Registered number 03959429 
 
 
 
 
 
 
 
 
 
 
accesso Technology Group plc 
 
2014 Annual report and financial statements  
 
 
   accesso Technology Group plc           
1 
 
Contents of the consolidated financial statements 
for the financial year ended 31 December 2014 
 
 
 
 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 group equity 26  
   
Statement of changes in company equity 27  
   
Notes to the consolidated financial statements 28  
   
 
 
 
 
   accesso Technology Group plc           
2 
 
Company information 
for the financial year ended 31 December 2014 
 
 Directors: John Weston, Non-executive Chairman 
  John Alder, Executive 
  Anthony Bone, Non-executive (resigned 27 May 2014) 
  Steve Brown, Executive 
  Tom Burnet, Executive 
  Matt Cooper, Non-executive 
  David Gammon, Non-executive 
  Leonard Sim, Executive 
   
   
 Secretary: Martha Bruce 
  Bruce Wallace Associates Limited 
  120 Pall Mall 
  London 
  SW1Y 5EA 
   
   
 Registered office: Unit 2, The Pavilions  
  Ruscombe Park 
  Twyford 
  Berkshire 
  RG10 9NN 
   
   
 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 
   
   
 
 
   accesso Technology Group plc           
3 
 
Introduction and key financial highlights 
for the financial year ended 31 December 2014 
Financial Highlights  12 months 
ended 
 14 months 
ended 
   12 months ended   
  31 Dec 14  31 Dec 13    31 Dec 13   
  (audited)  (audited)    (unaudited pro-
forma) 
  
  $m  $m    $m   
Revenue  75.1  61.4  22.3%  60.3  24.5% 
Adjusted operating profit *  8.7  6.1  42.6%  7.2  20.8% 
           
Free cash flow **  5.8  2.7  114.8%  5.0  16.0% 
           
Net debt  (14.3)  (2.0)  (12.3)  (2.0)   
           
Earnings per share – basic (cents)  18.49  14.70  25.8%     
           
Adjusted earnings per share – 
basic (cents) *** 
 30.81  27.03  14.0%     
           
*Adjusted operating profit is defined as operating profit before the deduction of amortization related to acquisitions, 
acquisition costs and costs related to share based payments/ unapproved options 
**Free cash flow is defined as net cash inflow from operating activities, less additions in intangible fixed assets and 
property, plant and equipment. 
*** Earnings used in the adjusted earnings per share calculation is defined as PBT before the deduction of 
amortization related to acquisitions, acquisition costs and costs related to share based payments/ unapproved 
options less tax at the effective rate  
 
Operational Highlights: A period of strong growth – adding skills, complementary services and reach to our 
operations 
o Period of diversification and expansion into new leisure verticals; entering untapped geographies, 
deepening existing relationships and establishing new ones  
o Managing the consumer shift to mobile and delivering end-to-end services through accesso Passport® 
o Immediately accretive acquisition of VisionOne Worldwide Ltd, moving accesso into assigned seating 
venues 
 
accesso Passport – won mandates across ticketing, mobile and eCommerce driving attendance and increasing 
engagement 
o Volume growth of 31% 
o Milestone deals in Europe with Compagnie des Alpes (“CdA”) and the three year Master Service Agreement 
with Merlin Entertainments plc 
o Three year deal with Ripley’s Entertainment and a renewal from Palace Entertainment together with 
continued new business success in the second half 
 
accesso LoQueueSM – evidenced increased momentum with new and existing customers taking more and more 
guests out of queue lines 
o Delivering expansion into Asian markets with Qsmartsm installation at The Movie Animation Park Studios in 
Ipoh and a three year agreement with Vision Works Global  
  accesso Technology Group plc           
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Introduction and key financial highlights (continued) 
for the financial year ended 31 December 2014  
 
o Further embedded in existing client relationships at Blackpool pleasure Beach, LEGOLAND Windsor and 
Dreamworld in Australia with contract extensions and the introduction of Q-smart 
o Successful early trials of our next generation queuing product: Q100 
 
Siriusware® – new relationships in more verticals delivering recurring revenue for accesso 
o 23 new clients added, exemplifying accesso’s breadth of reach and intent to diversify 
o Ski Industry clients now account for less than 50% of Siriusware’s revenue 
o Recurring revenue stream with 49% of total revenue deriving from support and maintenance functions 
 
The acquisition of VisionOne's ShoWare online ticketing solution extends accesso’s reach into new leisure verticals 
o The acquisition complements our expertise and deep knowledge within the ticketing sector, and enhances 
the group’s ability to capture revenue from multiple sizes and types of ticketing customer 
o Acquisition expected to be immediately earnings accretive 
 
Post Period-End – early momentum sets accesso up for 2015 
o Two new contracts have been signed with the Navy Pier in Chicago and the Nashville Zoo at Grassamere to 
leverage the accesso Passport ticketing solution 
o November acquisition of VisionOne’s ShoWare platform has established itself as part of the wider group 
and is already contributing important new business wins 
o 22 venues across the USA, Canada, Mexico and Brazil have signed new agreements to utilise the ShoWare 
solution 
 
Commenting on the results Tom Burnet, Chief executive officer of accesso, said:  
“This has been a strong year. We continue to execute on our strategy with precision and focus, and we are seeing the 
rewards.  
 
Our financial performance was robust, and our resilience as a global business is becoming more evident. Our clients 
are increasingly seeing the benefit we bring to their customers, and in turn their own profitability.  
 
We have continued to develop the business this year as we continued to focus on investment, building and improving 
our business, and finding new ways to support the digital customer journey. Our third strategic acquisition has 
opened up many more exciting opportunities, as well as securing our position as one of the very largest ticket 
businesses globally.   
 
I am excited by where we are as a business, and I see enormous growth opportunities in our future. I look forward to 
reporting more positive news for our company through the current year.” 
 
 
 
 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc           
5 
 
Chairman’s Report 
 
Profitable endeavours 
 
Today’s results show another profitable period of growth for accesso. Operational change – be that in the shape of the 
acquisitions we have made or the product updates we have released – is not only having a positive impact on our financial results, 
but also helping us to further cement our market position. We have made great strides on our journey to become the leading 
and most innovative supplier of revenue generating technology solutions to the leisure, entertainment and cultural markets. Our 
reputation, already strong, is yet stronger still.  As ever, progress of this kind would not be possible without the passion and 
commitment displayed by our teams around the world. 
 
The group has delivered a strong financial performance this year. We have seen good organic growth, delivered by capitalizing 
on further cross selling opportunities, deepening our relationships with existing clients, and by building a business that takes, as 
its starting point, the improvement of customer experience whether that be in a theme-park, ski resort, museum, sports stadium 
or other leisure venue. 
 
Growth has also come from green field areas.  We have won new standalone mandates across each area of our businesses, from 
queuing to ticketing. These wins have served to further strengthen our brand, enlarge our market opportunity and demonstrate 
that the strategy we are pursuing is the right one. 
 
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 wins send a clear signal to other potential customers about the increasingly strategic nature and value of our solutions. 
 
Perhaps the strongest signal of our strength, however, is the success our customers have achieved this year: success in which we 
have played a key role.  Many of our customers have been able to report record operating seasons and in many cases, our 
technology has played an important role in helping them to achieve this growth - proof of the value of our solutions and of the 
relevance of our largely transactional revenue models.   
 
Our team 
 
During the period, the accesso team has continued to work closely together as we continue to integrate our acquisitions.  Their 
dedication and professionalism has contributed to this year’s excellent performance.  I thank all of our colleagues for their hard 
work.  They are our greatest asset. 
 
Advancing our ticketing ambitions 
 
I have already referenced the important role that acquisitions have played in moving us closer to our strategic goals.  As in 
previous years, this year we have added to our capabilities – namely in our acquisition of VisionOne which we announced in 
November. VisionOne is an excellent company, and its ShoWare product is one of the world’s leaders in the cloud based Software-
as-a-Service (SaaS) ticket sales and distribution solution space for assigned seat operators. The combination of ShoWare, accesso 
Passport and Siriusware creates a powerful position in the ticketing market globally and ensures that for the first time we have 
the capability to address the ticketing needs of any type of venue.   
 
In summary, this progress has helped transform accesso into one of the world’s largest SaaS ticketing vendors alongside our 
market leading position in SaaS virtual queuing solutions. This is an important milestone that we believe will help us to further 
strengthen our market position and our relevance to the customers we serve.  
 
Looking ahead 
 
The work we have done in 2014 to strengthen our position, to invigorate our offering and to deepen our relationships with key 
operators sets us up excellently for further progress in 2015.  The significant majority of our revenue is now transactional, long-
term, recurring and growing. With that in mind, and on the basis of the pipeline of opportunity we see ahead, I look forward to 
2015 with a considerable degree of confidence.  
 
John Weston 
Non-Executive Chairman 
  accesso Technology Group plc           
6 
 
Chief executive officer’s report  
 
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, it has been another exciting year for our team and we have made good progress in each of our focus areas for 
growth. As we always set out to do, we have delivered combined wins for queuing and ticketing offerings. This year, we acquired 
a business which propels us into the position of being one of the world’s largest ticketing vendors.  
 
The group continues to expand its capabilities and expertise. We are pushing technological boundaries, such as the pursuit of a 
100% queueless attraction; we are targeting ticketing, still clear in our belief that strength here at the very start of a guest’s 
journey opens up new routes to growth for our firm; and we are making good on the promise of our most recent acquisitions.  
What we have achieved this year is the consolidation of a powerful proposition.  
 
accesso LoQueue 
 
During the year we have seen pleasing growth in queuing revenues in general and per guest, largely reflecting migration to 
premium service levels. Attendance in Europe has been strong against a backdrop of flat or declining attendance in the US – 
largely as a result of very poor weather early in the season.  
 
Our innovative queuing technologies continue to both facilitate and help drive increasingly mobile-centric consumer activity in 
the leisure industry. This trend, together with the centrality of queuing to the quality of customer experience means our signature 
queuing products remain a vital aspect of the theme park experience for many of our clients and their guests. 
 
Last year we signaled our intentions to forge deeper ties with attractions in the important Asian market. This year we delivered. 
In the first half, we signed the MOU for first the Qsmart installation in Asia at The Movie Animation Park Studios in Ipoh, Malaysia, 
and in the second half we signed a three year partnership agreement with Vision Works Global to help facilitate accesso’s 
expansion in the fast–growing South Korean theme park market. These steps have not only been exciting for our accesso LoQueue 
technology, but also for the group as we expand our foothold in Asia. 
 
We have also increased our stickiness with a number of important clients during the year, successfully renewing and expanding 
existing agreements with Blackpool Pleasure Beach, Dreamworld in Australia and Heide Park in Germany. At LEGOLAND Windsor 
Resort, we not only extended our agreement for the installation of Qbot SM for a further three years, but also expanded it by 
deploying our Qsmart system in the park. 
 
During the year we also continued to invest in our queuing technology platforms.  We have recently launched a second generation 
of our Qband sm and Qband validator sm, which offer greater utility to guests and well as reducing installation costs and timescales.  
Elsewhere, the pervasive nature of smartphone ownership means that for the first time we are able to consider systems where 
100% of the population of a park (rather than a subset) is able to queue virtually. Working with a major operating group, we have 
been able to beta test this technology in a significant theme park during the period and expect these successful trials to continue 
in 2015.   
 
accesso Passport 
 
The group’s ticketing, mobile and eCommerce solutions have continued to prove their market-leading strength.  
 
