Registered number 03959429 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
accesso Technology Group plc 
(formerly Lo-Q plc) 
 
 
2013 Annual report and financial statements  
 
 
 
 
 
   1
accesso Technology Group plc (formerly Lo-Q plc) 
 
Contents of the consolidated financial statements 
for financial period ended 31 December 2013 
 
 
 
 
 Page 
 
Company information 2 
 
Introduction and key financial highlights 3 
  
Chairman's report 5 
 
Chief executive officer’s report 6 
 
The board of directors 11 
 
Strategic report 13 
  
Report of the directors 14 
  
Report of the independent auditors to the members of accesso  
Technology Group plc 20 
  
Consolidated statement of comprehensive income 21 
  
Consolidated statement of financial position 22 
  
Company statement of financial position  23 
  
Consolidated statement of cash flow  24 
  
Company statement of cash flow  25 
  
Statement of changes in equity 26 
  
Notes to the consolidated financial statements 27 
  
  
  
  
  
  
  
  
  
 
 
   2
accesso Technology Group plc (formerly Lo-Q plc) 
 
Company information 
for financial period ended 31 December 2013 
 
 
 
 
 
 
 Directors: John Weston, Non-executive Chairman 
  John Alder, Executive 
  Anthony Bone, Non-executive 
  Steve Brown, Executive 
 Tom Burnet, Executive 
  Matt Cooper, Non-executive 
  David Gammon, Non-executive 
  Leonard Sim, Executive 
     
 
 
 Secretary: D Armour  
  Equiniti David Venus Limited 
  Thames House 
  Portsmouth Road 
  Esher 
  Surrey 
  KT10 9AD 
 
 
 
 Registered office: Thames House 
 Portsmouth Road 
 Esher 
 Surrey 
 KT10 9AD 
 
 
 
 Registered number: 03959429 (England and Wales) 
 
 
 
 Auditors: BDO LLP 
  Kings Wharf 
  20-30 Kings Road  
  Reading  
  Berkshire  
  RG1 3EX 
  
 
 
 Bankers: Lloyds Bank plc 
  The Atrium  
  Davidson House  
  Forbury Square  
  Reading 
  Berkshire  
  RG1 3EU   3
accesso Technology Group plc (formerly Lo-Q plc) 
 
Introduction and key financial highlights 
for financial period ended 31 December 2013 
 
accesso Technology Group plc (AIM: ACSO), the premier technology solutions provider to the global attractions and leisure industry, 
announces audited preliminary results for the 14 months ending 31 December 2013.  The results demonstrate strong double-digit 
growth across our key financial metrics, the continued global sales momentum across our expanded product suite and the broadening 
of our capabilities into new markets and new geographies. 
 
As previously announced, the group has changed its accounting reference date to 31 December in order to better align the group’s year 
end with those of its major customers and with the sector in general. As such the group is today announcing actual audited results for 
the 14 months ending 31 December 2013; audited results for the 12 months ended 4 November 2012 and is presenting unaudited pro-
forma results for the 12 months ended 3 November 2013. 
 
Financial Highlights 
 
  
14 months  
31 
December 
2013  
(audited)  
12 months  
3 November 
2013 
(unaudited 
pro-forma)  
Period  
4 November 
2012 
(audited) 
 
Comparative 
pro-forma 
period to 2012  
  £m  £m  £m   
Revenue  39.6  37.7  29.1 +29.6% 
Adjusted operating profit *  3.9  4.7  3.1 +51.6% 
Profit after tax**  2.0  2.9  2.5  
        
Cash from operating activities less capital 
expenditure  1.6  2.3  1.2 
 
+91.6% 
Net (debt)/ cash  (1.2)  3.6  8.9  
Net assets  23.9  20.9  12.4 +£8.5m 
        
Earnings per share – basic (pence)  10.23  15.15  14.6 
 
+3.7% 
Adjusted Earnings per share – basic (pence)***  15.8  19.2  14.6 +31.5% 
 
*Adjusted operating profit is defined as operating profit before the deduction of amortization related to acquisitions and acquisition 
costs. 
** Assumes estimated effective rate of tax of 16% for the pro-forma period. 
*** Adjusted for costs of amortization related to acquisitions and acquisition costs and the estimated impact on tax of these 
adjustments. 
 
A period of strong growth – adding skills, complementary services and reach to our operations 
 
• Earnings accretive acquisitions of accesso, LLC. and Siriusware, Inc.. - strengthening our technology platform, 
expanding our capabilities and providing direct access into new leisure industry verticals 
• Completed senior level changes to further align the business for long term growth – ensuring we have the 
right people focusing on the right geographies with the right skills 
• Changed name to accesso Technology Group – better reflecting the group’s expanded capabilities and 
expertise 
 
accesso LoQueue
SM
 
– evidenced increased momentum with new and existing customers and winning across our product set to take 
more and more guests out of queue lines 
 
• Extended our relationships with key customers, securing Qbot extension at Dollywood and leveraging our 
Qband product to expand our work with a major US theme park operator 
• Continued traction with Qband, winning mandates at Palace Entertainments’ Raging Waters, Dollywood’s 
Splash Country and Camelbeach Mountain Waterpark  
 
accesso Passport® – won mandates across ticketing, mobile and eCommerce driving attraction attendance and increasing 
engagement 
 
• Landmark agreement signed between accesso and with AAA – The Auto Club Group South in the US which 
sees Passport become the club’s exclusive eCommerce ticketing solutions platform 
• Palace Entertainments, utilizing both Qband and the accesso Passport eCommerce platform   4
accesso Technology Group plc (formerly Lo-Q plc) 
 
Introduction and key financial highlights 
for financial period ended 31 December 2013 (continued) 
 
 
Post-Period End Highlights 
  
• Three year agreement with Holiday World & Splashin’ Safari to provide accesso Passport eCommerce platform–
first attraction to leverage integration with Siriusware Salespoint Solution already installed 
• Agreement with Premier Parks LLC to install accesso Passport ticketing suite’s eCommerce solution at Wet ‘n’ Wild Phoenix 
and Wet ‘n’ Wild Hawaii - Premier now using accesso Passport solutions across entire estate 
• Three year agreement with Delaware North Companies Parks & Resorts at KSC, Inc. to provide eCommerce and mobile 
ticketing support to the world-renowned Kennedy Space Center Visitor Complex 
• Siriusware has signed new agreements with iFLY Virginia Beach, Jasper Tramway Acquisition Corporation, African Lion Safari & 
Game Farm LTD., Holocaust Museum Houston and the National Aquarium in Baltimore 
• Renewal of our agreements with Heide Park in Germany, part of Merlin Entertainments Group, Blackpool Pleasure Beach and 
with Dreamworld in Australia 
• First win for accesso Passport in Europe with the signing of a three year contract with Compagnies Des Alpes to install the 
solution at five parks in Holland and Belgium 
• Memorandum of Understanding (“MOU”) signed for first the Qsmart installation in Asia at The Movie Animation Park Studios 
in Ipoh, Malaysia 
   5
accesso Technology Group plc (formerly Lo-Q plc) 
 
Chairman’s report 
for financial period ended 31 December 2013 
 
A record period 
 
Today’s results are evidence of an excellent and transformative period for accesso. We have made great strides in implementing our 
growth strategy and it is gratifying to see our newly enlarged team working so cohesively together, delivering on the opportunities we 
see. 
 
The group has delivered a strong financial performance, with good organic growth in our queuing business supplemented by new 
growth made possible by the acquisition of accesso, LLC. in December 2012. Pleasingly, our performance continues to be driven by both 
new standalone mandates across each of our business areas as well as deeper penetration, cross selling and upselling of the full offering 
within new and existing sites. 
 
Over the operating season a number of parks across our estate experienced record-breaking days in respect of both queuing and 
ticketing solution uptake. Our participative revenue models ensured that this resulted in good revenue growth across our increased 
geographic footprint.   
 
We have also delivered on a number of important operational and strategic milestones, with joint wins for our ticketing and queuing 
products, as well as extending and deepening relationships with a number of the very largest operators in our space, such as Palace 
Entertainments. Such wins send a clear signal to other operators about the increasingly strategic nature and value of our solutions. 
 
Our team 
 
During the period, the accesso product development and operational teams have continued to work hard and increasingly closely 
together to generate today’s strong results.  Their work, and that of all our staff, has contributed to this excellent performance.  I thank 
all of our colleagues for their energy, enthusiasm and innovative spirit.  It is a real asset to our group which I and the entire Board are 
thankful for. 
 
Building for the future 
 
On 5 December 2012, we announced the transformational acquisition of accesso, LLC.: a leading US ticketing and eCommerce company. 
This was a significant milestone for the business, evidenced by contract momentum and subsequent joint wins for our queuing and 
ticketing products.  
 
On 5 December 2013, we announced the acquisition of Siriusware, Inc., which marked another important day for our team. The 
acquisition strengthens our existing product offering, takes us into new markets, new geographies and extends our reach to new 
verticals particularly the snow sports and cultural sector. Bringing the Siriusware and accesso teams together aligns two highly 
complementary product offerings, further establishing the opportunity to build a trusted, proven and supplier of scale across multiple 
Leisure markets. I look forward to reporting our progress in this endeavour in the coming months. 
 
We are already evidencing sales progress and, post-period-end, have announced that Holiday World & Splashin’ Safari will be installing 
accesso’s leading eCommerce platform making it the first attraction to integrate accesso technology with Siriusware Salespoint Solution, 
already providing comprehensive point of sale system for both the theme park and water park. 
  
Adding these two strong businesses to our world-class technology platform propels us even further ahead with our goal of being the 
leading and most innovative supplier of technology solutions to the leisure and attractions industry.  In total we serve eight of the 
world’s top theme park groups and, as we continue to grow our reputation, we believe this will help us to further deepen our 
relationships with more and more attraction owners and operators globally. 
 
Looking ahead 
 
With our expanded technology offering, new parks yet to install and operate, new markets from which to derive additional 
opportunities, our dedicated and expanded team will have much to focus on in 2014.  I am confident they will maintain that focus in a 
period which promises greater opportunity for the enlarged group.   I am also confident that we can continue to generate premium 
growth from our operations as the goal of improving guest experiences in order to increase revenue becomes ever more strategic to the 
major players in the industry we serve. 
 
 
John Weston  
Non-Executive Chairman 
   6
accesso Technology Group plc (formerly Lo-Q plc) 
 
Chief executive officer’s report 
for financial period ended 31 December 2013 
 
Financial Review 
 
As our Chairman has stated, this is an excellent set of results for accesso.   
 
The group delivered growth of 51.6% in adjusted operating profit for the 12 months unaudited pro-forma period ended 3 November 
2013 (‘2013 pro-forma period’) against our 12 months ended 4 November 2012 and performed comfortably ahead of market 
expectations for the year.  
 
The adjusted operating profit for the 14 months ended 31 December 2013 was £3.9m (2013 pro-forma period: £4.7m and 2012: £3.1m). 
The statutory operating profit for the 14 months ended 31 December 2013 was £2.4m; the reduction against the 12 months ended 4 
November 2012 reflects the costs of acquisition incurred during the year of £0.5m, the amortisation of the newly acquired intangible 
assets and the typical seasonality experienced within the Theme Parks for the additional months of November and December. Group 
revenues for the 2013 pro-forma period increased by 29.6% to £37.7m (2012: £29.1m) and finished at £39.6m for the audited 14 
months ended 31 December 2013.   
 
Today’s results highlight the continued resilience to our business, spread as it is across multiple geographies and increased verticals 
within the Leisure industry.  As we continue to extend our reach, particularly into our target expansion market of Asia, and as we begin 
to realise the full benefits of the Siriusware acquisition we firmly believe that this resilience will strengthen further still.   
 
Several of our key indicators have continued to show growth during the period.  Average revenue per guest increased by 8.9% 
supported by a 2% year-on-year increase in overall park attendance. This continued growth in the appeal and adoption of our products 
is driven by our improved sales and marketing efforts and the continued migration of customers to premium-priced solutions.  
 
Cash  
 
Cash from operating activities less capital expenditure, was £2.3m for the pro-forma 12 month period which was 91.6% higher than 
2012.  
 
Our closing net debt balance of £1.2m is better than our expectations, after accounting for the funds discharged in connection with the 
acquisitions and the board believes that the company is in a strong financial position at the period end.   
 
New Banking Facility 
 
As previously announced, in February 2013 we successfully negotiated a new dollar denominated, banking arrangement with Lloyds 
Bank. This facility was further extended in December 2013 to support the Siriusware acquisition and allows the group to draw down up 
to £8.5m. The terms of this facility offers agreed rates of 1.5% above LIBOR on drawings up to £5m (this tranche is due to expire in 
December 2017) and 2% above LIBOR on drawings above £5m (this tranche is due to expire in December 2015). The agreed rate on 
uncommitted funds is 0.6% and 0.8% on the respective elements. The total available for drawdown is subject to annual step downs of 
£2m on 3 December of 2014, 2015, 2016 and is fully repayable in February 2017. 
 
Reporting Currency 
 
The group is currently reviewing its functional currency in line with the respective accounting standard (IAS 21) and depending on the 
outcome of this review may report future consolidated results in United States Dollars. 
 
Tax 
 
The tax charge for the period of £0.2m benefitted substantially relating to deductions on the amortization of intangibles, non-reversing 
tax deductions in the UK and US relating to employee share option exercises and revised prior period research and development claims. 
 
Intellectual Property and Research & Development  
 
A key strength and foundation of our business is the wide-ranging portfolio of patents and IP innovations upon which our product set is 
established. The group remains committed both to the protection of this portfolio as well as the extension of it where appropriate.  
 
As in previous periods, we have acquired additional patents that allow us to continue to differentiate our offering, enhance the group’s 
capabilities and extend our technological leadership within the leisure and attractions industry.  As such, the group   7
accesso Technology Group plc (formerly Lo-Q plc) 
 
Chief executive officer’s report 
for financial period ended 31 December 2013 (continued) 
 
is also committed to defending our investments in IP from infringement.  Finally, as demonstrated last period with the signing of the 
group first IP licensing agreement for one of our patent families, we continue to explore opportunities of licensing of our IP where 
appropriate and advantageous. 
 
Our commitment to invest in technology is unchanged and total research and development expenditure, excluding patents, within the 
enlarged group was £1.6m in the period (2012: £0.85m) of which 64% was capitalised (2012: 48%), with this % increase representing the 
resources specifically allocated to accelerate the development of our eCommerce platforms. 
 
Dividend 
 
The board maintains its view that the payment of a dividend is unlikely in the short to medium term with cash better invested in 
product development, complementary M&A as demonstrated by the accesso and Siriusware acquisitions and other growth focused 
investment opportunities.  
 
Operational Review 
 
At the heart of the accesso strategy is a plan to deliver sustainable growth through both organic and acquisitive means.  In this period 
we have delivered convincingly on this plan.  Operationally, this has been a very exciting time for our team and we have made good 
progress in each of our focus areas for growth.  We have secured new customers, certain of which are some of the largest operators in 
our space.  We have delivered combined wins for queuing and ticketing offerings: something we knew would be a strong growth 
opportunity when the two businesses came together. We have also deepened our relationships with existing customers, extending 
some of our longest-standing relationships further in to the future.  
 
A new chapter 
 
Effective from 12 November 2013, the group has been operating under our new name: accesso Technology Group plc and at the same 
time rebranded the technology portfolio to provide consistent marketing across our technology offerings. The name change reflects the 
company’s expanded capabilities and expertise gained when it acquired the privately-held ticketing technology and e-commerce firm 
accesso, LLC. in late 2012. The new name better encompasses the core capabilities of the enlarged group and better reflects the future 
growth ambitions of the business as a whole.  
 
accesso LoQueue 
 
The group’s patented virtual queuing solutions are now marketed under the accesso LoQueue umbrella. We have seen good growth in 
queuing revenues across the accesso LoQueue portfolio during 2013. 
  
We remain extremely excited by the potential for our smartphone-based solutions.  During the period we successfully rolled out 
Qsmart, our smartphone-based, hosted, queuing solution. Qsmart is now operational in three parks globally and there are a number of 
other operators, new and existing, who are very interested in the opportunity it presents. Walibi Holland, one of the Netherlands’ 
leading theme parks was the first European park to adopt Qsmart back in October 2012.  Installed in time for the important Halloween 
2012 weekend, the park saw a significant and encouraging improvement in sales for the equivalent weekend in 2013. 
 
