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Digital Ticketing Systems Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 07044584

 

Digital Ticketing Systems Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Digital Ticketing Systems Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

99

Tangible assets

5

52,655

45,625

Investments

6

488,936

-

 

541,591

45,724

Current assets

 

Debtors

7

808,165

1,230,370

Cash at bank and in hand

 

1,441,798

1,403,984

 

2,249,963

2,634,354

Creditors: Amounts falling due within one year

8

(819,432)

(567,358)

Net current assets

 

1,430,531

2,066,996

Total assets less current liabilities

 

1,972,122

2,112,720

Provisions for liabilities

(9,591)

(5,294)

Net assets

 

1,962,531

2,107,426

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

1,962,431

2,107,326

Shareholders' funds

 

1,962,531

2,107,426

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 17 April 2025
 

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

Company Registration Number: 07044584

 

Digital Ticketing Systems Limited

Notes to the Financial Statements

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:
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 17 April 2025.

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 2023

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

 

Digital Ticketing Systems Limited

Notes to the Financial Statements

Year Ended 31 December 2023

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.

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.

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 52 (2022 - 43).

 

Digital Ticketing Systems Limited

Notes to the Financial Statements

Year Ended 31 December 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

1,190

1,190

At 31 December 2023

1,190

1,190

Amortisation

At 1 January 2023

1,091

1,091

Amortisation charge

99

99

At 31 December 2023

1,190

1,190

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

99

99

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

15,815

108,733

124,548

Additions

-

33,307

33,307

At 31 December 2023

15,815

142,040

157,855

Depreciation

At 1 January 2023

5,270

73,653

78,923

Charge for the year

2,635

23,642

26,277

At 31 December 2023

7,905

97,295

105,200

Carrying amount

At 31 December 2023

7,910

44,745

52,655

At 31 December 2022

10,545

35,080

45,625

Included within the net book value of land and buildings above is £7,910 (2022 - £10,545) in respect of short leasehold land and buildings.
 

 

Digital Ticketing Systems Limited

Notes to the Financial Statements

Year Ended 31 December 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

353,936

-

Investments in associates

135,000

-

488,936

-

Subsidiaries

£

Cost or valuation

Additions

353,936

Provision

Carrying amount

At 31 December 2023

353,936

Associates

£

Cost

Additions

135,000

Provision

Carrying amount

At 31 December 2023

135,000

7

Debtors

2023
£

2022
£

Trade debtors

355,292

611,463

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

199,605

398,718

Prepayments

251,239

220,189

Other debtors

2,029

-

808,165

1,230,370

 

Digital Ticketing Systems Limited

Notes to the Financial Statements

Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

43,445

89,649

Amounts owed to group undertakings

352,303

-

Corporation tax

65,960

73,134

Taxation and social security

328,446

380,825

Other creditors

15,772

18,844

Accruals and deferred income

13,506

4,906

819,432

567,358

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

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 £43,458 (2022 - £122,843).

11

Non adjusting events after the financial period

After the year end the company acquired EPOS Systems Limited for £500,000.

12

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 17 April 2025.