We have been instrumental in helping our clients capitalise on the consumer shift towards mobile ticket purchasing, where 
volumes have increased by over 400% this year.  Around 50% of all the visits to our customers’ websites now start on a mobile 
device, either tablet or smartphone, so being able to engage effectively on these platforms has become increasingly important. 
During the year we were delighted to be able to launch the 5th version of our Shopland ecommerce store. The new system has 
been a significant development focus and delivers a fully responsive, seamless buying experience across any device be it desktop, 
a tablet or a smartphone. Importantly it means that anything that can be bought from your desktop machine can now be bought 
from your smartphone including entrance tickets, season passes, memberships, timed entry tickets or even meals and access to 
ancillary attractions. This ability to drive extra revenue for our clients remains key to our entire ethos and is the common thread 
that runs through all our operations.  
  accesso Technology Group plc           
7 
 
Chief executive officer’s report (continued) 
 
Moreover, the exciting thing about this process is that we know it works, and so do our customers. Our early data shows that 
25% of purchasers on our customers’ ticketing sites were not planning to buy tickets when they first visited the website. 
 
A key part of our strategy is to leverage customer relationships and footprint geographically and this year we were able to bring 
our accesso Passport platform to a European audience for the first time.  We achieved a significant milestone in the signing of a 
three year Master Service Agreement with Merlin Entertainments plc, also a LoQueue customer, beginning with a trial installation 
at the Thorpe Park Resort. This success was followed by accesso’s first major ticketing win in Europe with a three year agreement 
with Compagnie des Alpes (“CdA”) to provide the accesso Passport eCommerce solution at five CdA parks in Belgium and Holland.  
 
The group’s European expansion has helped to deliver a part of the 31.6% increase in accesso Passport volumes we have recorded 
in the year.  
 
We also continued to expand existing established relationships, adding two further Wet ‘n’ Wild sites to the nine already served 
following the agreement with Premier Parks, LLC in 2013. Further contract wins included an extension of the trial with Merlin 
Entertainments adding SEA LIFE Birmingham to the existing Thorpe Park Resort trial, a three year agreement with Ripley’s 
Entertainment for Ripley’s Aquarium of Canada, and a renewed agreement with Palace Entertainments for fourteen of its venues 
over a further three years.  
 
Siriusware 
 
During the period Siriusware continued to successfully diversify beyond its ski industry base, adding twenty-three new clients 
primarily in the cultural sector. We were also able to take significant strides toward the integration of Siriusware and accesso – 
both technically and operationally and it has been very pleasing to see the respective teams work and build momentum together.   
 
Early manifestations of this integration have been the cross-selling opportunities emerging with other accesso products, as 
Ripley’s Aquarium and Holiday World & Splashin’ Safari became the first two customers to utilise an integrated Siriusware / 
accesso Passport solution to very positive effect. These deals are another example of our belief that increased client stickiness 
can be driven by a complementary portfolio of solutions. 
 
Of the new clients secured in the period, many represent the cultural sector and this has continued post period-end.   Siriusware 
is proving itself an important vehicle for our strategic expansion into the wider leisure space, delivering new business wins and 
significantly expanding our target addressable markets.  Of the many wins, The De Young and Legion of Honor Museums in San 
Francisco, The National Aquarium in Baltimore, four new iFly indoor sky diving venues and the Whitney Museum of American Art 
represent a good cross section.  
 
The acquisition has also provided a further recurring revenue stream to the group as just under half of total Siriusware revenues 
were derived from recurring maintenance and support fees.  
 
Moving confidently along our growth path 
 
In November, we announced the acquisition of VisionOne Worldwide Ltd. Their ShoWare platform brings us another completely 
differentiated and compelling ticketing product to add to our portfolio. It not only further extends the Group’s sales reach into 
new adjacent verticals within the leisure sector, but provides access to operators of “assigned seat” venues like theatres and 
sports stadium as well as general admission attractions like theme parks and zoos. Moreover, the ShoWare platform gives our 
customers the online tools to be able to build and manage their own e-Commerce stores rather than the full service outsource 
model we use to take our accesso Passport platform to market.  
 
ShoWare, like accesso Passport, is a cloud based solution and utilises a SaaS business model where revenues come from a small 
fixed fee or percentage of every ticket we sell.  We also have a number of successful resellers, particularly in Latin America, who 
utilise ShoWare as a white label platform for their own ticketing businesses.  Finally, the ShoWare team offer considerable 
experience of running portals, selling aggregated content from across a number of venues direct to consumer.   
 
Research indicates that the addition of this technology platform and sector expertise has increased the size of the accesso 
addressable market opportunity from $750m of annual revenues to $2.5b per annum. 
 
  accesso Technology Group plc           
8 
 
Chief executive officer’s report (continued) 
 
Protecting our position and maintaining our lead 
 
With ticketing very firmly now at the core of everything we do, many new routes have opened for us to continue growing. Driven 
by our belief that the ticket sits at the heart of the digital guest journey, we remain focused on organic opportunities for 
expansion, both in existing and new customers and drive further benefits from the wider Group.  
 
As we continue to invest in our technology we simultaneously remain committed both to the protection of our existing technology 
portfolio as well as extending that where appropriate. During the period we both acquired additional patents and applied to 
protect new, novel ideas and continue to explore overall licensing opportunities. 
 
We have also continued to evolve and develop our in-park retail businesses, where theme park patrons engage with our teams 
to purchase queuing products to add to their day at the attraction. In 2014 we were able to invest in the refurbishment of a 
number of our larger retail locations, remodeling and refreshing the guest experience. Where we made these changes, both to 
the physical environment of the sales locations and to the pricing strategy, we saw excellent returns and as a result we go into 
the 2015 season with a number of further initiatives in place.   
 
Asia moves in to focus 
 
Expanding our reach into markets where we do not currently operate continues to be an important part of our strategy.  
During the year we secured a partnership with Vision Works Global. This agreement helps to build our presence in the South 
Korean theme park market. Vision Works Global provides consulting, deal structuring and brokering, and new business 
development for a range of location-based entertainment projects in South Korea and we hope that their extensive professional 
contacts will enable accesso to expand our LoQueue solution into the country’s rapidly evolving attractions industry.  
 
In addition we also signed up our first customer for Qsmart at the Movie Animation Park Studios which is under construction in 
Ipoh, Malaysia.  
 
Encouragingly our sales pipeline also includes a number of projects where existing European and North American customers are 
in discussions with us about deploying our systems to new projects they are planning in the region.  
 
Financial Review 
 
As our Chairman has stated, the last twelve months have seen accesso make excellent, profitable progress.  We have finished the 
year ahead of our expectations and for the seventh consecutive year we have posted record results. 
 
Change in presentation currency 
 
As we reported with our 2014 H1 results, we have made a change to our presentation currency, from Sterling to US Dollars, on 1 
January 2014, which the Board considered more closely aligned with the global operations of the group. Comparative information 
has been restated in USD in accordance with the guidance in IAS 21. Further details relating to the specifics of the retranslation 
are included in the notes to this statement. 
 
The geographic spread of our business has, yet again, proven its benefit during the year. Year-on-year changes in visitor numbers 
at our customers’ venues once again showed a contrasting picture, depending upon which side of the Atlantic those visits took 
place. Nevertheless, our ability to balance these contrasting pictures thanks to our increasingly diversified portfolio of technology 
services lends resilience to our business.  
 
In the first half, for example, poor weather in the United States impacted attendance in that market, with attendance rates falling 
significantly and the majority of operators, despite a strong summer, reported 2014 attendances that were down on 2013. 
Despite this backdrop average revenues per LoQueue guest in North America actually grew by 4.7%. This is a positive nod to our 
technologies, to the benefits they bring to our customers, and to the willingness of guests to trade money for a better experience.  
In contrast, attendance in Europe and the rest of the world was strong, with attendances growing by 4% alongside a very strong 
18% increase in average guest revenues. This was aided in part by good weather, but is also a reflection of a great deal of effort 
in improving our retail engagement with customers, together with a more sophisticated approach to pricing.  When these 
numbers are combined, our LoQueue business grew revenues per guest by 6.1% despite an overall drop in guest numbers. 
  accesso Technology Group plc           
9 
 
Chief executive officer’s report (continued) 
 
Adjusted operating profit, which the board considers a key underlying metric, for the 12 months ended 31 December 2014 was 
$8.7m and this equates to 42.6% growth when compared to the 14 month period ended 31 December 2013 and 20.8% ahead of 
the 12 month pro-forma period ended 31 December 2013 (the “2013 pro-forma period”). At the top line, group revenues for the 
period increased by 22.3% to $75.1m (2013 pro-forma: $60.3m).  
 
Profit before tax at $5.1m was 59.4% up on the 14 month period ended 31 December 2013 but 1.9% below the 2013 pro-forma 
period primarily due to expected increases from acquisition related expenses in the form of amortization of acquired intangibles 
and acquisition and refinancing costs. 
 
The positive picture these results show highlights the momentum now unfolding within our business.  As we continue to expand 
across multiple geographies, increase our product and service offering and make the most of our newest acquisition, VisionOne 
and its ShoWare platform, I feel confident that this momentum will continue to build.  The timing of this acquisition means that 
these results include no benefit from that business or the excellent customer base it brings.  Having won 22 new customer 
mandates since coming under our ownership, we are very pleased with the contribution it has already made.  
 
Cash Flow and debt  
 
As previously announced in November, to facilitate the VisionOne acquisition, the Group extended its banking facility with Lloyds 
Bank. The extended facility allows the Group to draw down up to $29m at a rate of 1.75% above LIBOR on drawn funds and at a 
rate of 0.7% on uncommitted funds.  The total available for drawdown is subject to reductions of $7.0m on 1 November 2015 
and $14.0m on 1 November 2016 and terminates on 31 December 2017.   
 
The Extended Facility, which is US dollar denominated, was secured on accesso’s assets and intellectual property in the US and 
UK: an indication of the value of the accesso technology in the market and the confidence the finance community has in the 
accesso business.  
 
Free cash flow was $5.8m and was up 16% on the 2013 pro-forma period. Our closing net debt balance of $14.3m accounts for 
the funds discharged in connection with the acquisition was ahead of our expectations and the board believes that the company 
is in a strong financial position at the period end, with significant headroom to our debt facility.  
 
Tax 
 
Our effective tax rate in 2013 (11.9%) was unusually low due to non-recurring, non-UK tax deductions for share options exercised 
in the period. The effective rate in 2014 of 26.2% benefitted by 4.9% due to prior year R&D tax credit claims. The higher underlying 
rate is representative of the fact that the majority of the Group’s profits are subject to tax regimes outside of the UK, the tax 
treatment of acquisition amortisation and share based payments where the majority of these expenses are not allowable for tax.   
The Group continues to review and implement opportunities for maintaining or lowering its effective rate.  
Advisors 
 
In May 2014, we were pleased to confirm the appointment of Numis Securities Limited as joint broker and financial adviser 
alongside Canaccord Genuity who continue to act as the Company’s NOMAD, joint broker and financial adviser. 
 
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 most recent acquisitions and other growth focused 
investment opportunities.  
 
IP Protection 
 
During the period we received the first revenues from licensing one of our patent families and although immaterial at this stage, 
we have now selected a legal partner to lead us in exploring opportunities to extend such licensing opportunities. This is not 
expected to have any significant impact on our expenditure. 
  accesso Technology Group plc           
10 
 
Chief executive officer’s report (continued) 
 
Summary and Outlook for 2015 
 
Early in 2015, new business momentum has continued. Our sales pipeline continues to expand and convert and we have seen 
wins across our portfolio.  Operationally we continue to integrate our acquisitions under the leadership of my colleague Steve 
Brown who assumed the role of Group COO in January 2015.  
 
