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Registration number: 11120643

Vibe Tickets Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Vibe Tickets Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Vibe Tickets Limited

Company Information

Director

Mr L A Massie

Registered office

The Storey
Meeting House Lane
Lancaster
LA1 1TH

Accountants

Perk Accounting Ltd
Office, 31 Cattle Market Street
Norwich
Norfolk
NR1 3DY

 

Vibe Tickets Limited

(Registration number: 11120643)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

12,455

Tangible assets

5

508

1,013

 

508

13,468

Current assets

 

Debtors

6

12,478

11,057

Cash at bank and in hand

 

10

88

 

12,488

11,145

Creditors: Amounts falling due within one year

7

(1,446,619)

(1,440,741)

Net current liabilities

 

(1,434,131)

(1,429,596)

Net liabilities

 

(1,433,623)

(1,416,128)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(1,433,723)

(1,416,228)

Shareholders' deficit

 

(1,433,623)

(1,416,128)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 September 2024
 

.........................................
Mr L A Massie
Director

 

Vibe Tickets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
The Storey
Meeting House Lane
Lancaster
LA1 1TH

These financial statements were authorised for issue by the director on 25 September 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company is reliant on funds provided by its parent undertakng. The director believes that the parent undertaking will provide sufficient funds for the company to continue business for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

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

Plant and equipment

50% reducing balance

Computers

50% reducing balance

 

Vibe Tickets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

5 years straightline

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Vibe Tickets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

183,463

183,463

At 31 December 2023

183,463

183,463

Amortisation

At 1 January 2023

171,008

171,008

Amortisation charge

12,455

12,455

At 31 December 2023

183,463

183,463

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

12,455

12,455

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

14,591

5,747

20,338

At 31 December 2023

14,591

5,747

20,338

Depreciation

At 1 January 2023

13,855

5,470

19,325

Charge for the year

367

138

505

At 31 December 2023

14,222

5,608

19,830

Carrying amount

At 31 December 2023

369

139

508

At 31 December 2022

736

277

1,013

6

Debtors

Current

2023
£

2022
£

Prepayments

12,256

10,619

Other debtors

222

438

 

12,478

11,057

 

Vibe Tickets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

-

1,200

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

1,445,619

1,438,541

Accruals and deferred income

 

1,000

1,000

 

1,446,619

1,440,741

8

Parent and ultimate parent undertaking

The company's immediate parent is Vibe Group Holdings Limited, incorporated in England and Wales.