Registered number 03959429 
 
 
 
 
 
 
 
 
 
  
accesso Technology Group plc 
 
2015 Annual report and financial statements  
 
 
   accesso Technology Group plc 
1 
 
Contents of the consolidated financial statements 
for the financial year ended 31 December 2015 
 
 
 
 Page 
Company information 2 
  
Introduction and key financial highlights 3 
  
Chairman's statement 5 
  
Chief Executive Officer s statement 6 
  
The board of directors 11 
  
Strategic report 13 
  
Report of the directors 15 
  
Report of the independent auditors to the members of accesso Technology Group plc 22 
  
Consolidated statement of comprehensive income 23 
  
Consolidated statement of financial position 24 
  
Company statement of financial position 25 
  
Consolidated statement of cash flow 26 
  
Company statement of cash flow 27 
  
Statement of changes in Group equity 28 
  
Statement of changes in company equity 29 
  
Notes to the consolidated financial statements 30 
  
 
 
 
 
   accesso Technology Group plc 
2 
 
Company information 
for the financial year ended 31 December 2015 
 
 Directors: John Weston, Non-Executive Chairman 
  John Alder, Executive 
  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 5, 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 2015 
 
Financial Highlights   12 months ended      12 months ended      
  31 Dec 15   31 Dec 14     
     (audited)      (audited)     Change  
     $m     $m      
 Revenue                    93.2                 75.1   +24.1% 
 Adj EBITDA (i)   15.2                11.0   +38.2% 
 Adj operating profit (ii)   12.6                   8.7   +44.8% 
 Profit before tax  7.2                   5.1   +41.2% 
Cash generated from operations  14.7  10.7  +37.4% 
       
 Net debt (iii)  9.4                14.3   (34.3%) 
       
 Adjusted Earnings per share  basic (cents) 
(iv)  
  40.96              30.81    +32.9% 
Earnings per share  basic (cents)  24.47  18.49  +32.3% 
 
(i) Adjusted EBITDA is defined as operating profit before the deduction of amortisation, depreciation, acquisition costs and costs 
related to share based payments 
(ii) Adjusted operating profit is defined as operating profit before the deduction of amortisation related to acquisitions, acquisition 
costs and costs related to share based payments 
(iii) Net debt is defined as borrowings less cash and cash equivalents 
(iv) Earnings used in the adjusted earnings per share calculation is defined as PBT before the deduction of amortisation related to 
acquisitions, acquisition costs and costs related to share based payments, less tax at the effective rate   
Operational Highlights 
 
accesso LoQueue
SM
  Higher volumes and intelligent selling drive growth 
o Total guest revenue up 16.6% year-on-year 
o Improved sales execution and optimised pricing drives an average revenue per guest improvement of 4.1% year-on-
year 
o Key contract wins included an expansion with Blackpool Pleasure Beach, an agreement for Qbot
sm 
with a major North 
American theme park and a five-year contract for Qsmart
sm
 at the Movie Animation Park Studios in Ipoh, Malaysia 
 
accesso Passport®  Contract wins and product improvements extend market leadership and enhance growth platform 
o Year-on-year volume growth of 20.5%. Mobile volumes up 159%, now representing 24% of total (2014: 11%) 
o Transformative agreement with Merlin Entertainments Group Ltd to install accesso Passport across Merlin s entire 
estate 
o Other notable wins include the One World Observatory at the One World Trade Centre in New York, Navy Pier in 
Chicago, and a 3 year contract extension with Cedar Fair Entertainments 
 
Accesso Siriusware
sm
  Technology enhancements delivering new business momentum   
o 13 new contract wins during the year including Taos Ski Valley, Brooklyn Museum of Art, The Asian Art Museum and 
the Black Ball Ferry Line 
o Blackpool Pleasure Beach is now accesso Siriusware s first European client; the second client globally to feature a same-
site integration of accesso LoQueue and accesso Siriusware 
o Improved technology enhances best-in-class guest-management solution  
 
ShoWare®  Successfully integrated, adding value and performing well  
o First full year after acquisition characterised by strong growth, reflecting quality of the asset and speed of integration  
o Performance in line with expectations despite currency headwinds from key markets in Brazil and Mexico  accesso Technology Group plc 
4 
 
Operational Highlights (continued) 
 
o 68 new contracts won in the year demonstrates demand for the solution and its potential 
o First live customer integrations with Siriusware and Passport complete  
 
Post Period-End  Landmark Six Flags extension a transformative moment for our Group 
o Strong momentum continues across all lines of business 
o accesso LoQueue extension of its ticketing and queuing partnership with Six Flags Entertainment Corporation through 
2025, underscores the value of our offering and confidently underpins future earnings projections  
o Significant continued momentum in sales to mobile devices 
o Successful debt refinancing completed 
 
Directorate Change 
 
Leonard Sim, who developed and prototyped our very first queuing solution in 1998 and who subsequently founded Lo-Q in the 
year 2000, has announced his retirement from the Group s board of directors with immediate effect.  Leonard has made an 
outstanding contribution to our business  not just over this year, but since the Group s very first days of operation.  He steps 
down from the Board today, but will remain with the Group as an employee as we move forward with our growth plans.  All of 
us at today s strong, successful and global accesso owe Leonard a significant debt of gratitude: not just for his original bright 
idea , but for the energy and passion with which he has pushed that idea forward. The board of directors has no immediate plans 
to recruit a replacement, but will keep the situation under review. 
 
Commenting on the results, Tom Burnet, Chief Executive of accesso, said:  
 
 2015 was another strong year for accesso, across every part of our business.  We have devoted considerable time, investment 
and technical attention to our product suite over the past twelve months.  The rewards of those efforts are now starting to show 
through financially, operationally and in the quality of conversation we are able to have with our customers. It gives me huge 
pleasure that those conversations have led to 92 new accounts comprising between them over 200 new venues being added to 
our customer base during the year.  
 
The clearest signal of our progress lies not in the numbers, and not even in the many achievements of the year in review.  Rather, 
I would urge people to look at the significant, long-term trust that both Merlin and Six Flags have placed in us over the last six 
months. To select a partner for one year, even two is a big step to take.  To select a partner for seven or even ten years, however, 
is quite a vote of confidence in our technology and our team  and it is this which underpins my confidence in 2016 and the years 
ahead of us. 
 
 
 
 
   accesso Technology Group plc 
5 
 
Chairman s statement 
 
A bolder, bigger and better accesso 
 
2015 has been another year to remember for accesso. Our industry continues to change at a rapid pace, but new challenges have 
been met and overcome, and new opportunities have been seized. The measure of our response to these challenges is reflected 
not only in our financial performance, but also in the quality of our reputation which continues to grow. Our efforts have taken 
us from a helpful supplier, and transformed the Group into a trusted, talented and innovative partner.  
 
The Group s financial performance has been strong this year, achieving adjusted operating profit of $12.6m. We have further 
integrated our acquisitions, cross-sold between business lines and grown our revenues, profits and earnings per share. We 
continue to deepen our presence within our existing customer base, renewing numerous contracts, often incorporating added 
services and extended terms. We share a belief with our clients that outstanding customer experience is the key to success and 
are as committed as ever to providing them with the most sophisticated technology solutions in pursuit of that aim.  
 
During the year we have also advanced our progress in new strategic areas for the Group.  Sports stadia, museums and cultural 
sites have joined our more traditional attractions and snow sports clients in increasing number, proving the value of the 
acquisitions we have made. We have always sought to recognise the commonalities rather than the differences among the venues 
we serve, and this approach has enabled us to develop solutions for numerous vendors with varying requirements, all of which 
strengthen our brand and increase our market opportunity.  
 
A trusted partner 
 
In 2015 we have deepened our relationships with many of the leading players in our industry. In particular, our important 
agreement with Merlin reflects a level of confidence and trust in accesso that marks a significant inflection point in the Group s 
history. We have worked hard to build a company with a particular set of values, which can grow with its clients and share in their 
successes. This deal, as well as the extensions of our existing agreements with Cedar Fair Entertainment and post period-end with 
Six Flags Entertainment, prove the effectiveness of this approach, and gathered together suggest a watershed moment has been 
reached. 
 
I have said before that perhaps the strongest signal of our strength is the success of the customers we serve. We can be proud of 
the trust they have placed in us, and of the fact that our technology is an important constituent of their success. 
 
Investing in execution and innovation 
 
Our challenge now is to extend the market leadership position we hold. Knowing that the longevity of our business is determined 
by the quality of the technology we sell, we remain committed to upgrading the core functionality of our products on an ongoing 
basis. We continue to invest heavily in the business to ensure we stay ahead of our competition, and while our landmark 
agreement with Merlin Entertainments has provided the impetus for a significant scaling of our operations, we have no intention 
of pausing in our ambition to remain the very best technology vendor to the markets we serve.  
 
Our team 
 
Results like those presented here are not achieved without hard work.  In every area of our business, our teams have worked 
tirelessly this year on some of the biggest projects in the organisation s history.  They have risen to those tasks and delivered an 
outstanding result.  On behalf of the entire Board I say thank you to them.  I would also like to add my personal thanks to Leonard 
Sim who leaves our Board today.  Leonard has not only played a key role in developing our firm, but can also proudly claim to be 
one of the original architects of virtual queuing and the industry we now lead.  
 
Looking ahead 
 
We have entered 2016 with something of a spring in our step. With some significant successes under our belt and a clear idea of 
where our focus this year needs to rest, I look forward to the coming year with confidence.  
 
 
John Weston 
Non-Executive Chairman  
   accesso Technology Group plc 
6 
 
Chief Executive Officer s statement 
 
Operational Review 
 
For some time now, accesso has been pursuing a strategy to deliver sustainable, repeatable revenue growth through both 
acquisitive and organic means. During 2015, we saw accesso s balanced, diverse and complementary portfolio of businesses 
continue to mature as one company, and continue to deliver on the promise that first drove its composition.  
 
Behind the scenes there has been a great deal of time spent harmonising the systems, processes and day-to-day procedures that 
we rely on to run our business.  Our approach to integrating acquisitions, where we carefully get to know our new colleagues, 
their technology and customers over time before implementing change, continues to pay off and we now have a business which 
relies on the best practice we can find across all of our antecedents.  I believe that the feeling of one company is an important 
one.  It allows us to stand a little taller, think a little bigger and importantly invest a little more deeply to ensure we maintain and 
extend our leading market position. 
 
