Company registration number 06693456 (England and Wales)
RESIDENT ADVISOR TICKETS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
RESIDENT ADVISOR TICKETS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
RESIDENT ADVISOR TICKETS LTD
COMPANY INFORMATION
Directors
Mr David Selby
Mr Nicholas Sabine
Mr Paul Clement
Secretary
Mr David Selby
Company number
06693456
Registered office
26 Norway Wharf
Hertford Road
London
United Kingdom
N1 5QT
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
RESIDENT ADVISOR TICKETS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the Strategic Report and audited financial statements of the company ("the company" or "RA") for the year ended 31 December 2024.

Principal activities

The principal activity of the company during the year was the provision of ticketing services within the electronic music industry through the RA platform.

Review of the business

The company continued to focus on the electronic music industry during the year. The business achieved 36% growth in ticket revenue to £15,949,000. Operating loss was £452,000 vs profit of £734,000 in 2023. The Company was in a positive net asset position with sufficient liquidity to meet future liabilities.

The shift into an operating loss is attributable to a series of material accounting adjustments recognised in the year, predominantly one-off in nature (except share-based payment charges, which will recur). These adjustments include charges for share-based payments, provisions against historical promoter advances, the write-off of bad debts, and the unwind of prepaid promoter benefits. Further detail on these items is set out below.

Share-based payments (£156,313): During the year the company introduced an equity-settled Performance Share Plan for employees, effective from 1 August 2024. In accordance with FRS 102 Section 26, the fair value of options granted has been recognised as an expense over the vesting period. The resulting charge of £156,313 is a non-cash item with no impact on the company’s cash flows or liquidity.

Provision against historical promoter advances (£292,471): The company has recognised a provision of £292,471 against amounts advanced to event promoters as working-capital advances. These provisions reflect a prudent assessment of recoverability at the balance sheet date, taking into account individual promoter circumstances and trading history. Included within this balance is a £172,077 provision against a single European promoter for which we have since recovered some of the balance. The directors consider this to be a conservative, one-off adjustment reflecting the company’s application of a more rigorous provisioning methodology.

Promoter benefits unwind (£226,773): A charge of £226,773 was recognised in relation to the write-off of prepaid sign-on fees and sponsorship benefits previously advanced to promoters. These represent promotional incentives that did not ultimately vest or where the underlying commercial arrangements were unwound during the year.

Excluding the above adjustments, the company’s underlying trading performance was profitable, reflecting the strong revenue growth achieved in the year.

RESIDENT ADVISOR TICKETS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

The directors have considered the principal risks and uncertainties facing the business. These include:

- Interest Rate Risk

The Company has an outstanding CBIL COVID Recovery Loan with HSBC and has been regularly reviewing the payment schedule. The loan has been fully paid off during 2025.

The regular monitoring of the payments schedule ensures ongoing affordability and helps identify opportunities to reduce interest exposure. The company has assessed that the variable rate interest rate exposure on the loan is not of sufficient magnitude to take any action to mitigate this, for example by seeking to fix the interest rate.

- Credit risk

The company mitigates these risks by maintaining diversified supply side partners on the RA Pro platform as well as regularly reviewing partners’ financial position.

- Exchange rate risk

The company transacts in a large range of foreign currencies. The company mitigates exchange rate risks through natural hedging by aligning expenditure in the same currency as receipts where possible and regularly reviewing treasury positions.

- Liquidity Risk

The board of directors and the senior management team review RA’s liquidity on a regular basis to ensure the business has sufficient resources to meet its obligations and achieve its objectives.

Future Developments

The company plans to continue to invest in RA Pro technology in 2026. The company will also continue to grow into new international markets and well as launch additional RA Pro services.

The directors remain confident in the company’s long-term prospects and are committed to year on year growth.

