Company Registration No. 10973286 (England and Wales)
TicketCo UK Limited
Unaudited accounts
for the period from 20 September 2017 to 31 December 2018
TicketCo UK Limited
Unaudited accounts
Contents
TicketCo UK Limited
Company Information
for the period from 20 September 2017 to 31 December 2018
Directors
K. Bottolfsen
O. Haaskjold
Secretary
Goodwille Limited
Company Number
10973286 (England and Wales)
Registered Office
15 Curtain Road
Shoreditch
London
EC2A 3BS
United Kingdom
Accountants
Deloitte LLP
1 New Street Square
London
EC4A 3HQ
TicketCo UK Limited
Accountants' report
Accountants' report to the board of directors of TicketCo UK Limited on the preparation of the unaudited statutory accounts for the period from 20 September 2017 to 31 December 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
TicketCo UK Limited for the period from
20 September 2017 to
31 December 2018 as set out on pages
5 -
9 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of TicketCo UK Limited, as a body, in accordance with the terms of our engagement letter dated 13 October 2017. Our work has been undertaken solely to prepare for your approval the accounts of TicketCo UK Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TicketCo UK Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that TicketCo UK Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of TicketCo UK Limited. You consider that TicketCo UK Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of TicketCo UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Deloitte LLP
1 New Street Square
London
EC4A 3HQ
26 March 2019
TicketCo UK Limited
Statement of financial position
as at 31 December 2018
Cash at bank and in hand
138,504
Creditors: amounts falling due within one year
(480,277)
Net current liabilities
(317,353)
Called up share capital
100
Profit and loss account
(298,397)
Shareholders' funds
(298,297)
For the period ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 26 March 2019.
K. Bottolfsen
Director
Company Registration No. 10973286
TicketCo UK Limited
Notes to the Accounts
for the period from 20 September 2017 to 31 December 2018
TicketCo UK Limited is a private company, limited by shares, registered in England and Wales, registration number 10973286. The registered office is 15 Curtain Road, Shoreditch, London, EC2A 3BS, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Whilst the directors note that the Company is loss-making and has net liabilities, the Company is in its first period of trading and as such is in its development phase. The directors in the parent company have given assurances that they will continue to support the Company for at least 12 months from the date of signing these financial statements and that the loan facility of £310,861 will continue to be available until the Company has sufficient funds to repay it. Accordingly, the Company continues to adopt the going concern basis in preparing the financial statements.
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
5 years straight line
Computer equipment
3 years straight line
TicketCo UK Limited
Notes to the Accounts
for the period from 20 September 2017 to 31 December 2018
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities:
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the
transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in
an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted
Turnover represents the value, net of VAT and sales carried out on behalf of different event organisers in line with distribution agreements. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
TicketCo UK Limited
Notes to the Accounts
for the period from 20 September 2017 to 31 December 2018
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 20 September 2017
-
-
-
Additions
2,799
18,742
21,541
At 31 December 2018
2,799
18,742
21,541
Charge for the period
233
2,252
2,485
At 31 December 2018
233
2,252
2,485
At 31 December 2018
2,566
16,490
19,056
Accrued income and prepayments
15,028
6
Creditors: amounts falling due within one year
2018
Amounts owed to group undertakings and other participating interests
310,861
7
Operating lease commitments
2018
At 31 December 2018 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
111,042
8
Transactions with related parties
The number of directors in the Company throughout the period was 2 and there were 5 other employees. No remuneration was paid to the directors during the period. The directors are the only key management personnel of this Company.
In accordance with FRS102 Section 33, the Company has not disclosed any related party transactions between this Company and its parent company, due to being a wholly-owned entity.
TicketCo UK Limited
Notes to the Accounts
for the period from 20 September 2017 to 31 December 2018
The Company is a wholly owned subsidiary of TicketCo As, which is regarded as the immediate and ultimate controlling party.
10
Average number of employees
During the period the average number of employees was 7.
