39 form part of these financial statements.

Page 14

 
INTERLAND GLOBAL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023

Period ended
31 December
Period ended
31 March
2023
2023
£
£

Cash flows from operating activities

Profit for the financial period
8,461,908
43,128,061

Adjustments for:

Exceptional items
-
24,489,211

Amortisation of intangible assets
(10,392,731)
(13,856,975)

Depreciation of tangible assets
120,933
133,437

Loss on disposal of tangible assets
234,644
-

Interest paid
5,650,774
4,036,494

Interest received
(35,136)
(20,974)

Taxation charge
162,178
20,265

(Increase) in stocks
(241,502)
(10,993,123)

(Increase) in debtors
(11,009,326)
(33,108,729)

Increase in creditors
5,211,109
122,287,402

Deferred tax movement
93,505
-

Net fair value losses/(gains) recognised in P&L
1,713,926
(4,126,657)

Corporation tax received
213,668
-

Net cash generated from operating activities

183,950
131,988,412


Cash flows from investing activities

Purchase of tangible fixed assets
(67,109)
(9,816)

Purchase of investment properties
(651,938)
(2,949,831)

Sale of investment properties
8,958,725
-

Acquisition of subsidiaries
-
(121,425,647)

Interest received
35,136
20,974

Net cash from investing activities

8,274,814
(124,364,320)
Page 15

 
INTERLAND GLOBAL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Period ended
31 December
Period ended
31 March

2023
2023

£
£


Cash flows from financing activities

Interest paid
(5,650,774)
(4,036,494)

Net cash used in financing activities
(5,650,774)
(4,036,494)

Net increase in cash and cash equivalents
2,807,990
3,587,598

Cash and cash equivalents at beginning of period
3,587,598
-

Cash and cash equivalents at the end of period
6,395,588
3,587,598


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
6,395,588
3,587,598

6,395,588
3,587,598


The notes on pages 18 to 39 form part of these financial statements.

Page 16

 
INTERLAND GLOBAL LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2023




At 1 April 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

3,587,598

2,809,040

6,396,638

Debt due after 1 year

(87,865,571)

1,766,995

(86,098,576)

Debt due within 1 year

(24,735,263)

(644,737)

(25,380,000)


(109,013,236)
3,931,298
(105,081,938)

The notes on pages 18 to 39 form part of these financial statements.

Page 17

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Interland Global Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. The company's registered office address and the principal place of business address is 73 Maygrove Road, London, NW6 2EG.
The financial statements are presented in GBP, which is the functional currency of the group.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 18

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 20

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
25%
Computer equipment
-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 21

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 22

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The
Page 23

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

impairment reversal is recognised in the profit or loss.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about the carrying values of assets and the liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revisions affect only that period, or in the period of the revisions and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Valuation of investment properties
As described in the notes to the financial statements, investment properties are stated at fair value based on the valuation by external valuers. The valuer used observable market prices adjusted as necessary for any difference in the nature, location or condition of the specific asset.

Page 24

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


Period ended
31 December
Period ended
31 March
2023
2023
£
£

Rental and other income
16,054,727
13,226,799

16,054,727
13,226,799



5.


Other operating income

Period ended
31 December
Period ended
31 March
2023
2023
£
£

Other operating income
277,491
256,212

277,491
256,212



6.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors:


Period ended
31 December
Period ended
31 March
2023
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
85,725
68,000

Page 25

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
31 December
Group
31 March
2023
2023
£
£


Wages and salaries
2,822,000
1,915,644

Social security costs
291,078
166,287

Cost of defined contribution scheme
143,104
156,311

3,256,182
2,238,242


The average monthly number of employees, including the directors, during the period was as follows:



Group
Group
Company
Company
     Period ended
     31 December
     Period ended
        31 March
     Period ended
     31 December
     Period ended
        31 March
        2023
        2023
        2023
        2023
            No.
            No.
            No.
            No.









Total
51
51
2
2


8.