As global smartphone adoption continues to accelerate we are well placed to ride this trend, keeping pace with the technological 
evolution as we continue to update and enhance our smartphone-based queuing solution. With guests visiting parks and now expecting 
to use their smartphone to add to and enhance their experience, we continue to be excited about the prospects for Qsmart within our 
traditional customers as well as the opportunity to deploy our smartphone technology to single line attractions. Importantly, all of our 
new customer enquiries are focusing on Qsmart rather than our proprietary Qbot device.    
 
Regular followers of our story will know that our greatest success in 2012 was the launch of Qband – our award-winning water park 
queuing solution.  The momentum of this product has continued into 2013, with five new parks signed up and live in this financial 
period.  Qband is not just an exciting standalone product, but it also continues to serve as a key means through which we can deepen 
our penetration into existing customer accounts.  For example, during the period Qband was installed at Raging Waters, San Dimas, 
extending our relationship with Palace Entertainment as well as securing a five year agreement with Camelbeach Mountain Waterpark: 
Pennsylvania’s largest water park.  
 
Qband has also enabled us to continue expanding some of our long-standing relationships. During 2013, we extended the relationship 
with Herschend Family Entertainment Group which owns, operates or manages 26 family-oriented theme parks and attractions across 
ten US states. Dollywood’s Splash Country water park will also utilise our Qband product for an initial three year period. In addition, the 
Group’s Dollywood theme park, Tennessee's most ticketed tourist attraction entertaining more than two million visitors per year, 
extended its existing installation of Qbot until 2015.   8
accesso Technology Group plc (formerly Lo-Q plc) 
 
Chief executive officer’s report 
for financial period ended 31 December 2013 (continued) 
 
In 2012, we announced an exciting agreement with a major North American operator to install Qbot at two of its parks in the USA. 
Pleasingly we have been able to extend this relationship during 2013 expanding our agreement to include the installation of our Qband 
product at the operator’s US water park which is the third park we now serve within this group. 
 
In addition, we established a new relationship with Village Roadshow Theme Parks, which installed Qband at Wet'n'Wild Las Vegas for a 
five year period.  
 
Finally, we were also awarded a number of contract renewals further highlighting the strength of our technology offerings and 
confidence our customers have in our solutions. During 2013, we renewed contracts with Blackpool Pleasure Beach, and post-period 
end we were able to renew our agreement with Heide Park in Germany, part of Merlin Entertainments Group and finally with 
Dreamworld in Australia. Both Blackpool Pleasure Beach and Dreamworld operate Qsmart alongside Qbot and have had excellent early 
customer adoption to the smart phone product. 
 
accesso Passport 
 
The group’s ticketing, mobile and eCommerce solutions continue to be marketed under the accesso Passport umbrella and each has 
evidenced a strong performance in the period.  During 2013 we have proven the power of the entire product suite, deepened our 
relationships with customers, driven attraction attendance and increased visitor engagement. Pleasingly, ticketing volumes were up 
more than 15 per cent in the period, and, proving the power and increasing adoption of our mobile solutions, mobile ticketing volumes 
increased by more than 475 per cent.  
 
Earlier this year the group signed an important agreement with AAA – The Auto Club Group South in the US.  This agreement sees 
accesso Passport deployed as the club’s exclusive eCommerce ticketing solutions provider. One of the largest AAA club’s in North 
America, The Auto Club Group South has approximately 8.8 million members across eleven states. This represents a significant win for 
the group, running for a four year period and highlighting the strength and scale of accesso’s offering, particularly in North America.   
 
In addition to this platform win, we added seven new venues to the accesso Passport portfolio during the period including eCommerce 
for Gilroy Gardens, Ocean Breeze Water Park and Rapid Water Park and accesso Mobile apps for four additional International Speedway 
Corporation tracks.  
 
Further to this, we achieved another important milestone in January 2013 winning an agreement with Palace Entertainments, the 
largest operator of water parks in the United States and operating a total of 40 attractions in North America, to install products from 
both accesso LoQueue and accesso Passport ranges. As a result Qband was installed at Raging Waters, California’s largest water park 
and Noah’s Ark, the largest water park in the US, began utilising accesso Passport online ticketing. Excitingly, this win now means that 
Palace Entertainments has installed accesso Passport solutions at all 18 of its theme parks and water parks across North America.  
 
Post-period end 
 
Post-period end, new business momentum has continued as operators once again start to look at areas of investment in order to 
enhance visitor experience for the 2014 season.  
 
At the beginning of this current financial period, the group signed a new business agreement with Premier Parks, LLC to provide online 
ticketing and eCommerce support for two Wet ‘n’ Wild water parks in North America. In addition to nine other leisure venues operated 
by Premier, the accesso Passport ticketing suite’s eCommerce solution is now also being leveraged at its newest sites; Wet ‘n’ Wild 
Phoenix and Wet ‘n’ Wild Hawaii. In addition, last year the group signed a five year agreement with Wet ’n’ Wild Phoenix to install the 
accesso LoQueue Qband solution. This new contract also expands this existing relationship with the park as well as deepening the 
strong affiliation with Premier.   
 
Post-period end, we also announced a three year agreement with Delaware North Companies Parks & Resorts at KSC, Inc. to provide 
eCommerce and mobile ticketing support to the world-renowned Kennedy Space Center Visitor Complex. 
 
During the first part of this financial period, we have also signed a three year Memorandum of Understanding (“MOU”) for our first 
Qsmart installation in Asia at The Movie Animation Park Studios in Ipoh, Malaysia. This is a very exciting agreement for us as we begin to 
forge deeper ties with attractions in the important Asian market and also evidences the value of our agreement with Sanderson Group 
in the region. 
 
 
   9
accesso Technology Group plc (formerly Lo-Q plc) 
 
Chief executive officer’s report 
for financial period ended 31 December 2013 (continued) 
 
We are also delighted to have been able to announce our first ticketing win in Europe.  We have signed a three year agreement with 
Compagnies des Alpes (“CDA”) to provide the accesso Passport eCommerce solution for five CDA parks in Belgium and Holland. A key 
part of the strategic rationale underpinning the accesso acquisition was the opportunity to leverage existing European relationships to 
generate agreements across our product lines and this agreement is evidence that this is now coming to life: in 2012 the group signed a 
three year agreement with CDA to install Qsmart  at Walibi Holland, one of the Netherland’s top theme parks and this new agreement 
builds on that existing relationship to include accesso Passport. Not only will accesso’s eCommerce solution be installed at Walibi 
Holland alongside the Qsmart system, CDA will also deploy the technology at Walibi Belgium, Bellewaerde Park, Aqualibi Belgium, and 
Dolfinarium. 
 
Finally, as early evidence of the cross-selling opportunities Siriusware brings to the group, in February 2014 we announced a three year 
agreement with Holiday World & Splashin’ Safari to provide those attractions with the accesso Passport eCommerce platform. Holiday 
World represents the first installation now integrating both accesso and Siriusware solutions.  Elsewhere Siriusware have maintained 
good sales momentum with a number of new customers signed up post period end. 
 
Staying ahead 
 
Technology is at the heart of what we do and we have continued to invest in further refining and improving our offering.  
 
The clearest evidence of this is in the constant evolutions we make to our existing products which include enhancing capabilities, 
improving power management, and increasing flexibility.  Each of our products is a part of a broad portfolio and the linkages between 
them are becoming more important particularly as we widen the scope of our offering beyond theme parks and water parks.  For 
example, during the year we have updated our award-winning Qband system to incorporate an improved RFID chip to allow broader 
integration with other systems.  We have also improved the display and installed a new checkpoint scanner to reduce overall 
installation cost.   
 
For our original handheld queuing device, Qbot, we have developed additional functionality to allow parks to offer a wider variety of 
price packages and attraction bundles to their customers. In addition, we have added features which allow devices to be registered 
anywhere in the park, not just upon entry. This additional capability means that our in-park sales teams have more opportunities to sell 
Qbot solutions by seeking out guests anywhere in the park including those already standing in line.  
 
At the same time, work on our eCommerce solution has also been completed during 2013 and the early part of 2014 and we have 
recently launched the 5th version of our Shopland ecommerce store. The new system delivers a fully responsive, seamless buying 
experience across any device be it desktop, a tablet or a smartphone. These improvements to usability and accessibility across multiple 
devices are a development thread that binds all our solutions together. 
 
We have also been working on the natural evolution of our Qsmart platform – to create a platform to enable a queueless theme park – 
which is possible for the first time since the arrival of the smartphone.  The technology has been under development since the summer 
of 2013 and undergone a number of successful if limited tests in a live theme park environment.  We look forward to further developing 
the system over the rest of 2014.  
   
We have also looked hard at the pricing strategy of our traditional queuing product and over the 2013 season collected a great deal of 
data to allow us to more clearly evaluate strategies for 2014. As a result we are going into the coming season with a simplified pricing 
approach and which we hope will lead to deeper sales penetration and an improved in park experience for guests.  So far, we have seen 
an excellent response to this simplified approach.  
 
An enlarged, experienced team 
 
We have completed a number of organisational changes during the period. The senior team that joined at the time of the accesso, LLC. 
acquisition is now fully integrated into the wider business. In addition, we are benefiting from the skills and experience of the strong 
team that joined us from Siriusware. 
 
In order that we continue to provide opportunities for our people and in keeping with our intention to cultivate a one firm approach, I 
am extremely pleased that we have extended our staff stock option schemes across the group – now in excess of 160 full time 
employees. We have received very positive feedback about the scheme and remain committed to creating an environment where our 
people are proud to work. 
 
 
 
   10
accesso Technology Group plc (formerly Lo-Q plc) 
 
Chief executive officer’s report 
for financial period ended 31 December 2013 (continued) 
 
Extending our reach 
 
Expanding the group’s geographic reach remains an important part of the accesso strategy. During the period, we have continued to 
focus efforts on the Asian market place, the fastest-growing theme and water park market globally. 
 
In September 2012 we announced our partnership with Sanderson Group: an Australian multi-national corporation with over 23 years’ 
experience in delivering high quality, themed tourist attractions.  
 
Our efforts in Asia are beginning to bear fruit as we continue to forge strong relationships with attraction operators in the region.  
During the 2013 we signed our first ever agreement with Village Roadshow Theme Parks: Australia's largest theme park operator and 
another strategic partner of Sanderson Group, to install our Qband technology at Village Roadshow’s Wet’n’Wild properties in Las 
Vegas and Phoenix.  
 
We are also delighted to be announcing the signing of an MOU confirming the first Asian customer for Qsmart at The Movie Animation 
Park Studios in Ipoh, Malaysia, due to open in 2015.  The pipeline of new business has been developing well across the region and 
relocating a senior member of our team to Malaysia has certainly given this added momentum.    
 
Positioning our business for the future 
 
At the heart of its strategic ambition, the board’s vision is to build a trusted and proven technology supplier of increasing scale across 
multiple Leisure markets. It is this ambition that led the group to the immediately earnings accretive acquisitions of accesso, LLC. on 4 
December 2012 and, exactly one year later, Siriusware, Inc.. on 4 December 2013.  
 
The acquisition of accesso, LLC. brings together two highly complementary businesses with extremely synergistic technologies. The 
combination of our established queuing business, with the ticketing and eCommerce capabilities of accesso, LLC. presents an excellent 
opportunity for the enlarged group to further defend and deepen existing client relationships.  It also opens up an important strategic 
bridgehead into adjacent Leisure verticals, such as zoos and cultural attractions, and enhances our ability to develop new products, 
particularly in mobile.  
 
The addition of Siriusware adds another new dimension. Based in the US, Siriusware offers a fully integrated suite of software and 
hardware solutions and professional services to the leisure industry.  It adds value to our firm in a number of ways, taking us in to new 
markets, new geographies and further strengthens our already world-class technology platform. Importantly, not only does the 
acquisition strengthen accesso’s penetration in existing verticals, such as amusement parks and waterparks, it also provides the group 
with direct access into new verticals, in particular the ski and snow sports sector and cultural attractions.  
 
The Board firmly believes that both acquisitions will enable the group to deliver even more value to current and future customers by 
working together to further expand our innovative solutions. These acquisitions align likeminded teams and highly complementary 
product offerings.  We are still at a relatively early stage in the integration progress, but as recent announcements have highlighted, we 
have already begun to evidence sales synergies we outlined as part of the transaction.   
 
Summary and Outlook for 2014 
 
To summarise, 2013 was another successful year for accesso. We have delivered double-digit growth across our key financial metrics 
and evidenced an excellent operational performance across our expanded product set.  
 
As we move into 2014, I am particularly encouraged by the opportunities opening up to cross sell our enlarged technological offerings 
and by those opportunities in the Asian market as well as the strong uptake and development of our mobile solutions. Across the globe, 
people are becoming more and more technology literate and guests are now visiting attractions and expecting to use their smartphone 
to add to and enhance their experience. As global smartphone adoption continues to accelerate we are well placed to capture the next 
level of growth across our ticketing and queuing business.  
 
Looking ahead, I am once again excited by the prospects for 2014 for our enlarged group and have great confidence in the abilities of 
our expanded team. 
 
Tom Burnet 
Chief Executive Officer 
 
 
 
   11
accesso Technology Group plc (formerly Lo-Q plc) 
 
The board of directors  
for financial period ended 31 December 2013 
 
John Weston, Non-executive Chairman 
 
John Weston is the former Chief Executive of British Aerospace and BAE Systems where he served from 1998 to 2002, when it was a 
£12.5 billion business employing more than 120,000. 
 
Today in addition to serving as chairman for the premiere technology solutions provider to the attractions and leisure industry, he chairs 
several other companies: MB Aerospace, a supplier of machined engine components to the aero-engine industry; Fibercore, a 
manufacturer of specialty optical fibers; and Torotrak plc, developers in the commercial application of gearless traction drive 
technology. 
 
Weston joined accesso in May 2011 and serves as a member of the company’s audit and remuneration committees. 
 
John Alder, Chief Financial Officer   
 
John Alder is a Chartered Accountant who qualified with Coopers and Lybrand (PricewaterhouseCoopers). He subsequently held Finance 
Director and Controller positions in quoted and private pan-European businesses. Prior to joining accesso, Alder spent 4 years as 
European Controller and Interim Finance Director of private equity backed Palletways Group Limited, supporting the Continental 
European development of Europe’s largest and fastest growing palletized freight network business. 
 
He was appointed Chief Financial Officer of the Company in August 2009. 
 
Anthony Bone, Non-executive Director 
 
Tony Bone spent more than 30 years in the IT industry. He spent 20 years with International Computers Limited (ICL) the large UK 
computer hardware, computer software and computer services company responsible for hardware design, software design, consultancy 
and general management. 
  
He was one of the founder directors of the OSI Group, the Management Consultancy which specialized in program and project 
management, and IT. Bone now acts as an investor in, and non-executive director in, a number of companies.Bone joined accesso 
in 2001, and in addition to normal board duties, provides advice in product strategy and development to the company, along with 
serving on the audit committee, and chairing the remuneration committee. 
 
Steve Brown, Chief Operating Officer - North America  
 
As Chief Operating Officer – North America and Europe at accesso, Steve Brown leads the day-to-day operations throughout North 
America and Europe. 
 
Like many attractions industry veterans, Brown’s early theme park career began during college as an hourly employee at the Walt 
Disney World Resort in Orlando. After a break to pursue his MBA, he returned to Disney where he held a variety of roles with increasing 
responsibility in financial planning and pricing strategy including development of revised multi-day admission offerings to incorporate 
the opening of Disney’s Animal Kingdom. In 1999, Brown was named Director, Walt Disney World Ticketing where he led all aspects of 
the Resort’s ticketing process across its nine gated attractions including pricing strategy, fulfillment operations, training and financial 
management. 
 
In 2002 he was named Vice President, Revenue Management for the Disneyland Resort in Anaheim, California. Brown successfully drove 
dramatic growth in park admissions and hotel revenues through significant changes to strategic and promotional pricing, the 
introduction of new ticket options and by leveraging technology to expand sales distribution channels. In this broad based executive 
role, he held primary financial accountability for the Resort’s hotel and ticket revenues, led all promotional and strategic pricing efforts, 
and managed the attendance forecasting and visitation research functions. In 2005 his role was expanded to encompass line-of-
business responsibility for the Disneyland Annual Passholder program including acquisition and renewal marketing, passholder 
experience optimization, CRM and pricing strategy. Brown’s contributions were key to the Disneyland Resort’s 2005-2006 record 
financial performance during the celebration of the landmark attraction’s 50th anniversary. 
 