A key reference point for this was the July 2015 agreement with Merlin Entertainments Group Ltd.  To be trusted to serve a 
business of Merlin s global scale is a particular honour and one which the whole company is proud of, and working hard to deliver. 
All accesso clients, current and future, will feel the benefit of those efforts as we improve our ability to serve new markets, 
countries and languages together with their rapidly evolving consumer demands. 
 
But we are not finished yet. The Group continues to challenge itself and develop its technological expertise. We continue to trial 
our queueing technology for entirely queueless parks, and constantly evaluate our portfolio to ensure we can deliver the best 
available solutions to our customers and their guests. Now, as we start not just a new year but a new decade with Six Flags, our 
focus on innovation and execution will grow even sharper still.   
 
accesso LoQueue 
 
This year has been a successful one for our queueing products with total guest revenue up 16.6% year-on-year.  A number of 
factors helped this, not least good weather helping to deliver strong attendance growth. Other key value drivers have been the 
work we have done on pricing, staff training and the in-park retail experience for guests.  Our pricing strategy has shifted the 
revenue mix making the product entry price point more attractive whilst increasing premium pricing. This has delivered strong 
overall growth while reducing reliance on premium product sales which fell as a proportion of total sales. We have also continued 
to experiment with more demand led pricing based on expected attendance. 
 
Notable other events in the year included the formalisation of our Memorandum of Understanding with the Movie Animation 
Park Studios (MAPS) in Malaysia for the use of Qsmart
sm
, and the installation of our Qbot
sm
 solution at LEGOLAND California. The 
MAPS agreement will go live later in 2016, and take accesso LoQueue into the important Asian market for the first time.   
 
accesso LoQueue s success in 2015 demonstrates its ongoing value to the Group. With an increasing focus on the cross-and 
upselling opportunities that exist within accesso, our queuing solutions continue to provide a key entry-point and a firm 
foundation from which we can offer more comprehensive services to our clients.   
 
accesso Passport 
 
2015 has also been strong for accesso Passport, which continues to emerge as the market leading cloud-based general admission 
ticketing platform.  Our entirely revamped Shopland 5.0 platform has delivered significant new business to the Group and proven 
our ability not just to capitalise on the mobile opportunity but to actually help shape how mobile commerce in all of our markets 
is evolving. 
 
We believe that having a world class ecommerce capability is increasingly important for all of our customers. To be able to 
appropriately cross and upsell products to consumers whilst they shop is vital to maximise the revenue opportunity in any single 
customer interaction. We also know that the best way to engage with guests is to ensure the shopping experience is customer-
centric: they must be able to shop in comfort, in their own time, and on any device they choose. With these factors in mind, we 
have developed a one-of-a-kind solution designed with mobile customers at its centre and it is that expertise which is at the heart 
of our accelerating growth.  
 
The impact of this approach can be seen in the increasing number of transactions taking place in the accesso Passport ecosystem 
each year. In 2015, ticketing volumes were up 20.5% year-on-year, while mobile volumes increased 159% year-on-year and now   accesso Technology Group plc 
7 
 
Chief Executive Officer s statement (continued) 
 
represent 24% of our total (2014: 11%). These figures reflect accesso Passport s ability to create significant value for operators, 
which then flows through to the Group as a result of our transaction based business model.  
 
That promise of value continues to generate new business for the Group, with a number of significant contracts signed in the 
year. Key moments included an agreement with the One World Observatory at the newly opened One World Trade Centre in 
New York City, as well as three-year agreements with both Chicago s Navy Pier and Tennessee s Nashville Zoo at Grassmere. In 
March, we were also able to announce a three-year extension to our existing agreement with Cedar Fair Entertainment, another 
of accesso s long-term partners and one of the world s largest attractions operators, each of whom contribute to the significant 
underpinning of our forward revenue visibility. Our ability to generate and sustain these durable relationships is a mark of the 
quality of our products and their central place in our customers operations.  
 
Lastly, this year has seen the start of our Merlin rollout, as we begin the process of installing accesso Passport across Merlin s 
global estate. This will see accesso expand into new geographies and scale rapidly, benefitting from a year of investment in the 
operational capacity of our business. To date we have installed at nearly thirty venues, mostly in the United States and London 
with pleasing early feedback.  2016 will see us install widely across Europe, Australia and New Zealand, to be followed in 2017 by 
their Asian locations.   
  
accesso Siriusware 
 
2015 was also a landmark year for accesso Siriusware, achieving thirteen new contract wins in the period for its enhanced point-
of-sale and guest management software and delivering on the promise at the time of its acquisition of stepping in to the European 
marketplace. Financial performance was equally as impressive, with a significant improvement in contribution achieved since the 
acquisition in late 2013. 
 
The variety of those thirteen contract wins underscores accesso Siriusware s versatility, winning business in areas as diverse as 
the Taos Ski Valley resort, the Brooklyn Museum of Art, the Black Ball Ferry Line and The Whitney Museum now located in its 
impressive new headquarters in New York City. Each of these operators has a very different attraction proposition  but for all of 
that diversity, there is a common need that all of them share which is the need to provide a high-quality user experience to 
guests. Using accesso Siriusware, they can achieve this by tracking guest rentals, purchases, reservations, loyalty information and 
much more using its customisable modular software solutions. 
 
During the year, Blackpool Pleasure Beach also became accesso Siriusware s first European client, adopting the service as part of 
the contract that also extended its agreement to utilise accesso s queueing solutions. This sale marked an important 
strengthening of accesso s relationship with an historic UK venue, and is a useful example of our portfolio s complementary 
nature. Deals of this nature embed accesso at the heart of a venue s operations, and exemplify the Group s ability to maximise 
existing opportunities as well as capitalise on new ones.  We have also continued to invest in the product, making some significant 
functional enhancements and expanding API capabilities allowing deeper integration with accesso Passport. 
 
accesso ShoWare 
 
2015 was ShoWare s first full year as a part of accesso. Having bedded down quickly and proven its ability to generate 
transactional and repeatable revenue for the Group, performance was in line with expectations despite challenging currency 
dynamics in Brazil and in Mexico where the business performed particularly strongly. 
 
Now fully integrated into the Group, ShoWare is helping accesso address a large market of assigned-seat venues in previously 
untapped geographies and verticals.  The ShoWare platform allows venues to manage all aspects of their advanced ticket sales, 
with options for call centre ticket sales, mobile ticketing, online ticketing and social ticket sales through Facebook pages. Unlike 
accesso Passport, ShoWare is operated by vendors themselves, allowing them the flexibility and control to maximize profits in 
the way that suits them best.  During the year, ShoWare continued to invest heavily in the platform with notable firsts like the 
launch of a fully responsive shopping cart. 
 
Importantly, 2015 has seen ShoWare prove itself capable of rapidly acquiring new contracts, with 68 announced in the year. 
New clients crossed a number of verticals but range from the Hard Rock Casino in Lake Tahoe to an existing Siriusware 
customer, Longwood Gardens, now also using ShoWare, to selling out concerts for Rod Stewart and Ed Sheeran in Brazil. 
 
  accesso Technology Group plc 
8 
 
Chief Executive Officer s statement (continued) 
 
This level of client acquisition demonstrates both a keen appetite for the solution and the helpful leverage it has gained as part 
of the accesso family.  
 
Starting as we mean to go on 
 
Beyond the period-end, all business lines are showing good momentum. The most notable achievement thus far has been the 
extension to our existing agreement with Six Flags Entertainment Corporation, the world s largest regional theme park 
company, to continue providing our queuing and ecommerce solutions across its parks until 2025. This win is a further example 
of accesso s ability to establish long-term relationships that provide excellent future revenue visibility. The start of the year has 
also seen ShoWare sign 16 new contracts, accesso Siriusware sign four new contracts. 
 
Financial Review 
 
These results represent another good year for accesso, notwithstanding the significant investment made in the first half ahead 
of our securing the Merlin contract. We have delivered performance comfortably in line with expectations, and look forward to 
another strong year in 2016.  
 
Key financial metrics 
 
2015 was the year in which accesso began to see the dual-benefit of its diversified geographical footprint and versatile product 
portfolio. Weather conditions were generally better than last year, but the increasingly global nature of our business and its 
capacity to serve a wider variety of venues provides a degree of balance that increases robustness across the seasons.  
 
Revenue for the 12 months ended 31 December 2015 of $93.2m increased by $18.1m (24.1%) when compared to the 12 month 
period ended 31 December 2014 and benefited from a full 12 months of Showare revenues (2014: One month) combined with 
good organic growth. Gross profit margin at 49.4% in 2015, compared to 42.6% in 2014, principally reflecting the increased 
proportion of higher margin ticketing revenue in 2015.  
 
Administrative expenses in the business, ignoring share based payments and amortisation related to the acquisitions, were 
$33.6m in the 12 months ended 31 December 2015, which represented an increase of 41% on 2014. This included a full year of 
Showare expenditure but also demonstrates the significant investment in our development and customer facing teams 
throughout the year in anticipation of new business growth and in particular related to the Merlin agreement. 
 
Adjusted operating profit, which the board considers a key underlying metric, for the 12 months ended 31 December 2015 was 
$12.6m and this equates to 44.8% growth when compared to the 12 month period ended 31 December 2014. 
 
Profit before tax of $7.2m increased by $2.1m from $5.1m (41.2%) on the 12 month period ended 31 December 2014.  
 
Earnings per share (basic) at 24.47 cents for 2015 increased by 5.98 cents (32.3%) on the 12 months ended 31 December 2014. 
 
These results reflect the manifestation of a mature and well-aligned Group, deriving profitability from supportive businesses 
offering distinct but related services to complementary markets. The majority of revenues and expenditure continue to be US 
dollar denominated and the impact of currency movements on revenues or profit before tax is not material.  
 
Debt refinancing and cash flow 
 
To prepare the Group for the next stage in its development we renewed and extended our banking facility with Lloyds Bank on 
14 March 2016. The extended facility allows the Group a drawdown facility of $25m, with no step downs, plus an additional $10m 
for potential M&A investments, at an improved drawdown rate of 1.35% above LIBOR and an improved commitment rate. The 
renewed facility terminates on 14 March 2019 with the possibility for this to extend for a further 12 months. 
 