Looking ahead, I have great confidence in our prospects for 2015.  We have the right team; we have a unique and sector defining 
offering as well as the relationships and ambition to make us the leading and most innovative supplier of technology solutions to 
the leisure, attractions and cultural markets.   
 
We have started the year strongly, and the Board believes that accesso is well positioned to perform excellently over the coming 
months.   
 
 
Tom Burnet 
Chief Executive Officer 
   accesso Technology Group plc           
11 
 
The board of directors 
for the financial year ended 31 December 2014 
 
John Weston, Non-executive Chairman 
 
John Weston is the former Chief Executive of British Aerospace and BAE Systems where he served from 1970 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 specialist supplier of fiber optics; Windar, a manufacturer of laser wind sensing devices; and is also a non-executive 
director at 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 qualified Chartered Accountant and was appointed Chief Financial Officer of accesso in August 2009. He qualified 
with Coopers and Lybrand (a predecessor firm of PricewaterhouseCoopers) and subsequently spent six years as Finance Director 
of a subsidiary of AutoLogic Holdings plc, Europe’s largest listed automotive logistics company. 
 
Prior to joining accesso, Alder spent 4 years as Interim Group Finance Director and European Controller of private equity backed 
Palletways Group Limited, supporting the Continental European development of Europe’s largest and fastest growing palletised 
freight network business. 
 
Steve Brown, Chief Operating Officer 
 
As Chief Operating Officer, Steve Brown leads the global operations of accesso including client service, technology development, 
sales and marketing.  
 
Prior to joining accesso, Brown served as the corporate Vice President of Ticket Strategy and Sales for Six Flags.  His career 
background includes extensive experience with the Walt Disney Co. where he served as Vice President, Revenue Management 
for the Disneyland Resort and Director, Walt Disney World Ticketing where he led all aspects of the Resort’s ticketing process 
across its nine gated attractions including pricing strategy, fulfilment operations, training and financial management. 
 
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. 
He was formerly Managing Director of a division of Serco Group plc, a global outsourcing company, overseeing the 5,000 person 
Defense Services division. 
 
During his career he 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 from the University of Edinburgh. 
 
He believes accesso can grow to become a billion-dollar business and a cornerstone of the attraction and leisure 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  accesso Technology Group plc           
12 
 
The board of directors (continued) 
for the financial year ended 31 December 2014 
 
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, David has 
focused on finding, advising and investing in UK technology companies. David founded Rockspring, an advisory and investment 
firm, which focuses on early stage technology companies and where David continues as CEO today. Other current positions 
include non-executive Chairman Frontier Developments plc and 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 innovation software and consulting firm Imaginatik plc, 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. 
 
Gammon joined accesso in November 2010 and is Chairman of the remuneration committee and a member of the audit 
committee. 
 
Leonard Sim, Founding Director  
Leonard Sim is the founder of accesso and invented its LoQueue Virtual Queuing System in the 90’s.  He conceived the virtual 
queuing concept 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 has moved to a part time role supporting activities in intellectual property, business development and strategic planning. 
 
   accesso Technology Group plc           
13 
 
Strategic report 
for the financial year ended 31 December 2014 
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  
17 March 2015  accesso Technology Group plc           
14 
 
Report of the directors 
for the financial year ended 31 December 2014 
The directors present their report with the financial statements of the company and the group for the financial year ended 31 
December 2014. 
Dividends  
No dividends will be proposed for the financial year ended 31 December 2014. 
Research and development  
The group's research and development activities relate to the development of technologies that can be deployed by operators 
and owners within leisure, entertainment and cultural markets.  During the financial year ended 31 December 2014 the group 
invested $8,691,088 (14 month period ended 31 December 2013: $2,529,000) into research and development. The reported 2014 
number is not directly comparable to the 2013 number as previously reported due to changes in the way research and 
development costs are analysed. On a consistent basis the 14 month period ended 31 December 2013 would be $5,140,145. 
Directors  
The directors during the period under review were: 
John Weston, Non-executive Chairman  
John Alder, Executive 
Anthony Bone, Non-executive (resigned 27 May 2014)  
Steve Brown, Executive 
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 2014 in the issued share capital of the company were as 
follows: 
 
Ordinary share capital £0.01 shares               As at 31 December 
2014 or date of resignation 
                 As at 1 January 
2014 
    
John Weston, Non-executive Chairman  165,144 95,700 
John Alder, Executive  6,612 6,612 
Anthony Bone, Non-executive  (resigned 27 May 2014)  201,517 201,517 
Steve Brown, Executive   1,133,916 1,723,916 
Tom Burnet, Executive (1)  853,818 853,818 
Matt Cooper, Non-executive  22,442 22,442 
David Gammon, Non-executive  48,000 38,000 
Leonard Sim, Executive  2,043,575 2,043,575 
 
(1) Shares held by the employee benefit trust of the company. 
Details of the directors' share options are disclosed on page 19. 
  accesso Technology Group plc           
15 
 
Report of the directors (continued) 
for the financial year ended 31 December 2014 
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. 
Substantial shareholdings  
As at 16 March 2015 the company had been notified that the following were interested in 3% or more of the ordinary share 
capital of the company. 
               Shareholder Number of ordinary shares  % of Issued ordinary 
share capital 
    
BlackRock Investment Management 1,939,237  8.85% 
FIL Limited 1,938,357  8.84% 
Prudential plc group of companies 1,551,640  7.08% 
Vision Invest Enterprises Limited  1,519,364  6.93% 
Standard Life Investments Limited 1,193,963  5.45% 
Mr Leonard Sim, Director  2,043,575  9.32% 
Mr Steve Brown, Director 1,133,916  5.17% 
accesso Employee Benefit Trust (On behalf of Mr Tom 
Burnet, Director) 
853,818  3.90% 
 
Annual general meeting 
The annual general meeting of the company will be held on Tuesday 19th May 2015. 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”) but 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 four executive directors and three independent non-executive directors, one of whom is the 
chairman. 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, 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.  accesso Technology Group plc           
16 
 
Report of the directors (continued) 
for the financial year ended 31 December 2014 
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 services. 
Non-audit/tax advisory services will always be benchmarked by management to ensure value for money, auditor objectivity and 
independence of advice. 
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 Matt Cooper, John Weston and David Gammon who chairs the committee. 
The full committee met five 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 2015 is strong and 
underlying this, the business continues to perform well with a strong balance sheet and cash position. For this reason, the board 
continues 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 engage with employees, by way of meetings, surveys 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. 
 
  accesso Technology Group plc           
17 
 
Report of the directors (continued) 
for the financial year ended 31 December 2014 
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 2015 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. 
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.  accesso Technology Group plc           
18 
 
Report of the directors (continued) 
for the financial year ended 31 December 2014 
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. 
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 
       2014 
12 
months 
2013 
14 
months 
2014 
12 
months 
2013 
14 
months 
  Salary Fees 
(1) 
Bonus Other 
benefits 
  Total  Total  Retirement 
contributions 
  $000 $000 $000 $000   $000  $000  $000 $000 
Non - Executive 
Directors 
            
John Weston  89  - - -  89   91  - - 
Anthony Bone (1 & 3)  5  23  - -  28   56  - - 
Matt Cooper   10  47  - -  57   56  - - 
David Gammon (1)  10  47  - -  57   56  - - 
             
Executive Directors             
John Alder (2)  270  - 92  17   379   392  32  28  
Steve Brown (2)  290  - 123  7   420   400  - - 
Tom Burnet   405  - 264  2   671   626  33  36  
Leonard Sim  55  - - 6   61   126  5  10  
             
  1,134  117  479  32   1,762   1,803   70  74  
Share based payments       41   12     
             
Total       1,803   1,815     
 
(1) Fee payments in respect of the services provided by Anthony Bone and David Gammon were paid to IXXI Ltd and Rockspring 
respectively. 
(2) John Alder and Steve Brown are US citizens and are part of US healthcare programs   
(3) Resigned 27 May 2014 
(4) Including profits on exercises of options in the year, Tom Burnet was the highest paid director in 2014 (2013: Leonard Sim) 
 
Share option scheme 
 
The share options of the directors are set out below: 
  accesso Technology Group plc           
19 
 
Report of the directors (continued) 
for the financial year ended 31 December 2014 
 
  31 December 
2013 
 Exercised in 
the period 
 31 December 2014 
or date of 
resignation  
Exercise 
price 
Date from 
which 
exercisable 
Expiry Date 
       
Executive directors       
John Alder 40,000 - 40,000 57.5p 25 Jun 10 24 Jun 19 
 160,000 - 160,000 156p (1) 10 Mar 12 09 Mar 21 
Steve Brown  - - - - - - 
Tom Burnet  110,000 (110,000) - 102.5p 02 Dec 11 01 Dec 20 
Leonard Sim  - - - -   
Non-executive 
directors 
      
John Weston  69,444 (69,444) - 144p 18 Apr 12 17 Apr 21 
Anthony Bone (2) 40,000 (10,000) 30,000 156p 10 Mar 12 09 Mar 21 
David Gammon (3) 80,000 - 80,000 156p 10 Mar 12 09 Mar 21 
Matt Cooper  30,400 - 30,400 600p 25 Apr 15 25 Apr 23 
 
(1) Options may only be exercised when the share price is above £1.82 
(2) Resigned on 27 May 2014 
(3) Held by Rockspring on behalf of David Gammon 
 
Exercises in the year 
 
On 3 April 2014, Tom Burnet exercised options over 110,000 ordinary shares. The exercise price of the options was 102.5p, 
recording a pre-tax gain of $1,071,574. On 7 July 2014, John Weston exercised options over 69,444 ordinary shares. The exercise 
price of the options was 144.0p, recording a pre-tax gain of $437,061. 
 
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 and 
Leonard Sim are directors of Lo-Q (Trustees) Limited. 
 
Long Term Incentive Plan Awards 
 
On 8 July 2014, the Company granted conditional share awards (“Awards”) over ordinary shares of 1 penny each under the 
accesso Technology Group 2014 Long Term Incentive Plan which was approved by shareholders on 27 May 2014. Awards were 
granted to Tom Burnet (45,395 shares), John Alder (29,818 shares) and Steve Brown (32,028 shares). 
 
The Awards vest three years from the date of grant and are required to be held for a further six months and are subject to certain 
performance conditions relating to the achievement of compound share price growth rates from a share price of 528.25p per 
share over the vesting period. No consideration will be paid for the conditional shares upon their vesting. 
 