Prior to joining accesso, Brown served as the corporate Vice President of Ticket Strategy and Sales for Six Flags. While at Six Flags, he led 
a 220 person sales force responsible for driving nearly 35% of the company’s admissions revenue. Brown championed an overhaul of 
the company’s eCommerce process, which doubled the already significant online sales and established Six Flags’ national partnerships 
with major distributors including Expedia, Travelocity, Best Buy Reward Zone and Costco. He led a comprehensive, research based 
review of the company’s ticket pricing and developed the strategic plan for 2007 price adjustments across the company’s North 
American theme parks and water parks. The implementation of this plan contributed significantly to 2007 attendance growth and the 
company’s positive cash flow results for the first time in its history.   12
accesso Technology Group plc (formerly Lo-Q plc) 
 
The board of directors (continued) 
for financial period ended 31 December 2013 
 
Steve Brown, Chief Operating Officer - North America (continued) 
 
Brown received his MBA from the Goizueta Business School at Emory University in Atlanta and graduated with a BS in Marketing from 
the University of South Florida in Tampa. 
 
Tom Burnet, Chief Executive Officer 
 
Tom Burnet joined accesso as the CEO in late 2010 and is responsible for the company’s leadership, strategic direction and growth. 
 
Burnet has a passion for technology and relishes the opportunity to solidify accesso’s position as the premier technology solutions 
provider for the theme park and attractions industry. Burnet has taken a less traditional path into the theme park and attractions 
industry. Previously he served as Managing Director for a division of Serco Group plc, a global outsourcing company, overseeing the 
5000 person Defence Services division. 
 
He also has been involved in creating, growing and running several businesses and started his career as the UK’s youngest Army Officer. 
He also has an MBA. 
 
Armed with a model that’s regional, scalable and operationally leveragable, he believes accesso can grow to become a billion-dollar 
business and a cornerstone of the industry’s supply chain. 
 
Matt Cooper, Non-executive Director 
 
Matt Cooper is the chairman of Octopus Capital Limited and Octopus Investments Limited.  He also serves as Executive Chairman of 
AIM-listed Imaginatik plc, and also holds further directorships at both private and public companies and of consumer body, Which? 
Financial. 
 
Prior to joining Octopus, Cooper was the principal managing director of Capital One Bank (Europe) plc where he was responsible for all 
aspects of the company’s strategic direction and day-to-day operations in Europe. He led the UK portion of the business from start-up to 
two million customers, generating revenues of over £275 million and employing more than 2,000 employees. 
 
Cooper joined accesso in September 2012 and is Chairman of the audit committee and a member of the remuneration committee. 
 
David Gammon, Non-executive Director 
 
David Gammon has widespread experience in developing and building technology based businesses. Since 2001, Gammon has focused 
on finding, advising and investing in UK technology companies. Gammon founded Rockspring, an advisory and investment firm, which 
focuses on early stage technology companies and where Gammon continues as CEO today. Other current positions include non-
executive directorships at Imaginatik plc and Frontier Developments plc. He is Group Strategic Advisor to Marshall of Cambridge 
(Holdings) Limited. 
 
Previous experience includes NED and advisor at artificial general intelligence company DeepMind Technologies Limited, advisor to 
Hawkwood Capital LLP, NED at real time location technology specialist Ubisense Trading Limited, NED at internet TV specialist Amino 
Technologies plc, NED at smart metering and software company BGlobal plc and acting CFO at internet specialist Envisional Solutions 
Limited. Earlier in his career David worked as an investment banker for over 15 years. 
 
Leonard Sim, Founding Director  
 
Leonard Sim is the inventor of accesso’s LoQueue virtual queuing system, which was conceived while he ran Tellurian, a sales agency in 
data communication devices and software.  Previously, Sim ran technical sales teams for Rockwell Semiconductor and Ferranti 
Semiconductor after a period as an electronics engineer at Plessey Radar. He gained an Honours Electronic Engineering degree from 
Heriot-Watt University, Edinburgh in 1971. 
 
Sim’s responsibilities include business development, strategic planning, product marketing and managing the engineering team. 
 
 
 
 
 
   13
accesso Technology Group plc (formerly Lo-Q plc) 
 
Strategic report 
for financial period ended 31 December 2013 
 
Review of Business 
 
The results for the period and financial position of the company and the group are as shown in the annexed financial statements and 
explained in the Chairman’s report and Chief Executive Officer’s statement. 
 
Principal risks and key performance indicators 
 
The board has identified the principal risks and uncertainties which it believes may impact the group and its operations as well as a 
number of key performance indicators with which to measure the progress of the group. 
 
Principal risks and uncertainties 
 
In line with groups of a similar size, the group is managed by a limited number of key personnel, including executive directors and senior 
management, who have significant experience within the group and the sectors it operates within and who could be difficult to replace. 
Executive remuneration plans, incorporating long-term incentives, have been implemented to mitigate this risk. 
 
A key risk relates to the high concentration of revenue derived from particular customers or guests of particular theme parks groups. 
The group continues to increase its operating parks, including the introduction of additional park operators by introducing new 
technologies and extending its geographical presence. In addition the group continues to seek appropriate complimentary acquisitions 
to reduce reliance on specific customers, sectors or geographies.   
 
The group has a very seasonal business with revenue and cash flows predominantly linked to leisure venue attendance which, with the 
current profile of business, peak in the summer months. Attendance at leisure venues can be impacted by circumstances outside the 
control of the group including inclement weather, consumer spending capability within the regions we operate together with operator 
venue pricing, discount policies, investment capability, safety record and marketing. 
 
A significant proportion of revenues of the business are denominated in US dollars. Although the majority of expenditure is also 
denominated in this currency, there remains an exposure to movements between sterling and US dollars. This exposure is managed via 
entering into appropriate forward contracts. 
 
It is of fundamental importance in maintaining a sustainable long-term business that the group is aware and takes action to mitigate 
competitive threats, whether from technological change, or from competition. Effort is directed to ensure that the group invests in 
appropriate and focused research and development activity and monitors technological advances and competitor activity. Linked to 
this, the group is committed to protecting its technology by the development and, or purchase of patents and will take appropriate 
action to defend its intellectual property rights or ensure infringers are licensed. 
 
Key performance indicators 
 
Key performance indicators are used to measure and control both financial and operational performance. Guest attendance, revenues, 
margins, costs and cash are trended to ensure plans are on track and corrective actions taken where necessary. Product development 
performance is also monitored and tracked through measurement against agreed milestones. In addition, further key performance 
indicators include the number of parks where our technology is implemented, the proportion of guests that utilise our products and the 
sales mix of services offered. 
 
Risk management and internal control 
 
The board is satisfied that the group’s risk management and internal control systems are adequate. At this stage the board do not 
consider it to be appropriate to establish an internal audit function. 
 
On behalf of the board: 
 
 
John Alder 
Chief Financial Officer  
 
24 March 2014   14
accesso Technology Group plc (formerly Lo-Q plc) 
 
Report of the directors 
for financial period ended 31 December 2013 
 
The directors present their report with the financial statements of the company and the group for the fourteen month financial 
period ended 31 December 2013. 
 
Dividends  
 
No dividends will be proposed for the financial period ended 31 December 2013. 
 
Research and development  
 
The group's research and development activities relate to the development of virtual queuing technologies, by applying state of the art 
communications and information technology. During the financial period ended 31 December 2013 the group invested £1,595,905 
(2012 – £849,313) into research and development. 
 
Directors  
 
The directors during the period under review were: 
 
John Weston, Non-executive Chairman  
John Alder, Executive 
Anthony Bone, Non-executive 
Steve Brown, Executive (appointed 4 December 2012) 
Tom Burnet, Executive 
Matt Cooper, Non-executive 
David Gammon, Non-executive  
 Leonard Sim, Executive 
 
The company paid for sufficient directors and officer’s indemnity insurance during the period, and to the date of approval of these 
financial statements, to enable the directors to carry out their duties.  
 
The beneficial interests of the directors holding office on 31 December 2013 in the issued share capital of the company were 
as follows: 
 
Ordinary share capital £0.01 shares               As at 31 December 2013                  As at  4 November  2012 
or date of appointment 
 
John Weston, Non-executive Chairman  55,700 55,700 
John Alder, Executive  6,612 6,612 
Anthony Bone, Non-executive   201,517 381,517 
Steve Brown, Executive   1,723,916 - 
Tom Burnet, Executive  - - 
Matt Cooper, Non-executive  22,442 - 
David Gammon, Non-executive  38,000 38,000 
Leonard Sim, Executive  2,043,575 2,493,575 
   
   
 
Details of the directors' share options are disclosed on page 19. 
 
Financial instruments  
 
Details of the group's financial risk management objectives and policies, including the use of financial instruments, are 
included within the accounting policies in Note 2 to the financial statements. 
 
 
 
 
 
 
 
   15
accesso Technology Group plc (formerly Lo-Q plc) 
 
Report of the directors (continued) 
for financial period ended 31 December 2013 
 
Substantial shareholdings  
 
As at 18 March 2014 the company had been notified that the following were interested in 3% or more of the ordinary share 
capital of the company. 
 
               Number of Ordinary Shares  % of Issued Ordinary Share 
Capital
 
BlackRock Investment Management 2,056,545 10.18% 
Prudential plc group of companies 1,551,640 7.68% 
FIL Limited 1,215,338 6.02% 
Standard Life Investments Limited 1,113,963 5.51% 
Mr Leonard Sim, Director  2,043,575 10.12% 
Mr Steve Brown, Director 1,723,916 8.53% 
accesso Employee Benefit Trust (On behalf of Mr 
Tom Burnet, Director) 853,818 4.23% 
 
Annual general meeting 
 
The annual general meeting of the company will be held on Tuesday 27th May 2014. The notice convening the meeting is 
enclosed with these financial statements. 
 
Branch registration 
 
The company operates a branch in Germany. 
 
Corporate governance 
 
The company’s shares are traded on the Alternative Investment Market of the London Stock Exchange. The company is not 
required to report on compliance with the UK Corporate Governance Code (“the Code”), the board of directors 
acknowledges the importance of the principles of the code and also the recommendations of the Quoted Companies 
Alliance in its publication “Corporate Governance Guidelines for Smaller Quoted Companies” and seeks to apply them as 
appropriate to the company given its nature and size.  
          
The board of directors comprises three executive directors and four independent non-executive directors, one of whom is 
the chairman, on 4 December 2012 a fourth executive director was appointed. The company holds board meetings regularly 
throughout the year at which financial and other reports are considered. The board is responsible for formulating, reviewing 
and approving the group’s strategy, budgets and major items of expenditure.  
 
The committees of the board 
 
The following committees have been established to assist the board in fulfilling its responsibilities: 
 
Audit committee 
 
The members of the audit committee are David Gammon, Anthony Bone, John Weston and Matt Cooper, who chairs the 
committee. 
 
The committee met twice during the year to fulfil its duties. The Chairman, Chief Executive Officer, Chief Finance Officer and 
external auditors attended meetings by invitation. 
 
The committee is comprised of independent non-executive directors only and its terms of reference are to promote 
appropriate standards of integrity, financial reporting, risk management and internal controls. This committee is responsible 
for overseeing the involvement of the group’s auditors in the planning and review of the group’s financial statements, any 
other formal announcements relating to the group’s financial performance, for recommending the appointment and fees of 
its auditors, and for discussing with the auditors the findings of the audit and issues arising from the audit. It reviews the 
group’s compliance with accounting, legal and listing requirements. It is also responsible, along with the board, for 
reviewing the effectiveness of the systems of internal control. The committee considers the independence and objectivity of 
the auditors with regard to the way in which they conduct their audit duties. The committee looks to ensure that the 
auditors’ independence is not compromised by their undertaking of non-audit    16
accesso Technology Group plc (formerly Lo-Q plc) 
 
Report of the directors (continued) 
for financial period ended 31 December 2013 
 
Audit committee (continued) 
 
The audit committee’s recommendation is that BDO LLP be reappointed as the company’s auditors and an appropriate 
resolution will be put before the shareholders at this year’s annual general meeting. 
 
Remuneration committee 
 
The members of the remuneration committee are David Gammon, Matt Cooper, John Weston and Anthony Bone who 
chairs the committee. 
 
The committee met three times during the year to fulfil its duties. The committee considers and approves specific 
remuneration packages for each executive director following consultation with the chairman. In accordance with guidelines 
set by the board, the committee determines the group’s policy on remuneration of senior executives and the operation of 
share option schemes and the grant of options. Remuneration of non-executive directors is set by the executive directors. 
 
It is considered that the composition and size of the board does not warrant the appointment of a nominations committee 
and appointments are dealt with by the board as a whole. The need to appoint such a committee is subject to review by the 
board. 
 
Going concern 
 
After making appropriate enquiries, the directors have a reasonable expectation that the group has adequate  
resources to continue in operational existence for the foreseeable future. We are confident that the group outlook for 2014 
is strong and underlying this, the business continues to perform well with a strong balance sheet and cash position. For this 
reason, the board continue to adopt the going concern basis in preparing the accounts. 
 
Disabled employees 
 
The group's policy is one of equal opportunity in the selection, training, career development and promotion of staff. The 
group has a policy not to discriminate against disabled employees for those vacancies that they are able to fill and will 
provide facilities, equipment and training to assist any disabled persons employed. 
 
All necessary assistance with initial training courses will be given. Once employed, a career plan will be developed so as to 
ensure suitable opportunities for each disabled person. Arrangements will be made, wherever possible, for re-training 
employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities. 
 
Employees 
 
The group's policy is to consult and discuss with employees, by way of meetings and through personal contact by directors 
and other senior executives, matters likely to affect employees' interests. 
 
Information on matters of concern to employees is given in meetings, handouts, letters and reports, which 
seek to achieve a common awareness on the part of all employees on the financial and economic factors 
affecting the group's performance. 
 
Relations with shareholders 
 
The company and board recognise the importance of developing and maintaining good relationships with their 
shareholders. There have been regular dialogues with shareholders during the year including holding briefings with analysts 
and other investors including staff shareholders. The company also uses the annual general meeting as an opportunity to 
communicate with its shareholders. All directors are expected to attend the annual general meeting with the chairman of 
the audit, remuneration and nominations committees being available to answer shareholders’ questions. 
 
Notice of the date of the 2014 annual general meeting is included with this report. Separate resolutions on each 
substantially separate issue, in particular any proposal relating to the annual report and accounts, will be made at the 
annual general meeting. 
   17
accesso Technology Group plc (formerly Lo-Q plc) 
 
Report of the directors (continued) 
for financial period ended 31 December 2013 
 
Relations with shareholders (continued) 
 
work. Non-audit/tax advisory services will always be benchmarked by management to ensure value for money, auditor 
objectivity and independence of advice. 
 
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 period.  Under that law the directors 
have elected to prepare the group and company financial statements in accordance with International Financial Reporting 
Standards (IFRSs) as adopted by the European Union.  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 group and company and 
of the profit or loss of the group and company for that period.  The directors are also required to prepare financial 
statements in accordance with the rules of the London Stock Exchange for companies trading securities on the Alternative 
Investment Market.   
 
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 they have been prepared in accordance with IFRSs as adopted by the European Union, subject to 
any material departures disclosed and explained in the financial statements; 
• 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 requirements of 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. 
 
Website publication 
 
The directors are responsible for ensuring the annual report and the financial statements are made available on a website.  
Financial statements are published on the company's website in accordance with legislation in the United Kingdom 
governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions.  
The maintenance and integrity of the company's website is the responsibility of the directors.  The directors' responsibility 
also extends to the ongoing integrity of the financial statements contained therein. 
 
Statement as to disclosure of information to auditors  
 
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 
2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a 
director in order to make himself aware of any relevant audit information and to establish that the group's auditors are 
aware of that information.  
 
Auditors  
 
A resolution approving the re-appointment of BDO LLP will be proposed at the forthcoming annual general meeting.  
 
Remuneration committee policy 
 
The policy is to provide remuneration packages for executive directors which aim to attract and retain high quality 
executives and which link their reward to the group’s performance. The committee regularly reviews the effectiveness of 
incentive schemes and, where considered necessary or appropriate in order to maximise shareholder value, the committee 
will consider updating existing scheme rules and/or implementing new schemes. 
 
