Internet Tickets Limited 31/10/2020 iXBRL

Internet Tickets Limited 31/10/2020 iXBRL

INTERNET TICKETS LIMITED - Company Information

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Internet Tickets Limited
Filleted accounts
31 October 2020
Company registration number: 04442713
Internet Tickets Limited
Directors and other information
Directors N J Moorbath
L G Kramer
Company number 04442713
Registered office Unit 13
Kings Meadow
Ferry Hinksey Road
Oxford
OX2 0DP
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Internet Tickets Limited
Balance sheet
31st October 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 11,127 14,166
Tangible assets 6 2,319 3,160
Investments 7 2 2
_______ _______
13,448 17,328
Current assets
Debtors 8 488,963 541,035
Cash at bank and in hand 412,314 722,248
_______ _______
901,277 1,263,283
Creditors: amounts falling due
within one year 9 ( 734,431) ( 1,181,513)
_______ _______
Net current assets 166,846 81,770
_______ _______
Total assets less current liabilities 180,294 99,098
Creditors: amounts falling due
after more than one year 10 ( 137,500) -
_______ _______
Net assets 42,794 99,098
_______ _______
Capital and reserves
Called up share capital 12 25 25
Profit and loss account 42,769 99,073
_______ _______
Shareholders funds 42,794 99,098
_______ _______
For the year ending 31 October 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 year in question 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 June 2021 , and are signed on behalf of the board by:
L G Kramer
Director
Company registration number: 04442713
Internet Tickets Limited
Notes to the financial statements
Year ended 31st October 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 13, Kings Meadow, Ferry Hinksey Road, Oxford, OX2 0DP. There was no significant change in the company's principal activity during the year which continued to be that of an internet ticketing agency .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Trademarks - Straight line basis at 10% per annum
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - Straight line basis at 25% per annum
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2019: 14 ).
5. Intangible assets
Trademarks Total
£ £
Cost
At 1st November 2019 and 31st October 2020 30,394 30,394
_______ _______
Amortisation
At 1st November 2019 16,228 16,228
Charge for the year 3,039 3,039
_______ _______
At 31st October 2020 19,267 19,267
_______ _______
Carrying amount
At 31st October 2020 11,127 11,127
_______ _______
At 31st October 2019 14,166 14,166
_______ _______
6. Tangible assets
Tangible assets Total
£ £
Cost
At 1st November 2019 8,633 8,633
Additions 1,368 1,368
Disposals ( 2,005) ( 2,005)
_______ _______
At 31st October 2020 7,996 7,996
_______ _______
Depreciation
At 1st November 2019 5,473 5,473
Charge for the year 2,209 2,209
Disposals ( 2,005) ( 2,005)
_______ _______
At 31st October 2020 5,677 5,677
_______ _______
Carrying amount
At 31st October 2020 2,319 2,319
_______ _______
At 31st October 2019 3,160 3,160
_______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1st November 2019 and 31st October 2020 2 2
_______ _______
Impairment
At 1st November 2019 and 31st October 2020 - -
_______ _______
Carrying amount
At 31st October 2020 2 2
_______ _______
At 31st October 2019 2 2
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
S.U. Tickets Limited England and Wales Ordinary 100
WeGotTickets Limited England and Wales Ordinary 100
8. Debtors
2020 2019
£ £
Trade debtors 25,613 84,187
Other debtors 463,350 456,848
_______ _______
488,963 541,035
_______ _______
The debtors above include the following amounts falling due after more than one year:
2020 2019
£ £
Deferred tax asset (note 11) 59,675 46,505
_______ _______
9. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loan 12,500 -
Trade creditors 692,611 1,129,538
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2 2
Social security and other taxes 24,905 37,477
Other creditors 4,413 14,496
_______ _______
734,431 1,181,513
_______ _______
The bank loan is secured on the company's assets.
10. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loan 137,500 -
_______ _______
The bank loan is secured on the company's assets.
11. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2020 2019
£ £
Included in debtors (note 8) 59,675 46,505
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2020 2019
£ £
Accelerated capital allowances ( 440) ( 600)
Unused tax losses 60,115 47,105
_______ _______
59,675 46,505
_______ _______
12. Called up share capital
Issued, called up and fully paid
2020 2019
No £ No £
Ordinary shares of £ 1.00 each 25 25 25 25
_______ _______ _______ _______