Cash generated from operations at $14.7m for the 12 months ended 31 December 2015 was 37.4% better than the 12 month 
period ended 31 December 2014 and represents a cash conversion from adjusted EBITDA of 96.7% (2014: 97.3%). 
 
Purchases of intangible fixed assets, which substantially represents capitalised development expenditure, was $6.2m in the 
period (2014: $2.7m) and reflected a full year of Showare expenditure together with significant investments across our product   accesso Technology Group plc 
9 
 
Chief Executive Officer s statement (continued) 
 
portfolio as we look to support global deployment and enhancement of our mobile offering. We see product investment as key 
to remaining innovative and market leading and do not expect expenditure on development to reduce in 2016. 
 
Other fixed asset additions at $1.8m (2014: $0.8m) increased principally due to the installation of our Qbot
sm
 solution at 
LEGOLAND California and further enhancement s to the accesso LoQueue in-park retail locations at specific locations. 
 
Our closing net debt balance of $9.4m (2014: $14.3m) represents 62% (2014: 130%) of current year adjusted EBITDA, was ahead 
of our expectations, notwithstanding the increased product investment and the board believes that the company remains in a 
strong financial position at the period end. 
 
Tax 
 
When we announced our interim results, we indicated an underlying annual effective rate of 28%. The full year rate at 25.6% is 
in line with this guidance and includes a 2% benefit in respect of 2014.  
 
The Group continues to review and implement opportunities for maintaining or lowering its effective rate, while mindful of the 
fact that the majority of taxable income will continue to be generated in markets with significantly higher headline tax rates than 
the UK. 
 
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 and complementary M&A. 
 
IP Protection 
 
The Group continues to seek opportunities to make best use of its intellectual property. As announced during the period, we 
have appointed Dominion Harbour Group to develop and implement a campaign for an element of the Group s IP portfolio in 
market verticals not served by accesso. We are pleased with the progress made in this area, and remain committed to defending, 
monetising and expanding our IP.  
 
Revenue Visibility 
 
The Group has historically operated via agreements that offer repeatable, transactional revenue streams that fully align us with 
our customers interests. A key element of our M&A activity has been to build on this model, allowing us the luxury of looking 
forward with increasing levels of confidence in our future revenue. While we are clear that these agreements do not formally 
offer guaranteed recurring revenue, the Board gains considerable assurance that our contracted agreements offer growth 
opportunities across their respective terms. 
 
Broadly, we would expect approximately 85% of our full year revenue stream to be repeatable and transactional in nature, with 
a further 6% repeatable from ongoing support agreements with the licensed element of our customer base.  The balance is largely 
unrepeatable in nature and split between custom client work and software license sales. 
 
This combined with the long term nature of many newly signed or extended agreements in 2015 and post period end, together 
with a low level of attrition of those customers on shorter term agreements, now allows us to look out several years with 
substantial confidence at our revenue expectations. To put this into context, the Board estimates that contracted arrangements 
already in place with our top 5 customers alone will generate 60% to 70% of total Group revenues, for each respective year, 
through to at least 2022. This clearly allows the opportunity to out-perform future revenue expectations by delivering further 
new business.   
 
Summary and Outlook for 2016 
 
accesso has started 2016 in good order. We have an exciting new business pipeline and can rest assured that the opportunity in 
both ticketing and queuing is significant well beyond our current level of business. Operationally, we continue to develop our 
products to ensure they are ready to meet the challenges of tomorrow.  In 2015 we spent well over ten percent of our Group s 
revenue on their development and would expect the figure to be similar in 2016.  accesso Technology Group plc 
10 
 
Chief Executive Officer s statement (continued) 
 
The success and longevity of that development process is owed largely to an important dynamic within our cloud-based ticketing 
systems, accesso Passport and ShoWare, whereby every customer s unique set of functionality requirements ensures a direct link 
between new customer acquisition and subsequent product improvement. Where new client functionality requirements don t 
already exist within our systems, we incorporate them into our products on a non-exclusive basis so they can be shared by all 
accesso users. This mutually beneficial approach to product development allows us to build exceptionally well specified products 
and, as demonstrated, become a trusted long-term partner for our customers.  
 
Looking ahead, the Board is full of confidence in our prospects for the remainder of 2016. All the necessary elements are now in 
place to accelerate growth; we have the right team, a uniquely differentiated offering and the hunger to make the best of both. 
We are full of belief that the start we ve made will translate into a good year for accesso, extending our lead as the premier 
technology solutions provider to leisure, entertainment and cultural markets.   
 
Tom Burnet 
Chief Executive Officer 
   accesso Technology Group plc 
11 
 
The board of directors 
for the financial year ended 31 December 2015 
 
John Weston, Non-executive Chairman 
 
John Weston joined accesso in 2011 and serves as the Non-Executive Chairman of the Board. Prior to joining, he served as the 
Chief Executive of British Aerospace and BAE Systems 1998 to 2002, at which time it was a £12.5 billion business employing more 
than 120,000.  
 
Weston brings vast experience in the electronics and technology industries and in addition to accesso, he currently chairs several 
other companies including Fibercore PLC, Windar Photonics PLC, Pro-Drive Composites and Brittpac PLC.  
 
Previously, Weston served on the board of directors for MB Aerospace, AWS Electronics, Torotrak, Acra Control, Ufi Charitable 
Trust and Ufi Ltd.  
 
Weston also serves as a member of accesso s audit and remuneration committees. 
 
John Alder, Chief Financial Officer 
 
John Alder joined accesso in 2008 and is the Chief Financial Officer for the company.  He is a Chartered Accountant who qualified 
with Coopers and Lybrand (PricewaterhouseCoopers) and brings expertise in finance, mergers and acquisitions, strategic planning 
and financial modeling. 
 
Prior to joining accesso, Alder spent 4 years as European Controller and Interim Finance Director of private equity backed 
Palletways Group Limited, supporting the Continental European development of Europe s largest and fastest growing palletized 
freight network business.  
 
He also held Finance Director and Controller positions in quoted and private pan-European businesses. 
 
Alder was appointed Chief Financial Officer of the company in August 2009. 
 
Steve Brown, Chief Operating Officer 
 
Steve Brown brings a strong operations and finance background to the accesso team with extensive experience in ticketing, 
pricing strategy, eCommerce and revenue management. As the company s Chief Operating Officer, he guides accesso 
operations across North America and Europe. 
 
Brown s theme park career began during college at Walt Disney World Resort.  Over the course of sixteen years, held a variety 
of roles with increasing responsibility in financial planning and pricing strategy including Director, Walt Disney World Ticketing 
and Vice President, Revenue Management for Disneyland Resort, where he drove dramatic growth in park admissions and hotel 
revenues utilizing strategic and promotional pricing. 
Prior to joining accesso, Brown served as the corporate Vice President of Ticket Strategy and Sales for Six Flags. While at Six 
Flags, Brown championed an overhaul of the company s eCommerce process, which doubled the already significant online sales 
and established Six Flags national partnerships with major distributors.  
 
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 5000 
person Defense Services division. Burnet also served as a Non-Executive director of Kainos Group plc.  
 
Burnet s expertise includes risk management, business analysis, strategic planning and business management. 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.  
  accesso Technology Group plc 
12 
 
The board of directors (continued) 
for the financial year ended 31 December 2015 
 
Burnet also has an MBA from the University of Edinburgh. 
 
Matt Cooper, Non-executive Director 
 
Matt Cooper currently works as a Non-Executive Chairman and/or director with a range of public and private companies. These 
include Octopus Capital Ltd, Imaginatik Plc, accesso Technology Group Plc, ClearlySo Ltd, VouchedFor Ltd, RNM Financial Ltd, and 
the National Centre for Circus Arts.   
 
Cooper s areas of expertise include corporate strategy formulation, brand and marketing, implementation, organisational culture 
and design, and executive coaching and leadership. 
 
Previously, Cooper was Principal Managing Director of Capital One Bank Europe plc until leaving the company in 2001. In addition 
he also served as director for a number of companies including Which? Financial UK Ltd, 10Duke Software Ltd, MyDish Ltd and 
KMI Brands Ltd.  
 
Originally from New Jersey, Cooper graduated first in his class in Chemistry from Princeton University in 1988. 
 
David Gammon, Non-executive Director 
 
David Gammon has widespread experience in developing and building technology-based businesses. Since 2001, Gammon has 
focused on finding, advising and investing in UK technology companies. Gammon founded Rockspring, an advisory and 
investment firm, which focuses on early stage technology companies and where Gammon continues as CEO today. Other current 
positions include a Non-Executive directorship at Frontier Developments plc and Group Strategic Advisor to Marshall of 
Cambridge (Holdings) Limited. 
 
Gammon s previous experience includes Non-Executive director and advisor at artificial general intelligence company DeepMind 
Technologies Limited, advisor to Hawkwood Capital LLP, Non-Executive director at real time location technology specialist 
Ubisense Trading Limited, Non-Executive director at internet TV specialist Amino Technologies plc, Non-Executive director at 
smart metering and software company BGlobal plc, and acting CFO at internet specialist Envisional Solutions Limited. Earlier in 
his career, Gammon spent 15 years working as an investment banker. 
 
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 inventor of the accesso LoQueue
SM
 virtual queuing system, which was conceived while he ran Tellurian, a sales 
agency in data communication devices and software. He brings over 30 years of experience in software, electrical engineering 
and business strategy.   
 
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 serves as Founding director and his responsibilities include business development, strategic planning, product marketing and 
managing the engineering team. 
 
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 2015 
 
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 statement 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 and are presented in the financial 
highlights on page 3. 
 
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 
complementary acquisitions to reduce reliance on specific customers, sectors or geographies.   
 
The Group has a 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 of the northern hemisphere. Attendance at leisure venues can be 
impacted by circumstances outside the control of the Group including, but not limited to, 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 the US dollar and either sterling, the Brazilian 
real, the Mexican peso or the Canadian dollar. 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. The Group has accelerated its investments in the year across its product portfolio as it looks to support global deployment 
and enhancement of its technologies offering. 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 enter into licensing arrangements. The Group capitalises appropriate levels of development expenditure but is exposed 
to the risk that development of a specific technology could suffer impairment. 
 