On behalf of the board

Mr David Selby
Director
30 April 2026
RESIDENT ADVISOR TICKETS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £150,000 (2023: £nil). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr David Selby
Mr Nicholas Sabine
Mr Paul Clement
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Going concern
The financial statements have been prepared on a going concern basis. While assessing the appropriateness of this basis, the directors have taken into account all relevant information covering a period of at least 12 months from the date of signing these financial statements.
Auditor

Goodman Jones LLP were appointed as first auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be reappointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESIDENT ADVISOR TICKETS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Strategic report

Matters required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 have been included in the Strategic Report in accordance with section 414C(11) of the Companies Act 2006. It has done so in respect of principal risks and uncertainties, key performance indicators, future developments.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium companies exemption.

On behalf of the board
Mr David Selby
Director
30 April 2026
RESIDENT ADVISOR TICKETS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RESIDENT ADVISOR TICKETS LTD
- 5 -
Opinion

We have audited the financial statements of Resident Advisor Tickets Ltd (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other matters

The comparatives in these financial statements were unaudited.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

RESIDENT ADVISOR TICKETS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RESIDENT ADVISOR TICKETS LTD (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the directors' r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to prepare the financial statements in accordance with the medium companies regime and take advantage of the medium companies' exemption in preparing the directors' report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of noncompliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit

procedures in response to these risks were carried out . These procedures included:

- Discussions with management, including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;

- Reading minutes of meetings of those charged with governance;

- Obtaining and reading correspondence from legal and regulatory bodies including HMRC;

- Identifying and testing journal entries;

- Challenging assumptions and judgements made by management in their significant accounting estimates.

RESIDENT ADVISOR TICKETS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RESIDENT ADVISOR TICKETS LTD (CONTINUED)
- 7 -

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout

the audit.

There are inherent limitations in the audit procedures described above. The further removed instances of noncompliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for

example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Bailey (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP, Statutory Auditor
Chartered Accountants
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
30 April 2026
RESIDENT ADVISOR TICKETS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
15,949,304
11,740,375
Cost of sales
(10,449,134)
(7,740,337)
Gross profit
5,500,170
4,000,038
Administrative expenses
(6,254,147)
(4,205,931)
Other operating income
301,463
940,457
Operating (loss)/profit
3
(452,514)
734,564
Interest receivable and similar income
6
20,286
53,123
Interest payable and similar expenses
7
(42,192)
(69,145)
(Loss)/profit before taxation
(474,420)
718,542
Tax on (loss)/profit
8
154,643
(145,229)
(Loss)/profit for the financial year
(319,777)
573,313

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RESIDENT ADVISOR TICKETS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
9
22,325
20,665
Investments
10
84
654
22,409
21,319
Current assets
Debtors
13
9,581,572
5,056,100
Investments
14
8,064
8,719
Cash at bank and in hand
4,848,483
7,739,637
14,438,119
12,804,456
Creditors: amounts falling due within one year
15
(13,420,399)
(11,130,159)
Net current assets
1,017,720
1,674,297
Total assets less current liabilities
1,040,129
1,695,616
Creditors: amounts falling due after more than one year
16
(181,464)
(362,927)
Provisions for liabilities
18
-
0
(4,247)
Net assets
858,665
1,328,442
Capital and reserves
Called up share capital
20
800
800
Capital redemption reserve
200
200
Profit and loss reserves
857,665
1,327,442
Total equity
858,665
1,328,442

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 April 2026 and are signed on its behalf by:
Mr David Selby
Director
Company registration number 06693456 (England and Wales)
RESIDENT ADVISOR TICKETS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
800
200
754,129
755,129
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
573,313
573,313
Balance at 31 December 2023
800
200
1,327,442
1,328,442
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(319,777)
(319,777)
Dividends
-
-
(150,000)
(150,000)
Balance at 31 December 2024
800
200
857,665
858,665
RESIDENT ADVISOR TICKETS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Resident Advisor Tickets Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 26 Norway Wharf, Hertford Road, London, N1 5QT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

The financial statements of the company are consolidated in the financial statements of Resident Advisor Group Limited.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