On behalf of the board: 
John Alder 
Chief Financial Officer  
17 March 2015   accesso Technology Group plc           
20 
 
Report of the independent auditors to the members of accesso Technology Group plc 
for the financial year ended 31 December 2014 
 
We have audited the financial statements of accesso Technology Group plc for the financial year ended 31 December 2014 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 2014 and of the group’s profit for the year 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 strategic report and directors’ reports for the financial year 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 
 
17 March 2015 
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127) 
 
 
  accesso Technology Group plc           
21 
 
Consolidated statement of comprehensive income 
for the financial year ended 31 December 2014 
  2014  2013  
  12 months   14 months  
 Notes $000  $000  
      
Revenue 3 75,091  61,433  
      
Cost of Sales  (43,086)  (39,991)  
      
Gross Profit  32,005  21,442  
      
Administrative expenses  (26,534)  (17,966)  
      
      
Operating profit  5,471  3,476  
      
Finance Expense 6 (344)  (248)  
      
Finance income 6 2  14  
      
Profit before tax  5,129  3,242  
      
Income tax 7 (1,344)  (386)  
      
Profit for the period  3,785  2,856  
      
Other comprehensive income      
      
Items that will be reclassified to income statement      
Exchange differences on translating foreign operations  895  (817)  
      
Other comprehensive income / (loss) for the period  net of tax  895  (817)  
      
Total comprehensive income for the period   4,680  2,039  
      
Profit attributable to owners of the parent  3,785  2,856  
      
Total comprehensive income attributable to owners of the parent  4,680  2,039  
      
Earnings per share expressed in cents per share:      
Basic 9 18.49  14.70  
Diluted 9 18.16  14.22  
 
 
 
 
 
 
 
 
 
 
All activities of the company are classified as continuing. 
The notes on pages 28 to 62 form part of these consolidated financial statements.  accesso Technology Group plc           
22 
 
Consolidated statement of financial position 
for the financial year ended 31 December 2014 
Registered Number: 03959429 
 31 December 
2014 
 31 December 
2013 
 4 November 
2012 
 Notes $000  $000  $000 
Assets       
Non-current assets       
Intangible assets 10 71,083  33,169  1,987 
Property, plant and equipment 11 2,733  3,291  2,341 
Deferred tax assets 17 5,696  6,539  431 
  79,512  42,999  4,759 
       
Current assets       
Inventories 13 648  807  736 
Trade and other receivables 14 6,946  4,253  1,664 
Income tax receivable  1,052  1,546  - 
Cash and cash equivalents 15 5,693  5,489  14,357 
  14,339  12,095  16,757 
       
Liabilities       
Current liabilities       
Trade and other payables 16 7,999  5,385  1,232 
Finance lease liabilities 18 48  -  - 
Income tax payable  -  -  331 
  8,047  5,385  1,563 
       
Net current assets  6,292  6,710  15,194 
       
Non-current liabilities       
Deferred tax  17 8,804  2,670  44 
Finance lease liabilities 18 114  -  - 
Borrowings 19 20,000  7,500  - 
  28,918  10,170  44 
       
Total liabilities   36,965  15,555  1,607 
       
Net assets  56,886  39,539  19,909 
       
Shareholders' equity       
Called up share capital 20 342  335  282 
Share premium  25,229  26,404  10,718 
Own shares held in trust  (2,076)  (2,133)  (2,136) 
Other reserves  2,593  2,658  940 
Retained earnings  16,236  13,148  10,161 
Merger reserve  14,540  -  - 
Translation reserve  22  (873)  (56) 
       
Total equity    56,886  39,539  19,909 
 
The financial statements were approved by the Board of Directors on 17 March 2015 and were signed on its behalf by: 
 
Tom Burnet 
Chief Executive Officer 
 
The notes on pages 28 to 62 form part of these consolidated financial statements.  accesso Technology Group plc           
23 
 
Company statement of financial position 
for the financial year ended 31 December 2014 
Registered Number: 03959429 
 31 December 
2014 
 31 December 
2013 
 4 November 
2012 
 Notes $000  $000  $000 
Assets       
Non-current assets       
Intangible assets 10 2,356  2,302  1,986 
Investments in subsidiaries 12 47,948  14,935  1 
Property, plant and equipment 11 1,377  2,086  2,314 
Deferred tax asset 17 195  629  457 
  51,876  19,952  4,758 
       
Current Assets       
Inventories 13 403  468  284 
Trade and other receivables 14 20,528  23,040  7,643 
Income tax receivable  903  1,075  - 
Cash and cash equivalents 15 1,309  2,941  9,887 
  23,143  27,524  17,814 
       
Liabilities       
Current liabilities       
Trade and other payables 16 1,461  841  685 
Income tax payable  -  -  260 
  1,461  841  945 
       
Net current assets  21,682  26,683  16,869 
       
Non-current liabilities       
Deferred tax  17 32  116  71 
Borrowings 19 20,000  7,500  - 
  20,032  7,616  71 
       
Total liabilities   21,493  8,457  1,016 
       
Net assets  53,526  39,019  21,556 
       
Shareholders' equity       
Called up share capital 20 342  335  282 
Share premium  25,229  26,404  10,718 
Other reserves  1,831  1,516  940 
Retained earnings  11,672  10,785  9,672 
Merger Reserve  14,540  -  - 
Translation reserve  (88)  (21)  (56) 
       
Total equity  53,526  39,019  21,556 
       
Total shareholders' equity  53,526  39,019  21,556 
       
The financial statements were approved by the Board of Directors on 17 March 2015 and were signed on its behalf by: 
 
Tom Burnet 
Chief Executive Officer 
 
The notes on pages 28 to 62 form part of these consolidated financial statements.  accesso Technology Group plc           
24 
 
Consolidated statement of cash flow 
for the financial year ended 31 December 2014 
  2014  2013 
  12 months   14 months 
 Notes $000  $000 
     
Cash flows from operating activities     
Cash generated from operations 25 10,640  7,766 
Tax paid  (1,340)  (1,710) 
     
Net cash inflow from operating activities  9,300  6,056 
     
Cash flows from investing activities     
Acquisition of subsidiary, net of cash acquired  (18,088)  (19,398) 
Purchase of intangible fixed assets  (2,697)  (1,905) 
Purchase of property, plant and equipment  (825)  (1,465) 
Interest received  2  14 
     
Net cash used in investing activities  (21,608)  (22,754) 
     
Cash flows from financing activities     
Share Issue  402  580 
Interest paid  (344)  (250) 
Payments to finance lease creditors  (46)  - 
Proceeds from borrowings  12,500  7,500 
     
Net cash from financing activities  12,512  7,830 
     
Increase/(decrease) in cash and cash equivalents  204  (8,868) 
Cash and cash equivalents at beginning of year  5,489  14,357 
     
Cash and cash equivalents at end of year 15 5,693  5,489 
  
 
 
 
 
 
 
 
 
 
 
 
The notes on pages 28 to 62 form part of these consolidated financial statements.  accesso Technology Group plc           
25 
 
Company statement of cash flow  
for the financial year ended 31 December 2014 
     
     
  2014  2013 
  12 months   14 months 
 Notes $000  $000 
     
Cash flows from operating activities     
Cash generated from operations 25 5,957  (11,723) 
Tax received/ (paid)  97  (1,241) 
     
Net cash inflow/ (outflow) from operating activities  6,054  (12,964) 
     
Cash flows from investing activities     
Acquisition of subsidiary  (18,781)  - 
Purchase of intangible fixed assets  (1,004)  (1,118) 
Purchase of property, plant and equipment  (473)  (776) 
Interest received  2  14 
     
Net cash used in investing activities  (20,256)  (1,880) 
     
Cash flows from financing activities     
Share Issue  402  484 
Interest paid  (332)  (86) 
Proceeds from borrowings  12,500  7,500 
     
Net cash from financing activities  12,570  7,898 
     
Decrease in cash and cash equivalents  (1,632)  (6,946) 
Cash and cash equivalents at beginning of year  2,941  9,887 
     
Cash and cash equivalents at end of year 15 1,309  2,941 
 
 
 
 
 
 
 
 
 
 
 
 
The notes on pages 28 to 62 form part of these consolidated financial statements.  accesso Technology Group plc           
26 
 
Statement of changes in group equity 
for the financial year ended 31 December 2014 
Group  
Share 
capital   
Share 
premium    
Retained 
earnings   
Merger 
reserve  
Other 
reserves   
Own 
shares 
held in 
trust  
Translation 
reserve    Total 
  $000   $000   $000   $000  $000   $000  $000   $000 
Balance at 31 December 
2013  335  26,404  13,148  -  2,658  (2,133)  (873)  39,539 
                 
Comprehensive Income 
for the year                 
Profit for period  -  -  3,785  -  -  -  -  3,785 
Exchange differences on 
translating foreign 
operations  -  -  -  -  -  -  895  895 
                 
Total comprehensive 
income for the year  -  -  3,785  -  -  -  895  4,680 
                 
Contributions by and 
distributions by owners                 
Issue of share capital  27  399  -  14,540  -  -  -  14,966 
Share based payments  -  -  -  -  353  -  -  353 
    Share option tax credit  
- current  -  -  -  -  316  -  -  316 
    Share option tax credit 
- deferred  -  -  -  -  (776)  -  -  (776) 
Exchange differences on 
opening balances  (20)  (1,574)  (697)  -  42  57  -  (2,192) 
                - 
Total contributions by 
and distributions by 
owners  7  (1,175)  (697)  14,540  (65)  57  -  12,667 
                 
Balance at 31 December 
2014  342  25,229  16,236  14,540  2,593  (2,076)  22  56,886 
                 
Balance at 4 November 
2012  282  10,718  10,161  -  940  (2,136)  (56)  19,909 
                 
Comprehensive Income 
for the year                 
Profit for period  -  -  2,856  -  -  -  -  2,856 
Exchange differences on 
translating foreign 
operations  -  -  -  -  -  -  (817)  (817) 
                 
Total comprehensive 
income for the year  -  -  2,856  -  -  -  (817)  2,039 
                 
Contributions by and 
distributions by owners                 
Issue of share capital  43  15,374  -  -  -  -  -  15,417 
Share based payments  -  -  -  -  186  -  -  186 
    Share option tax credit  
- current  -  -  -  -  399  -  -  399 
    Share option tax credit 
- deferred  -  -  -  -  1,126  -  -  1,126 
Exchange differences on 
opening balances  10  312  131  -  7  3  -  463 
                 
Total contributions by 
and distributions by 
owners  53  15,686  131  -  1,718  3  -  17,591 
                 
Balance at 31 December 
2013  335  26,404  13,148  -  2,658  (2,133)  (873)  39,539  accesso Technology Group plc           
27 
 
Statement of changes in company equity 
for the financial year ended 31 December 2014 
Company  Share 
capital 
  Share 
premium  
  Retained 
earnings 
  Merger 
reserve 
 Other 
reserves 
 Translation 
reserve  
  Total 
  $000   $000   $000   $000  $000  $000   $000 
Balance at 31 December 
2013 
 335  26,404  10,785  -  1,516  (21)  39,019 
               
Comprehensive Income for 
the year 
              
Profit for period  -  -  1,216  -  -  -  1,216 
Exchange differences on 
translating foreign 
operations 
 -  -  -  -  -  (67)  (67) 
               
Total comprehensive 
income for the year 
 -  -  1,216  -  -  (67)  1,149 
               
Contributions by and 
distributions by owners 
              
Issue of share capital  27  399  -  14,540  -  -  14,966 
Share based payments  -  -  -  -  353  -  353 
    Share option tax credit  - 
current 
 -  -  -  -  318  -  318 
    Share option tax credit - 
deferred 
 -  -  -  -  (492)  -  (492) 
Exchange differences on 
opening balances 
 (20)  (1,574)  (329)  -  136  -  (1,787) 
               
Total contributions by and 
distributions by owners 
 7  (1,175)  (329)  14,540  315  -  13,358 
               
Balance at 31 December 
2014 
 342  25,229  11,672  14,540  1,831  (88)  53,526 
               
Balance at 4 November 
2012 
 282  10,718  9,672  - 
 
 940  (56)  21,556 
               
Comprehensive Income for 
the year 
              
Profit for period  -  -  1,051  -  -  -  1,051 
Exchange differences on 
translating foreign 
operations 
 -  -  -  -  -  35  35 
               
Total comprehensive 
income for the year 
 -  -  1,051  -  -  35  1,086 
               
Contributions by and 
distributions by owners 
              
Issue of share capital  43  15,374  -  -  -  -  15,417 
Share based payments  -  -  -  -  179  -  179 
    Share option tax credit  - 
current 
 -  -  -  -  399  -  399 
    Share option tax credit - 
deferred 
 -  -  -  -  209  -  209 
Exchange differences on 
opening balances 
 10  312  62  -  (211)  -  173 
               
Total contributions by and 
distributions by owners 
 53  15,686  62  -  576  -  16,377 
               
