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Digital Ticketing Systems Limited

Annual Report and Financial Statements
Year Ended 31 December 2022

Registration number: 07044584

 

Digital Ticketing Systems Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Digital Ticketing Systems Limited

Balance Sheet

31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

99

218

Tangible assets

5

45,625

53,005

 

45,724

53,223

Current assets

 

Debtors

6

1,230,370

671,611

Cash at bank and in hand

 

1,403,984

1,959,664

 

2,634,354

2,631,275

Creditors: Amounts falling due within one year

7

(567,358)

(707,573)

Net current assets

 

2,066,996

1,923,702

Total assets less current liabilities

 

2,112,720

1,976,925

Provisions for liabilities

(5,294)

(9,400)

Net assets

 

2,107,426

1,967,525

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

2,107,326

1,967,425

Shareholders' funds

 

2,107,426

1,967,525

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 9 March 2024
 

.........................................
Mr R J Booker
Director

Company Registration Number: 07044584

 

Digital Ticketing Systems Limited

Notes to the Financial Statements

Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
TORQUAY
TQ2 7FF

The principal place of business is:
Sentio House
Pynes Hill
Exeter
Devon
EX2 5AZ

These financial statements were authorised for issue by the director on 9 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Turnover is recognised:-

- in respect of services when the service is provided; and
- in respect of goods when the goods are delivered.

 

Digital Ticketing Systems Limited

Notes to the Financial Statements

Year Ended 31 December 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Straight Line

Leasehold improvements

Straight line over the term of the lease

Intangible assets

Trademarks are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

10% Straight Line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Digital Ticketing Systems Limited

Notes to the Financial Statements

Year Ended 31 December 2022

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Digital Ticketing Systems Limited

Notes to the Financial Statements

Year Ended 31 December 2022

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 43 (2021 - 32).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2022

1,190

1,190

At 31 December 2022

1,190

1,190

Amortisation

At 1 January 2022

972

972

Amortisation charge

119

119

At 31 December 2022

1,091

1,091

Carrying amount

At 31 December 2022

99

99

At 31 December 2021

218

218

 

Digital Ticketing Systems Limited

Notes to the Financial Statements

Year Ended 31 December 2022

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

15,815

96,912

112,727

Additions

-

18,858

18,858

Disposals

-

(7,037)

(7,037)

At 31 December 2022

15,815

108,733

124,548

Depreciation

At 1 January 2022

2,635

57,087

59,722

Charge for the year

2,635

23,603

26,238

Eliminated on disposal

-

(7,037)

(7,037)

At 31 December 2022

5,270

73,653

78,923

Carrying amount

At 31 December 2022

10,545

35,080

45,625

At 31 December 2021

13,180

39,825

53,005

Included within the net book value of land and buildings above is £10,545 (2021 - £13,180) in respect of short leasehold land and buildings.
 

6

Debtors

Note

2022
£

2021
£

Trade debtors

 

611,463

430,335

Amounts owed by group undertakings and undertakings in which the company has a participating interest

398,718

12,372

Prepayments

 

220,189

228,904

 

1,230,370

671,611

 

Digital Ticketing Systems Limited

Notes to the Financial Statements

Year Ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
 £

2021
 £

Due within one year

 

Trade creditors

 

89,649

40,254

Corporation tax

73,134

321,150

Social security and other taxes

 

380,825

329,031

Other creditors

 

18,844

13,138

Accrued expenses

 

4,906

4,000

 

567,358

707,573

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £122,843 (2021 - £304,585).

 

Digital Ticketing Systems Limited

Notes to the Financial Statements

Year Ended 31 December 2022

10

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Martin Hobbs, who signed for and on behalf of PKF Francis Clark on 11 March 2024.