RESIDENT ADVISOR TICKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

Turnover comprises commission income earned from ticket sales, recognised at the point of sale when the service is considered complete. T he company acts as an agent in these transactions and therefore recognises revenue on a net basis, representing only the commission receiv able. Revenue recognition is based on the transfer of significant risks and rewards of ownership, in line with the company's contractual arrangements with promoters and ticketing partners. This treatment complies with FRS 102 Sections 23 and 23A, and is supported by the RA Purchase Policy, Promoter Terms and Conditions, and Partnership Agreement.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% straight line
Fixtures, fittings and equipment
25% straight line
Computer equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, and bank overdrafts.

RESIDENT ADVISOR TICKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

RESIDENT ADVISOR TICKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged, cancelled, or they expire.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current tax and deferred tax

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

RESIDENT ADVISOR TICKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either other creditors or other debtors.

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.14
Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation diff e rences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Ticket sales commission
15,949,304
11,740,375
RESIDENT ADVISOR TICKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Turnover and other revenue
(Continued)
- 16 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
6,552,470
4,659,976
United States of America
2,835,023
2,440,399
Europe
5,856,469
4,072,845
Canada
313,244
194,552
Australia
8,008
(683)
Rest of the world
384,090
373,286
15,949,304
11,740,375
2024
2023
£
£
Other revenue
Interest income
20,286
53,123
3
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
418,784
(41,371)
Fees payable to the company's auditor for the audit of the company's financial statements
9,750
-
0
Depreciation of tangible fixed assets
6,990
21,214
Share-based payments
49,832
-
Operating lease charges
37,912
27,500
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,750
-
0
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
67
47
RESIDENT ADVISOR TICKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,186,171
2,282,267
Social security costs
311,801
205,033
Pension costs
99,360
84,756
3,597,332
2,572,056
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
20,286
53,123
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
42,192
69,145
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
178,501
Adjustments in respect of prior periods
(150,396)
(22,001)
Total current tax
(150,396)
156,500
Deferred tax
Origination and reversal of timing differences
(4,247)
(4,099)
Adjustment in respect of prior periods
-
0
(7,172)
Total deferred tax
(4,247)
(11,271)
Total tax (credit)/charge
(154,643)
145,229
RESIDENT ADVISOR TICKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 18 -

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(474,420)
718,542
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 24.84%)
(118,605)
178,501
Tax effect of expenses that are not deductible in determining taxable profit
29,890
-
0
Adjustments in respect of prior years
(150,396)
(22,001)
Other permanent differences
1,268
-
0
Deferred tax adjustments in respect of prior years
-
0
(11,271)
Losses carried back
43,808
-
0
Movement in deferred tax not recognised
39,392
-
0
Taxation (credit)/charge for the year
(154,643)
145,229
9
Tangible fixed assets
Leasehold improvements
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2024
15,500
39,966
216,664
272,130
Additions
-
0
-
0
8,650
8,650
At 31 December 2024
15,500
39,966
225,314
280,780
Depreciation and impairment
At 1 January 2024
15,500
39,966
195,999
251,465
Depreciation charged in the year
-
0
-
0
6,990
6,990
At 31 December 2024
15,500
39,966
202,989
258,455
Carrying amount
At 31 December 2024
-
0
-
0
22,325
22,325
At 31 December 2023
-
0
-
0
20,665
20,665
10
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
11
84
654
RESIDENT ADVISOR TICKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Fixed asset investments
(Continued)
- 19 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
654
Disposals
(570)
At 31 December 2024
84
Carrying amount
At 31 December 2024
84
At 31 December 2023
654
11
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Resident Advisor Tickets Netherlands B.V.
Netherlands
Mediating in the sale of
tickets by promoters to
private individuals
electronic music events
in the European Union.
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Vijzelstraat 68, 1017HL Amsterdam

As part of the group reorganisation during the year, Resident Advisor Australia PTY Ltd is no longer a subsidiary of Resident Advisor Tickets Ltd following a share for share exchange. At the year end, Resident Advisor Australia PTY Ltd is a wholly owned subsidiary of the parent company Resident Advisor Group Ltd.