Key performance indicators 
 
Key performance indicators are used to measure and control both financial and operational performance. Guest attendance, 
transactional volumes and average revenue per guest, 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 proportion of business that 
is delivered via mobile technology, number of venues 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.  accesso Technology Group plc 
14 
 
Strategic report (continued) 
for the financial year ended 31 December 2015 
 
On behalf of the board: 
 
 
John Alder 
Chief Financial Officer  
15 March 2016  accesso Technology Group plc 
15 
 
Report of the directors 
for the financial year ended 31 December 2015 
 
The directors present their report with the financial statements of the company and the Group for the financial year ended 31 
December 2015. 
 
Dividends  
 
No dividends will be proposed for the financial year ended 31 December 2015. 
 
Research and development  
 
The Group's research and development activities relate to the development of technologies that can be deployed by 
entertainment operators and venue owners within leisure, entertainment and cultural markets.  During the financial year ended 
31 December 2015 the Group invested $12,004,257 into research and development (year ended 31 December 2014: $8,691,088).  
 
Directors  
 
The directors during the period under review were: 
 
John Weston, Non-Executive Chairman  
John Alder, Executive  
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 2015 in the issued share capital of the company were as 
follows: 
 
Ordinary share capital £0.01 shares               As at 31 December 
2015 
                 As at 1 January 
2015 
    
John Weston, Non-Executive Chairman  125,144 165,144 
John Alder, Executive  6,612 6,612 
Steve Brown, Executive   1,133,916 1,133,916 
Tom Burnet, Executive (1)  853,818 853,818 
Matt Cooper, Non-Executive  22,442 22,442 
David Gammon, Non-Executive  48,000 48,000 
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 20. 
 
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 3 to the financial statements. 
 
 
  accesso Technology Group plc 
16 
 
Report of the directors (continued) 
for the financial year ended 31 December 2015 
 
Substantial shareholdings  
 
As at 10 March 2016 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 1,722,735  7.83% 
FIL Limited 1,093,886  4.98% 
Prudential plc group of companies 1,084,140  4.93% 
Vision Invest Enterprises Limited  1,519,364  6.91% 
Standard Life Investments Limited 1,318,963  6.00% 
Mr Leonard Sim, Director  2,043,575  9.30% 
Mr Steve Brown, Director 1,133,916  5.16% 
accesso Employee Benefit Trust (On behalf of Mr Tom 
Burnet, Director) 
 
853,818 
  
3.98% 
 
Annual general meeting 
 
The annual general meeting of the company will be held on Tuesday 24th May 2016. The notice convening the meeting is 
enclosed with these financial statements. 
 
Branch registration 
 
The company operates a branch in Germany. 
 
Corporate governance  
 
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 Financial Officer and 
external auditors attended meetings by invitation. 
 
The committee is comprised of independent Non-Executive directors only and its terms of reference are to promote appropriate 
standards of integrity, financial reporting, risk management and internal controls. This committee is responsible for overseeing 
the involvement of the Group s auditors in the planning and review of the Group s financial statements, any other formal 
announcements relating to the Group s financial performance, for recommending the appointment and fees of its auditors, and 
for discussing with the auditors the findings of the audit and issues arising from the audit. It reviews the Group s compliance with 
accounting, legal and listing requirements. It is also responsible, along with the Board, for reviewing the effectiveness of the 
systems of internal control. The committee considers the independence and objectivity of the auditors with regard to the way in 
which they conduct their audit duties. 
  accesso Technology Group plc 
17 
 
Report of the directors (continued) 
for the financial year ended 31 December 2015 
 
The committee looks to ensure that the auditors independence is not compromised by their undertaking of non-audit services.  
 
Non-audit/tax advisory services are 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, 
the grant of options and the implementation and operation of other long term incentive arrangements. Remuneration of Eon-
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, with an underlying business that continues to perform well, 
confident Group outlook for 2016, and 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. 
 
Relations with shareholders 
 
The company and Board recognise the importance of developing and maintaining good relationships with all the various 
categories of shareholders and devotes significant effort and resource in this respect. 
 
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.  accesso Technology Group plc 
18 
 
Report of the directors (continued) 
for the financial year ended 31 December 2015 
 
Notice of the date of the 2016 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. 
 
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. 
  accesso Technology Group plc 
19 
 
Report of the directors (continued) 
for the financial year ended 31 December 2015 
 
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 80% and 100% 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 
       2015 2014 2015 2014 
  Salary Fees (1) Bonus Other 
benefits 
  Total  Total  Retirement contributions 
  $000 $000 $000 $000   $000  $000  $000 $000 
Non - Executive 
directors 
            
John Weston  84  - - -  84   89   - - 
Anthony Bone (3)  - - - -  -  28   - - 
Matt Cooper   9  44  - -  53   57   - - 
David Gammon (1)  9  44  - -  53   57   - - 
             
Executive directors             
John Alder (2)  278  - 111  19   408   379  19  32  
Steve Brown (2)  299  - 149  6   454   420  - - 
Tom Burnet  393  - 292  2   687   671  32  33  
Leonard Sim  39  - - 7   46   61  4  5  
             
  1,111  88  552  34   1,785   1,762   55  70  
Share-based payments       115   41     
             
Total       1,900   1,803     
(1) Fee payments in respect of the services provided by David Gammon were paid to Rockspring 
(2) John Alder and Steve Brown are US citizens and are part of the US healthcare programs   
(3) Resigned 27 May 2014 
 
Tom Burnet was the highest paid director in 2015 (2014: Tom Burnet). 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
20 
 
Report of the directors (continued) 
for the financial year ended 31 December 2015 
 
Share option scheme 
 
The share options of the directors are set out below: 
 
  31 December 
2014 
Issued in 
the 
period 
Exercised in 
the period 
 31 December 
2015  
Exercise 
price 
Date from 
which 
exercisable 
Expiry 
Date 
Share Options        
John Alder 40,000 - - 40,000 57.5p 25 Jun 10 24 Jun 19 
 160,000 - - 160,000 156p (1) 10 Mar 12 9 Mar 21 
Steve Brown  - - - - - - - 
Tom Burnet  - - - - - - - 
Leonard Sim  - - - - - - - 
John Weston  - - - - - - - 
David Gammon (2) 80,000 - - 80,000 156p 10 Mar 12 9 Mar 21 
Matt Cooper  30,400 - - 30,400 600p 25 Apr 15 25 Apr 23 
LTIP        
John Alder 29,818 - - 29,818 - 8 July 2017 - 
 - 42,127 - 42,127 - 15 Apr 2018 - 
Steve Brown  32,028 - - 32,028 - 8 July 2017 - 
 - 42,463 - 42,463 - 15 Apr 2018 - 
Tom Burnet  45,395 - - 45,395 - 8 July 2017 - 
 - 47,805 - 47,805 - 15 Apr 2018 - 
(1) Options may only be exercised when the share price is above £1.82 
(2) Held by Rockspring 
 
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. Cash reserves of the Group will not be impacted when this is realised. 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 15 April 2015, 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 (47,805 shares), John Alder (42,127 shares) and Steve Brown (42,463 shares). 
 
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 as detailed in note 25. No 
consideration will be paid for the conditional shares upon their vesting. 
  accesso Technology Group plc 
21 
 
Report of the directors (continued) 
for the financial year ended 31 December 2015 
 
On behalf of the board 
 
 
 
John Alder 
Chief Financial Officer  
15 March 2016   accesso Technology Group plc 
22 
 
Report of the independent auditors to the members of accesso Technology Group plc 
for the financial year ended 31 December 2015 
 
We have audited the financial statements of accesso Technology Group plc for the financial year ended 31 December 2015 which 
comprise the consolidated statement of comprehensive income, the consolidated and company statements of financial position, 
the consolidated and company statements of cash flow, the consolidated and 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 2015 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 
 
15 March 2016 
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127) 
 
 
  accesso Technology Group plc 
23 
 
Consolidated statement of comprehensive income 
for the financial year ended 31 December 2015 
  2015  2014 
 Notes $000  $000 
     
Revenue 4 93,169  75,091 
     
Cost of sales  (47,206)  (43,086) 
     
Gross profit  45,963  32,005 
     
Administrative expenses  (38,255)  (26,534) 
     
Operating profit  7,708  5,471 
     
Finance expense 7 (491)  (344) 
     
Finance income 7 3  2 
     
Profit before tax  7,220  5,129 
     
Income tax 8 (1,851)  (1,344) 
     
Profit for the period  5,369  3,785 
     
Other comprehensive income     
     
Items that will be reclassified to income statement     
Exchange differences on translating foreign operations  2014 restated  see note 1  32  (1,297) 
     
Other comprehensive income net of tax  32  (1,297) 
     
Total comprehensive income   5,401  2,488 
     
Profit attributable to:     
Owners of the parent  5,367  3,785 
Non-controlling interest  2  - 
  5,369  3,785 
     
Total comprehensive income attributable to:     
Owners of the parent  5,399  2,488 
Non-controlling interest  2  - 
  5,401  2,488 
Earnings per share expressed in cents per share:     
Basic 10 24.47  18.49 
Diluted 10 23.49  18.16 
 
 
 
 
 
 
 
All activities of the company are classified as continuing. 
The notes on pages 30 to 66 form part of these consolidated financial statements.   accesso Technology Group plc 
24 
 
Consolidated statement of financial position 
for the financial year ended 31 December 2015 
Registered Number: 03959429 
 31 December 2015  31 December 2014 
 Notes $000  $000 
Assets     
Non-current assets     
Intangible assets 11 71,924  71,083 
Property, plant and equipment 12 3,077  2,733 
Deferred tax assets 18 5,666  5,696 
  80,667  79,512 
     
Current assets     
Inventories 14 561  648 
Trade and other receivables 16 9,080  6,946 
Income tax receivable  878  1,052 
Cash and cash equivalents 15 5,307  5,693 
  15,826  14,339 
     
Liabilities     
Current liabilities     
Trade and other payables 17 9,181  7,999 
Finance lease liabilities 19 51  48 
Income tax payable  84  - 
  9,316  8,047 
     
Net current assets  6,510  6,292 
     
Non-current liabilities     
Deferred tax liabilities 18 8,850  8,804 
Finance lease liabilities 19 63  114 
Borrowings 20 14,700  20,000 
  23,613  28,918 
     