Balance at 31 December 
2013 
 335  26,404  10,785  -  1,516  (21)  39,019 
  accesso Technology Group plc           
28 
 
Notes to the consolidated financial statements 
for the financial year ended 31 December 2014 
1. Accounting Policies 
Basis of preparation 
accesso Technology Group 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 52 week and 1 day period to 31 December 2014 (prior financial year 60 weeks and 
2 days to 31 December 2013). 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, 
International Accounting Standards, and related 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 10 Consolidated Financial Statements 
• IFRS 11 Joint Arrangements 
• IFRS 12 Disclosure of Interests in Other Entities 
• IAS 27 Separate Financial Statements 
• IAS 28 Investments in Associates and Joint Ventures 
• Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32) 
• Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) 
• Recoverable amounts disclosures for non-financial assets (Amendments to IAS 36) 
• Novation of Derivatives and Continuation of Hedge Accounting (Amendments to IAS 39) 
 
The adoption of the above new standards has not had a material impact on the financial statements during the period 
ended 31 December 2014. 
New standards and interpretations not yet adopted 
A number of new standards, amendments to standards and interpretations are not effective for 2014 and therefore 
have not been applied in preparing these accounts. The effective dates shown are for periods commencing on the date 
quoted. 
• Defined Benefit Plans: Employee Contributions: Amendments to IAS 19 (effective for periods beginning on or 
after 1 July 2014) 
• Accounting for Acquisitions of Interests in Joint Operations: Amendments to IFRS 11 (effective 1 January 2016) 
• Clarification of Acceptable Methods of Depreciation and Amortisation: Amendments to IAS 16 and IAS 38 
(effective 1 January 2016) 
• Equity Method in Separate Financial Statements (Amendments to IAS 27) (effective 1 January 2016) 
• Sale or contribution of assets between an investor and its associate or joint venture (Amendments to IFRS 10 
and IAS 28) (effective 1 January 2016) 
• IFRS 15 Revenue from Contracts with Customers (effective 1 January 2017) 
• IFRS 9 Financial Instruments (effective 1 January 2018) 
• Disclosure Initiative: Amendments to IAS 1 (effective 1 January 2016) 
• Annual improvements to IFRSs 
 
  accesso Technology Group plc           
29 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 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. 
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   accesso Technology Group plc           
30 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Impairment of non-financial assets (excluding inventories and deferred tax assets) (continued) 
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. 
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. and VisionOne’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. 
  accesso Technology Group plc           
31 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Research and development tax credit 
Research and development tax credits are recognised on an accruals basis and are included as an income tax credit 
under current assets. The group has history of successfully estimating research and development tax credits as set out 
by applicable tax legislation. 
Basis of consolidation 
The consolidated financial statements incorporate the results of accesso and all of its subsidiary undertakings as at 31 
December 2014 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. 
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 IFRS 3 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. 
Investments including the shares in subsidiary companies held as fixed assets are stated at cost less any provision for 
impairment in value.  
Change in presentation currency 
The directors decided that effective 1 January 2014 the group’s presentation currency should be USD, as this more 
closely aligns with the global operations of the group. Comparative information has been restated in USD in accordance 
with the guidance in IAS 21. The 14 month period ended 31 December 2013 numbers and associated notes and the 
balance sheet at 4 November 2012 have been retranslated from GBP to USD using the procedures outlined below: 
i. assets and liabilities were translated into USD at closing rates of exchange; 
ii. income and expenses were translated into USD at monthly rates of exchange as they are a suitable proxy for 
the prevailing rates at the date of transactions; 
iii. differences resulting from the retranslation on the opening net assets and the results for the period have 
been taken to Other Comprehensive Income; and 
  accesso Technology Group plc           
32 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
iv. the group has chosen to translate share capital, share premium and other reserves at closing rates in line with 
IAS21, any differences arising have been recorded as cumulative translation adjustments and recorded direct 
to translation reserves. 
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 operator’s 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 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. 
The fair value of EMI and unapproved share options is measured by use of a Black-Scholes model, and share options 
issued under the Long Term Incentive Plan (‘LTIP’) are measured using the Monte Carlo method due to the market 
based conditions upon which vesting is dependent. 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. 
The LTIP awards contain market based vesting conditions. Market vesting conditions are factored into the fair value of 
the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the 
market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting 
condition or where a non-vesting condition is not satisfied. 
 
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.  
Leased assets 
 
Where substantially all of the risks and rewards incidental to ownership of a leased asset have been transferred to the 
Group (a "finance lease"), the asset is treated as if it had been purchased outright. The amount initially recognised as 
  accesso Technology Group plc           
33 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Leased assets (continued) 
 
an asset is the lower of the fair value of the leased property and the present value of the minimum lease payments 
payable over the term of the lease. The corresponding lease commitment is shown as a liability.  
 
Lease payments are analysed between capital and interest. The interest element is charged to the consolidated 
statement of comprehensive income over the period of the lease and is calculated so that it represents a constant 
proportion of the lease liability. The capital element reduces the balance owed to the lessor. 
 
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). 
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 
  accesso Technology Group plc           
34 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Deferred tax (continued) 
• 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 3-5 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.  accesso Technology Group plc           
35 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014 
Internally generated intangible assets (research and development costs) (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 criteria noted above. 
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 (2013: $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 operations that have a functional currency other than United States dollars are 
translated into United States dollars 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. They 
are 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. 
  accesso Technology Group plc           
36 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
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.  
Financial liabilities 
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 and finance leases 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. 
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. 
Equity instruments regarding share capital 
Equity instruments are recorded at the proceeds received, net of direct issue costs. 
 
  accesso Technology Group plc           
37 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
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. 
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 liquidity risk, interest rate risk, credit 
risk and market 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 group’s objective is to maintain a balance between continuity of 
funding and flexibility through the use of banking arrangements in place.  
Maturity analysis 
The following table analyses the group’s financial liabilities on a contractual gross basis based on amount outstanding 
at the balance sheet date up to maturity date: 
 
 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc           
38 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
31 December 2014  
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  7,950  -  -  -  7,950 
Finance lease  24  24  114    162 
Bank loan  -  -  20,000  -  20,000 
           
Total liabilities  7,974  24  20,114  -  28,112 
           
Company           
Trade and other 
payables  1,461  -  -  -  1,461 
Bank loan  -  -  20,000  -  20,000 
           
Total liabilities  1,461  -  20,000  -  21,461 
           
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  5,380  -  -  -  5,380 
Bank loan  -  -  7,500  -  7,500 
           
Total liabilities  5,380  -  7,500  -  12,880 
           
Company           
Trade and other 
payables  841  -  -  -  841 
Bank loan  -  -  7,500  -  7,500 
           
Total liabilities  841  -  7,500  -  8,341 
 
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.  accesso Technology Group plc           
39 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
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 2014  Fixed rate  Floating rate  
Non-interest 
bearing  Total assets  
Total 
liabilities 
  $000  $000  $000  $000  $000 
Group           
Trade and other 
receivables  -  -  4,028  4,028  - 
Cash  -    5,693  5,693  - 
Total assets  -  -  9,721  9,721  - 
           
Bank loan   -  (20,000)  -  -  (20,000) 
Finance lease  (162)  -  -  -  (162) 
Total liabilities  (162)  (20,000)  -  -  (20,162) 
           
31 December 2014  Fixed Rate  Floating Rate  
Non-interest 
bearing  Total assets  
Total 
liabilities 
  $000  $000  $000  $000  $000 
Company           
Trade and other 
receivables  -  -  20,243  20,243  - 
Cash  -  -  1,309  1,309  - 
Total assets  -  -  21,552  21,552  - 
           
Bank loan   -  (20,000)  -  -  (20,000) 
Total liabilities  -  (20,000)  -  -  (20,000) 
31 December 2013  Fixed rate  Floating rate  
 
Non-interest 
bearing  Total assets  
Total 
liabilities 
  $000  $000  $000  $000  $000 
Group           
Trade and other 
receivables  -  -  2,924  2,924  - 
Cash  -    5,489  5,489  - 
Total assets  -  -  8,413  8,413  - 
           
Bank loan   -  (7,500)  -  -  (7,500) 
Total liabilities  -  (7,500)  -  -  (7,500) 
           
31 December 2013  Fixed Rate  Floating Rate  
Non-interest 
bearing  Total assets  
Total 
liabilities 
  $000  $000  $000  $000  $000 
Company           
Trade and other 
receivables  -  -  22,841  22,841  - 
Cash  -  -  2,941  2,941  - 
Total assets  -  -  25,782  25,782  - 
           
Bank loan   -  (7,500)  -  -  (7,500) 
Total liabilities  -  (7,500)  -  -  (7,500) 
The bank loan which is subject to a floating rate and the full details of this facility are detailed in Note 19.  accesso Technology Group plc           
40 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
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. 
  
Group 
 
Company 
  2014  2013  2014  2013 
  $000  $000  $000  $000 
         
Trade and other receivables  4,028  2,924  20,243  22,841 
Cash  5,693  5,489  1,309  2,941 
Estimated irrecoverable amounts  (55)  -  -  - 
 
  9,666  8,413  21,552  25,782 
 
The maximum exposure is the carrying amount as disclosed in trade and other receivables. The average credit period 
taken by customers is 23 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 2014 and 
31 December 2013 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 
  2014  2013  2014  2013 
  $000  $000  $000  $000 
 
Up to 3 months  2,401  2,047  23  82 
3 to 6 months  486  -  19  - 
         
  2,887  2,047  42  82 
 
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. Further details of the group’s borrowing facilities and undrawn facilitates is included in Note 19. The group 
manages its capital structure in the light of changes in economic conditions and financial markets generally and 
regularly evaluates its compliance with covenants applicable to their borrowing facilities.     
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 current and future shareholders and benefits for other stakeholders and to maintain an 
optimal capital structure to minimise 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 increase 
or reduce debt.  accesso Technology Group plc           
41 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Capital risk management (continued) 
 
The group does not seek to maintain any debt to capital ratio, but considers investment opportunities on their merits 
and funds them in what it considers to be the most effective manner. 
Foreign currency exposure 
Foreign exchange risk arises when individual group entities enter into transactions denominated in a currency other 
than their functional currency. 
 