   18
accesso Technology Group plc (formerly Lo-Q plc) 
 
Report of the directors (continued) 
for financial period ended 31 December 2013 
 
Executive Directors’ remuneration package 
 
The components of the remuneration package are base salary and benefits, bonuses, pension contributions and long-term 
incentive arrangements. Base salaries are reviewed by the committee annually, normally in January. The executives may 
also receive bonuses, depending on whether certain financial, operational or strategic objectives are met. The annual 
standard bonus plan for the executive directors has a maximum threshold of between 20% and 50% of base salary and 
exceptional bonuses are considered at the committee’s discretion. The benefits packages offered include private health 
insurance and payments to money purchase pension schemes. Notice periods for all executive directors are set at six 
months. 
 
Details of the directors’ emoluments who served during the current or prior period are also set out below: 
 
Directors’ emoluments  
 
2013 
14 Months  
2012 
12 months  
2013 
14 Months 
2012 
12 Months 
 Salary Fees (1) Bonus Other  Total       Total  Pension contributions 
 £000 £000 £000 £000 £000     £000  £000 £000 
Non - executive 
Directors           
John Weston  - 58  - - 58   50   -  -   
Anthony Bone (1) 5  31  - - 36   30   -  -   
Matt Cooper (3) 5  31  - - 36   5   -  -   
David Gammon (1) 5  31  - - 36   30   -  -   
John Lillywhite (4) - - - - -  25   -  -   
           
Executive Directors           
John Alder (2) 170  - 69  12  251   181   18  15  
Steve Brown (2 & 5) 184  - 68  5  257   -  -  -   
Tom Burnet 266  - 134  1  401   297   23  18  
Leonard Sim  68  - 11  1  80   94   6  6  
           
           
Totals 703 151 282 19  1,155   712  47 39 
 
(1) Fee payments in respect of the services provide by Anthony Bone and David Gammon were paid 
to IXXI Ltd and Rockspring respectively. 
(2) John Alder and Steve Brown are US citizens and part of US healthcare programs.  
(3) Appointed 1 September 2012. 
(4) Resigned 1 September 2012. 
(5) Appointed 4 December 2012. 
 
 
 
 
 
 
 
 
 
 
 
 
   19
accesso Technology Group plc (formerly Lo-Q plc) 
 
Report of the directors (continued) 
for financial period ended 31 December 2013 
 
Share option scheme 
 
The share options of the directors are set out below: 
 
  5 November 
2012 or date of 
appointment  
 
Granted/ 
(Exercised) in 
the period 
31 
December 
2013  
Exercise 
price 
Date from 
which 
exercisable 
Expiry date 
Directors  
 
     
John Alder 15,000        (15,000) - 28.5p 30/09/2009 30/09/2018 
 75,000        (35,000) 40,000 57.5 25/06/2010 24/06/2019 
 160,000 - 160,000 156p (1) 10/03/2012 9/03/2021 
Steve Brown - - - - - - 
Tom Burnet 110,000 - 110,000 1.025p 2/12/2011 1/12/2020 
Leonard Sim  100,000 (100,000) - 25p 11/04/2009 11/04/2018 
       
Non-executive directors 
 
John Weston  69,444 - 69,444 144p 18/04/2012 17/04/2021 
Anthony Bone 40,000 - 40,000 156p 10/03/2012 9/03/2021 
Matt Cooper - 30,400 30,400 600p 25/04/2015 25/04/2023 
David Gammon (2) 80,000 - 80,000 156p 10/03/2012 9/03/2021 
       
 
(1) Options may only be exercised when the share price is above £1.82. 
(2) Held by Rockspring on behalf of David Gammon. 
 
Exercises in the period 
 
On 21 February 2013, John Alder exercised options over 50,000 ordinary shares. The exercise prices of the options 
were 28.5p for 15,000 and 57.5p for 35,000, recording a pre-tax gain of £225,850. 
 
On 22 July 2013, Leonard Sim exercised options over 100,000 ordinary shares. The exercise price of the options was 
25.0p recording a pre-tax gain of £592,250. 
 
Employee benefit trust share subscription and Tom Burnet equity incentive plan  
 
On 10 March 2011, the remuneration committee of the board recommended, and the board approved, an incentive 
arrangement pursuant to which the company lent its employee benefit trust (‘’EBT’’) £1,331,956, and the EBT 
subscribed for 853,818 new ordinary shares of 1 penny each in the company (‘’New Ordinary Shares’’).  
 
The EBT plan subsequently granted Tom Burnet an interest in the growth in value above a share price of £2 per 
share in the New Ordinary Shares. In addition the EBT granted Tom Burnet an option to acquire, in relation to half 
of the new ordinary shares (426,909), the EBT’s interest in the value between £1.30 and £2, provided that at the 
date of exercise the share price is above £1.82.  
 
The shares are registered in the name of Lo-Q (Trustees) Limited, a wholly owned subsidiary of the company. John 
Alder, Leonard Sim and Anthony Bone are directors of Lo-Q (Trustees) Limited. 
 
 
On behalf of the board: 
 
 
John Alder 
Chief Financial Officer  
24 March 2014   20
accesso Technology Group plc (formerly Lo-Q plc) 
 
Report of the independent auditors to the members of accesso Technology Group plc 
for the 14 month financial period ended 31 December 2013 
 
We have audited the financial statements of accesso Technology Group plc for the financial period ended 31 December 
2013 which comprise the group statement of comprehensive income, the group and parent company statements of 
financial position, the group and parent company statements of cash flow, the group and parent company statements of 
changes in equity and the related notes. The financial reporting framework that has been applied in their preparation is 
applicable law and International Financial Reporting Standards (IFRSs) as adopted by European Union and, as regards the 
parent company financial statements, as applied in accordance with the provisions of Companies Act 2006. 
 
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. 
 
Respective responsibilities of directors and auditors  
 
As explained more fully in the director’s responsibilities statement, the directors are responsible for the preparation of the 
financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an 
opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and 
Ireland). Those standards require us to comply with the Financial Reporting Council’s (FRC’s) Ethical Standards for Auditors. 
 
Scope of the audit of the financial statements 
 
A description of the scope of an audit of financial statements is provided on the FRC’s website at 
www.frc.org.uk/auditscopeukprivate. 
 
Opinion on financial statements 
 
In our opinion: 
 
• the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as 
at 31 December 2013 and of the group’s profit for the period then ended; 
• the group financial statements have been properly prepared in accordance with IFRSs as adopted by the European 
Union; 
• the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by 
the European Union and as applied in accordance with the provisions of the Companies Act 2006; and 
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.  
 
Opinion on other matters prescribed by the Companies Act 2006 
 
In our opinion the information given in the directors’ report and strategic reports for the financial period for which the 
financial statements are prepared is consistent with the financial statements. 
 
Matters on which we are required to report by exception 
 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, 
in our opinion: 
 
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have 
not been received from branches not visited by us; or  
• the parent company 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. 
 
Simon Brooker (senior statutory auditor) 
 
For and on behalf of 
BDO LLP, statutory auditors 
Reading, United Kingdom  
24 March 2014 
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).   21
accesso Technology Group plc (formerly Lo-Q plc) 
 
Consolidated statement of comprehensive income 
for the 14 month financial period ended 31 December 2013 
   
2013 
14 Months   
2012 
12 Months  
 Notes  £000  £000 
      
Revenue 3  39,628  29,137 
      
Cost of sales   (25,864)  (22,326) 
      
Gross profit   13,764  6,811 
      
Administrative expenses 5  (11,393)  (3,717) 
      
Operating profit before costs of acquisition and amortisation       
charges on acquired intangibles   3,905  3,094 
Costs of acquisition   (539)  - 
Amortisation relating to acquisitions  10  (995)  - 
      
Operating profit   2,371  3,094 
      
Finance costs 6  (160)  - 
      
Finance income 6  9  59 
      
Profit before tax    2,220  3,153 
      
Income tax 7  (233)  (632) 
      
Profit for the period    1,987  2,521 
      
Other comprehensive income      
Exchange differences on translating foreign operations   (811)  (85) 
      
Other comprehensive income for the period,      
net of tax   (811)  (85) 
      
Total comprehensive income for the period   1,176  2,436 
      
Profit attributable to      
Owners of the parent   1,987  2,521 
      
Total comprehensive income attributable to      
Owners of the parent   1,176  2,436 
      
Earnings per share expressed      
in pence per share:      
Basic 9  10.23  14.56 
Diluted 9  9.89  13.94 
 
 
All activities of the company are classified as continuing. 
The notes on pages 27 to 60 form part of these consolidated financial statements.   22
accesso Technology Group plc (formerly Lo-Q plc) 
Consolidated statement of financial position 
   2013  2012 
Registered Number : 03959429   Notes  £000  £000 
      
Assets      
Non-current assets      
Intangible assets 10  19,943  1,233 
Property, plant and equipment  11  1,986  1,450 
Deferred tax assets  17  3,945  284 
      
   25,874  2,967 
Current assets      
Inventories 13  487  456 
Trade and other receivables 14  2,567  1,033 
Income tax receivables   934  - 
Cash and cash equivalents 15  3,312  8,914 
   7,300  10,403 
      
Total assets   33,174  13,370 
       
Liabilities      
Current liabilities      
Trade and other payables  16  3,249  764 
Income tax payable   -  206 
   3,249  970 
      
Net current assets   4,051  9,433 
      
Non-current liabilities       
Deferred tax liabilities  17  1,533  43 
Borrowings 18  4,525  - 
   6,058  43 
      
Total liabilities    9,307  1,013 
      
Net assets   23,867  12,357 
      
Shareholder’s equity      
Called up share capital 19  202  175 
Share premium   15,930  6,655 
Own shares held In trust   (1,332)  (1,332) 
Other reserves   1,616  584 
Retained earnings   8,193  6,206 
Translation reserve   (742)  69 
      
Total equity   23,867  12,357 
      
Total shareholder’s equity   23,867  12,357 
  
The financial statements were approved by the Board of Directors on 24 March 2014 and were signed on its behalf by: 
 
                                         
Tom Burnet 
Chief Executive Officer 
The notes on pages 27 to 60 form part of these consolidated financial statements.   23
accesso Technology Group plc (formerly Lo-Q plc) 
Company statement of financial position 
 
Registered Number: 03959429   2013  2012 
   Notes  £000  £000 
Assets      
Non-current assets      
Intangible assets 10  1,389  1,233 
Property, plant and equipment  11  1,259  1,437 
Investments  12  9,011  1 
Deferred tax  17  437  284 
      
   12,096  2,955 
Current assets      
Inventories 13  282  177 
Trade and other receivables 14  13,901  4,745 
Tax receivable   685  - 
Cash and cash equivalents 15  1,774  6,139 
   16,642  11,061 
       
Total assets   28,738  14,016 
      
Liabilities      
Current liabilities      
Trade and other payables 16  508  425 
Corporation tax payable   -  163 
   508  588 
      
Net current assets   16,134  10,473 
      
Non-current liabilities       
Deferred tax  17  71  43 
Borrowings  18  4,525  - 
   4,596  43 
      
Total liabilities   5,104  631 
      
Net assets   23,634  13,385 
      
Shareholders’ equity      
Called up share capital 19  202  175 
Share premium   15,930  6,655 
Other reserves   1,076  584 
Retained earnings   6,428  5,971 
Translation reserve   (2)  - 
      
Total equity   23,634  13,385 
      
Total shareholders’ equity   23,634  13,385 
  
The financial statements were approved by the Board of Directors on 24 March 2014 and were signed on its behalf by: 
 
 
Tom Burnet                                           
Chief Executive Officer                                                                                   
The notes on pages 27 to 60 form part of these consolidated financial statements.   24
accesso Technology Group plc (formerly Lo-Q plc) 
 
Consolidated statement of cash flow 
for the 14 month financial period ended 31 December 2013 
 
   
2013 
14 Months  
2012 
12 Months  
 Notes  £000  £000 
     
 
Cash flows from operating activities     
 
Cash generated from operations 24  4,674  4,063 
Tax paid   (1,034)  (753) 
      
Net cash from operating activates   3,640  3,310 
      
      
Cash flows from investing activities      
Acquisition of subsidiaries, net of cash acquired 10  (11,875)  - 
Purchase of intangible fixed assets 10  (1,149)  (453) 
Purchase of property, plant and equipment 11  (884)  (1,642) 
Interest received 6  9  59 
      
Net cash used in investing activities   (13,899)  (2,036) 
      
      
Cash flows from financing activities      
Share issue   292  142 
Interest paid  6  (160)  - 
Proceeds from borrowings   4,525  - 
      
Net cash from financing activities   4,657  142 
      
      
(Decrease)/increase in cash and cash equivalents 24  (5,602)  1,416 
Cash and cash equivalents at beginning of period   8,914  7,498 
      
Cash and cash equivalents at end of period 24  3,312  8,914 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The notes on pages 27 to 60 form part of these consolidated financial statements.   25
accesso Technology Group plc (formerly Lo-Q plc) 
 
Company statement of cash flow 
for the 14 month financial period ended 31 December 2013 
 
   
2013 
14 Months  
2012 
12 Months  
 Notes  £000  £000 
      
Cash flows from operating activities      
Cash generated from operations 24  (7,154)  2,376 
Tax paid   (756)  (694) 
      
Net cash (used)/generated from operating activities   (7,910)  1,682 
      
      
Cash flows from investing activities      
Purchase of intangible fixed assets 10  (674)  (453) 
Purchase of property, plant and equipment 11  (468)  (1,638) 
Interest received 6  9  59 
      
Net cash used in investing activities   (1,133)  (2,032) 
      
      
Cash flows from financing activities      
Share issue   292  142 
Interest paid    (139)  - 
Proceeds from borrowings   4,525  - 
      
Net cash from financing activities   4,678  142 
      
      
Decrease in cash and cash equivalents 24  (4,365)  (208) 
Cash and cash equivalents at beginning of period   6,139  6,347 
      
Cash and cash equivalents at end of period 24  1,774  6,139 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The notes on pages 27 to 60 form part of these consolidated financial statements. 
   26
   accesso Technology Group plc (formerly Lo-Q plc) 
 
Statement of changes in equity 
for the 14 month financial period ended 31 December 2013 
 
 
Group Share Retained Share Other Own Translation  Total 
 capital earnings premium reserves shares reserve  
    
 
held in   
    
 
trust   
 £000 £000 £000 £000 £000 £000 £000 
At 5 November 2012 175 6,206 6,655 584 (1,332) 69 12,357 
Profit for period - 1,987 - 
- 
- - 1,987 
Foreign exchange - - - 
- 
- (811) (811) 
Issue of share capital 4 - 288 
- 
- - 292 
Issue of share capital:        
accesso, LLC. acquisition  18 - 5,893 - - - 5,911 
Issue of share capital: 
Siriusware, Inc. acquisition  5 - 3,094 - - - 3,099 
Share-based payments - - - 112 - - 112 
Share option tax credit  - - - 920 - - 920 
    
 
   
At 31 December 2013 202 8,193 15,930 1,616 (1,332) (742) 23,867 
    
 
   
At 1 November 2011 171 3,685 6,516 239 (1,332) 154 9,433 
Profit for period - 2,521 - 
- 
- - 2,521 
Foreign exchange - - - 
- 
- (85) (85) 
Issue of share capital 4 - 139 
- 
- - 143 
Share-based payments - - - 
84 
- - 84 
Share option tax credit - - - 261 - - 261 
    
 
   
At 4 November 2012 175 6,206 6,655 584 (1,332) 69 12,357 
    
 
   
    
 
   
Company Share Retained Share Other  Translation Total 
 capital earnings premium reserves  reserve  
    
 
   
 £000 £000 £000 £000  £000 £000 
        
At 5 November 2012 175 5,971 6,655 
584 
 - 13,385 
Profit for period - 457 - 
- 
 - 457 
Foreign exchange - - - 
- 
 (2) (2) 
Issue of share capital 27 - 9,275 
- 
 - 9,302 
Share-based payments - - - 112  - 112 
Share option tax credit  - - - 380  - 380 
    
 
   
At 31 December 2013 202 6,428 15,930 1,076  (2) 23,634 
    
 
   
At 1 November 2011 171 3,632 6,516 239  - 10,558 
Profit for period - 2,339 - 
- 
 - 2,339 
Issue of share capital 4 - 139 -  - 143 
Share-based payments - - - 84  - 84 
Share option tax credit - - - 
261 
 - 261 
    
 
   
At 4 November 2012 175 5,971 6,655 584  - 13,385 
  
   27
 accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements 
for financial period ended 31 December 2013 
 
1.   Accounting policies  
 
Basis of preparation 
 
Accesso Technology Group plc (formerly Lo-Q plc) is a public limited company incorporated in the United Kingdom, 
whose shares are publicly traded on the AIM market. The company is domiciled in the United Kingdom and its 
registered address is Thames House, Portsmouth Road, Esher, Surrey, KT10 9AD. 
 