12
Financial instruments
2024
2023
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
8,064
8,719

RESIDENT ADVISOR TICKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
13
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Trade debtors - proceeds from ticket sales
662,844
1,069,685
Amounts owed by group undertakings
5,563,559
363,643
Other debtors
2,199,400
2,898,212
Prepayments and accrued income
1,155,769
724,560
9,581,572
5,056,100

Included within trade debtors - proceeds from tickets sales (gross of any bad debt provisions) are amounts relating to merchant providers of £845,839 (202 3: £1,069,685). Amounts owed by group undertakings are interest free, unsecured and repayable on demand.

Included within other debtors are amounts owed from connected companies totalling £749,550 (202 3: £1,021,608). These amounts are interest free, unsecured and repayable on demand.

Included within other debtors is a directors’ loan account totalling £Nil (202 3: £1,27 4). The amounts are interest free, unsecured and repayable on demand.

Included within other debtors are amounts owed to various promoters totalling £1,153,278 (202 3: £683,840).

14
Current asset investments
2024
2023
£
£
Investment in group undertakings
8,064
8,719
15
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
181,463
196,585
Trade creditors
10,340,302
7,643,633
Amounts owed to group undertakings
315,378
-
0
Corporation tax
30,692
121,858
Other taxation and social security
567,732
1,096,561
Other creditors
1,984,832
2,071,522
13,420,399
11,130,159

Included within other creditors are amounts due in respect of promoters' rebates total l ing £89,558 (202 3: £254,132).

RESIDENT ADVISOR TICKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
181,464
362,927
17
Loans and overdrafts
2024
2023
£
£
Bank loans
362,927
559,512
Payable within one year
181,463
196,585
Payable after one year
181,464
362,927

Bank loans relate to a debenture charge in favour of HSBC UK Bank PLC of £362,927 (202 3: £559,512). The loan is secured by way of a fixed over the company's assets and is repayable by 31 December 2026. Interest is payable at 3.99% above the Bank of England base rate. The bank loan was repaid post year end in June 2025.

18
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
-
0
4,247
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
99,360
84,756

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
800
800
800
800
RESIDENT ADVISOR TICKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Called up share capital
(Continued)
- 22 -

Each ordinary share carries one vote and participates equally with the other ordinary shareholders in distributions as respects dividends and capital (including on a winding up) and is not redeemable.

21
Related party transactions
Transactions with related parties

During the year the company was charged a total of £529,588 (202 3: £3,265,793) relating to license fees by connected companies, connected by way of being under common control.

During the year, the company was charged a total of £597,171 (2023: £477,342) relating to management fees by connected companies, connected by way of being under common control.

At the reporting date, included in other debtors is a balance of £749,550 (202 3: £1,021,608) due from connected companies, connected by way of being under common control.

The connected companies, excluding Regional Advice Corporation, became group companies following a group reorganisation on 10 April 2024. As a result, disclosures for the current year have been provided up to this date. Trading that occurred after this point has not been disclosed, in accordance with the exemption under FRS 102 relating to group transactions.

22
Parent company

At the date of approval of the financial statements, the company’s ultimate parent company is Resident Advisor Group Limited, a company incorporated in England and Wales.

23
Prior year adjustment

During the preparation of the 2024 financial statements, the company identified a prior period error relating to the classification of certain settlement balances arising from AIB and PayPal transactions. In the 2023 financial year, a reclassification of £1,069,685 was posted incorrectly from intercompany debtors rather than from cash at bank, resulting in an understatement of intercompany debtors and a corresponding overstatement of cash at 31 December 2023.

The error has been corrected by restating the prior year comparative figures in accordance with FRS 102. The correction has no impact on profit or equity.

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