Total liabilities   32,929  36,965 
     
Net assets  63,564  56,886 
     
Shareholders' equity     
Called up share capital 21 326  342 
Share premium  24,313  25,229 
Own shares held in trust  (1,971)  (2,076) 
Other reserves  3,427  2,593 
Retained earnings  21,033  16,236 
Merger relief reserve  13,810  14,540 
Translation reserve  2,624  22 
Total attributable to equity holders  63,562  56,886 
     
Non-controlling interest  2  - 
     
Total shareholders equity   63,564   56,886 
The financial statements were approved by the board of directors on 15 March 2016 and were signed on its behalf by: 
 
Tom Burnet 
Chief Executive Officer 
The notes on pages 30 to 66 form part of these consolidated financial statements.  accesso Technology Group plc 
25 
 
Company statement of financial position 
for the financial year ended 31 December 2015 
Registered Number: 03959429  31 December 2015  31 December 2014 
 Notes $000  $000 
Assets     
Non-current assets     
Intangible assets 11 2,428  2,356 
Investments in subsidiaries 13 45,614  47,948 
Property, plant and equipment 12 1,132  1,377 
Deferred tax asset 18 283  195 
  49,457  51,876 
     
Current Assets     
Inventories 14 360  403 
Trade and other receivables 16 18,662  20,528 
Income tax receivable  -  903 
Cash and cash equivalents 15 1,734  1,309 
  20,756  23,143 
     
Liabilities     
Current liabilities     
Trade and other payables 17 1,247  1,461 
Income tax payable  84  - 
  1,331  1,461 
     
Net current assets  19,425  21,682 
     
Non-current liabilities     
Deferred tax  18 228  32 
Borrowings 20 14,700  20,000 
  14,928  20,032 
     
Total liabilities   16,259  21,493 
     
Net assets  53,954  53,526 
     
Shareholders' equity     
Called up share capital 21 326  342 
Share premium  24,313  25,229 
Other reserves  2,475  1,831 
Retained earnings  13,384  11,672 
Merger relief reserve  13,810  14,540 
Translation reserve  (354)  (88) 
Total shareholders' equity  53,954  53,526 
 
The financial statements were approved by the board of directors on 15 March 2016 and were signed on its behalf by: 
 
Tom Burnet 
Chief Executive Officer 
 
 
 
 
 
 
The notes on pages 30 to 66 form part of these consolidated financial statements.  accesso Technology Group plc 
26 
 
Consolidated statement of cash flow 
for the financial year ended 31 December 2015 
  2015  2014 
 Notes $000  $000 
Cash flows from operating activities     
Cash generated from operations 26 14,712  10,640 
Tax paid  (1,094)  (1,340) 
     
Net cash inflow from operating activities  13,618  9,300 
     
Cash flows from investing activities     
Acquisition of subsidiary, net of cash acquired  -  (18,088) 
Additional consideration to sellers of subsidiary 11 (293)  - 
Purchase of intangible fixed assets  (6,224)  (2,697) 
Purchase of property, plant and equipment  (1,785)  (825) 
Interest received  3  2 
     
Net cash used in investing activities  (8,299)  (21,608) 
     
Cash flows from financing activities     
Share Issue  351  402 
Interest paid  (468)  (344) 
Payments to finance lease creditors  (48)  (46) 
(Repayments) / proceeds of borrowings  (5,300)  12,500 
     
Net cash (used in) / generated from financing activities  (5,465)  12,512 
     
(Decrease) / increase in cash and cash equivalents  (146)  204 
Cash and cash equivalents at beginning of year  5,693  5,489 
Exchange loss on cash and cash equivalents  (240)  - 
     
Cash and cash equivalents at end of year 15 5,307  5,693 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The notes on pages 30 to 66 form part of these consolidated financial statements.  accesso Technology Group plc 
27 
 
Company statement of cash flow  
for the financial year ended 31 December 2015 
  2015  2014 
 Notes $000  $000 
     
Cash flows from operating activities     
Cash generated from operations 26 7,070  5,957 
Tax received   666  97 
     
Net cash inflow from operating activities  7,736  6,054 
     
Cash flows from investing activities     
Acquisition of subsidiary  -  (18,781) 
Additional consideration to sellers of subsidiary 11 (293)  - 
Purchase of intangible fixed assets  (1,027)  (1,004) 
Purchase of property, plant and equipment  (518)  (473) 
Interest received  -  2 
     
Net cash used in investing activities  (1,838)  (20,256) 
     
Cash flows from financing activities     
Share Issue  351  402 
Interest paid  (458)  (332) 
(Repayments) / proceeds from borrowings  (5,300)  12,500 
     
Net cash (used in) / generated from financing activities  (5,407)  12,570 
     
Increase/ (decrease) in cash and cash equivalents  491  (1,632) 
Cash and cash equivalents at beginning of year  1,309  2,941 
Exchange loss on cash and cash equivalents  (66)  - 
     
Cash and cash equivalents at end of year 15 1,734  1,309 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The notes on pages 30 to 66 form part of these consolidated financial statements.  accesso Technology Group plc 
28 
 
Statement of changes in Group equity 
for the financial year ended 31 December 2015 
  
Share 
capital 
Share 
premium  
Retained 
earnings 
Merger 
relief 
reserve 
Other 
reserves 
Own 
shares 
held in 
trust 
Translation 
reserve  
 
Attributable 
to equity 
holders 
 
Non-
controlling 
interest  
 
Total 
  $000 $000 $000 $000 $000 $000 $000 
 
$000 
 
$000 
 
$000 
Balance at 31 
December 2014  342 25,229 16,236 14,540 2,593 (2,076) 22  56,886  -  56,886 
               
Comprehensive income for the year            
Profit for period  - - 5,367 - - - -  5,367  2  5,369 
Exchange differences 
on translating foreign 
operations  - - - - - - 32  32  -  32 
Total comprehensive 
income for the year  - - 5,367 - - - 32  5,399  2  5,401 
               
Contributions by and distributions by owners            
Issue of share capital  1 350 - - - - -  351  -  351 
Share based payments  - - - - 629 - -  629  -  629 
Share option tax 
credit  - current  - - - - 35 - -  35  -  35 
Share option tax 
credit - deferred  - - - - 262 - -  262  -  262 
Exchange differences 
on opening balances  (17) (1,266) (570) (730) (92) 105 2,570  -  -  - 
Total contributions by 
and distributions by 
owners  (16) (916) (570) (730) 834 105 2,570  1,277  -  1,277 
               
Balance at 31 
December 2015  326 24,313 21,033 13,810 3,427 (1,971) 2,624  63,562  2  63,564 
               
Balance at 31 
December 2013  335 26,404 13,148 - 2,658 (2,133) (873)  39,539  -  39,539 
               
Comprehensive income for the year            
Profit for period  - - 3,785 - - - -  3,785  -  3,785 
Exchange differences 
on translating foreign 
operations  restated 
see note 1  - - - - - - (1,297)  (1,297)  -  (1,297) 
Total comprehensive 
income for the year  - - 3,785 - - - (1,297)  2,488  -  2,488 
               
Contributions by and distributions by owners            
Issue of share capital  27 399 - 14,540 - - -  14,966  -  14,966 
Share based payments  - - - - 353 - -  353  -  353 
Share option tax 
credit  - current  - - - - 316 - -  316  -  316 
Share option tax 
credit - deferred  - - - - (776) - -  (776)  -  (776) 
Exchange differences 
on opening balances  
restated see note 1  (20) (1,574) (697) - 42 57 2,192  -  -  - 
Total contributions by 
and distributions by 
owners - restated  7 (1,175) (697) 14,540 (65) 57 2,192  14,859  -  14,859 
               
Balance at 31 
December 2014  342 25,229 16,236 14,540 2,593 (2,076) 22  56,886  -  56,886 
 
   accesso Technology Group plc 
29 
 
Statement of changes in Company equity 
for the financial year ended 31 December 2015 
 
 
Share 
capital   
Share 
premium    
Retained 
earnings  
Merger relief 
reserve  
Other 
reserves  
Translation 
reserve    Total 
  
$000   $000   $000  $000  $000  $000   $000 
Balance at 31 December 2014  
342  25,229  11,672  14,540  1,831  (88)  53,526 
               
Comprehensive income for the year 
            
Profit for period  
-  -  2,329  -  -  -  2,329 
Exchange differences on 
translating foreign operations 
 
-  -  -  -  -  (2,989)  (2,989) 
  
             
Total comprehensive income 
for the year 
 
-  -  2,329  -  -  (2,989)  (660) 
  
             
Contributions by and distributions by owners 
            
Issue of share capital  
1  350  -  -  -  -  351 
Share based payments  
-  -  -  -  629  -  629 
Share option tax credit  - 
current 
 
-  -  -  -  108  -  108 
Exchange differences on 
opening balances 
 
(17)  (1,266)  (617)  (730)  (93)  2,723  - 
  
             
Total contributions by and 
distributions by owners 
 
(16)  (916)  (617)  (730)  644  2,723  1,088 
               
Balance at 31 December 2015  
326  24,313  13,384  13,810  2,475  (354)  53,954 
               
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  
restated see note 1 
 
-  -  -  -  -  (1,854)  (1,854) 
  
             
Total comprehensive income 
for the year 
 
-  -  1,216  -  -  (1,854)  (638) 
               
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  restated see 
note 1 
 
(20)  (1,574)  (329)  -  136  1,787  - 
  
             
Total contributions by and 
distributions by owners - 
restated 
 
7  (1,175)  (329)  14,540  315  1,787  15,145 
  
             
Balance at 31 December 2014  
342  25,229  11,672  14,540  1,831  (88)  53,526 
 
   accesso Technology Group plc 
30 
 
Notes to the consolidated financial statements 
for the financial year ended 31 December 2015 
 
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 Unit 
5, The Pavilions, Ruscombe Park, Twyford, Berkshire RG10 9 NN. 
 
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.  
 
New standards that have been adopted during the period 
 
  Annual improvements to IFRSs  
 
The adoption of the above has not had a material impact on the financial statements during the period ended 31 
December 2015. 
 