The financial period represents the 60 weeks and 2 days to 31 December 2013 (prior financial year 52 weeks and 6 
days to 4 November 2012) during the period the company changed its accounting reference date from 4 November 
to 31 December, accordingly the comparative amounts within these financial statements are not comparable. The 
consolidated financial statements for the 60 weeks and 2 days to 31 December 2013 comprise the financial 
statements of the company and its subsidiaries ('group'). The group's principal activities are the development and 
application of ticketing, mobile and eCommerce technologies and virtual queuing solutions for the attractions and 
leisure industry.  
 
Statement of compliance with IFRS 
 
The group's financial statements have been prepared in accordance with International Financial Reporting Standards 
(IFRSs) International Accounting Standards Interpretations (collectively IFRSs) issued by the International Accounting 
Standards Board (IASB) as adopted by the European Union (“adopted IFRSs”). 
 
The principal accounting policies adopted in the preparation of the financial statements are set out below. The 
policies have been consistently applied to all the periods presented, unless otherwise stated.  
 
The following new standards have been adopted during the period 
 
• IFRS 13 Fair Value Measurement (effective 1 January 2013) 
• Amendment to IAS 12 Income Taxes (effective 1 January 2012) 
• Amendment to IAS 12 Employee Benefits (effective 1 January 2013) 
 
The adoption of the above new standards has not had a material impact on the financial statements during the 
period ended 31 December 2013. 
 
New standards and interpretations not yet adopted 
 
A number of new standards, amendments to standards and interpretations are not effective for 2013 and therefore 
have not been applied in preparing these accounts. The effective dates shown are for periods commencing on the 
date quoted. 
 
• IFRS 9 Financial Instruments (to be confirmed) 
• IFRS 10Consolidated Financial Statements (effective 1 January 2014) 
• IFRS 12 Disclosure of Interests in Other Entities (effective 1 January 2014) 
 
The group has considered the above new standards, interpretations and amendments to published standards that 
are not yet effective and concluded that they are either not relevant to the group or that they would not have a 
significant impact on the group's financial statements, apart from additional disclosures. 
 
 
 
 
 
 
 
 
 
 
 
 
   28
 accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Basis of accounting 
 
The financial statements of accesso have been prepared in accordance with EU Endorsed International Financial 
Reporting Standards and IFRIC interpretations (IFRS) and the Companies Act 2006 applicable to companies reporting 
under IFRS. The financial statements have been prepared under the historical cost convention.  
 
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting 
estimates. It also requires management to exercise its judgement in the process of applying the accounting policies. 
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are 
significant to the financial statements are noted below. 
 
Critical estimates and judgements 
 
The group makes judgements and assumptions concerning the future that impact the application of policies and 
reported amounts. The resulting accounting estimates calculated using these judgements and assumptions may not 
equal the related actual results but are based on historical experience and expectations of future events. The 
judgements and key sources of estimation uncertainty that have a significant effect on the amounts recognised in 
the financial statements are discussed below. 
 
Impairment of assets 
 
Financial and non-financial assets including other intangibles are subject to impairment reviews based on whether 
current or future events and circumstances suggest that their recoverable amount may be less than their carrying 
value. Recoverable amount is based on a calculation of expected future cash flows which includes management 
assumptions and estimates of future performance. 
 
If there is an indication that impairment exists, the recoverable amount of the asset is estimated in order to 
determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are 
independent from other assets, the group estimates the recoverable amount of the cash-generating unit to which 
this asset belongs. An intangible asset with an indefinite useful life is tested for impairment annually and whenever 
there is an indication that the asset may be impaired. 
 
Recoverable amount is the higher of the 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 the 
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 (cash-generating unit) is reduced to its recoverable amount. An impairment loss is 
recognised as an expense immediately, unless the relevant asset is carried at a re-valued amount, in which case the 
impairment loss is treated as a revaluation decrease. 
 
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is 
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not 
exceed the carrying amount that would have been determined had no impairment loss been recognised for the 
asset (cash-generating unit) in prior periods. A reversal of an impairment loss is recognised as income immediately 
unless the relevant asset is carried at a re-valued amount, in which case the reversal of the impairment loss is 
treated as a revaluation increase. 
 
Impairment of non-financial assets (excluding inventories and deferred tax assets) 
 
Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken 
annually at the financial year end. Other non-financial assets are subject to impairment tests whenever events or 
changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of 
an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is 
written down accordingly. 
 
 
 
   29
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Impairment of non-financial assets (excluding inventories and deferred tax assets) (continued) 
 
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out 
on the smallest group of assets to which it belongs for which there are separately identifiable cash flows; its cash 
generating units (‘CGUs’). Goodwill is allocated on initial recognition to each of the group's CGUs that are expected 
to benefit from the synergies of the combination giving rise to the goodwill. 
 
Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognised in 
other comprehensive income. An impairment loss recognised for goodwill is not reversed. 
 
Useful lives of intangible assets 
 
Intangible assets are amortised over their estimated useful lives.  Useful lives are based on the management’s 
estimates of the period that the assets will generate revenue, which are periodically reviewed for continued 
appropriateness.  Changes to estimates can result in significant variations in the carrying value and amounts charged 
to the consolidated income statement in specific periods.  More details including carrying values are included in note 
10. 
 
Determination of fair values of intangible assets acquired in business combinations 
 
The fair value of intangible assets acquired in business combinations is based on a method appropriate to the 
specific intangible asset. The accesso, LLC. intangible assets were derived as follows: 
 
• Customer relationships on multiple period excess earnings; and 
• Internally developed technology on an estimated cost to recreate the intellectual property.  
 
Siriusware, Inc.’s intangible assets were derived as follows: 
 
• Internally developed technology on a multiple period excess earnings method; 
• Customer relationships on a cost based approach; and 
• Trademarks on a relief from royalty method. 
 
Income taxes 
 
The group is subject to income tax in several jurisdictions and significant judgement is required in determining the 
provision for income taxes.  During the ordinary course of business, there are transactions and calculations for which 
the ultimate tax determination is uncertain.  As a result, the group recognises tax liabilities based on estimates of 
whether additional taxes and interest will be due.  The group believes that its accruals for tax liabilities are adequate 
for all open audit years based on its assessment of many factors including past experience and interpretations of tax 
law.  This assessment relies on estimates and assumptions and may involve a series of complex judgements about 
future events.  To the extent that the final tax outcome of these matters is different than the amounts recorded, 
such differences will impact income tax expense in the period in which such determination is made. 
 
The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable 
taxable profits will be available in the future against which the reversal of temporary differences can be deducted. 
Where the temporary differences are related to losses, the availability of the losses to offset against forecast taxable 
profits is also considered. 
 
Deferred tax arising on business combinations reflects the difference in tax base and book base. The tax base of the 
intangible assets depends on the local jurisdiction and the nature of the acquisition as to whether a stock or asset 
purchase.   
 
Basis of consolidation 
 
The consolidated financial statements incorporate the results of accesso and all of its subsidiary undertakings as at 
31 December 2013 using the acquisition method of accounting. The results of subsidiary undertakings are included 
from the date of acquisition. 
 
Disclosure and details of the subsidiaries are provided in note 12. 
   30
accesso Technology Group plc (formerly Lo-Q plc) 
 
 Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Basis of consolidation (continued) 
 
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies 
used in line with those used by the group.  
 
All intra-group transactions, balances, income and expenses are eliminated on consolidation. 
 
Lo-Q (Trustees) Limited, a subsidiary company that holds an employee benefit trust on behalf of accesso Technology 
Group plc is under control of the board of directors and hence has been consolidated into the group results. 
 
The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured 
at the aggregate of the fair value, at the date of exchange, of assets given, liabilities incurred or assumed and equity 
instruments issued by the group in exchange for control of the acquiree. Any costs directly attributable to the 
business combination are written off to the group income statement. The acquiree’s identifiable assets, liabilities 
and contingent liabilities that meet the conditions under IFRS3 are recognised at their fair value at the acquisition 
date. 
 
Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost 
of the business combination over the group’s interest in the net fair value of the identifiable assets, liabilities and 
contingent liabilities recognised. 
 
Subsidiaries 
 
Subsidiaries are all entities over which the group has the power to govern the financial and operating policies 
generally accompanying a shareholding of more than half of the voting rights. The results of subsidiaries are 
included in the group income statement from the date of acquisition. 
 
Revenue recognition  
 
Revenue primarily arises from the development and application of virtual queuing technologies and the rental of 
such technology by theme park, water park or attraction guests, eCommerce ticketing and the sale of point of sale 
hardware and software. 
 
Revenue, in relation to virtual queuing, represents either total rentals, net of sales taxes, to theme park, water park 
or attraction guests, where the group is responsible for the operation within the park or attraction, or the group’s 
share of such rental. Where total revenue is accounted for, the park operators share of such rental is included within 
cost of sales. 
 
Ticketing revenue is recognised on a transactional basis and point of sale revenue is recognised on transfer of the 
goods or services. 
 
Revenue also includes, where applicable, revenue from the sale of an installed system to a new or existing park 
operator, which is recognised on delivery of the system. 
 
Interest expense recognition 
 
Expense is recognised as interest accrues, using the effective interest method, to the net carrying amount of the 
financial liability. 
 
Employee expenses  
 
The group has applied the requirements of IFRS 2 share-based payment. In accordance with the transitional 
provisions, IFRS2 has been applied to all grants of equity instruments after 7 November 2002 that were unvested as 
of 1 January 2007. 
 
The group issues equity-settled share-based payments to full time employees. Equity settled share-based payments 
are measured at the fair value at the date of grant. The fair value determined at the grant date of the equity-settled 
share-based payments is expensed on a straight-line basis over the vesting period, based on the group's estimate of 
shares that will eventually vest. 
   31
accesso Technology Group plc (formerly Lo-Q plc) 
 
 Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Employee expenses (continued) 
 
Fair value is measured by use of a Black-Scholes model for all share options in issue. The expected life used in the 
model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise 
restrictions, and behavioural considerations. 
 
Commitments under operating leases 
 
Where substantially all of the risks and rewards incidental to ownership are not transferred to the group (an 
“operating lease”), the total rentals payable under the lease are charged to the consolidated statement of 
comprehensive income on a straight-line basis over the lease term. The aggregate benefit of lease incentives is 
recognised as a reduction of the rental expense over the lease term on a straight-line basis.  
 
Property, plant and equipment  
 
Items of property, plant and equipment are stated at cost of acquisition or production cost less accumulated 
depreciation and impairment losses. 
 
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, using the straight-line 
method, on the following bases: 
 
Plant and machinery 33.3% 
Office equipment 33.3% 
Installed systems 25 – 33.3% or seasons within life of contract 
Furniture and fixtures 20.0% 
 
For installed systems the depreciation is charged over a season of operation as this directly reflects the period of 
operation of the assets in which economic benefits are generated.  
 
Inventories 
 
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow 
moving items. Stocks are calculated on a first in first out basis. 
 
Park installations are valued on the basis of the cost of stock items and labour plus attributable overheads. 
 
Net realisable value is based on estimated selling price less additional costs to completion and disposal. 
 
Deferred tax  
 
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the 
consolidated statement of financial position differs from its tax base, except for differences arising on: 
 
• the initial recognition of goodwill; 
• the initial recognition of an asset or liability in a transaction which is not a business combination and at the 
time of the transaction affects neither accounting or taxable profit; and 
• investments in subsidiaries and jointly controlled entities where the group is able to control the timing of 
the reversal of the difference and it is probable that the difference will not reverse in the foreseeable 
future. 
 
Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be 
available against which the difference can be utilised. 
 
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by 
the reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered).  
 
 
 
 
   32
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Deferred tax (continued) 
 
Deferred tax assets and liabilities are offset when the group has a legally enforceable right to offset current tax 
assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on 
either: 
 
• the same taxable group company; or 
• different group entities which intend either to settle current tax assets and liabilities on a net basis, or to 
realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts 
of deferred tax assets or liabilities are expected to be settled or recovered. 
 
Current income tax   
 
The tax expense for the period 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. In this 
case, the tax is also recognised in other comprehensive income or directly in equity, respectively. 
 
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the 
balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. 
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax 
regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected 
to be paid to the tax authorities. 
 
Goodwill and intangible assets 
 
Goodwill is carried at cost less any provision for impairment. Intangible assets are valued at cost less amortisation 
and any provisions for impairment. 
 
Goodwill arising on business combinations (representing the excess of fair value of the consideration given over the 
fair value of the separable net assets acquired) is capitalised and its subsequent measurement is based on annual 
impairment reviews, with any impairment losses recognised immediately in the income statement.  Direct costs of 
acquisition are recognised immediately in the income statement as an expense. 
 
Externally acquired intangible assets 
 
Intangible assets are capitalised at cost and amortised to nil by equal annual instalments over their estimated useful 
economic life.   
 
Intangible assets are recognised on business combinations if they are separable from the acquired entity.  The 
amounts ascribed to such intangibles are arrived at by using appropriate valuation techniques (see note 10).  The 
significant intangibles recognised by the group and their useful economic lives are as follows: 
 
• Brand name over 5 years 
• Customer relationships over 15 years 
• Intellectual property over 5-7 years 
 
Internally generated intangible assets (research and development costs) 
Expenditure on internally developed products is capitalised if it can be demonstrated that: 
 
• It is technically feasible to develop the product for it to be sold; 
• Adequate resources are available to complete the development; 
• There is an intention to complete and sell the product; 
• The Group is able to sell the product; 
• Sale of the product will generate future economic benefits; and 
• Expenditure on the project can be measured reliably. 
 
Capitalised development costs are amortised over the periods the group expects to benefit from selling the products 
developed, which is estimated to be 3 and 5 years.  The amortisation expense is included within research and 
development expenses in the consolidated income statement. 
   33
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Goodwill and intangible assets (continued) 
 
Development expenditure not satisfying the above criteria and expenditure on the research phase of internal 
projects are recognised in the consolidated income statement as incurred. 
 
Research and development 
 
In accordance with IAS 38 'Intangible Assets', expenditure incurred on research and development is distinguished as 
either to a research phase or to a development phase. 
 
All advanced research phase expenditure is charged to the income statement. For development expenditure, this is 
capitalised as an internally generated intangible asset, only if it meets strict criteria, relating in particular to technical 
feasibility and generation of future economic benefits. 
 
Development expenditure is capitalised and amortised within administrative expenses on a straight line basis over 
its useful economic life, which is considered to be up to a maximum of 5 years. The group has contractual 
commitments for development costs of £nil (2012: £nil). 
 
Intellectual property rights and patents 
 
Intellectual property rights comprise assets acquired, being external costs, relating to know how, patents and 
licences and have been capitalised at the fair value of the assets acquired and are amortised within administrative 
expenses on a straight line basis over their estimated useful economic life of 5 and 9 years. 
 
Foreign currency exchange 
 
Transactions  entered  into  by  group  entities  in  a  currency  other  than  the  currency  of  the primary  economic 
environment  in  which  they  operate  (their  "functional  currency")  are recorded at the rates ruling when the 
transactions occur.  Foreign currency monetary assets and liabilities are translated at the rates ruling at the 
reporting date.  Exchange differences arising  on  the  retranslation  of  unsettled  monetary  assets  and  liabilities  
are  recognised immediately in profit or loss, except for foreign currency borrowings qualifying as a hedge of  a  net  
investment  in  a  foreign  operation,  in  which  case  exchange  differences  are recognised in other comprehensive 
income and accumulated in the foreign exchange reserve along with the exchange differences arising on the 
retranslation of the foreign operation.  
  
Exchange  gains  and  losses  arising  on  the  retranslation  of  monetary  available  for  sale financial  assets  are  
treated  as  a  separate  component  of  the  change  in  fair  value  and recognised in profit or loss.  Exchange gains 
and losses on non-monetary available for sale financial assets form part of the overall gain or loss recognised in 
respect of that financial instrument.   
  
On consolidation, the results of overseas operations are translated into sterling at rates approximating to those 
ruling when the transactions took place. All assets and liabilities of overseas operations, including goodwill arising on 
the acquisition of those operations, are translated at the rate ruling at the reporting date. Exchange differences on 
translating the opening net assets at opening rate and the results of the overseas operations at actual rate are 
recognised in other comprehensive income and accumulated in the foreign exchange reserve. 
 