Directors' remuneration

Period ended
31 December
Period ended
31 March
2023
2023
£
£

Directors' emoluments
160,928
37,454

160,928
37,454


Page 26

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Interest receivable

Period ended
31 December
Period ended
31 March
2023
2023
£
£


Other interest receivable
35,136
20,974

35,136
20,974


10.


Interest payable and similar expenses

Period ended
31 December
Period ended
31 March
2023
2023
£
£


Bank interest payable
5,635,745
4,034,232

Other loan interest payable
-
131

Other interest payable
15,030
2,131

5,650,775
4,036,494

Page 27

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.


Taxation


Period ended
31 December
Period ended
31 March
2023
2023
£
£

Corporation tax


Current tax on profits for the year
-
64,781

Adjustments in respect of previous periods
162,178
(26,741)


162,178
38,040


Total current tax
162,178
38,040

Deferred tax


Origination and reversal of timing differences
93,503
(17,775)

Total deferred tax
93,503
(17,775)


Tax on profit
255,681
20,265
Page 28

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than (March 2023 - the same as) the standard rate of corporation tax in the UK of 25% (March 2023 - 19%). The differences are explained below:

Period ended
31 December
Period ended
31 March
2023
2023
£
£


Profit on ordinary activities before tax
8,717,590
43,148,326


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (March 2023 - 19%)
2,179,398
8,198,182

Effects of:


Non-tax deductible amortisation of goodwill and impairment
(2,598,183)
(2,632,825)

Capital allowances for period in excess of depreciation
49,753
(36,248)

Utilisation of tax losses
(1,156,426)
(1,298,640)

Other timing differences leading to an increase (decrease) in taxation
(93,503)
17,775

Non-taxable income
(1,001,073)
(134,875)

Unrelieved tax losses carried forward
(131,182)
-

Group relief
3,006,897
(4,093,104)

Total tax charge for the period
255,681
20,265


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 29

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

12.


Exceptional items

Period ended
31 December
Period ended
31 March
2023
2023
£
£


Exceptional items
(67,566)
(24,489,211)

(67,566)
(24,489,211)

Exceptional items predominantly relate to the write off of related party loans.


13.


Intangible assets

Group and Company







Goodwill

£



Cost


At 1 April 2023
(138,569,752)



At 31 December 2023

(138,569,752)



Amortisation


At 1 April 2023
(13,856,975)


Charge for the period
(10,392,731)



At 31 December 2023

(24,249,706)



Net book value



At 31 December 2023
(114,320,046)



At 31 March 2023
(124,712,777)



Page 30
 


 
INTERLAND GLOBAL LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023


14.


Tangible fixed assets


Group










Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 April 2023
17,612,017
3,930,299
2,259,233
120,267
764,316
-
24,686,132


Additions
-
-
22,976
-
17,675
26,457
67,108


Disposals
-
-
(33,946)
-
(6,980)
-
(40,926)


Revaluations
-
-
-
-
327
-
327



At 31 December 2023

17,612,017
3,930,299
2,248,263
120,267
775,338
26,457
24,712,641



Depreciation


At 1 April 2023
-
3,715,244
2,199,445
90,979
650,865
-
6,656,533


Charge for the period on owned assets
-
69,918
18,981
6,266
15,144
3,969
114,278


Disposals
-
-
(33,945)
-
-
-
(33,945)



At 31 December 2023

-
3,785,162
2,184,481
97,245
666,009
3,969
6,736,866



Net book value
Page 31

 


 
INTERLAND GLOBAL LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)




At 31 December 2023
17,612,017
145,137
63,782
23,022
109,329
22,488
17,975,775



At 31 March 2023
17,612,017
215,055
59,788
29,288
113,452
-
18,029,600

Page 32
 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

15.