New standards and interpretations not yet adopted 
 
A number of new standards, amendments to standards, and interpretations are not effective for 2015, and therefore 
have not been applied in preparing these accounts. The effective dates shown are for periods commencing on the date 
quoted. 
 
  IFRS 15 Revenue from Contracts with Customers (effective 1 January 2018) 
  IFRS 9 Financial Instruments (effective 1 January 2018) 
  IFRS 16 Leases (effective 1 January 2019) 
  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) 
 Disclosure Initiative: Amendments to IAS 1 (effective 1 January 2016) 
 Disclosure Initiative: Amendments to IAS 7 (effective 1 January 2017) 
  Annual improvements to IFRSs  
 
At the date of authorisation of these financial statements, the directors have considered the standards and 
interpretations which have not been applied in these financial statements, were in issue but not yet effective (and in 
some cases had not yet been adopted by the EU) and only IFRS 15 Revenue from Contracts with Customers was 
considered to be relevant. The directors are still assessing whether the application of IFRS 15, once effective, will have 
a material impact on the results of the company. Adoption of the other standards and interpretations referred to above 
is not expected to have a material impact on the results of the company. Application of these standards may result in 
some changes in presentation of information within the company s financial statements. 
 
 
 
  accesso Technology Group plc 
31 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
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.  
 
Basis of consolidation 
 
The consolidated financial statements incorporate the results of accesso and all of its subsidiary undertakings as at 31 
December 2015 using the acquisition method of accounting. 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 subsidiary undertakings are included from the date of acquisition. 
 
Disclosure and details of the subsidiaries are provided in note 13. 
 
Investments including the shares in subsidiary companies held as fixed assets are stated at cost less any provision for 
impairment in value. 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 in the period incurred. 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. 
 
Presentation currency 
 
Effective 1 January 2014 the Group s presentation currency was changed to USD, as the Board considered that this is 
more closely aligned with the global operations of the Group. Additionally, the company s presentation currency of USD 
is different to its functional currency. Equity in the company is retranslated at closing rate with the retranslation 
difference recognised directly in the translation reserve. Retranslation differences recognised in other comprehensive 
income will be reclassified to profit or loss in the event of a disposal of the business. 
 
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 sales in relation to point of sale 
and guest management software licences, and related hardware. 
 
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. 
 
  accesso Technology Group plc 
32 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Revenue recognition (continued) 
 
Ticketing revenue is recognised on a transactional basis and point of sale revenue is recognised on transfer of the goods 
or services. 
 
Revenue in relation to point of sale and guest management software licences is recognised at the point that the 
customer accepts the installation. 
 
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 Enterprise Management Incentive (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 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. 
 
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 
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.  
 
Finance 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. 
 
 
 
  accesso Technology Group plc 
33 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Property, plant and equipment (continued) 
 
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 20.0 - 33.3% 
Installed systems 25 - 33.3%, or seasons within life of contract 
Furniture and fixtures 20% 
 
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 
and company statements 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 
 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   accesso Technology Group plc 
34 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Current income tax (continued) 
 
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 11).  The significant 
intangibles recognised by the Group and their useful economic lives are as follows: 
 
 Brand name over 3 years 
 Customer relationships over 10-15 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 to 5 years. The amortisation expense is included within administrative expenses 
in the consolidated income statement. 
 
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. 
 
  accesso Technology Group plc 
35 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Research and development (continued) 
 
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 (2014: $nil). 
 
Intellectual property rights and patents 
 
Intellectual property rights comprise assets acquired, being external costs, relating to know how, patents, and licences. 
These assets 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 to 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.  
 
The company s statement of financial position has been retranslated from its functional currency to 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 operations 
at actual rates are recognised in other comprehensive income and accumulated in the translation reserve.   
 
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. 
 
Pension costs 
 
Contributions to the Group's defined contribution pension scheme are charged to the Consolidated statement of 
comprehensive income in the period 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. 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.  
 
 Impairment is recognised if there is objective evidence that the balance will not be recovered. 
  accesso Technology Group plc 
36 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Financial assets (continued) 
 
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. 
 
Equity instruments  
 
Equity instruments are recorded at the proceeds received, net of direct issue costs. 
 
Employee benefit trust (EBT)  
 
As the company is deemed to have control of its EBT, 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. 
 
Restatement of other comprehensive income 
 
The 2014 consolidated statement of comprehensive income and statement of changes in Group equity have been 
restated to remove from other comprehensive income $2.192m of exchange gains predominantly arising on the 
retranslation of the parent company s equity from Sterling (its functional currency) into US Dollars (the Group s 
presentational currency). This retranslation difference has instead been recognised directly in equity.  The exchange 
loss recognised in the consolidated statement of comprehensive income now includes only the net exchange 
differences arising on the retranslation of the recognised assets, liabilities and profit of the Group s non-US Dollar-
functional currency operations.  The restatement has had no effect on the consolidated statement of financial position. 
The 2014 statement of changes in the company s equity has been restated to remove from other comprehensive 
income $1.787m of exchange differences gains, arising on the translation of the parent company s equity from Sterling 
(its functional currency) into US Dollars (its presentational currency). The exchange loss recognised in other 
comprehensive income now includes only the net exchange differences arising on the retranslation of the company s 
recognised assets, liabilities and loss in the year.  The restatement has had no effect on the company statement of 
financial position. 
 
2. 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   accesso Technology Group plc 
37 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Critical estimates and judgements (continued) 
 
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. 
 
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 pre-tax future cash flows are discounted to their present value using a pre-tax discount rate that reflects 
current market assessments of the time value of money and the risks specific to the asset for which the estimates of 
the future cash flows have not been adjusted. 
 
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the 
carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is 
recognised as an expense immediately, unless the relevant asset is carried at a re-valued amount, in which case the 
impairment loss is treated as a revaluation decrease. 
 
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased 
to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the 
carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-
generating unit) in prior periods. A reversal of an impairment loss is recognised as income immediately unless the 
relevant asset is carried at a re-valued amount, in which case the reversal of the impairment loss is treated as a 
revaluation increase. 
 
Impairment of non-financial assets (excluding inventories and deferred tax assets) 
 
Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually 
at the financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in 
circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds 
its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down 
accordingly. 
 
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. 
 
Agent vs. principal 
 
Revenue for queuing services is recognised on either a gross or net basis.  The determination for this basis is made 
through analysing whether the Group is acting as a principal or agent in a given arrangement. Revenue and costs will 
be recognised on a gross basis when the Group is responsible for the operations within the theme parks and bears the   accesso Technology Group plc 
38 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Agent v principal (continued) 
 
risk and benefits of the activities. Revenue will be recognised on a net basis when the Group supplies their intellectual 
property and product but the responsibility for the operation is that of the theme park. Additional detail over the 
revenue recognition policy for the Group is included in note 1. 
 
Useful lives of intangible assets 
 
Intangible assets are amortised over their estimated useful lives with the charge recorded in administrative expenses.  
Useful lives are based on 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 11. 
 
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. 
 
The Siriusware, Inc. and VisionOne, Inc. 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 it s a stock or asset 
purchase. 
 
Research and development tax credit 
 
Research and development tax credits are recognised on an accrual 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. 
 
  accesso Technology Group plc 
39 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
3. Financial risk management 
 
Overview: 
 
The Group s use of financial instruments exposes it to a number of risks including: 
 
 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, 
and by regularly monitoring the business and providing ongoing forecasts of the impact on the business. 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 that arise directly from operations, as detailed in notes 16 
and 17, 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 finance the Group s operations and 
manage related risks.  
 
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 liabilities on a contractual gross basis based on amount outstanding at the 
balance sheet date up to date of maturity: 
 
31 December 2015  
Less than 
6 months   
Between 6 
months and 
1 year   
Between 1 
and 5 years   
Over 5 
Years   Total 
 Note $000  $000  $000  $000  $000 
           
Group           
Financial liabilities 17 9,022  72  -  -  9,094 
Finance lease 19 25  26  63  -  114 
Bank loan 20 -  -  14,700  -  14,700 
Interest payable on 
bank loan  174  174  377  -  725 
Total  9,221  272  15,140  -  24,633 
           
Company           
Financial liabilities 17 1,235  -  -  -  1,235 
Bank loan 20 -  -  14,700  -  14,700 
Interest payable on 
bank loan  174  174  377  -  725 
Total  1,409  174  15,077  -  16,660  accesso Technology Group plc 
40 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Maturity analysis (continued) 
 
31 December 2014  
Less than 
6 months   
Between 6 
months and 
1 year   
Between 1 
and 5 years   
Over 5 
Years   Total 
 Note $000  $000  $000  $000  $000 
Group           
Financial liabilities 17 7,950  -  -  -  7,950 
Finance lease 19 24  24  114    162 
Bank loan 20 -  -  20,000  -  20,000 
Interest payable on 
bank loan  201  201  804  -  1,206 
Total  8,175  225  20,918  -  29,318 
           
Company           
Financial liabilities 17 1,461  -  -  -  1,461 
Bank loan 20 -  -  20,000  -  20,000 
Interest payable on 
bank loan  201  201  804  -  1,206 
Total  1,662  201  20,804  -  22,667 
 
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 on its bank loan facility, which is subject to a floating 
interest rate, and as such, exposes the entity to cash flow risk if prevailing interest rates were to increase. 
 
The Group regularly reviews its funding arrangements to ensure they are competitive with the marketplace. 
 