Exchange  differences  recognised  profit  or  loss  in  group  entities'  separate  financial statements on the 
translation of long-term monetary items forming part of the group's net investment  in  the overseas  operation  
concerned  are  reclassified  to  other  comprehensive income and accumulated in the foreign exchange reserve on 
consolidation offset by  any exchange  differences on foreign currency borrowings qualifying as a hedge of  a  net  
investment  in  a  foreign  operation.   
 
On disposal of a foreign operation, the cumulative exchange differences recognised in the foreign  exchange  
reserve  relating  to  that  operation  up  to  the  date  of  disposal  are transferred to the consolidated statement of 
comprehensive income as part of the profit or loss on disposal.  
 
   34
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
 Pension costs 
 
Contributions to the group's defined contribution pension scheme are charged to the profit and loss account in the 
period/ year in which they become due. 
 
Financial assets 
 
The group classifies all its financial assets into one of the following categories, depending on the purpose for which 
the asset was acquired. Other than financial assets in a qualifying hedging relationship, the group's accounting policy 
for each category is as follows: 
 
• Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not 
quoted in an active market. They arise principally through the provision of goods and services to customers 
(trade receivables), but also incorporate other types of contractual monetary asset.  
 
• Trade receivables are initially recognised by the group and carried at original invoice amount less an allowance 
for any uncollectible or impaired amounts. An estimate for doubtful debts is made when collection of the full 
amount is no longer probable. Bad debts are written off when they are identified as being bad. Other receivables 
are recognised at fair value. 
 
• Cash and cash equivalents in the statement of financial position comprise cash at bank, cash in hand and short 
term deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand 
and form an integral part of the group's cash management are included as a component of cash and cash 
equivalents for the purposes of the consolidated cash flow statement. Bank overdrafts are shown within loans 
and borrowings in current liabilities in the statement of financial position. 
 
• Impairment is recognised if there is objective evidence that the balance will not be recovered. 
 
• The group’s loans and receivables comprise trade and other receivables and cash and cash equivalents in the 
statement of financial position.  
 
• Fair value through profit or loss: This category comprises only ‘in the money’ foreign exchange derivatives (see 
‘Financial Instruments’ below). Other than these derivative financial instruments, the group does not have any 
assets held for trading nor has it designated any financial assets as being at fair value through profit or loss. 
 
Financial liabilities 
 
With the exception of financial liabilities in a qualifying hedging relationship, the group treats its financial liabilities in 
accordance with the following accounting policy:  
 
• Trade payables and other short-term monetary liabilities are recognised at fair value and subsequently at 
amortised cost.  
 
• Bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the 
issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the 
effective interest rate method, which ensures that any interest expense over the period to repayment is at a 
constant rate on the balance of the liability carried in the statement of financial position. "Interest expense" in 
this context includes initial transaction costs and premiums payable on redemption, as well as any interest 
payable while the liability is outstanding. 
 
• Fair value through profit or loss: This category comprises only ‘out of-the-money derivatives’ (see ‘financial 
instruments’ below). Other than these derivative financial instruments, the group does not have any liabilities 
that are accounted for at fair value through profit or loss. 
 
Financial instruments 
 
Financial instruments are used to manage the financial risks arising from the business activities of the group and the 
financing of those activities. There is no trading in financial instruments. 
   35
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Financial instruments (continued) 
 
Forward exchange contracts: Where forward exchange contracts are used to manage foreign currency exchange 
risk, they are valued by deducting the year end spot rate from the discounted contractual forward price. The 
discounted contractual forward price is based on market discount rates for similar instruments at the statement of 
financial position date. Any material movement in the valuation of the forward element of these contracts is 
recognised directly in the consolidated Income statement within administration expenses. 
 
Equity instruments regarding share capital 
 
Equity instruments are recorded at the proceeds received, net of direct issue costs. 
 
Employee benefit trust (EBT)  
 
As the company is deemed to have control of its EBT trust, it is treated as a subsidiary and consolidated for the 
purposes of the consolidated financial statements. The EBT's assets (other than investments in the company's 
shares), liabilities, income and expenses are included on a line-by-line basis in the consolidated financial statements. 
The EBT's investment in the company's shares is deducted from equity in the consolidated statement of financial 
position as if they were treasury shares. 
 
 
 
 
 
 
  
 
 
   36
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
2.   Financial risk management  
 
Overview: 
 
The group has exposure to the following risks from its use of financial instruments: 
• Liquidity risk; 
• Interest rate risk; 
• Credit risk; and 
• Market risk. 
 
This note presents information about the group’s exposure to each of the above risks and the group’s policies and 
processes for measuring and managing these risks. The risks are managed centrally following board approved 
policies. The group operates a centralised treasury function in accordance with board approved policies and 
guidelines covering funding and management of foreign exchange exposure and interest rate risk. Transactions 
entered into by the treasury function are required to be in support of, or as a consequence of, underlying 
commercial transactions. 
 
Other than short-term trade receivables and trade payables, as detailed in notes that arise directly from operations 
the group’s financial instruments comprise cash. The fair values of these instruments are not materially different to 
their book values. The objective of holding financial instruments is to raise finance for the group’s operations and 
manage related risks. The group’s activities expose the group to a number of risks including interest rate risk, credit 
risk, liquidity risk and currency risk. The group manages these risks by regularly monitoring the business and 
providing ongoing forecasts of the impact on the business.  
 
Liquidity risk 
 
The group closely monitors its access to bank and other credit facilities in comparison to its outstanding 
commitments to ensure it has sufficient funds to meet its obligations as they fall due.  The group finance function 
produces regular forecasts that estimate the cash inflows and outflows for the next 12 months, so that management 
can ensure that sufficient financing is in place as it is required. The groups objective is to maintain a balance 
between continuity of funding and flexibility through the use of banking arrangements in place.  
 
Maturity analysis 
 
The table below analyses the group’s financial liabilities on a contractual gross basis based on amount outstanding at 
the balance sheet date up to maturity date:  
 
31 December 2013 
  
Less than 
6 months 
 
Between 6 
months and 
1 year 
 
Between 
1 and 5 
years 
 
Over 5 
years 
 Total 
Maturity analysis  £000  £000  £000  £000  £000 
           
Group           
Trade and other payables  3,249  -  -  -  3,249 
Bank loan  -  -  4,525  -  4,525 
           
Total liabilities  3,249  -  4,525  -  7,774 
           
Company           
Trade and other payables  508  -  -  -  508 
Bank loan   -  -  4,525  -  4,525 
           
Total liabilities  508  -  4,525  -  5,033   37
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Maturity analysis (continued) 
4 November 2012 
  
Less than 
6 months 
 
Between 
6 months 
and 1 year 
 
Between 
1 and 5 
years 
 
Over 5 
years 
 Total 
Maturity analysis  £000  £000  £000  £000  £000 
           
Group           
Trade and other Payables  48  -  -  -  48 
           
Total Liabilities  48  -  -  -  48 
           
Company           
           
Trade and other Payables  381  -  -  -  381 
           
Total Liabilities  381  -  -  -  381 
 
 
The group would normally expect that sufficient cash is generated in the operating cycle to meet the contractual 
cash flows as disclosed above through effective cash management. 
 
Interest rate risk 
 
The group’s interest rate variation arises mainly from interest received on cash deposits. Any contractual 
agreements entered into at floating rates expose the entity to cash flow risk, while fixed-rate deposits expose the 
entity to fair value risk. The group uses a combination of fixed and floating deposits for its cash balances. 
 
The group has considered the potential impact of falling interest rates on its cash deposits and do not consider this 
to have a materially significant impact on the accounts and hence no sensitivity analysis is considered necessary. 
 
The group regularly reviews its funding arrangements to ensure they are competitive with the marketplace. 
 
The table below shows the group’s and company’s financial assets and liabilities that could be affected by the 
fluctuation in interest rates split by those bearing fixed and floating rates and those that are non-interest bearing: 
 
31 December 2013 
  
Fixed rate  
Floating 
rate 
 
Non-
interest 
bearing 
 
Total 
asset 
 
Total 
liability 
Group   £000   £000   £000   £000   £000 
           
Cash  -  3,312  -  3,312  - 
           
Total assets  -  3,312  -  3,312  - 
           
Bank loan   -  (4,525)  -  -  (4,525) 
           
Total liabilities  -  (4,525)  -  -  (4,525)   38
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Interest rate risk (continued) 
 
31 December 2013 
  
Fixed rate  
Floating 
rate 
 
Non-
interest 
bearing 
 
Total 
asset 
 
Total 
liability 
Company   £000   £000   £000   £000   £000 
           
Cash  -  1,774  -  1,774  - 
           
Total assets  -  1,774  -  1,774  - 
           
Bank loan  -  (4,525)  -  -  (4,525) 
           
Total liabilities  -  (4,525)  -  -  (4,525) 
 
 
4 November 2012 
  
Fixed rate  
Floating 
rate 
 
Non-interest 
bearing 
 Total asset  
Total 
liability 
Group  
12 Months 
£000  
12 Months 
£000  
12 Months 
£000  
12 Months 
£000  
12 
Months 
£000 
Trade and other 
receivables  -  -  315  315  - 
Cash  4,639  4,273  2  8,914  - 
           
Total assets  4,639  4,273  317  9,229  - 
           
Trade and other 
payables  -  -  (70)  -  (70) 
           
Total liabilities  -  -  (70)  -  (70) 
 
  
Fixed rate  
Floating 
rate 
 
Non-interest 
bearing 
 Total asset  
Total 
liability 
Company   £000   £000   £000   £000   £000 
Trade and other 
receivables  -  -  4,676  4,676  - 
Cash  4,639  1,498  2  6,139  - 
           
Total assets  4,639  1,498  4,678  10,815  - 
           
Trade and other 
payables  -  -  (399)  -  (399) 
           
Total liabilities  -  -  (399)  -  (399) 
 
The bank loan which is subject to a floating rate and the full details of this facility are detailed in note 18.   39
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Credit risk exposure 
 
Credit risk predominantly arises from trade receivables, cash and cash equivalents and deposits with banks. Credit 
risk is managed on a group basis. External credit checks are obtained for larger customers. In addition, the credit 
quality of each customer is assessed internally before accepting any terms of trade. Internal procedures take into 
account customers’ financial position, their reputation in the industry and past trading experience. As a result the 
group’s exposure to bad debts is not significant due to the nature of its trade and relationships with customers.  
 
Indeed, the group having considered the potential impact of its exposure to credit risk, having due regard to both 
the nature of its business and customers, do not consider this to have a materially significant impact to the results. 
 
Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions that have 
acceptable credit ratings.  
 
 
Financial assets  Group  Company 
  2013  2012  2013  2012 
   £000   £000   £000   £000 
         
Trade and other receivables   2,567   992   13,901   4,717 
Cash   3,312   8,914   1,774   6,139 
         
Estimated irrecoverable amounts  -  -  -  - 
         
 
The maximum exposure is the carrying amount as disclosed in trade and other receivables. The average credit 
period taken by theme parks on paying over the queuing system revenue is 14 days. The allowance for estimated 
irrecoverable amounts has been made based upon the knowledge of the financial circumstances of individual trade 
receivables at the balance sheet date. The group holds no collateral against these receivables at the balance sheet 
date. 
 
The following table provides an analysis of trade and other receivables that were past due at 31 December 2013 and 
31 October 2012 but against which no provision has been made. The group believes that the balances are ultimately 
recoverable based on a review of past payment history and the current financial status of the customers.  
 
  Group  Company 
  2013  2012  2013  2012 
   £000   £000   £000   £000 
         
Up to 3 months  713  315  42  315 
3 to 6 months  -  -  -  - 
         
  713  315  42  315   40
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Capital risk management 
 
The group considers its capital to comprise its ordinary share capital, share premium, own shares held in trust, other 
reserves, accumulated retained earnings and borrowings as disclosed in the consolidated statement of financial 
position on page 22. Further details of the group’s borrowing facilities and undrawn facilitates is included on page 
54. The group regularly evaluates its compliance with covenants related any borrowing facility.     
 
The group’s objectives when managing capital are to safeguard the group’s ability to continue as a going concern in 
order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital 
structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the group may adjust the 
amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce 
debt. 
 
Foreign currency exposure 
 
The group has overseas operations in the USA, Canada, Italy, Germany, Spain and Australia and as such is exposed to 
the risk of foreign currency fluctuations. The main operating currencies of its operations are in sterling, US dollars, 
Canadian dollars and euros. The group's currency exposure comprises the monetary assets and liabilities of the 
group that are not denominated in the operating or 'functional' currency of the operating unit involved.  At the 
period end accesso Technology Group plc, was the only group company that has monetary assets in currencies other 
than its local currency, had non - sterling bank balances: 
 
                                                 £42,453 (2012 - £2,440,959) denominated in US dollars 
     £39,989 (2012 - £158,092) denominated in Australian dollars 
     £168,110 (2012 - £513,742) denominated in euros. 
 
The group manages risk by its subsidiaries matching revenue and expenditure in their local currency wherever 
possible. The group tries to keep foreign intercompany balances as low as possible to avoid translation adjustments. 
 
Given the nature of the groups’ operations and their management of foreign currency exposure they limit the 
potential down side risk as far as practicably possible.  
 
To show the impact of the fluctuation of the USD exchange rate on the group financial statements, the table below 
shows how the financial period ended 31 December 2013 results would have been impacted by exchange rates of 
+/-$0.10. 
 
 
2013 
14 Months  
2012 
                      12 Months  
 Actual   Actual   
 $1.657413 $1.557413 $1.757413 $1.6105:£1 $1.5105:£1 $1.7105:£1 
 £000 £000 £000 £000 £000  £000 
Group net assets 23,866 23,904 23,833 12,357 13,722 13,662 
Group turnover 39,628 41,950 37,570 29,137 30,347 27,176 
Group profit for the period 1,987 2,053 1,928 2,521 2,847 2,234 
 
 
The group’s policy is to utilise forward contracts where appropriate. The group substantially managed its exposure in 
2013 by entering in GBP/US$ forward contracts to mitigate the risk of foreign currency fluctuation. At the balance 
sheet date the total notional value of contracts to which the group was committed was US$0m (2012: US$5m). The 
fair value of a forward contract is considered materially equal to the value paid.    41
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
3. Business and geographical segments  
 
Segmental analysis 
 
The group’s operating segments under IFRS have been determined with reference to the information presented in 
the management accounts reviewed by the board of directors. 
 
The principle revenue generating activity of the group is the provision of technology solutions to the global 
attractions and leisure industry. 
 
The group has three operating segments but these are aggregated into one reporting segment due to the nature of 
the service lines, customers and sector being very similar.  
  
The group’s revenues, costs, assets, liabilities, currency exposure and cash flows are therefore totally attributable to 
this reporting segment. 
 
The definition and reporting of segments will be assessed as the group develops the relative scale or number of 
operating segments. 
 
Entity wide disclosures 
 
Analyses of the groups external revenues and non-current assets by geographical location are detailed below: 
 
 
         Revenue            Non current assets 
 
2013 
 14 Months 
£000  
2012 
12 Months 
£000  
2013 
 
£000  
2012 
 
£000 
        
UK 1,010  766  2,474  2,551 
Other Europe 1,062  827  28  119 
Australia 101  100  -  - 
USA and Canada 37,455  27,444  19,511  94 
        
 39,628  29,137  22,013  2,764 
 
Revenue generated in each of the geographical locations is generally in the local currency of the theme park or 
attraction based in that location. 
 
Major customers 
 
The group has entered into agreements with theme parks, theme park groups and attractions to operate their 
technology in single or multiple theme parks or attractions within the theme park group. 
 
The majority of the ultimate revenue of the business is derived from theme park or attraction guest rentals or the 
group’s virtual queuing technology and no single guest forms a significant proportion of the revenue of the group. 
 
However, the ability to generate these guest rentals is fully dependant on the group maintaining and developing 
agreements with theme parks or attraction owners to operate its technology. The group does have agreements with 
a single theme park group where sales to guests of that theme park group account for a significant and material 
amount of total revenue of the group. 
 
