1 November 2022 v2024.53.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP110215512022-11-012023-10-31110215512023-10-31110215512022-10-3111021551core:WithinOneYear2023-10-3111021551core:WithinOneYear2022-10-3111021551core:ShareCapital2023-10-3111021551core:ShareCapital2022-10-3111021551core:SharePremium2023-10-3111021551core:SharePremium2022-10-3111021551core:RetainedEarningsAccumulatedLosses2023-10-3111021551core:RetainedEarningsAccumulatedLosses2022-10-3111021551bus:Director12022-11-012023-10-3111021551bus:RegisteredOffice2022-11-012023-10-3111021551core:OtherResidualIntangibleAssets2022-11-012023-10-3111021551core:OfficeEquipment2022-11-012023-10-31110215512021-11-012022-10-3111021551core:IntangibleAssetsOtherThanGoodwill2022-11-0111021551core:IntangibleAssetsOtherThanGoodwill2022-11-012023-10-3111021551core:IntangibleAssetsOtherThanGoodwill2023-10-3111021551core:IntangibleAssetsOtherThanGoodwill2022-10-3111021551core:PlantMachinery2022-11-0111021551core:PlantMachinery2022-11-012023-10-3111021551core:PlantMachinery2023-10-3111021551core:PlantMachinery2022-10-311102155112022-11-012023-10-3111021551countries:EnglandWales2022-11-012023-10-3111021551bus:AuditExemptWithAccountantsReport2022-11-012023-10-3111021551bus:PrivateLimitedCompanyLtd2022-11-012023-10-3111021551bus:SmallEntities2022-11-012023-10-3111021551bus:FullAccounts2022-11-012023-10-31
Company registration number:
11021551
TICKITTO AI LTD
Unaudited Filleted Financial Statements for the year ended
31 October 2023
TICKITTO AI LTD
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of TICKITTO AI LTD
Year ended
31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
TICKITTO AI LTD
for the year ended
31 October 2023
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
TICKITTO AI LTD
, as a body. Our work has been undertaken solely to prepare for your approval the
financial statements
of
TICKITTO AI LTD
and state those matters that we have agreed to state to the Board of Directors of
TICKITTO AI LTD
, as a body, 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
TICKITTO AI LTD
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
TICKITTO AI LTD
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
TICKITTO AI LTD
. You consider that
TICKITTO AI LTD
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of TICKITTO AI LTD. 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.
Flare Partners Limited
34 Drake Road
Harrow
HA2 9EA
United Kingdom
TICKITTO AI LTD
Statement of Financial Position
31 October 2023
20232022
Note££
Fixed assets    
Intangible assets 5
42,393
 
10,060
 
Tangible assets 6
8,670
 
9,736
 
51,063
 
19,796
 
Current assets    
Debtors 7
560,042
 
148,593
 
Cash at bank and in hand
420,183
 
1,789,956
 
980,225
 
1,938,549
 
Creditors: amounts falling due within one year 8
(340,117
)
(185,863
)
Net current assets
640,108
 
1,752,686
 
Total assets less current liabilities 691,171   1,772,482  
Capital and reserves    
Called up share capital
2,054
 
2,054
 
Share premium
3,739,916
 
3,739,916
 
Profit and loss account
(3,050,799
)
(1,969,488
)
Shareholders funds
691,171
 
1,772,482
 
For the year ending
31 October 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
29 October 2024
, and are signed on behalf of the board by:
Dana Lattouf
Director
Company registration number:
11021551
TICKITTO AI LTD
Notes to the Financial Statements
Year ended
31 October 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
University Of Bath Innovation Centre Carpenter House
,
Broad Quay
,
Bath
,
BA1 1UD
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have prepared the financial statements on a going concern basis despite the company having negative retained earnings at the reporting date.
The directors have obtained past investment as shown within share premium and investment has not yet been secured since the year end but currently in the fundraising process and have in principle commitments. At the time of signing, the directors are confident that the company is a going concern and the accounts have been prepared on this basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue is recognised when services are rendered.

Current tax

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.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Other intangible assets
25% straight line

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when It is technically feasible to complete the intangible asset so that it will be available for use or sale; there is the intention to complete the intangible asset and use or sell it; there is the ability to use or sell the intangible asset; the use or sale of the intangible asset will generate probable future economic benefits; there are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and the expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
33% straight line

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4 Average number of employees

The average number of persons employed by the company during the year was
15
(2022:
14
).

5 Intangible assets

Other intangible assets
£
Cost  
At
1 November 2022
11,195
 
Additions
42,758
 
At
31 October 2023
53,953
 
Amortisation  
At
1 November 2022
1,135
 
Charge
10,425
 
At
31 October 2023
11,560
 
Carrying amount  
At
31 October 2023
42,393
 
At 31 October 2022
10,060
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 November 2022
12,123
 
Additions
3,272
 
At
31 October 2023
15,395
 
Depreciation  
At
1 November 2022
2,387
 
Charge
4,338
 
At
31 October 2023
6,725
 
Carrying amount  
At
31 October 2023
8,670
 
At 31 October 2022
9,736
 

7 Debtors

20232022
££
Trade debtors
10,101
 
4,483
 
Other debtors
549,941
 
144,110
 
560,042
 
148,593
 

8 Creditors: amounts falling due within one year

20232022
££
Trade creditors
279,180
 
83,332
 
Taxation and social security
21,561
 
48,708
 
Other creditors
39,376
 
53,823
 
340,117
 
185,863
 

9 Share capital

CALLED UP SHARE CAPITAL
All types of share capital issued have attached to them full voting rights and full dividend rights. They do not confer any rights of redemption.
Ordinary and Ordinary A shares have capital distribution rights limited to pro rata rights in proportion to the total number of ordinary shares.
Seed shares have capital distribution rights limited to the better of pari passu non participating return of capital rights (including on wind up) and pro rata rights in proportion to the total number of ordinary shares