The group has operations in the UK, USA, Canada, Italy, Germany, Australia, Brazil and Mexico 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, sterling. Non - sterling bank balances below: 
 $130,653  (2013: $70,345) denominated in US dollars 
 $303,759  (2013: $66,111) denominated in Australian dollars 
 $46,599 (2013: $278,558) 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 group’s operations and their management of foreign currency exposure they limit the potential 
down side risk as far as practicably possible.  
The group considers the volatility of currency markets over the year to be representative of the potential foreign 
currency risk it is exposed to. The main currency the group’s results were exposed to was sterling and over the year the 
average rate for 2014 1GBP = 1.65USD (2013: 1GBP=1.57USD). If sterling had been an average of 5% stronger than the 
dollar through the year then it would have increased group profit before tax by $174,000 (3.3%). If sterling had been 
an average of 5% weaker than the dollar through the year then it would have decreased group profit before tax by 
$230,000 (4.5%). The impact on revenue of these movements would be insignificant. 
Fair Value Measurement 
The group does not have any level 2 or 3 financial assets or liabilities that have unobservable inputs that require 
disclosure. 
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’s segments are evaluated by the board as a whole and are not appraised on their entity level performance. 
This is because the operations of the segments are merging as the business gains more scale. Allocation of resources is 
driven by customer needs across the group rather than entity level performance. Therefore the board consider the 
group in its current form to be a single Operating Segment.  
The group’s revenues, costs, assets, liabilities, currency exposure and cash flows are therefore totally attributable to 
the single Operating Segment. The ticketing and queuing operations of the group are evolving and continually merging 
and the group is now serviced through single sales teams, transferable staff and is appraised on a group basis in terms 
of incentive arrangements. In 2013 the group’s segments were deemed to fall within a single reporting segment as they   accesso Technology Group plc           
42 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Segmental analysis (continued) 
were appraised down to product lines per location. There has been a shift in 2014 to a single approach that considers 
locations but is evaluated on a group basis driven by customer needs. 
The definition of segments will be assessed as the group develops and continues to make acquisitions. 
Entity wide disclosures 
Analyses of the group’s external revenues and non-current assets (excluding deferred tax) by geographical location are 
detailed below: 
  
Revenue 
 
Non-current assets 
  2014  2013  2014  2013 
  $000  $000  $000  $000 
         
UK  2,005  1,571  3,734  4,343 
Other Europe  971  1,652  -  44 
Australia  161  161  -  - 
USA and Canada  71,954  58,049  70,082  32,073 
         
  75,091  61,433  73,816  36,460 
 
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. 
4. Employees and directors 
  2014  2013 
  12 months  14 months 
  $000  $000 
Wages and salaries  20,948  14,748 
Social security costs  1,390  1,063 
Defined contribution pension costs  315  212 
Share based payment transactions  353  179 
  23,006  16,202 
 
In respect of Directors’ remuneration, the disclosures required by Schedule 5 to Large and Medium-sized Companies 
and Groups (Accounts and Reports) Regulations 2008 are included in the detailed disclosures in the audited section of 
the Remuneration Report. 
  accesso Technology Group plc           
43 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
The average monthly number of employees during the year was made up as follows: 
  2014  2013 
  12 Months  14 Months 
     
Operations  76  49 
Research & development  79  41 
Sales  14  5 
Finance & administration  25  15 
Marketing  1  3 
Seasonal staff  432  353 
  627  466 
 
5. Expenses by nature 
 
  2014  2013 
  12 Months  14 Months 
  $000  $000 
Park operating costs  38,421  37,903 
Staff costs  11,321  6,995 
Legal and professional costs   1,717  2,176 
Travel   883  602 
Marketing   790  556 
Inventories and consumables  3,354  1,530 
Other costs   5,308  1,983 
Other operating leases  541  461 
Depreciation - owned assets   1,410  1,348 
Depreciation - finance leased assets   48  0 
Amortisation   3,094  2,505 
Research and development   6,099  3,428 
Foreign exchange differences  (12)  (132) 
 
Auditor’s remuneration 
During the period the following services were obtained from the group's auditor at a cost detailed below: 
  2014  2013 
  12 Months  14 Months 
  $000  $000 
Audit Services     
Fees Payable to the Company's auditors of the Parent Company and Consolidated 
Accounts 80 51.5 63 
Fees payable to the company's auditors for the audit of subsidiaries  34 21.5 28 
     
Non Audit Service     
Tax compliance  66 42.3 42 
Tax advisory  66 42.3 35 
Corporate finance services  80 51 63 
Interim agreed upon procedures  13 8.6 8 
Other non-audit services  2 1 2 
     
  341  241 
 
  accesso Technology Group plc           
44 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
6. Finance income and expense 
  2014  2013 
  12 Months  14 Months 
  $000  $000 
     
     
Bank interest received  2  14 
     
Finance costs:     
Bank interest  (169)  (92) 
Loan note interest relating to acquisition of accesso LLC  -  (26) 
Finance lease  (12)  - 
Refinance costs  (163)  (130) 
     
Total finance Costs  (344)  (248) 
     
Net finance income  (342)  (234) 
 
7. Tax 
  2014  2013 
Analysis of the tax charge  12 Months  14 Months 
  $000  $000 
UK corporation tax      
Current tax on income for the period   449  401 
Adjustment in respect of prior periods   -  (150) 
  449  251 
Overseas tax      
Current tax on income for the period   1,397  (19) 
Adjustment in respect of prior periods   (250)  - 
  1,147  (19) 
     
Total current taxation   1,596  232 
     
Deferred taxation – see Note 17     
Original and reversal of temporary difference - for the current period  (253)  159 
Original and reversal of temporary difference - for the prior period  1   
Effect of tax rate change on opening balances   -  (4) 
  (252)  154 
     
Total taxation charge  1,344  386 
 
 
 
 
  accesso Technology Group plc           
45 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Tax (continued) 
     
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  5,129  3,242 
     
Tax at rate of 40% (2013 23.35%)  2,052  757 
Effects of:     
Expenses not deductible for tax purposes  294  280 
Income not chargeable for tax purposes  (124)  76 
Profit subject to foreign taxes at a (lower)/ higher marginal rate  (301)  116 
Capital allowances in advance of depreciation  -  10 
Unrelieved tax losses and other deductions arising in the period  -  (113) 
Additional deduction for R&D expenditure – current period  (315)  (143) 
Additional deduction for R&D expenditure – prior periods  (250)   
Adjustment in respect of prior period – income statement  -  (148) 
Adjustment in respect of prior periods – deferred tax  1  (58) 
Share scheme deduction  -  (388) 
Change in tax rates  (13)  (3) 
     
Total tax charge   1,344  386 
 
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 year ended 31 December 
2014 was $1,215,196 (2013: $1,050,956). 
   accesso Technology Group plc           
46 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
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, diluted and adjusted earnings per share 
computations. 
  
2014   2013 
  
12 months   14 months 
Basic EPS      
Profit attributable to ordinary shareholders ($000)             3,785               2,856  
      
Denominator      
Weighted average number of shares used in basic EPS          20,469          19,431  
Basic earnings per share (cents)             18.49              14.70  
      
Diluted EPS      
Denominator      
Weighted average number of shares used in basic EPS          20,469            19,431  
Effect of dilutive securities      
Options                377                  658  
Weighted average number of shares used in diluted EPS          20,846            20,089  
Diluted earnings per share (cents)            18.16              14.22  
      
Adjusted earnings per share      
      
Profit before tax ($000)             5,129               3,242  
Costs of acquisition and related refinancing                728               1,011  
Amortisation relating to acquired intangibles from acquisitions             2,273              1,537  
Share based compensation and social security costs on unapproved options               415                  172  
Adjusted profit before tax ($000)             8,545               5,962  
Tax at effective rate of 26.2% (2013: 11.9%)         (2,239)            (710) 
Adjusted profit attributable to ordinary shareholders ($000)             6,306               5,252  
      
Denominator      
Weighted average number of shares used in basic EPS          20,469            19,431  
      
Adjusted earnings per share (cents)  30.81   27.03 
  accesso Technology Group plc           
47 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
10. Intangible assets 
        Internally         
  Goodwill   Customer   Trademarks   developed   Patent   IPR   Development    
     relationships      technology   costs   costs   costs   Totals 
  $000   $000   $000   $000   $000   $000   $000   $000 
Group cost                 
At 4 November 
2012  -  -  -  -  395  257  3,423  4,075 
Foreign currency 
translation -  -  -  -  12  7  101  120 
Acquired through 
acquisition 16,566  5,781  236  8,904  43  -  250  31,780 
Additions  -  -  -  -  193  -  1,712  1,905 
                 
                 
At 31 December 
2013  16,566  5,781  236  8,904  643  264  5,486  37,880 
                 
Foreign currency 
translation -  -  -  -  (32)  (15)  (267)  (314) 
Acquired through 
acquisition 
        
22,407   
                    
4,459   
                    
205   11,376  -  -  -  38,447 
Additions  -  -  29  -  76  -  2,592  2,697 
                 
                 
At 31 December 
2014  38,973  10,240  470  20,280  687  249  7,811  78,710 
                 
Amortisation                 
At 4 November 
2012  -  -  -  -  118  213  1,757  2,088 
Foreign currency 
translation -  -  -  -  5  7  73  85 
Acquired through 
acquisition -  -  -  -  15  -  18  33 
Charged  -  321  7  1,209  99  12  857  2,505 
                 
                 
At 31 December 
2013  -  321  7  1,209  237  232  2,705  4,711 
                 
Foreign currency 
translation -  -  -  -  (10)  (15)  (153)  (178) 
Acquired through 
acquisition -  -  -  -  -  -  -  - 
Charged  -  473  86  1,715  129  4  687  3,094 
                 
At 31 December 
2014  -  794  93  2,924  356  221  3,239  7,627 
                 
Net book value                 
At 31 December 
2014 38,973  9,446  377  17,356  331  28  4,572  71,083 
At 31 December 
2013 16,566  5,460  229  7,695  406  32  2,781  33,169 
 
  accesso Technology Group plc           
48 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Intangible assets (continued) 
    Patent   IPR   Development    
    costs   costs   costs   Totals 
    $000   $000   $000   $000 
Company cost          
At 4 November 2012   395  257  3,410  4,062 
Foreign currency translation  11  7  110  128 
Additions   146  -  972  1,118 
          
At 31 December 2013   552  264  4,492  5,308 
          
Foreign currency translation  (31)  (16)  (267)  (314) 
Additions   59  -  945  1,004 
          
At 31 December 2014   580  248  5,170  5,998 
         - 
Amortisation          
At 4 November 2012   118  213  1,755  2,086 
Foreign currency translation  3  7  51  61 
Charged   81  12  766  859 
          
At 31 December 2013   202  232  2,572  3,006 
          
Foreign currency translation  (10)  (15)  (153)  (178) 
Charged   77  4  733  814 
          
At 31 December 2014   269  221  3,152  3,642 
          
Net Book Value          
At 31 December 2014  311  27  2,018  2,356 
At 31 December 2013  350  32  1,920  2,302 
 
Acquisition of VisionOne Worldwide Ltd.   
On 28 November 2014, the group acquired 100% of the voting equity of VisionOne Worldwide Ltd. 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 28 November 2014 contributed 
by VisionOne Worldwide Ltd. and its subsidiaries was $0.7m and contributed gross profit of $0.18m over the same 
period. 
Had VisionOne Worldwide Ltd. and its subsidiaries been consolidated from 1 January 2014 the consolidated statement 
of comprehensive income would have included revenue of approximately $8.4m and gross profit of $7.7m. Acquisition 
related costs of $0.72m were incurred in relation to this acquisition and are included within administrative expenses 
($0.56m) and finance costs ($0.16m) within the statement of comprehensive income for the period.  
 
 
 
 
 
 
  accesso Technology Group plc           
49 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Intangible assets (continued) 
 
Details of the provisional fair value of identifiable assets and liabilities acquired, purchase consideration and goodwill 
are: 
  Provisional  Provisional  Provisional 
  book value   adjustment   fair value  
  $000  $000  $000 
Identifiable intangible assets        
      Internally developed technology   1,526   9,850   11,376  
      Customer relationships  -  4,459   4,459  
      Trademarks  -  205   205  
Property, plant and equipment   198     198  
Receivables and other debtors  1,656   -  1,656  
Payables and other liabilities  (956)  -  (956) 
Cash   693   -  693  
Deferred tax Liability  (622)  (5,806)  (6,428) 
Total net assets  2,495   8,708   11,203  
       
Cash paid at completion   18,781   -  18,781  
Equity instruments (1,519,364 ordinary shares)  14,610  (1) -  14,610  
Working capital trueup  219  (2) -  219  
Total consideration   33,610   -  33,610  
       
Goodwill on acquisition      22,407  
 
(1) In accordance with IFRS 3 Business Combinations (revised 2008) the consideration paid in shares is based on the 
difference between the share price at the date on which the company obtained control of VisionOne Worldwide 
Ltd and the price determined in the Membership Interest Purchase Agreement for calculating the number of 
shares to be issued to the vendors. Shares are subject to certain lock-up restrictions, namely that one third is fully 
restricted until twelve months after the completion date; a further one third is fully restricted until 24 months 
after the completion date; and the final one third is fully restricted until 36 months after the completion date. 
(2) Not paid at date of these accounts. 
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 fair value uplift of intangible assets recognised will not attract tax deductions under applicable local tax 
jurisdictions. 
 