The table below shows the Group s and company s financial assets and liabilities that could be affected by the 
fluctuation in interest rates split by those bearing fixed and floating rates and those that are non-interest bearing: 
 
31 December 2015  
Fixed 
rate  
Floating 
rate  
Non-interest 
bearing  Total assets  Total liabilities 
 Note $000  $000  $000  $000  $000 
Group           
Financial assets  16 -  -  7,807  7,807  - 
Cash 15 -  -  5,307  5,307  - 
Total  -  -  13,114  13,114  - 
           
Bank loan 20 -  (14,700)  -  -  (14,700) 
Finance lease 19 (114)  -  -  -  (114) 
Total  (114)  (14,700)  -  -  (14,814) 
           
Company           
Financial assets 16 -  -  16,656  16,656  - 
Cash 15 -  -  1,734  1,734  - 
Total  -  -  18,390  18,390  - 
           
Bank loan 20 -  (14,700)  -  -  (14,700) 
Total  -  (14,700)  -  -  (14,700)  accesso Technology Group plc 
41 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Interest rate risk (continued) 
 
31 December 2014  
Fixed 
rate  
Floating 
rate  
Non-interest 
bearing  Total assets  Total liabilities 
 Note $000  $000  $000  $000  $000 
Group           
Financial assets 16 -  -  4,028  4,028  - 
Cash 15 -  -  5,693  5,693  - 
Total  -  -  9,721  9,721  - 
           
Bank loan 20 -  (20,000)  -  -  (20,000) 
Finance lease 19 (162)  -  -  -  (162) 
Total  (162)  (20,000)  -  -  (20,162) 
           
Company           
Financial assets 16 -  -  20,243  20,243  - 
Cash 15 -  -  1,309  1,309  - 
Total  -  -  21,552  21,552  - 
           
Bank loan 20 -  (20,000)  -  -  (20,000) 
Total  -  (20,000)  -  -  (20,000) 
 
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 a 
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, and 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 
  2015  2014  2015  2014 
  $000  $000  $000  $000 
         
Trade and other receivables  7,807  4,028  16,656  20,243 
Cash  5,307  5,693  1,734  1,309 
Estimated irrecoverable amounts  (198)  (55)  -  - 
  12,916  9,666  18,390  21,552 
 
The maximum exposure is the carrying amount as disclosed in trade and other receivables. The average credit period 
taken by customers is 31 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 2015 and 
31 December 2014, 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.  accesso Technology Group plc 
42 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Credit risk exposure (continued) 
 
  Group  Company 
  2015  2014  2015  2014 
  $000  $000  $000  $000 
         
Up to 3 months  3,639  2,401  75  23 
3 to 6 months  353  486  -  19 
  3,992  2,887  75  42 
 
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 are included in note 20. 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. 
 
The Group does not seek to maintain any specific 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 
 
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 and accesso LLC held monetary assets in currencies other than its local currency, sterling 
and US dollars, respectively. Balances at 31 December 2015 are: 
 
accesso Technology Group plc 
 $156,804  (2014: $130,653) denominated in US dollars 
 AUD$14,436  (2014: AUD$56,958) denominated in Australian dollars 
 81,235 (2014: 250,952) denominated in euros 
accesso LLC 
 CAD$10,550 (2014: CAD$nil) denominated in Canadian dollars 
 32,220 (2014: nil) denominated in euros 
 £3,386 (2014: £nil) denominated in sterling 
 
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 1GBP = 1.526 USD (2014: 1GBP = 1.65USD). 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 $140,000 (1.95%). If sterling had been   accesso Technology Group plc 
43 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Foreign currency exposure (continued) 
 
an average of 5% weaker than the dollar through the year then it would have decreased Group profit before tax by 
$140,000 (1.95%). 
 
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. 
 
4. 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.  
 
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 
  2015  2014  2015  2014 
  $000  $000  $000  $000 
         
UK  2,807  2,005  2,987  3,734 
Other Europe  1,543  971  42  - 
Australia  373  161  -  - 
USA and Canada  86,411  71,954  71,897  70,082 
Central and South America  2,035  -  75  - 
  93,169  75,091  75,001  73,816 
 
Revenue generated in each of the geographical locations is generally in the local currency of the theme park or 
attraction based in that location. 
 
 
  accesso Technology Group plc 
44 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Business and geographical segments (continued) 
 
Major customers 
 
The Group has entered into agreements with theme parks, theme park groups, and attractions to operate its 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 guest rentals of the Group s virtual queuing 
technology or tickets purchased by guests via the Group s ecommerce technology, but no single guest forms a 
significant proportion of the revenue of the Group. However, the ability to generate guest rentals or ticket related 
revenue is fully dependant on the Group maintaining and developing agreements with theme parks or attraction 
owners to operate its technology. Major customers as defined by IFRS 8.34 accounted for $54.0m of Group revenue for 
2015 (2014: $53.5). 
 
5. Employees and directors 
 
  2015  2014 
  $000  $000 
     
Wages and salaries             25,791   20,948 
Social security costs               1,836   1,390 
Defined contribution pension costs                  548   315 
Share based payment transactions                  629   353 
             28,804   23,006 
 
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 report of the 
directors. 
 
The average monthly number of employees during the year was made up as follows: 
 
  2015  2014 
     
Operations                  113   76 
Research & development                  113   79 
Sales                    20   14 
Finance & administration                    42   25 
Marketing                      2   1 
Seasonal staff                  420   432 
                  710   627 
 
 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
45 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
6. Expenses by nature 
 
  2015  2014 
  $000  $000 
     
Park operating costs (i)             43,259   38,421 
Staff costs             17,405   11,321 
Legal and professional costs                2,051   1,717 
Travel                1,407   883 
Marketing                1,164   790 
Inventories and consumables                  540   3,354 
Other costs                5,958   5,308 
Other operating leases                  998   541 
Depreciation - owned assets                1,312  1,410 
Depreciation - finance leased assets            48   48 
Amortisation                5,521   3,094 
Research and development   12,004  8,691 
R&D capitalized to balance sheet  (6,224)  (2,592) 
Foreign exchange differences  18  (12) 
 
(i) Park operating costs include the operator s share of the revenue, along with the Group s operating costs per the 
agreement with the park. 
 
Auditor s remuneration 
 
During the period the following services were obtained from the Group's auditor at a cost detailed below: 
 
  2015  2014 
  $000  $000 
Audit services     
Fees payable to the company's auditors of the parent company and 
consolidated accounts 114  80 
Fees payable to the company's auditors for the audit of subsidiaries 84 2 34 
     
Non audit services 
    
Tax compliance  72 4 66 
Tax advisory  33  66 
Corporate finance services  8 5 80 
Interim agreed upon procedures  9  13 
Other non-audit services  2  2 
  322  341 
 
 
 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
46 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
7. Finance income and expense 
 
The table below details the finance income and expense for the current and prior periods: 
 
  2015  2014 
  $000  $000 
     
Bank interest received                      3   2 
     
Finance costs:     
Bank interest     (481)  (169) 
Finance lease                  (10)  (12) 
Refinance costs                       -   (163) 
      
Total finance costs                
(491) 
 (344) 
     
Net finance expense                
(488) 
 (342) 
 
8. Tax 
 
The table below provides an analysis of the tax charge for the periods ended 31 December 2015 and 31 December 
2014: 
 
  2015  2014 
 Note $000  $000 
UK corporation tax      
Current tax on income for the period   466  449 
Adjustment in respect of prior periods   (134)  - 
  332  449 
Overseas tax      
Current tax on income for the period   1,181  1,397 
Adjustment in respect of prior periods   -  (250) 
  1,181  1,147 
     
Total current taxation   1,513  1,596 
     
Deferred taxation 18    
Original and reversal of temporary difference - for the current period  268  (253) 
Original and reversal of temporary difference - for the prior period  70  1 
  338  (252) 
     
Total taxation charge  1,851  1,344 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
47 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
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: 
 
  2015  2014 
  $000  $000 
     
Profit on ordinary activities before tax  7,220  5,129 
     
Tax at United States tax rate of 40% (2014: 40.0%)  2,888  2,052 
     
Effects of:     
Expenses not deductible for tax purposes  76  294 
Additional deduction for patent box  (148)  - 
Additional deduction for R&D expenditure  current period  (295)  (315) 
Additional deduction for R&D expenditure  prior periods  -  (250) 
Profit subject to foreign taxes at a (lower)/ higher marginal rate  (583)  (301) 
Adjustment in respect of prior period  income statement  (134)  - 
Adjustment in respect of prior periods  deferred tax  -  1 
Deferred tax not recognized  47  - 
Income not chargeable for tax purposes   -  (124) 
Change in tax rates  -  (13) 
     
Total tax charge   1,851  1,344 
 
9. 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 
2015 was $2,329,072 (2014: $1,215,196). 
 
10. 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). 
 
Earnings for adjusted earnings per share, a non GAAP measure, are defined as PBT before the deduction of amortisation 
related to acquisitions, acquisition costs and costs related to share based payments less tax at the effective rate. 
 
The following reflects the income and share data used in the total operations, diluted, and adjusted earnings per share 
computations. 
  2015  2014 
Profit attributable to ordinary shareholders ($000)  5,369  3,785  
     
Basic EPS     
Denominator     
Weighted average number of shares used in basic EPS  21,942   20,469  
Basic earnings per share (cents)  24.47     18.49   accesso Technology Group plc 
48 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Earnings per share (continued) 
 
  2015  2014 
Diluted EPS     
Denominator     
Weighted average number of shares used in basic EPS          21,942    20,469  
Effect of dilutive securities     
Options                911    377  
Weighted average number of shares used in diluted EPS          22,853   20,846  
Diluted earnings per share (cents)            23.49      18.16  
     
Adjusted EPS      
     
Profit attributable to ordinary shareholders ($000)             5,369   3,785  
Adjustments for the period related to:     
Costs of acquisition and related refinancing                -   728  
Amortisation relating to acquired intangibles from acquisitions             4,235   2,273  
Share-based compensation and social security costs on unapproved options               629   415  
    10,233   7,201  
Tax related to the above adjustments (2015: 25.6%, 2014: 26.2%):     
Costs of acquisition and related refinancing         -  (190) 
Amortisation relating to acquired intangibles from acquisitions  (1,084)  (596) 
Share based compensation and social security costs on unapproved options  (161)  (109) 
Adjusted profit attributable to ordinary shareholders ($000)             8,988     6,306  
     
Denominator     
Weighted average number of shares used in basic EPS          21,942        20,469  
Adjusted earnings per share (cents)  40.96  30.81 
 
   accesso Technology Group plc 
49 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
11. Intangible assets 
 
The cost and amortisation of the Group s intangible fixed assets are detailed in the following table: 
 
  Goodwill  
Customer 
relationships  Trademarks  
Internally 
developed 
technology  
Patent 
costs  
IPR 
costs  
Development 
costs  Totals 
  $000  $000  $000  $000  $000  $000  $000  $000 
                 
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 
                 
Foreign currency 
translation -  -  -  -  (29)  (12)  (260)  (301) 
Additions 254  -  -  -  -  -  6,224  6,478 
                 
