Company Registration No. SC163523 (Scotland)
INTERSTATE HOTELS UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INTERSTATE HOTELS UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
INTERSTATE HOTELS UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
117,498
129,867
Tangible assets
4
10,564
16,330
128,062
146,197
Current assets
Debtors
5
1,261,184
732,773
Cash at bank and in hand
2,332,122
267,328
3,593,306
1,000,101
Creditors: amounts falling due within one year
6
(3,751,003)
(1,355,166)
Net current liabilities
(157,697)
(355,065)
Net liabilities
(29,635)
(208,868)
Capital and reserves
Called up share capital
7
222,703
222,703
Share premium account
8
39,176
39,176
Capital redemption reserve
9
20,299
20,299
Profit and loss reserves
8
(311,813)
(491,046)
Total equity
(29,635)
(208,868)

The directors of the company have elected not to include a copy of the profit and loss account 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 11 April 2025 and are signed on its behalf by:
B Dawson
Director
Company Registration No. SC163523
INTERSTATE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Interstate Hotels UK Limited is a private company limited by shares incorporated in Scotland. The registered office is Turnberry House, 175 West George Street, Glasgow, United Kingdom, G2 2LB.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

During 2025 the directors have taken the decision to wind down the remaining business within the company and novate the remaining HMA's to the main UK trading company, Interstate United Kingdom Management Limited. During this time, the company will continue to be supported by the wider Interstate group. However, as a decision has been made to cease activities, the directors do not consider it to be appropriate to adopt the going concern basis in preparing the financial statements. As such the financial statements have been prepared on a basis other than going concern.

1.3
Turnover

Turnover, in the form of management fees, is measured at the fair value of the consideration received or receivable under the terms of the relevant management contract, excluding discounts, rebates, value added tax and any other sales taxes.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Key Money
Straight line basis over life of contract (5 - 15 years)
Domain Name
10 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
5 years straight line
Computers
3 - 5 years straight line
INTERSTATE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.8
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 balance sheet 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. Financial assets classified as receivable within one year are not amortised.

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 and loans from fellow group companies, 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.

 

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

INTERSTATE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
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.

1.13

Prior period adjustments

Adjustments have been made to the figures presented in the comparative periods based on material misstatements identified during audit process. The adjustment has recognised an additional debtors balance of £500,941 for future rebates receivable. This balance will be passed onto a related party and has therefore increase intercompany creditors by the same value, having zero impact on equity or net loss in the previous year.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
INTERSTATE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Key Money
Domain Name
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
136,051
9,170
145,221
Amortisation and impairment
At 1 January 2023
6,184
9,170
15,354
Amortisation charged for the year
12,369
-
12,369
At 31 December 2023
18,553
9,170
27,723
Carrying amount
At 31 December 2023
117,498
-
117,498
At 31 December 2022
129,867
-
129,867
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
260,025
Depreciation and impairment
At 1 January 2023
243,695
Depreciation charged in the year
5,766
At 31 December 2023
249,461
Carrying amount
At 31 December 2023
10,564
At 31 December 2022
16,330
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
as restated
Trade debtors
1,179,517
700,820
Amounts owed by group undertakings
11,667
11,667
Other debtors
-
0
17,004
1,191,184
729,491
2023
2022
INTERSTATE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Debtors
(Continued)
- 6 -
Amounts falling due after more than one year:
£
£
Other debtors
70,000
-
0
Deferred tax asset
-
0
3,282
70,000
3,282
Total debtors
1,261,184
732,773

Trade debtors are net of bad debt provision of £53 (2023: £Nil).

 

Amounts owed by group undertakings are and repayable on demand.

6
Creditors: amounts falling due within one year
2023
2022
£
£
as restated
Trade creditors
6,924
2,404
Amounts owed to group undertakings
3,403,977
1,073,409
Taxation and social security
17,595
55,872
Other creditors
322,507
223,481
3,751,003
1,355,166

Amounts owed to group undertakings are payable on demand.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
222,703
222,703
222,703
222,703
8
Profit and loss reserves

Retained Earnings

Profit and loss reserves represent accumulated comprehensive income for the year and prior periods less dividends paid.

 

Share premium account

The Share premium reserve relates to amounts paid for shares issued in excess of nominal value.

 

Capital redemption reserve

The capital redemption reserve represents amounts transferred following the redemption/ purchase of the company's own shares.

INTERSTATE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
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.

Emphasis of matter - Financial statements prepared on a basis other than going concern

We draw attention to Note 1.2 of the financial statements, which explains that the directors intend to wind down the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in this respect.

The senior statutory auditor was Allyson Banford and the auditor was Johnston Carmichael LLP.
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
55,823
11
Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 33.1A from the requirement to disclose transactions with 100% owned group companies.

12
Parent company

The smallest group in which the results are consolidated is Interstate UK Holdco Limited. The registered office of Interstate UK Holdco Limited is Riverbank House, 2 Swan Lane, London, England, EC4R 3TT. The accounts of Interstate UK Holdco Limited can be obtained from Companies House, 4th Floor, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF or from the Companies house website at https://www.gov.uk/government/organisations/companies-house.

 

The ultimate parent company and the largest group in which the results are consolidated Aimbridge Acquisition Co, Inc. Copies of the group financial statements of Aimbridge Acquisition Co, Inc, are available from 5301 Headquarters Drive, Plano, TX 75024. The ultimate controlling party is Aimbridge Group Holdings L.P, a US registered entity.

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