The net cash outflow in the year in respect of acquisition comprised:  
   Fair Value 
   $000 
Cash paid on completion             (18,781) 
Net cash acquired                    693  
Total cash outflow in respect of acquisition             (18,088)  accesso Technology Group plc           
50 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Intangible assets (continued) 
 
Impairment tests for goodwill 
 
The group is required to test, on an annual basis, whether goodwill has suffered any impairment. The 
recoverable amount is determined based on value in use calculations. The use of this method requires the 
estimation of future cash flows and the determination of a discount rate in order to calculate the present 
value of the cash flows 
 
Details of goodwill allocated to acquired cash generating units (CGU’s) is as follows: 
  2014  2013 
 Goodwill carrying amount   $000  $000 
 Acquired cash generating unit: accesso, LLC & Siriusware, Inc. (CGU 1)   16,566  16,566 
 Acquired cash generating unit: VisionOne Worldwide Limited and its subsidiaries (CGU 2)  22,407  - 
     
 Recoverable amount of CGU's      
 Acquired cash generating unit: accesso, LLC & Siriusware, Inc. (CGU 1)   69,636  14,509 
 Acquired cash generating unit: VisionOne Worldwide Limited and its subsidiaries (CGU 2)  35,704  - 
     
 Excess of recoverable value of CGU above carrying value      
 Acquired cash generating unit: accesso, LLC & Siriusware, Inc. (CGU 1)   29,981  14,509 
 Acquired cash generating unit: VisionOne Worldwide Limited and its subsidiaries (CGU 2)  4,556  - 
 
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. 
Recoverable amounts and excess on CGU’s in 2013 
 
In 2013 the carrying value of the accesso LLC and Siriusware Inc CGUs were appraised separately. This is 
because Siriusware Inc. was acquired on 4 December 2013 and the two CGUs were operating as fully 
discrete entities at that time. 
• accesso LLC’s goodwill carrying amount was $7,672m; its recoverable amount was $18,238m which was 
in excess of the carrying value by $4,125m.  
• Siriusware Inc’s goodwill carrying amount was $8,894m; its recoverable amount and carrying amount 
were materially in line as a result of the close proximity to the year end of the acquisition.   
 
The key assumptions used for value in use calculations in 2014 are as follows: 
  2014  2013 
  CGU 1 CGU 2  accesso Siriusware 
       
Post tax discount rate (%) 9.9 9.9  10.8             11  
Average operating margin (%) 19.3 31.3  19.0 11.8 
Terminal growth rate (%) 3 3  3               3  
Forecast period (years) 8 8  8               5  
 
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.   accesso Technology Group plc           
51 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Intangible assets (continued) 
 
In respect of CGU 1, if any one of the changes indicated below were made to the above key assumptions, 
the carrying amount and recoverable amount would be equal. 
  Per test  Change 
  %  % 
Post tax discount rate 9.9  +8.2 
Average operating margin 19.3  (12.1) 
 
Due to close proximity of the value in use calculation of CGU 2 to its acquisition, 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. 
 
Acquisitions in 14 month period to 31 December 2013 
The fair value of net assets and consideration related to the acquisitions of accesso, LLC and Siriusware, 
Inc. reported in the financial statements for 2013 are unchanged from those provisionally reported. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc           
52 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
 
11. Property, plant and equipment 
    Plant,       
  Installed  machinery and  Furniture  Leasehold   
  systems  office equipment  & fixtures  improvements  Totals 
Group  $000  $000  $000  $000  $000 
Cost           
At 4 November 2012  3,513  551  245  -  4,309 
Foreign currency translation  102  5  7  -  114 
Acquired through acquisition  -  838  198  426  1,462 
Additions  835  236  364  30  1,465 
           
At 31 December 2013  4,450  1,630  814  456  7,350 
           
Foreign currency translation  (257)  (26)  (13)  -  (296) 
Acquired through acquisition  345  1,553  13  561  2,472 
Additions  440  114  271  -  825 
Disposals  -  (5)  (3)  -  (8) 
           
At 31 December 2014  4,978  3,266  1,082  1,017  10,343 
           
Amortisation           
At 4 November 2012  1,361  490  117  -  1,968 
Foreign currency translation  39  10  3  -  52 
Acquired through acquisition  -  515  120  56  691 
Charged  1,033  160  125  30  1,348 
           
At 31 December 2013  2,433  1,175  365  86  4,059 
           
Foreign currency translation  (146)  (22)  (10)  -  (178) 
Acquired through acquisition  184  1,628  7  459  2,278 
Charged  1,031  186  199  42  1,458 
Disposals  -  (4)  (3)  -  (7) 
           
At 31 December 2014  3,502  2,963  558  587  7,610 
           
Net book value           
At 31 December 2014  1,476  303  524  430  2,733 
At 31 December 2013  2,017  455  449  370  3,291 
           
           
Company  $000  $000  $000  $000  $000 
Cost           
At 4 November 2012  3,495  367  237  -  4,099 
Foreign currency translation  99  11  7  -  117 
Additions  708  68  -  -  776 
           
At 31 December 2013  4,302  446  244  -  4,992 
           
Foreign currency translation  (257)  (26)  (15)  -  (298) 
Additions  439  34  -  -  473 
           
At 31 December 2014  4,484  454  229  -  5,167 
           
Amortisation           
At 4 November 2012  1,340  333  109  -  1,782 
Foreign currency translation  39  10  4  -  53 
Charged  984  38  49  -  1,071 
           
At 31 December 2013  2,363  381  162  -  2,906 
           
Foreign currency translation  (146)  (22)  (10)  -  (178) 
Charged  989  34  39  -  1,062 
           
At 31 December 2014  3,206  393  191  -  3,790 
           
Net book value           
At 31 December 2014  1,278  61  38  -  1,377 
At 31 December 2013  1,939  65  82  -  2,086  accesso Technology Group plc           
53 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
12. Investments 
Investment in subsidiaries 
Company       
      $000 
Cost       
At 31 December 2013                              14,935 
Additions                              33,903 
Foreign currency translation                           (890) 
       
       
At 31 December 2014                             47,948 
       
Net book value       
At 31 December 2013                             14,935 
       
At 31 December 2014                            47,948 
       
       
Name  Country of incorporation % 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 
accesso, LLC.  United States of America 100  100 
Siriusware, Inc.  United States of America 100  100 
Lo-Q Limited   United Kingdom   100  100 
VisionOne Worldwide Limited British Virgin Islands 100  100 
VisionOne, Inc.  United States of America 100  100 
VisionOne do Brazil Ltda Brazil  100  100 
VisionOne S.A. de C.V Mexico  100  100 
 
accesso, LLC, Siriusware, Inc. and VisionOne, Inc. are 100% owned by Lo-Q, Inc. VisionOne do Brazil Ltda and VisionOne 
do Mexico Ltda are 100% owned by VisionOne Worldwide Ltd. 
 
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, Siriusware, Inc. and the VisionOne subsidiaries 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. 
Immediately on the acquisition of VisionOne Worldwide Limited the shares of VisionOne, Inc. were transferred to Lo-Q 
Inc. 
13. Inventories 
 
  Group  Company 
  2014  2013  2014  2013 
  $000  $000  $000  $000 
Stock              639                   669                403             332  
Park installation    9                    138             -                136  
                648   807  403  468  accesso Technology Group plc           
54 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Inventories (continued) 
 
The amount of inventories recognised as an expense and charged to cost of sales for the year ended 31 December 2014 
was $1,796,084 (2013: 14 months $251,925). Park installation balances includes equipment installed at a theme or 
water park on a trial basis or during the phase prior to a new or updated operation commencing. 
 
14. Trade and other receivables 
  Group  Company 
  2014  2013  2014  2013 
Current:  $000  $000  $000  $000 
 
Trade debtors             2,885        2,060               43                  82  
Accrued income               1,143            864               50                    -   
Amounts owed by group undertakings                   -                  -        20,150        22,759  
Financial assets             4,028        2,924       20,243         22,841  
         
Social security and other taxes                   -                  -                 -                     11  
Other debtors              1,882            877               33                  35  
VAT                   20               38               35                  43  
Prepayments               1,016             414             217                 110  
   6,946        4,253       20,528        23,040  
 
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 
  2014  2013  2014  2013 
  $000  $000  $000  $000 
Petty Cash  
 
1      2  1      2 
Bank accounts  5,692  5,487  1,308  2,939 
  5,693  5,489  1,309  2,941 
 
16. Trade and other payables 
 
  Group  Company 
Current:  2014  2013  2014  2013 
  $000  $000  $000  $000 
Trade creditors  
 
 1,062  
  425     337   190  
Sundry creditors   776    468   219   -   
Accruals 
 
6,112  4,487  905  651 
Financial liabilities             7,950        5,380          1,461   841  
  
       
Social security and other taxes                   49   5                -               -   
             7,999        5,385          1,461   841  
 
The group financial liabilities are short-term in nature. In the opinion of the directors the book values equate to their 
fair value.  accesso Technology Group plc           
55 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
17. Deferred taxation 
Group   Asset  Liability  
  $000  $000 
At 31 December 2013  6,539   (2,670) 
Foreign currency translation  (154)  129  
Charged to income (see note 7)   90   162  
Charged directly to equity   (779)  3  
Business combinations  -  (6,428) 
     
At 31 December 2014  5,696   (8,804) 
     
Company   Asset  Liability  
  $000  $000 
At 31 December 2013  629   (116) 
Foreign currency translation  93   2  
Charged to income  (35)  82  
Charged directly to equity   (492)  - 
     
At 31 December 2014  195   (32) 
     
Deferred taxation     
The following table summarises the recognised deferred tax asset and liability.    
     