Investment property

Group





Freehold investment property

£



Valuation


At 1 April 2023
224,409,191


Additions at cost
651,938


Disposals
(9,193,369)


Deficit on revaluation
(1,713,926)



At 31 December 2023
214,153,834

Investment properties were revalued by external valuers who are independent of the Group and have experience of valuing similar properties. The properties have been valued on an open market, existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

31 December
31 March
2023
2023
£
£


Historic cost
212,026,486
220,282,534

212,026,486
220,282,534

The historic cost represents the historic cost of the properties on acquisition of the Group.





16.


Stocks

31 December
31 March
2023
2023
£
£

Property
11,234,625
10,993,123

11,234,625
10,993,123


Page 33

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

17.


Debtors

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£


Trade debtors
4,417,409
1,066,150
-
-

Amounts owed by group undertakings
-
-
516,821
209,574

Other debtors
37,300,743
29,546,858
190,308
41,915

Called up share capital not paid
100
-
-
-

Prepayments and accrued income
1,797,847
1,890,525
-
-

Tax recoverable
584,181
587,421
-
-

Deferred taxation
-
17,775
-
-

44,100,280
33,108,729
707,129
251,489



18.


Cash and cash equivalents

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Cash at bank and in hand
6,395,588
3,587,598
1
1

6,395,588
3,587,598
1
1


Page 34

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due within one year

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Bank loans
90,000
24,735,263
-
-

Trade creditors
3,050,459
2,174,908
618,809
251,489

Amounts owed to group undertakings
-
-
89,275
-

Corporation tax
548,101
172,255
-
-

Other taxation and social security
369,707
370,440
-
-

Other creditors
8,271,215
2,572,367
-
-

Accruals and deferred income
4,122,289
4,328,493
-
-

16,451,771
34,353,726
708,084
251,489



20.


Creditors: Amounts falling due after more than one year

Group
31 December
Group
31 March
2023
2023
£
£

Bank loans
111,258,533
78,735,571

Other loans
130,000
9,130,000

Trade creditors
34,053
68,105

111,422,586
87,933,676




Page 35

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

21.


Loans


Analysis of the maturity of loans is given below:


Group
31 December
Group
31 March
2023
2023
£
£

Amounts falling due within one year

Bank loans
90,000
24,735,263


90,000
24,735,263

Amounts falling due 1-2 years

Bank loans
3,594,500
7,910,763

Other loans
130,000
9,130,000


3,724,500
17,040,763

Amounts falling due 2-5 years

Bank loans
107,664,033
70,824,808


107,664,033
70,824,808


111,478,533
112,600,834


The bank loans are secured across investment properties owned by subsidiary companies.

Page 36

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

22.


Financial instruments

Group
31 December
Group
31 March
2023
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
6,395,588
3,587,598

Financial assets that are debt instruments measured at amortised cost
42,061,066
31,545,671

48,456,654
35,133,269


Financial liabilities

Financial liabilities measured at amortised cost
38,094,052
30,324,455


Financial assets measured at fair value comprise cash at bank and in hand.


23.


Deferred taxation


Group



31 December 2023


£






At beginning of period
17,775


Charged to profit or loss
(93,504)



At end of period
(75,729)

Page 37

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
23.Deferred taxation (continued)

Company


31 December 2023






At end of period
-



The deferred taxation balance is made up as follows:

Group
31 December
Group
31 March
2023
2023
£
£

Revaluation of investment properties
(75,728)
17,775

(75,728)
17,775


24.


Share capital

31 December
31 March
2023
2023
£
£
Allotted, called up and fully paid



1 (March 2023 - 1) Ordinary share of £1.00
1
1



25.


Reserves

Other reserves

Includes revaluation of freehold property, net of related tax.

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 38

 
INTERLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and, in the current period, amounted to £103,500 (March 2023: £156,311). Contributions totalling £11,390 (March 2023: £4,343) were payable to the fund at the balance sheet date and are included in creditors.


27.


Controlling party

The Company's immediate parent is Southdawn Management Limited, a company incorporated in British Virgin Islands.

 
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