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Internet Tickets Limited
Filleted accounts
31 October 2024
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 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 7,171 9,738
Tangible assets 6 1,992 1,505
Investments 7 1 1
_______ _______
9,164 11,244
Current assets
Debtors 8 567,704 662,972
Cash at bank and in hand 1,917,883 1,430,250
_______ _______
2,485,587 2,093,222
Creditors: amounts falling due
within one year 9 ( 1,999,995) ( 1,746,519)
_______ _______
Net current assets 485,592 346,703
_______ _______
Total assets less current liabilities 494,756 357,947
Provisions for liabilities 10 ( 498) ( 376)
_______ _______
Net assets 494,258 357,571
_______ _______
Capital and reserves
Called up share capital 12 25 25
Profit and loss account 494,233 357,546
_______ _______
Shareholders funds 494,258 357,571
_______ _______
For the year ending 31 October 2024 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 20 May 2025 , 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 2024
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.
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 12 (2023: 11 ).
5. Intangible assets
Trademarks Total
£ £
Cost
At 1st November 2023 and 31st October 2024 38,277 38,277
_______ _______
Amortisation
At 1st November 2023 28,539 28,539
Charge for the year 2,567 2,567
_______ _______
At 31st October 2024 31,106 31,106
_______ _______
Carrying amount
At 31st October 2024 7,171 7,171
_______ _______
At 31st October 2023 9,738 9,738
_______ _______
6. Tangible assets
Equipment Total
£ £
Cost
At 1st November 2023 3,711 3,711
Additions 1,177 1,177
Disposals ( 952) ( 952)
_______ _______
At 31st October 2024 3,936 3,936
_______ _______
Depreciation
At 1st November 2023 2,206 2,206
Charge for the year 690 690
Disposals ( 952) ( 952)
_______ _______
At 31st October 2024 1,944 1,944
_______ _______
Carrying amount
At 31st October 2024 1,992 1,992
_______ _______
At 31st October 2023 1,505 1,505
_______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1st November 2023 and 31st October 2024 1 1
_______ _______
Impairment
At 1st November 2023 and 31st October 2024 - -
_______ _______
Carrying amount
At 31st October 2024 1 1
_______ _______
At 31st October 2023 1 1
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
WeGotTickets Limited England and Wales Ordinary 100
8. Debtors
2024 2023
£ £
Trade debtors 129,469 194,729
Other debtors 438,235 468,243
_______ _______
567,704 662,972
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,856,935 1,651,437
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1 1
Social security and other taxes 107,277 64,860
Other creditors 35,782 30,221
_______ _______
1,999,995 1,746,519
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1st November 2023 376 376
Additions 122 122
_______ _______
At 31st October 2024 498 498
_______ _______
11. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2024 2023
£ £
Included in provisions (note 10) 498 376
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 498 376
_______ _______
12. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 25 25 25 25
_______ _______ _______ _______
13. Controlling party
The company is under the control of Scoutcro Ltd which owns 100% of the issued share capital.