Group   2014  2013 
  $000  $000 
Recognised asset      
Tax relief on unexercised employee share options   831   1,652  
Losses and other deductions  -  30  
Short term timing differences   289   98  
Business combinations   4,576   4,759  
Deferred tax asset  5,696   6,539  
     
Recognised liability      
Depreciation in excess of capital allowances   (1,246)  422  
Business combinations  (7,558)  2,248  
Deferred tax liability   (8,804)  (2,670) 
     
Company      
  2014  2013 
  $000  $000 
Recognised asset      
Tax relief on unexercised employee share options   195   597  
Losses and other deductions  -  30  
Short term timing differences   -  2  
Deferred tax asset  195   629  
     
Recognised liability      
Depreciation in excess of capital allowances   32   116  
Deferred tax liability   (32)  (116)  accesso Technology Group plc           
56 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Deferred taxation (continued) 
Deferred tax assets and liabilities have been measured at an effective rate of 20% and 40% in the UK and US respectively 
(2013: 20% and 40% respectively).  
18. Financial liabilities 
Certain office equipment in one of the group’s properties is classified as a finance lease, and included within the group 
net book value of $2.7m are assets with a net book value of $0.1m held under finance lease arrangements. The 
depreciation charged in the year in respect of these assets was $0.05m. 
Future lease payments are due as follows:  
Group  Minimum 
lease 
payments 
  Interest   Present 
Value 
  $000   $000   $000 
       
Not later than one year 58  10                  48  
Repayable between one and five years 124  10                114  
       
                182                    20                 162  
       
Current liabilities     48 
Non-current liabilities     114 
       
      162 
 
19.  Borrowings 
 
 Group  Company 
 2014  2013  2014  2013 
 $000  $000  $000  $000 
 
Bank loans 
 
20,000 
                
7,500  
  
20,000 
             
7,500  
 20,000                 7,500   20,000            7,500  
 
On 7 November 2014 the group entered into an amendment and restatement agreement with Lloyds Bank plc in 
relation to a Revolving Loan Facility dated 4 December 2013. The amended facility includes a borrowing rate of 1.75 
per cent above three month LIBOR on funds subject to drawdown and a commitment rate of 0.7 per cent on funds not 
drawndown. The facility is US dollar denominated and has been secured on accesso’s assets and intellectual property 
in the US and UK. The carrying value of these borrowings approximate to the fair value. 
The maximum available for drawdown through to its expiry on 31 December 2017 are as follows: 
 7 November 2014 to 31 October 2015: $29m 
 1 November 2015 to 31 October 2016: $22m 
 1 November 2016 to 31 December 2017: $8m 
 
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. 
The costs incurred in refinancing this facility are detailed in note 5.  accesso Technology Group plc           
57 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
20. Called up share capital 
 
 2014  2014  2013  2013 
Ordinary shares of 1p each Number  $000  Number  $000 
        
Opening balance   20,203,011             335     17,528,960               282  
Foreign currency translation                  -               (20)                   -                    8  
Issued for acquisitions     1,519,364               24       2,275,376                 38  
Issued in relation to exercised share options        202,162                 3          398,675                   7  
        
Closing balance   21,924,537             342     20,203,011               335  
 
On 28 November 2014, the group issued 1,519,364 shares, with a nominal value of $23,686, in respect of the 
acquisition of VisionOne Worldwide Ltd., with a fair value of $14.6m ($9.62 per share). Shares are subject to certain 
lock-up restrictions, namely that one third is fully restricted until twelve months after the completion date; a further 
one third is fully restricted until 24 months after the completion date; and the final one third is fully restricted until 36 
months after the completion date. 
Also, during the period 202,162 shares, with a nominal value $3,152, 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. 
Included in the called up share capital are 853,818 treasury shares registered in the name of Lo-Q (Trustees) Limited, a 
wholly owned subsidiary of company on behalf of the Lo-Q Employee Benefit Trust. 
Share option schemes 
At 31 December 2014 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 
  47,235  24 June 2013 to 23 June 2021  179p 
  102,629  30 November 2014 to 29 November 2022  323.5p 
  26,000  25 April 2015 to 25 April 2023  600p 
  19,500  23 January 2017 to 22 January 2024  697.5p 
US Scheme  40,000  (1)  57.5p 
  160,000  10 March 2012 to 9 March 2021  (2)  156p 
  32,370  24 June 2013 to 23 June 2021  179p 
  18,460  30 November 2014 to 29 November 2022  323.5p 
  15,000  26 March 2014 to 25 March 2022  292.5p 
  171,000  25 April 2015 to 25 April 2023  600p 
  180,000  23 January 2017 to 22 January 2024  697.5p 
UK unapproved Scheme   110,000  10 March 2012 to 9 March 2021  156p 
  30,400  25 April 2015 to 25 April 2023  600p  
Long term incentive plan  182,206  8 July 2017  -p (3) 
  40,400  27 October 2017  -p (3) 
 
(1) Options vested in three equal tranches on the 25 June 2010, 2011 and 2012 and expire on the 10th anniversary of the 
grant. 
(2) Options may only be exercised when the share price is above £1.82. 
(3) Vesting is conditional on achievement of certain market based conditions.  accesso Technology Group plc           
58 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
21. 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. 
Merger: The merger reserve, which arises on consolidation, represents the difference 
between the fair value and nominal value of shares issued on the acquisition of 
subsidiary companies where the company has elected to take advantage of 
merger relief. 
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 
US dollars. 
 
22. Pension commitments 
The group operates a defined contribution pension scheme in the UK and US. 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 $315,416 (2013: $212,443). Contributions amounting 
to $38,990 (2013: $nil) were payable to the fund and are included in creditors. 
23. Related party disclosures 
Ultimate controlling party 
There is no ultimate controlling party. 
Subsidiaries 
The company has outstanding balances and transactions with its subsidiaries as set out below: 
   Outstanding balances Transactions in year 
   2014 2013  2014 2013 
   $000 $000  $000 $000 
        
Lo-Q, Inc. 15,627 19,846  6,040 6,228 
Lo-Q Service Canada Inc 708 705  151 172 
Lo-Q (Trustees) Limited 2,076 2,208  - - 
accesso, LLC 383 -  401 - 
VisionOne Worldwide Limited 1,578 -  - - 
VisionOne, Inc. (222) -  - - 
        
   20,150 22,759  6,592 6,400 
 
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 $23,000 (2013: $46,360) of which $Nil (2013: $4,142) 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 $44,080 (2013: $46,360) of which $3,673 (2013: $4,142) was outstanding at the 
year end.  accesso Technology Group plc           
59 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Related party disclosures (continued) 
Matt Cooper, an accesso Technology Group plc director, invoiced the company in respect of directors fees $44,080 
(2013: $46,360) of which $3,673 (2013: $4,142) was outstanding at the year end. 
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 $56,382 (2013: $38,260) in respect of marketing services of which $3,818 (2013: 
$11,596) was outstanding at the period end. 
All of the above outstanding amounts are included within trade creditors. 
Key management compensation 
The key management of the company staff are considered to be the directors and their remuneration is as follows: 
 
  2014 
12 months 
 2013 
14 Months 
  $000  $000 
Directors remuneration  1,761   1,803  
Director's contribution to retirement scheme  69   74  
Employer’s social security costs  221   128  
Share based payments  41   12  
  2,092   2,017  
  
Included in employer’s social security costs is an amount of $72,000 related to the exercise of unapproved share options 
by directors. (2013: $nil) 
 
24. Share-based payment transactions 
Equity settled share option schemes 
 
For details of share option schemes in place during the period see note 20. Details of the number of share options and 
the weighted average exercise price (WAEP) outstanding during the period are as follows: 
 
 2014  2013 
 Number  WAEP (pence)  Number  WAEP (pence) 
Outstanding at beginning of year                     977,159   
                         
284.56   
          
1,019,944   
                             
115.79  
Granted during the year                    246,750   
                         
697.50   
             
413,772   
                            
498.51  
Exercised during the year (202,162)  
                          
127.59   (398,675)  
                              
73.28  
Leavers, lapsed & other  (66,153)  
                         
609.28   (57,882)  
                           
295.38  
        
Outstanding at end of the year              955,594                395.56          977,159                  284.56  
Exercisable at the end of the year                    528,694   
                          
193.69   
            
590,049   
                            
140.85  
        
Weighted average share price at date of exercise for share 
options exercised during the year: 
                         
745.39     
                           
584.88  
  accesso Technology Group plc           
60 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Equity settled share option schemes (continued) 
 
The exercise price of options outstanding at 31 December 2014 range between 57.5p and 697.5p (2013: 57.5p and 
600.0p) and their weighted average contractual life was 7.5 years (2013: 9 years). 
The weighted average share price at the date of exercise for share options exercised during the period was £7.45 (2013: 
£5.85). 
 
The fair values were calculated using the Black-Scholes valuation method. The inputs to the model were as follows: 
 2014  2013 
Weighted average share price (pence)         745.39             584.88  
Expected volatility %            31.00                38.00  
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 group’s 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. 
Long term incentive plan 
In addition to the above share options, the group has granted conditional share awards over 222,606 shares under the 
accesso Technology Group 2014 Long Term Incentive Plan which was approved by shareholders on 27 May 2014. 
On 8 July 2014, the company granted conditional share awards (“Awards”) over 182,206 ordinary shares of 1 penny 
and on 27 October 2014, the Company granted Awards over 40,400 ordinary shares of 1 penny. 
The Awards vest three years from the date of grant and are required to be held for a further six months and are subject 
to certain performance conditions relating to the achievement of compound share price growth rates from a share 
price of 528.25p per share over the vesting period. 100% of the shares pursuant to the Award shall vest and the award 
shall be exercisable in full if the average share price (“ASP”) during the thirty days prior to 8 July 2017 (“the Test Date”) 
is 803.40 pence or more. 
The Awards shall vest and become exercisable in respect of 30% of the shares comprised in it if the ASP is 748.37 pence. 
Between ASP of 748.37 and 803.40 pence, the Award shall vest and become exercisable on a straight line basis between 
30% and 100%. 
The Awards shall not vest at all if the ASP is less than 748.37 pence. No consideration will be paid for the conditional 
shares upon their vesting 
The fair values of the Awards at the dates of grant were calculated using the Monte Carlo statistical modelling approach 
to reflect the market conditions within the Award conditions. The inputs to this model were as follows: 
    
 2014  2013 
Expected volatility (%)         32.00                         -   
Expected life years            1.00                         -   
Risk free rate (%)           0.89                         -   
Dividend yield (%)                  -                          -    accesso Technology Group plc           
61 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
25. Notes to cash flow 
 
Reconciliation of profit before tax to cash generated from operations 
 
  2014  2013 
  12 Months  14 Months 
Group  $000  $000 
     
Profit before tax  5,129  3,242 
Depreciation and amortisation charges     
    Tangible fixed assets (excluding fnance leases)  1,411  1,348 
    Development costs  687  857 
    Acquired intangibles  2,273  1,537 
    Finance leased assets  48  - 
    Other intangibles  133  111 
Share based payment  353  186 
Foreign exchange  445  (206) 
Finance costs  344  250 
Finance income  (2)  (14) 
  10,821  7,311 
Decrease/(Increase) in inventories  159  (73) 
(Increase)/Decrease in trade and other receivables  (2,430)  146 
Increase in trade and other payables  2,090  382 
     
Cash generated from operations  10,640  7,766 
     
     
  2014  2013 
  12 Months  14 Months 
Company  $000  $000 
     
Profit before tax  1,620  1,195 
Depreciation and amortisation charges     
    Tangible fixed assets  1,062  1,071 
    Development costs  733  766 
    Other intangibles  81  93 
Share based payment  323  169 
Foreign exchange  (1,388)  267 
Finance costs  332  (86) 
Finance income  (2)  14 
  2,761  3,489 
Decrease/(Increase) in inventories  64  (175) 
Decrease/(Increase) in trade and other receivables  2,505  (15,116) 
Increase in trade and other payables  627  79 
     
Cash generated from operations  5,957  (11,723) 
 
 
   accesso Technology Group plc           
62 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2014  
Notes to cash flow (continued) 
 
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. 
  2013  Cash Flow  Exchange 
movement 
  2014 
Group  $000  $000  $000   $000 
         
Cash in hand & at bank  5,489  (241)  445  5,693 
         
  5,489  (241)  445  5,693 
         
  2013  Cash Flow  Exchange 
movement 
 2014 
Company  $000  $000  $000  $000 
         
Cash in hand & at bank  2,941  (244)  (1,388)  1,309 
         
  2,941  (244)  (1,388)  1,309 
 
26. Commitments under operating leases 
Total of future minimum operating lease payments under non-cancellable operating leases: 
 2014  2013 
Group $000  $000 
    
Land & buildings    
Less than one year 813  432 
Within 2 to 5 years 1,730  1,194 
 2,543  1,626 
Other    
Less than one year 98  117 
Within 2 to 5 years 24  227 
 122  344 
    
Company    
    
Land & buildings    
Less than one year 104  113 
Within 2 to 5 years -  110 
 104  223 
Other    
Less than one year 30  53 
Within 2 to 5 years 24  36 
 54  89 
 
Operating leases within ‘Land & buildings’ include the leases of company and group offices. Leasing arrangements from 
the respective lessors can be viewed as standard.