Company registration number 06435597 (England and Wales)
INTERACTIVE WORLD WIDE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
PAGES FOR FILING WITH REGISTRAR
INTERACTIVE WORLD WIDE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
INTERACTIVE WORLD WIDE LIMITED
BALANCE SHEET
AS AT
31 JULY 2021
31 July 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
5
1
1
Current assets
Debtors
7
38,315
43,282
Cash at bank and in hand
5,453
5,561
43,768
48,843
Creditors: amounts falling due within one year
8
(2,519,314)
(1,318,552)
Net current liabilities
(2,475,546)
(1,269,709)
Total assets less current liabilities
(2,475,545)
(1,269,708)
Creditors: amounts falling due after more than one year
9
(4,010,000)
Net liabilities
(6,485,545)
(1,269,708)
Capital and reserves
Called up share capital
10
21,053
21,053
Share premium account
4,498,947
4,498,947
Profit and loss reserves
(11,005,545)
(5,789,708)
Total equity
(6,485,545)
(1,269,708)
The director of the company has 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 17 August 2022 and are signed on its behalf by:
A N Lejune
Director
Company Registration No. 06435597
INTERACTIVE WORLD WIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
- 2 -
1
Accounting policies
Company information
Interactive World Wide Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
B
uchanan
House,
30 Holborn
,
London
,
EC
1
N
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 a
mounts
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
Interactive World Wide Limited is a indirectly wholly owned subsidiary of Global University Systems Holding B.V. and the results of Interactive World Wide Limited are included in the consolidated financial statements of Global University Systems Holding B.V. which are available from Passeerdersgracht 23, 1016 XG Amsterdam, The Netherlands.
INTERACTIVE WORLD WIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 3 -
1.2
Going concern
The financial statements have been prepared on a going concern basis which the
d
irector 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 and meet all of its debts as and when they fall due
.
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 the
d
irector
's
assessment of the company's financial position and Global University Systems Holding B.V. financial position, the
d
irector 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.
In addition, the company has obtained further comfort from Global University Systems Canada Holdings Inc, a fellow subsidiary of Global University Systems Holding B.V. and
the
major creditor, that they will not seek repayment of group loans and advances within 12 months of the date of approval of these financial statements unless the company has sufficient funds to repay it.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life
. The policies have been set
out
as follows:
Fixtures, fittings, equipment & platforms
5 years straight line
Computer equipment
10 years straight line
Motor vehicles
4 years straight line
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
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
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.
INTERACTIVE WORLD WIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 4 -
1.6
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 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.
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
paymen
ts 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. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments
and the company did not enter into any such transactions that can be classified as other financial liabilities.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
INTERACTIVE WORLD WIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 5 -
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.
1.9
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.
1.10
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.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
INTERACTIVE WORLD WIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 6 -
4
Tangible fixed assets
Fixtures, fittings, equipment & platforms
£
Cost
At 1 August 2020 and 31 July 2021
2,209,863
Depreciation and impairment
At 1 August 2020 and 31 July 2021
2,209,863
Carrying amount
At 31 July 2021
At 31 July 2020
5
Fixed asset investments
2021
2020
£
£
Investments
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 August 2020 & 31 July 2021
1
Carrying amount
At 31 July 2021
1
At 31 July 2020
1
6
Subsidiaries
Separate company financial statements are required to be prepared by law. Consolidated financial statements for the Global University Systems B.V. Group are prepared and publicly available.
Details of the company's subsidiaries at 31 July 2021 are as follows:
INTERACTIVE WORLD WIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
6
Subsidiaries
(Continued)
- 7 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Pearl Estate Management Limited
England and Wales
Technical and vocational secondary education
Ordinary share capital
100.00
-
Interactive Corporate Limited
England and Wales
Technical and vocational secondary education
Ordinary shares
0
70.00
School of Fashion and Design London
England and Wales
Higher and cultural education
Ordinary shares
0
100.00
Interactive K12 (CIS) Limited
England and Wales
Technical and vocational secondary education
Ordinary shares
0
85.00
Interactive Manchester (Academic) Limited
England and Wales
Technical and vocational secondary education
Ordinary shares
0
100.00
Finance & Business Training London Limited
England and Wales
Technical and vocational secondary education
Ordinary shares
0
100.00
Interactive Corporate S.R.O
Czech Republic
Higher education
Ordinary shares
0
100.00
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
38,315
43,282
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
5,394
20,872
Amounts owed to group undertakings
1,448,699
1,102,043
Other creditors
1,065,221
195,637
2,519,314
1,318,552
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
4,010,000
INTERACTIVE WORLD WIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 8 -
10
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
2,000,000 A Ordinary shares and 105,300 B Non-voting ordinary shares of 1p each
21,053
21,053
21,053
21,053
11
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.
The senior statutory auditor was Jonathan Isaacs and the auditor was Jeffreys Henry LLP.
12
Contingent liabilities
A significant proportion of the company's business involves the provision of higher education to students in the United Kingdom. The implementation of the European Union Principal VAT Directive in domestic legislation, regulations and policy documents, including in respect of operational matters, continues to evolve. The primary legislation and regulations are not always clearly written and are subject to varying interpretations by the tax authority, the tax tribunals and the courts. Instances of inconsistent interpretations are not unusual.
The uncertainty of inconsistent enforcement and application of VAT laws as they apply to the provision of higher education (which is exempt from the scope of VAT in the Principal Directive), creates a risk of additional tax liabilities being assessed by the tax authority. Insofar such assessments are made in respect of historic periods, they can also be subject to a claim for penalties and interest. Whilst it is not possible to reliably estimate the probability or quantum of such potential claims, such claims, if made and sustained, may have a material effect on the company's financial position, results of operations and cash flows.
At the same time, there is a risk that transactions and interpretations that have not been challenged in the past may be challenged by the authorities in the future, although this risk significantly diminishes with passage of time. It is not practical to determine the amount of any potential claims or the likelihood of any unfavourable outcome.
13
Events after the reporting date
The directors are of the opinion that were no significant adjusting or non-adjusting events occurring after the reporting date.
14
Related party transactions
At the year end, the company was owed £
25
,
508
(2020: £25,508) by director
s
of the group, Global University Systems Holding B,V, to which the company belongs.
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.
INTERACTIVE WORLD WIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 9 -
15
Parent company
The immediate parent undertaking is Global University Systems Holding B.V, a company incorporated in The Netherlands.
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.
2021-07-31
2020-08-01
false
17 August 2022
CCH Software
CCH Accounts Production 2022.200
No description of principal activity
This audit opinion is unqualified
R S Cox
A N Lejune
Mr V Kisilevsky
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