Company No: 10973286 (England and Wales)

Contents

• Company Information
• Accountant's Report
• Balance Sheet
• Notes to the Unaudited Financial Statements

DIRECTORS	K Bottolfsen
	O Haaskjold
SECRETARY	D M Chapman
	Goodwille Limited
REGISTERED OFFICE	Olephant Solicitors
	5 Floor
	4 Snow Hill
	London
	EC1A 2DJ
	United Kingdom
COMPANY NUMBER	10973286(England and Wales)
ACCOUNTANT	Deloitte LLP
	1 New Street Square
	London
	EC4A 3HQ
	United Kingdom

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TicketCo UK Limited for the financial year ended 31 December 2020 which comprises the Balance Sheet and the related notes 1 to 8 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.

It is your duty to ensure that TicketCo UK Limited has kept adequate accounting records and to prepare statutory financial statements 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 financial year.

We have not been instructed to carry out an audit or a review of the financial statements 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 financial statements.

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 27 October 2020. Our work has been undertaken solely to prepare for your approval the financial statements of TicketCo UK Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF. 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.

Deloitte LLP
Accountant

1 New Street Square
London
EC4A 3HQ
United Kingdom

06 May 2021

		2020		2019
	Note	£		£
Fixed assets
Tangible assets	3	22,816		37,111
		22,816		37,111
Current assets
Debtors	4	85,349		38,639
Cash at bank and in hand		543,030		298,223
		628,379		336,862
Creditors
Amounts falling due within one year	5	( 1,357,167)		( 836,985)
Net current liabilities		(728,788)		(500,123)
Total assets less current liabilities		(705,972)		(463,012)
Net liabilities		( 705,972)		( 463,012)
Capital and reserves
Called-up share capital		100		100
Profit and loss account		( 706,072 )		( 463,112 )
Total shareholder's deficit		( 705,972)		( 463,012)

For the financial year ending 31 December 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of TicketCo UK Limited (registered number: 10973286) were approved and authorised for issue by the Board of Directors on 06 May 2021. They were signed on its behalf by:

K Bottolfsen Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

TicketCo UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Olephant Solicitors, 5 Floor, 4 Snow Hill, London, EC1A 2DJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of TicketCo UK Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

Since the period under review, the rapid spreading of COVID-19 has continued to be a significant risk to the global economy. The directors continue to monitor the impact of the virus on the business as more information about the pandemic emerges.

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Company is supported through loans from the parent company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements. In addition, the directors have received reasonable assurances that the parent company has the ability to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents the value, net of tax, of commission earned on sales made by the customers. Turnover is recognised when the Company satisfies its performance obligations.

Employee benefits

The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

Tangible fixed assets

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

Leases

The Company as lessee
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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

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 the Profit and Loss Account, 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 Balance Sheet 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.

.

2. Employees

	2020	2019
	Number	Number
Average number of persons employed by the Company during the year including directors	7	7

3. Tangible assets

	Fixtures and fittings	Computer equipment	Total
	£	£	£
Cost/Valuation
At 01 January 2020	2,799	48,159	50,958
Additions	0	7,883	7,883
Disposals	0	( 11,593)	( 11,593)
At 31 December 2020	2,799	44,449	47,248
Accumulated depreciation
At 01 January 2020	793	13,054	13,847
Charge for the financial year	560	15,232	15,792
Disposals	0	( 5,207)	( 5,207)
At 31 December 2020	1,353	23,079	24,432
Net book value
At 31 December 2020	1,446	21,370	22,816
At 31 December 2019	2,006	35,105	37,111

4. Debtors

	2020	2019
	£	£
Trade debtors	36,497	3,729
Prepayments and accrued income	48,852	27,025
Other debtors	0	7,885
	85,349	38,639

5. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	7,047	7,519
Amounts owed to Parent undertakings	757,961	506,816
Other creditors	568,413	292,717
Other taxation and social security	23,746	29,933
	1,357,167	836,985

6. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
- within one year	0	9,750
	0	9,750

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2020	2019
	£	£
Unpaid contributions due to the fund (inc. in other creditors)	963	0
	963	0

7. Related party transactions

No remuneration was paid to the directors during the current or prior financial year. The directors are the only key management personnel of this company.

The Company has taken advantage of the exemption available under FRS 102 Section 1A not to disclose details of transactions with wholly-owned members of the group headed by the parent company.

8. Ultimate controlling party

TicketCo UK Limited is a wholly owned subsidiary of TicketCo AS, which is the parent entity of the smallest and largest group for which consolidated financial statements containing the results of the Company are prepared. TicketCo AS is registered in Norway at Solheimsgaten 7c, 5058 Bergen.