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Overview Business Review Governance Financial statements
ITE Group plc Annual Report and Accounts 2012 87
16 Interests in associates
Included within total assets is goodwill of £nil (2011: £nil).
Scoop
£000
Summit
£000
Total
£000
At 1 October 2011 100 – 100
Reclassified to interests in associates – 400 400
Share of results of associate 146 555 701
Dividends received (100) (555) (655)
Additional investment 50 – 50
At 30 September 2012 196 400 596
On 12 September 2011, the Group purchased 40% of Scoop International Fashion Limited for £100,000. This has been
accounted for using the equity method, recognised initially at cost. The carrying amount is increased or decreased to
recognise the ITE’s share of the profit or loss of the associate after the date of acquisition. ITE’s share of the profit or
loss of the associate is recognised in the income statement. Distributions received from the associate also reduce the
carrying amount of the investment. The Group has written a put option over the remaining 60% of Scoop International
Fashion Limited.
On 8 February 2011, the Group purchased a 10% share in Summit Trade Events Limited for £400,000. During the year
the Group reviewed the accounting treatment for its investment in Summit Trade Events Limited and determined that it
had significant influence through a seat on the Board. As a result, the investment has been reclassified from investments
to interests in associates and is accounted for using the equity method. The carrying amount is increased or decreased
to recognise the ITE’s share of the profit or loss of the associate after the date of acquisition. ITE’s share of the profit or
loss of the associate is recognised in the income statement. Distributions received from the associate also reduce the
carrying amount of the investment. The Group has written put and call options over the remaining 90% of Summit Trade
Events Limited.
17 Current assets and non-current assets
2012
£000
2011
£000
Trade and other receivables
Trade receivables 36,659 35,299
Other receivables 1,972 2,272
Venue advances and prepayments 4,913 6,015
Prepayments and accrued income 6,776 8,037
50,320 51,623
Taxation prepayments
Taxation prepayments 1,377 923
Taxation prepayments relate to overseas subsidiaries and are available for offset against future tax liabilities.
Cash and cash equivalents
2012
£000
2011
£000
Cash at bank and in hand 41,734 33,961
Venue advances and other loans – non-current
Venue advances and other loans – non-current 4,011 4,043
The cash at bank and in hand comprises cash held by the Group and short-term deposits with an original maturity of
three months or less. The carrying value of these assets approximates their fair value. The cash balance is represented
by £9.1 million of Sterling, £10.4 million of Euros, £4.0 million of US Dollars, £7.6 million of Rubles and £10.6 million of
other currencies. Surplus funds are placed on short-term deposit with floating interest rates.