 
   42
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued)  
for financial period ended 31 December 2013 
 
4. Employees and directors  
 
    
 
2013  
 
2012 
    
14 Months 
£000  
12 Months 
£000 
       
Wages and salaries    9,390  4,640 
Social security costs    680  499 
Defined contribution pension costs    135  93 
Share based payment transactions    112  84 
       
    10,317  5,316 
 
The average monthly number of employees, by activity, during the period was made up as follows: 
 
  
2013 
14 Months  
2012 
12 Months  
Operations  49  20 
Research & development   41   10 
Sales  5  3 
Finance & administration   15   9 
Marketing  3  2 
Seasonal staff  353  328 
     
  466  372 
 
 
          Details of directors emoluments can be found on page 18.  
 
 
 
 
   43
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
5. Expenses by nature   
  2013  2012 
  
14 Months 
£000 
  
12 Months 
£000 
 
Park operating costs (including park share of revenue)   23,483   21,507 
Staff costs   6,612   2,287 
Legal and professional costs   1,208   400 
Travel   359   162 
Marketing   348   183 
Other costs   2,125   300 
Other operating leases   294   120 
Depreciation - owned assets   813   669 
Amortisation    1,594   403 
Research and development    563   438 
Foreign exchange differences  (811)  (41) 
     
Auditors’ remuneration     
 
During the period the following services were obtained from the group's auditor at a cost detailed below: 
 
  2013  2012 
  
14 Months 
£000  
12 Months 
£000 
Audit services     
Fees payable to company's auditors of the parent company and     
consolidated accounts  40  44 
Fees payable to the company’s auditors for the audit of subsidiaries  18   
     
Non audit service     
Tax compliance  27  23 
Tax advisory  22  - 
Corporate finance services  40  40 
Interim agreed upon procedures  5  1 
Other non-audit services  1  1 
     
  153  109 
 
 
6. Finance income and expense  
  
2013 
14 Months 
£000  
2012 
12 Months 
£000 
     
Bank interest received  9  59 
     
Bank interest  (60)  - 
Loan note interest relating to acquisition of accesso, LLC.  (16)  - 
Refinancing costs  (84)  - 
     
Total Finance Costs  (160)  - 
     
     
Net finance income  (151)  59   44
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
7. Tax 
 
  
Analysis of the tax charge      
  2013  2012 
  
14 Months 
£000  
12 Months 
£000 
UK corporation tax     
Current tax on income for the period   241  559 
Adjustment in respect of prior periods  (90)  (33) 
  151  526 
Overseas tax     
Current tax on income for the period   (11)  86 
Total current taxation   140  612 
     
Deferred taxation     
Original and reversal of temporary differences (see no  96  20 
Effect of tax rate change on opening balances  (3)  - 
     
Total taxation charge   233  632 
     
The differences between the actual tax charge for the period and the theoretical amount that would arise using the 
applicable weighted average tax rate are as follows: 
     
Profit on ordinary activities before tax  2,220  3,153 
     
Tax at the UK corporation tax rate of 23.35% (2012 24.83%)  518  783 
     
Effects of:     
Expenses not deductible for tax purposes   157  12 
Income not chargeable for tax purposes  46  - 
Profit subject to foreign taxes at an higher marginal rate  70  14 
Capital allowances in advance of deprecation   6  91 
Unrelieved tax losses and other deductions arising in the period  (68)  6 
Additional deduction for R&D expenditure   (86)  (51) 
Adjustment in respect of prior period – income statement   (89)  (34) 
Adjustment in respect of prior periods – deferred tax   (35)  - 
Share scheme deduction   (284)  (191) 
Change in rates   (2)  2 
     
Total tax charge   233  632 
  
Deferred tax assets and liabilities have been measured at an effective rate of 20% and 40% in the UK and US 
respectively (2012: 23% and 40% respectively). The inclusion of legislation to reduce the main rate of corporation tax 
from 23% to 21% from 1 April 2014 and then a further reduction to 20% from 1 April 2015 was substantively enacted 
on 3 July 2013. 
 
8. Profit of parent company  
 
As permitted by Section 408 of the Companies Act 2006, the profit and loss account of the parent company is not 
presented as part of these financial statements. The parent company's profit for the financial period ended 31 
December 2013 was £457,118 (2012 - £2,338,904).   45
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
9. Earnings per share  
 
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted 
average number of ordinary shares outstanding during the period. 
 
Diluted earnings per share is calculated by dividing the net profit attributable to ordinary shareholders after 
adjustments for instruments that dilute basic earnings per share by the weighted average of ordinary shares 
outstanding during the period (adjusted for the effects of dilutive instruments). 
 
The following reflects the income and share data used in the total operations and diluted earnings per share 
computations. 
 
   2013   
   Weighted  Per share 
 Earnings  average  amount 
 14 Months  Number of  (pence) 
 £000  shares   
       
Basic EPS      
Earnings attributable to ordinary shareholdings  1,987    19,431   10.23 
Effect of dilutive securities      
Options -   658   - 
Diluted EPS      
Adjusted earnings  1,987    20,089   9.89 
      
      
   2012   
   Weighted  Per share 
 Earnings  average  amount 
 12 Months  Number of  (pence) 
 £000  shares   
Basic EPS      
Earnings attributable to ordinary shareholdings 2,521  17,319  14.56 
Effect of dilutive securities      
Options -  770   
Diluted EPS      
Adjusted earnings 2,521  18,089  13.94 
   46
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
10. Intangible assets                                 
                
 Goodwill 
      Customer 
relationships 
  Patent 
costs 
    Development     
costs Trademarks 
  Internally     
developed 
technology 
Intellectual             
__property    
__.__rights Totals 
Group cost £000  £000  £000  £000  £000 
 
£000 
 
£000 
 
£000 
At 1 November 2011 -  -  203  1,714  -  -  159  2,076 
Additions -  -  42  411  -  -  -  453 
                
At 4 November 2012 -  -  245  2,125  -  -  159  2,529 
Foreign currency 
translation (246)  (101)  (1)  (4)  (2)  (145)  -  (499) 
Acquired with 
subsidiaries  10,241    3,589    27   155   145   5,517  -  19,674 
Additions     116  1,033        1,149 
                
At 31 December 2013 9,995  3,488  387  3,309  143  5,372  159  22,853 
                
Amortisation                
At 1 November 2011 -  -  40  740  -  -  114  894 
Charged -  -  33  351  -  -  18  402 
                
At 4 November 2012 -  -  73  1,091  -  -  132  1,296 
Foreign currency 
translation -  -  -  -  -  -  -  - 
Acquired with 
subsidiaries -  -  9  11  -  -  -  20 
Charged  -  208  61  530  4  783  8  1,594 
                
At 31 December 2013 -  208  143  1,632  4  783  140  2,910 
                
Net book value                
At 31 December 2013 9,995  3,280  244  1,677  139  4,589  19  19,943 
At 4 November 2012 -  -  172  1,034  -  -  27  1,233 
                
Company cost    £000  £000  £000  £000  £000  £000  £000  £000 
At 1 November 2011 -  -  203  1,713  -  -  159  2,075 
Additions -  -  42  411  -  -  -  453 
At 4 November 2012 -  -  245  2,124  -  -  159  2,528 
Additions -  -  88  586  -  -  -  674 
                
At 31 December 2013 -  -  333  2,710  -  -  159  3,202 
                
Amortisation                
At 1 November 2011 -  -  40  739  -  -  114  893 
Charged -  -  33  351  -  -  18  402 
At 4 November 2012 -  -  73  1,090  -  -  132  1,295 
Charged -  -  48  462  -  -  8  518 
                
At 31 December 2013 -  -  121  1,552  -  -  140  1,813 
                
Net book value                
At 31 December 2013 -  -  212  1,158  -  -  19  1,389 
At 4 November 2012 -  -  172  1,034  -  -  27  1,233 
   47
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Acquisition of accesso, LLC.   
 
On 4 December 2012, the group acquired 100% of the voting equity of accesso, LLC., a leading US ticketing and e-commerce 
provider to the entertainment sector. The principal reason for this acquisition was to take advantage of the complimentary 
opportunities available within the sector in which the group operates. 
 
The revenue included in the consolidated statement of comprehensive income since 5 December 2012 contributed by accesso, 
LLC. was £7.0m. accesso, LLC. also contributed gross profit of £6m over the same period. 
 
Had accesso, LLC. been consolidated from 5 November 2012 the consolidated statement of comprehensive income would have 
included revenue of £7.18m and gross profit of £6.17m. Acquisition related costs of £0.38m were incurred in relation to this 
acquisition and are included within administrative expenses within the statement of comprehensive income for the period.  
 
Details of the fair value of identifiable assets and liabilities acquired, purchase consideration and goodwill are: 
 
  Book value    Adjustment   Fair value  
  £000  £000  £000 
Identifiable intangible assets        
      Goodwill  1,023   (1,023)  - 
      Internally developed technology     3,359   3,359  
      Customer relationships  -  2,660   2,660  
Property, plant and equipment   276   (29)  247  
Receivables and other debtors  412   (31)  381  
Payables and other liabilities  (497)  (67)  (564) 
Deferred tax  -  2,880   2,880  
Cash   398   -  398  
Total net assets  1,612   7,749   9,361  
       
Cash paid at completion   3,952  (1) -  3,952  
Loan note to seller   3,952  (1),(2) -  3,952  
Equity instruments (1,802,246 ordinary shares)  5,815  (1),(3) 96   5,911  
Cash paid reflecting surplus working capital  372   (41)  331  
Total consideration   14,091   55   14,146  
       
Goodwill on acquisition      4,785  
 
 
 
(1) Fair value of consideration paid, based on exchange rate of £1:$1.6036. 
(2) The loan note to seller was repayable on 31 March 2014 with an interest rate of 1.25% for the period to 31 
March 2013 and 2.5% from 1 April 2013 to repayment. The note was fully repaid on 12 March 2013. 
(3) In accordance with IFRS 3 Business Combinations (revised 2008) the fair value adjustment to consideration paid 
in shares is based on the difference between the share price at the date on which the company obtained 
control of accesso and the price determined in the Membership Interest Purchase Agreement for calculating 
the number of shares to be issued to the vendors. 
 
The main factors leading to the recognition of goodwill are the presence of certain intangible assets, such as the 
assembled workforce of the acquired entity and the expected synergies of the enlarged group which do not qualify 
for separate recognition. 
 
The goodwill and intangible assets recognised will attract tax deductions under the applicable local tax jurisdictions. 
 
 
 
 
 
   48
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Acquisition of accesso, LLC. (continued) 
 
The net cash outflow in the year in respect of acquisition comprised: 
  
 
  
Fair Value 
£000 
Cash paid    (8,235) 
Net cash acquired    398  
     
Total cash outflow in respect of acquisition    (7,837) 
 
Acquisition of Siriusware, Inc.   
 
On 4 December 2013, the group acquired 100% of the voting equity of Siriusware, Inc., a leading North American provider of 
ticketing and point-of-sale software and hardware solutions and professional services to the leisure industry, with particular 
strength in the ski and snow sports sector. The principal reason for this acquisition was to further take advantage of the 
complimentary opportunities available within the sector in which the group operates. 
 
The revenue included in the consolidated statement of comprehensive income since 5 December 2013 contributed by Siriusware, 
Inc. was £0.83m. Siriusware, Inc. also contributed gross profit of £0.68m over the same period. 
 
Had Siriusware, Inc. been consolidated from 5 November 2013 the consolidated statement of comprehensive income would have 
included approximate revenue of £7.7m and gross profit of £6.3m. Acquisition related costs of £0.23m were incurred in relation 
to this acquisition and are incurred within administrative expenses within the statement of comprehensive income for the period.  
 
Details of the provisional fair value of identifiable assets and liabilities acquired, purchase consideration and 
goodwill are: 
 
  
Provisional 
book value   
 Provisional 
adjustment   
Provisional 
fair value  
  £000  £000  £000 
Identifiable intangible assets        
      Internally developed technology   -  2,158   2,158  
      Customer relationships  -  929   929  
      Trademarks  -  145   145  
Property, plant and equipment   230   -  230  
Receivables and other debtors  1,278   -  1,278  
Payables and other liabilities  (1,766)  -  (1,766) 
Deferred tax liability  142   (1,435)  (1,293) 
Cash   805   -  805  
Total net assets  689   1,797   2,486  
       
Cash  4,843  (1) -  4,843  
Equity instruments (473,130 ordinary shares)  3,197  (1),(2) (98)  3,099  
Total consideration   8,040   (98)  7,942  
       
Goodwill on acquisition      5,456  
 
(1) Fair value of consideration paid, based on exchange rate of £1:$1.6303. 
(2) In accordance with IFRS 3 Business Combinations (revised 2008) the fair value adjustment to consideration paid 
in shares is based on the difference between the share price at the date on which the company obtained 
control of accesso and the price determined in the Membership Interest Purchase Agreement for calculating 
the number of shares to be issued to the vendors. 
 
 The goodwill and intangible assets recognised do not attract tax deductions under the applicable local tax 
jurisdictions as this classified as a stock acquisition for US tax purposes.  
   49
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Acquisition of Siriusware, Inc. (continued) 
 
The main factors leading to the recognition of goodwill are the presence of certain intangible assets, such as the 
assembled workforce of the acquired entity and the expected synergies of the enlarged group which do not qualify 
for separate recognition. 
 
The net cash outflow in the year in respect of acquisition comprised: 
  
 
  
Fair Value 
£000 
Cash paid    (4,843) 
Net cash acquired    805  
     
Total cash outflow in respect of acquisition    (4,038) 
 
Impairment tests for goodwill 
 
Details of goodwill allocated to acquired cash generating units is as follows: 
 
Goodwill carrying amount
 2013 2012 
 £000  £000 
Acquired cash generating unit: accesso, LLC. 4,785
 
- 
Acquired cash generating unit: Siriusware, Inc. 5,456
 
- 
 
The recoverable amounts of all the CGU’s have been determined from value in use calculations based on cash flow 
projections based on budget and forecast projections and assumes a perpetuity based terminal value. 
 
The key assumptions used for value in use calculations in 2013 are as follows: 
 
 
 
 
 
 
 
 
 
 
 
 
Operating margins have been based on past experience, where possible, and future expectations in the light of anticipated 
economic and market conditions.  Discount rates are based on the group’s WACC adjusted to reflect management’s 
assessment of specific risks related to the cash generating unit.  Growth rates beyond the formally budgeted period are 
based on economic data pertaining to the region concerned.   
 
Due to close proximity of the value in use calculations to the acquisitions, the headroom is invariably not significant and 
therefore relatively small changes to any of the assumptions above would result in such headroom being reduced to zero. 
 
 
 
 
 
 
 
 
 
 
 
 
   2013 2013    
  
Accesso,  
LLC. 
Siriusware, 
Inc.    
  % %    
       
Pre tax discount rate  19.6 19.6    
Average operating margin  22.0 11.0    
Terminal growth rate  3.0 3.0    
         50
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
11. Property, plant and equipment 
 
    
Plant, 
Machinery       
  Installed  & office  Furniture  Leasehold   
  systems  equipment  & fixtures  improvements  Totals 
Group  £000  £000  £000  £000  £000 
Cost           
At 1 November 2011  551  322  151  -  1,024 
Additions  1,630  11  1  -  1,642 
At 4 November 2012  2,181  333  152  -  2,666 
Foreign currency translation  -  (16)  (3)  (6)  (25) 
Acquired with subsidiaries  -  518  122  263  903 
Additions  504  143  219  18  884 
           
At 31 December 2013  2,685  978  490  275  4,428 
           
Depreciation           
At 1 November 2011  243  257  46  -  546 
Charged  602  41  26  -  669 
           
At 4 November 2012  845  298  72  -  1,215 
Foreign currency translation  -  (9)  (1)  (1)  (11) 
Acquired with subsidiaries  -  317  74  34  425 
Charged  623  97  75  18  813 
           
At 31 December 2013  1,468  703  220  51  2,442 
           
Net book value           
At 4 November 2013  1,217  275  270  224  1,986 
At 4 November 2012  1,336  35  79  -  1,450 
           
Company           
Cost           
At 1 November 2011  538  220  147  -  905 
Additions  1,630  8  -  -  1,638 
At 4 November 2012  2,168  228  147  -  2,543 
Additions  427  41  -  -  468 
           
At 31 December 2013  2,595  269  147  -  3,011 
           
Depreciation           
At 1 November 2011  230  178  42  -  450 
Charged  602  28  26  -  656 
At 4 November 2012  832  206  68  -  1,106 
Charged  593  23  30  -  646 
           
At 31 December 2013  1,425  229  98  -  1,752 
           
Net book value           
At 31 December 2013  1,170  40  49  -  1,259 
At 4 November 2012  1,336  22  79  -  1,437   51
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
12. Investments 
  
             Investment in subsidiaries 
 
 Company 2013 
 £000 
Cost 
At 1 November 2011, 5 November 2012   1  
Additions  9,010  
  
 
At 31 December 2013  9,011  
 
Net book value 
At 4 November 2012  1  
 
At 31 December 2013  9,011  
     
                                                                                                                              
Name  Country of incorporation  % Effective Ownership 
interest 
 % Voting rights  
 
Lo-Q, Inc.  United States of America  100  100  
Lo-Q Service Canada Inc  Canada  100  100  
Lo-Q (Trustees) Limited  United Kingdom  100  100  
Lo-Q Ltd  United Kingdom  100  100  
Accesso, LLC.  United States of America  100  100  
Siriusware, Inc.  United States of America  100  100  
        
   
 
accesso, LLC. and Siriusware, Inc. are 100% owned by Lo-Q, Inc.. 
 
The trade for both Lo-Q, Inc. and Lo-Q Service Canada Inc is that of the application of virtual queue technologies. The 
trade of accesso, LLC. is that of the application of ticketing mobile and eCommerce technologies. The trade for 
Siriusware, Inc. is that of ticketing and point-of-sale software solutions.  
 
Lo-Q (Trustees) Limited operates an employee benefit trust on behalf of accesso Technology Group plc to provide 
benefits in accordance with the terms of a joint share ownership plan. Further details of this can be found on page 
19. 
 
 
13.      Inventories 
 Group  Company 
 2013  2012  2013  2012 
 £000  £000  £000  £000 
Stock   403   375  200  177 
Park Installation  84   81  82  - 
        
  487   456  282  177 
 
The amount of inventories recognised as an expense and charged to the cost of sales for the period ended 31 
December 2013 was £160,642  (2012 £40,177). The park installation balance includes equipment installed at a 
theme or water park on a trial basis. This trial has subsequent been converted to a contracted installation post the 
balance sheet date. 
 
 
   52
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
14. Trade and other receivables  
 Group  Company 
 2013  2012  2013  2012 
Current: £000  £000  £000  £000 
Trade debtors  1,235   315  49  315 
Amounts owed by group undertakings  -    -  13,733  4,361 
Social security and other taxes  -    -  7  - 
Other debtors  538   24  21  19 
VAT  23   -  25  - 
Prepayments and accrued income  771   694  66  50 
        
  2,567   1,033  13,901  4,745 
 
 
The group’s financial assets are short term in nature. In the opinion of the directors, the book values equate to their 
fair value. 
 
 
15. Cash and cash equivalents  
 
 Group  Company 
 2013  2012  2013  2012 
 £000  £000  £000  £000 
Petty cash   1   2  1  2 
Short term deposit -  4,639  -  4,639 
Bank accounts  3,311   4,273  1,773  1,498 
        
  3,312   8,914  1,774  6,139 
 
 
Lloyds Bank plc holds security in the form of a debenture, including a fixed charge over the freehold and leasehold 
property and a first floating charge over the other assets of the group. 
 
 
16. Trade and other payables  
 
 Group  Company 
Current: 2013  2012  2013  2012 
 £000  £000  £000  £000 
Trade creditors  257    87    115    62  
Social security and other taxes  3    41   -   4  
Sundry creditors  282    5   -  - 
Accruals and deferred income   2,707    609    393    341  
VAT  -     22    -     18  
        
  3,249    764    508    425  
 
 
The group financial liabilities are short-term in nature. In the opinion of the directors the book values equate to 
their fair value. 
 
 
 
 
   53
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
17. Deferred taxation  
Group   Asset  Liability  
   £000  £000 
At 4 November 2012   284   (43) 
Charged to income     104   (197) 
Charged directly to equity    677   - 
Business combinations   2,880   (1,293) 
      
At 31 December 2013   3,945   (1,533) 
      
Company    Asset  Liability  
   £000  £000 
At 31 October 2011 and 4 November 2012   284   (43) 
Charged to income     16   (28) 
Charged directly to equity    137   - 
      
At 31 December 2013   437  (71) 
 
Deferred taxation  
The following table summarises the recognised deferred tax asset and liability.  
Group   2013  
 
2012 
  £000  £000 
Recognised asset      
Tax relief on unexercised employee share options   1,002   283  
Losses and other deductions  19   - 
Short term timing differences   58   1  
Business combinations  2,866   - 
     
Deferred tax asset  3,945   284  
     
Recognised liability      
Depreciation in excess of capital allowances   255   (43) 
Business combinations   1,278   - 
     
Deferred tax liability   1,533   (43)  
 
Company  
 
2013  
 
2012 
  £000  £000 
Recognised asset      
Tax relief on unexercised employee share options   417   283  
Losses and other deductions  19   - 
Short term timing differences   1   1  
     
Deferred tax asset  437   284  
     
Recognised liability      
Depreciation in excess of capital allowances   71   (43) 
     
Deferred tax liability   71   (43) 
   54
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
18. Borrowings  
 
 
         Group            Company 
 2013  2012  2013  2012 
 £000  £000  £000  £000 
Bank loans 4,525  -  4,525  - 
        
 4,525  -  4,525  - 
 
On 11 February 2013 entered into a US dollar debt facility with Lloyds Bank plc and extended this facility on 4 
December 2013. The facility has a four year term and the maximum available for drawdown, together with the 
respective rates for borrowings and unutilised elements of the facility are: 
 
 
Group – available facility 
 
4 December 
2013 to 
3 December 
2014 to 
3 December 
2015 to 
3 December 
2016 to    
 
3 December 
2014 
3 December 
2015 
3 December 
2016 
3 December 
2017 
Margin above 
LIBOR 
Commitment 
rate 
       
 $000 $000 $000 $000 % % 
Tranche A 7,500 7,500 6,750 3,750 1.5 0.6 
Tranche B 5,250 2,250 - - 2.0 0.8 
       
 12,750 9,750 6,750 3,750   
    
 
  
 
Tranche A is fully repayable in December 2017 and Tranche B is fully repayable in December 2015. 
 
 
19. Called up share capital  
 
           Allotted issued and fully paid 
 2013  2013  2012  2012 
Ordinary shares of 1p each Number  £000  Number  £000 
        
Opening balance  17,528,960  175  17,170,140  172 
Issued for acquisitions 2,275,376  23  -  - 
Issued in relation to exercised share options 398,675  4  358,820  3 
        
        
Closing balance  20,203,011  202  17,528,960  175 
 
On 4 December 2012, the group issued 1,802,246 shares, with a nominal value of £18,022.46, in respect of the 
acquisition of accesso, LLC., with a fair value of £5.9m (£3.28 per share). On 4 December 2013, the group issued 
473,130 shares, with a nominal value of £4,731, in respect of the acquisition of Siriusware, Inc., with a fair value 
of £3.1m (£6.55 per share). 
 
Also, during the period 398,675 shares, with a nominal value £3,987 were allotted following the exercise of 
share options.  
 
Following the adoption of new Articles of Association on 12 April 2011 the company no longer has an 
authorised share capital.  
   55
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Share option schemes 
 
At 31 December 2013 the following share options were outstanding in respect of the ordinary shares: 
 
Scheme Number of Shares  Period of option Price per share 
 
EMI scheme 3,000  25 June 2010 to 24 June 2019 57.5p 
 110,000  2 December 2011 to 1 December 2020 102.5p 
 55,235  24 June 2013 to 23 June 2021 179p 
 108,744  30 November 2014 to 29 November 2022 323.5p 
 31,500  25 April 2015 to 24 April 2023 600p 
US unapproved scheme 40,000  (1) 57.5p 
 160,000  10 March 2012 to 9 March 2021 (2) 156p 
US scheme 32,370  24 June 2013 to 23 June 2021 179p 
 26,216  30 November 2014 to 29 November 2022 323.5p 
 190,250  25 April 2015 to 24 April 2023 600p 
UK unapproved scheme 120,000  10 March 2012 to 9 March 2021 156p 
 69,444  18 April 2012 to 17 April 2021 144p 
 30,400  25 April 2015 to 25 April 2023 600p 
 
(1) Options vested in three equal tranches on the 25 June 2010, 2011 and 2012 and expire on the 10
th
 
anniversary of the grant. 
(2) Options may only be exercised when the share price is above £1.82. 
 
Options normally vest over a two or three year period from grant and lapse if the employee leaves 
employment.  
 
20. Reserves   
 
The following describes the nature and purpose of each reserve within equity:  
 
Reserve              Description and purpose  
Share premium:         Amount subscribed for share capital in excess of nominal value.  
Own shares held in trust:    Weighted average cost of own shares held by the EBT trust.  
  Other reserve: Reserve to account for share option equity based transactions.  
Retained earnings:   All other net gains and losses and transactions not recognised elsewhere. 
Translation reserve: Gains/losses arising on retranslating the net assets of overseas operations into 
sterling.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   56
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
21.    Pension commitments  
 
The group operates a defined contribution pension scheme in the UK and USA. The assets of each scheme are held 
separately from those of the group in an independently administered fund. The pension charge represents 
contributions payable by the group to the fund and amounted to £135,019 (2012 - £92,757). Contributions 
amounting to £nil (2012 - £nil) were payable to the fund and are included in creditors. 
 
22. Related party disclosures  
 
Ultimate controlling party 
 
There is no ultimate controlling party. 
 
Subsidiaries 
 
Management charges of £4,097,214 (2012 - £4,809,169) were received from Lo-Q, Inc. and £113,581 (2012 - 
£305,721) from Lo-Q Service Canada Inc. during the period, both 100% subsidiaries of accesso Technology Group plc. 
 
The parent company owned subsidiary Lo-Q, Inc. £85,196 at 31 December 2013 (subsidiary Lo-Q, Inc. owed the 
parent £2,640,493 in 2012). Subsidiary Lo-Q, Inc. owed accesso, LLC. and Siriusware, Inc. subsidiaries £929,957 and 
£140,342 respectively at 31 December 2013 (£nil in 2012) and subsidiary Lo-Q Service Canada Inc owed the parent 
company £426,535 (2012 – £388,363).  
 
Lo-Q (Trustees) Limited owed the parent company £1,331,956 at 31 December 2013 (2012 - £1,331,956). 
 
Other related parties 
 
IXXI Limited, a company in which Anthony Bone, an accesso Technology Group plc director, is a director invoiced the 
company in respect of directors fees £30,500 (2012 - £30,000) of which £2,000 (2012 - £2,500) was outstanding at 
the period end. 
 
Barnwell Limited, a company in which John Lillywhite, an accesso Technology Group plc director until 1 September 
2012, is a director invoiced the company in respect of directors fees £nil (2012 - £25,000) of which £nil (2012 - £nil) 
was outstanding at the period end.  
 
Rockspring, a company in which David Gammon, an accesso Technology Group plc director, is a director invoiced the 
company in respect of directors fees £30,500 (2012 - £30,000) of which £2,000 (2012 - £2,500) was outstanding at 
the period end. 
 
Matt Cooper, an accesso Technology Group plc director, invoiced the company in respect of directors fees £30,500 
(2012 - £4,950) of which £2,000 (2012 - £4,950) was outstanding at the period end.  
 
All of the above outstanding amounts are included within trade creditors. 
 
Maven Creative, LLC., a company in which Steve Brown, an accesso Technology Group plc director, is a director and 
has a 33% interest, invoiced the group £23,090 in respect of marketing services since being a group director on 5 
December 2012 of which £6,998 was outstanding at the period end.     
 
 
 
 
 
 
 
 
 
 
 
 
   57
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Related party disclosures (continued) 
 
Key management compensation 
 
The key management of the company staff are considered to be the directors and their remuneration is as follows: 
 
  
2013 
£000  
2012 
£000 
 
Directors’ remuneration  1,151   711  
Contribution to directors pension scheme  47   39  
Employer social security costs  82   61  
Share based payments  8   57  
     
  1,288   868  
 
23. Share-based payment transactions 
 
Equity settled share option schemes. For details of share option schemes in place during the period see note 19. 
Details of the number of share options and the weighted average exercise price (WAEP) outstanding during the 
period are as follows: 
  2013  2012 
  No  WAEP(pence)  No  WAEP(pence) 
Outstanding at the beginning of the 
period  1,019,944  115.79  1,364,244  94.98 
Granted during the period  413,772  498.51  15,000  191.50 
         
Exercised during the period  (398,675)  73.28  (358,820)  39.74 
Leavers, lapsed & other   (57,882)  295.38  (480)  179.00 
Outstanding at the end of the period  977,159  284.56  1,019,944  115.79 
         
Exercisable at the end of the period  590,049  140.85  785,944  53.53 
         
         
The exercise price of options outstanding at 31 December 2013 range between 57.5p and 600.0p (2012 – 3.5p and 191.5p) 
and their weighted average contractual life was 9 years (2012 - 9 years). 
 
The weighted average share price at the date of exercise for share options exercised during the period was £5.85 (2012 - 
£2.75). 
 
The fair values were calculated using the Black-Scholes valuation method. The inputs to the model were as follows: 
  
2013 
 
2012 
Weighted average share price (pence)  584.88  275.18 
Expected volatility %  38.00  37.00 
Expected life years  1.00  1.00 
Risk free rate (%)  1.00  1.00 
Dividend yield (%)  -  - 
 
The group did not enter into any share-based payment transactions with parties other than employees during the 
current or previous period.  
  
Expected volatility was determined by calculating the historic volatility of the groups share price over the previous 
twelve month period. Expected life is based on the groups assessment of the average life of the option following the 
vesting period. The market vesting condition was factored into the valuation of shares issued under the EBT trust as 
explained on page 19.  
   58
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
24.         Notes to cash flow – reconciliation of profit before tax to cash generated from operations   
 
Group  
2013 
14 Months 
£000  
2012 
12 Months 
£000 
     
Profit before tax  2,220  3,153 
Depreciation and amortisation charges  2,407  1,072 
Share based payment  112  84 
Foreign exchange  (474)  (85) 
Finance costs  160  - 
Finance income  (9)  (59) 
  4,416  4,165 
(Increase)/decrease  in inventories  (31)  39 
Decrease  in trade and other receivables 134  102 
Increase/(decrease) in trade and other payables  155  (243) 
     
Cash generated from operations  4,674  4,063 
 
 
 
Company  
2013 
14 Months 
£000  
2012 
12 Months 
£000 
     
Profit before tax  620  2,885 
Depreciation charges  1,164  1,059 
Share based payment  112  84 
Foreign exchange  (2)  - 
Finance costs  139  - 
Finance income  (9)  (60) 
  2,024  3,968 
Increase in inventories (105)  (90) 
Increase in trade and other receivables (9,156)  (1,291) 
Increase/(decrease) in trade and other payables  83  (211) 
    
Cash generated from operations  (7,154)  2,376 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   59
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
Reconciliation of net cash flow to movements in net funds and analysis of net funds  
 
The amounts disclosed on the cash flow statement in respect of cash and cash equivalents are in respect of 
these balance sheet amounts. 
 
Group         
  
At 5 November 
2012  
Cash flow 
 
Exchange 
movement  
At 31 December  
2013 
  
  
£000  
14 Months 
£000  
14 Months 
£000  
  
£000 
        
Cash in hand & at bank 8,914  (5,128)  (474)  3,312 
         
         
  8,914  (5,128)  (474)  3,312 
         
Company         
  At 5 November   Cash Flow  Exchange  At 31 December  
  2012    movement  2013 
  
  
£000  
14 Months 
£000  
14 Months 
£000  
   
£000 
        
Cash in hand & at bank 6,139  (4,363)  (2)  1,774 
         
         
  6,139  (4,363)  (2)  1,774 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   60
accesso Technology Group plc (formerly Lo-Q plc) 
 
Notes to the consolidated financial statements (continued) 
for financial period ended 31 December 2013 
 
25. Commitments under operating leases   
 
Total of future minimum operating lease payments under non-cancellable operating leases: 
 
Group   2013  2012 
    £000  £000 
Land & buildings      
Less than one year   261  91 
Within 2 to 5 years   720  197 
      
   981  288 
Other      
Less than one year   71  23 
Within 2 to 5 years   137  18 
      
   208  41 
Company      
      
Land & buildings      
Less than one year   68  60 
Within 2 to 5 years   66  145 
      
   134  205 
Other      
Less than one year   32  18 
Within 2 to 5 years   22  7 
      
   54  25 
 
 
Operating leases within ‘Land & buildings’ include the leases of company and group offices.