At 31 December 
2015  39,227  10,240  470  20,280  658  237  13,775  84,887 
                 
Amortisation                 
At 31 December 
2013  -  321  7  1,209  237  232  2,705  4,711 
                 
Foreign currency 
translation -  -  -  -  (10)  (15)  (153)  (178) 
Charged -  473  86  1,715  129  4  687  3,094 
                 
At 31 December 
2014  -  794  93  2,924  356  221  3,239  7,627 
                 
Foreign currency 
translation -  -  -  -  (14)  (12)  (159)  (185) 
Charged -  882  148  3,205  74  25  1,187  5,521 
                 
At 31 December 
2015  -  1,676  241  6,129  416  234  4,267  12,963 
                 
Net book value                 
At 31 December 
2015 39,227  8,564  229  14,151  242  3  9,508  71,924 
                
At 31 December 
2014 38,973  9,446  377  17,356  331  28  4,572  71,083 
 
   accesso Technology Group plc 
50 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Intangible assets (continued) 
 
The cost and amortisation of the company s intangible fixed assets are detailed in the following table: 
 
  Patent 
costs 
  IPR costs   Development 
costs 
  Totals 
  $000   $000   $000   $000 
         
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 
         
Foreign currency translation  (29)  (12)  (260)  (301) 
Additions  -  -  1,027  1,027 
         
At 31 December 2015  551  236  5,937  6,724 
         
Amortisation         
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 
         
Foreign currency translation  (14)  (10)  (158)  (182) 
Charged  74  24  738  836 
         
At 31 December 2015  329  235  3,732  4,296 
         
Net Book Value         
At 31 December 2015  222  1  2,205    2,428 
         
At 31 December 2014  311  27  2,018  2,356 
 
Prior period 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. Further details and disclosures relating to the 
acquisition, including the provisional fair value of identifiable assets and liabilities acquired, purchase consideration and 
goodwill are included within the 2014 Annual report and financial statements. 
 
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 for the period ended 31 December 2014 
is that from 28 November 2014. The amount 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   accesso Technology Group plc 
51 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Intangible assets (continued) 
 
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 in 2014.  
 
Details of the final fair value of identifiable assets and liabilities acquired, purchase consideration and goodwill together 
with the provisional fair values included within the 2014 Annual report and financial statements are: 
 
  Book value   Adjustment   
Final fair 
value  
Provisional 
fair value  
  $000  $000  $000 $000 
Identifiable intangible assets         
      Internally developed technology   1,526   9,850   11,376  11,376  
      Customer relationships  -  4,459   4,459  4,459  
      Trademarks  -  205   205  205  
Property, plant and equipment   198     198  198  
Receivables and other debtors  1,656   (180)  1,476  1,656  
Payables and other liabilities  (956)  -  (956) (956) 
Cash   693   -  693  693  
Deferred tax Liability  (622)  (5,806)  (6,428) (6,428) 
Total net assets  2,495   8,528   11,023  11,203  
        
Cash paid at completion   18,781   -  18,781  18,781  
Equity instruments (1,519,364 ordinary 
shares)  14,610  (1) -  14,610  14,610  
Working capital true-up  293   -  293  219  
Total consideration   33,684   -  33,684  33,610  
        
Goodwill on acquisition      22,661  22,407  
 
(1) In accordance with IFRS 3 Business Combinations (revised 2008), the consideration paid in shares is based on the 
share price at the date on which the company obtained control of VisionOne Worldwide Ltd. The price determined 
in the Membership Interest Purchase Agreement for calculating the number of shares to be issued to the vendors 
is based on an average price of 577.5p. 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. 
 
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 does not attract tax deductions under applicable local tax 
jurisdictions. 
 
The net cash outflow in each year in respect of acquisition comprised: 
 
 2015  2014  Total 
 $000  $000  $000 
Cash paid (293)  (18,781)  (19,074) 
Net cash acquired -  693   693 
Total cash outflow in respect of acquisition (293)  (18,088)  (18,381) 
 
  accesso Technology Group plc 
52 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Intangible assets (continued) 
 
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 (CGUs) is as follows: 
  2015  2014 
   $000  $000 
Goodwill carrying amount     
 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)   22,661  22,407 
     
 Recoverable amount of CGU's      
 Acquired cash generating unit: accesso, LLC & Siriusware, Inc. (CGU 1)   65,120  69,636 
 Acquired cash generating unit: VisionOne Worldwide Limited and its subsidiaries (CGU 2)   33,668  35,704 
     
 Excess of recoverable value of CGU above carrying value      
 Acquired cash generating unit: accesso, LLC & Siriusware, Inc. (CGU 1)   24,654  29,981 
 Acquired cash generating unit: VisionOne Worldwide Limited and its subsidiaries (CGU 2)   184  4,556 
 
The recoverable amounts of all the CGUs have been determined from value in use calculations based on cash flow 
projections using budget and forecast projections and assumes a perpetuity based terminal value. 
 
The key assumptions used for value in the calculations in 2015 and 2014 are as follows: 
 
  2015  2014 
  CGU 1 CGU 2  CGU 1 CGU 2 
Pre-tax discount rate (%) 14.5 14.5  14.5 14.5 
Average operating margin (%) 16.0 25.6  19.3 19.3 
Terminal growth rate (%) 3 3  3 3 
Forecast period (years) 8 8  8 8 
 
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.  
 
The Group considers the use of a forecast period of 8 years to be acceptable based on the long term agreements within 
the business that support a longer term view on revenue visibility. Management have a proven track record of 
accurately forecasting over extended forecast periods.   
 
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 
  %  % 
Pre-tax discount rate  14.5  +7.0 
Average operating margin  16.0  (7.9) 
 
  accesso Technology Group plc 
53 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
Intangible assets (continued) 
 
In respect of CGU 2, 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 
  %  % 
Pre-tax discount rate  14.5  +0.1 
Average operating margin  25.6  (0.2) 
 
12. Property, plant and equipment 
 
The cost and depreciation of the Group s tangible fixed assets are detailed in the following table: 
 
  
Installed 
systems 
 
Plant, machinery 
and office 
equipment 
 
Furniture & 
fixtures 
 
Leasehold 
improvements 
 Totals 
  $000  $000  $000  $000  $000 
Cost           
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 
           
Foreign currency translation  (242)  (52)  (13)  -  (307) 
Additions  699  421  568  97  1,785 
           
At 31 December 2015  5,435  3,635  1,637  1,114  11,821 
           
Amortisation           
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 
           
Foreign currency translation  (169)  (46)  (11)  -  (226) 
Charged  846  256  187  71  1,360 
           
At 31 December 2015  4,179  3,173  734  658  8,744 
           
Net book value           
At 31 December 2015  1,256  462  903  456  3,077 
           
At 31 December 2014  1,476  303  524  430  2,733 
 
 
  accesso Technology Group plc 
54 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Property, plant and equipment (continued) 
 
The cost and depreciation of the company s tangible fixed assets are detailed in the following table: 
 
  
Installed 
systems 
 
Plant, 
machinery 
and office 
equipment 
 
Furniture 
& fixtures 
 
Leasehold 
improvements 
 Totals 
  $000  $000  $000  $000  $000 
Cost           
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 
           
Foreign currency 
translation 
 (240)  (23)  (12)  -  (275) 
Additions  20  78  420  -  518 
           
At 31 December 2015  4,264  509  637  -  5,410 
           
Amortisation           
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 
           
Foreign currency 
translation 
 (167)  (20)  (10)  -  (197) 
Charged  613  37  35  -  685 
           
At 31 December 2015  3,652  410  216  -  4,278 
           
Net book value           
At 31 December 2015  612  99  421  -  1,132 
           
At 31 December 2014  1,278  61  38  -  1,377 
 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
55 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
13. Investments 
 
Investment in subsidiaries 
  $000 
Cost   
At 31 December 2014        47,948  
   
Additions   74 
Foreign currency translation  (2,408)                          
   
At 31 December 2015       45,614  
 
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 2014                                 47,948  
       
At 31 December 2015                            45,614  
 
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 S.A. de C.V.  Mexico  100  100 
ShoWare do Brazil Ltda  Brazil  60  60 
VisionOne do Brazil Ltda  Brazil  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. Showare Do Brazil Ltda is 60% owned by VisionOne do 
Brazil Ltda, and 40% owned by GG Participacoes Ltda, a Brazilian company. 
 
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 20. 
 
Immediately on the acquisition of VisionOne Worldwide Limited the shares of VisionOne, Inc. were transferred to Lo-Q 
Inc. The non-controlling interests of all subsidiaries that are not 100% owned by the Group are considered to be 
immaterial. 
 
  accesso Technology Group plc 
56 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
14. Inventories 
 
 Group  Company 
 2015  2014  2015  2014 
 $000  $000  $000  $000 
        
Stock 561  639  360  403 
Park installation -  9  -      -   
 561  648  360  403 
 
The amount of inventories recognised as an expense and charged to cost of sales for the year ended 31 December 2015 
was $1,878,066 (2014: $1,796,084). 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. 
 
15. Cash and cash equivalents 
 
 Group  Company 
 2015  2014  2015  2014 
 $000  $000  $000  $000 
        
Petty cash 1  1  1  1     
Bank accounts 5,306  5,692  1,733  1,308 
 5,307  5,693  1,734  1,309 
 
16.  Trade and other receivables 
 
 Group  Company 
 2015  2014  2015  2014 
 $000  $000  $000  $000 
        
Trade debtors 6,407  2,885  413             43  
Accrued income 1,400  1,143  51         50  
Amounts owed by Group undertakings -  -  17,701      20,150  
Financial assets 7,807  4,028  18,165  20,243  
        
Social security and other taxes 18  -  1  -    
Other debtors 85  1,882  31             33  
VAT 140  20  138  35  
Prepayments 1,030  1,016  327        217  
 9,080  6,946  18,662  20,528  
 
The Group s financial assets are short term in nature. In the opinion of the directors, the book values equate to their 
fair value. 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
57 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
17. Trade and other payables 
 
 
Group 
 
Company 
 2015  2014  2015  2014 
 $000  $000  $000  $000 
        
Trade creditors 2,493  1,062  220  337 
Sundry creditors 159  776  44  219 
Accruals 6,442  6,112  971  905 
Financial liabilities 9,094  7,950  1,235  1,461 
        
Social security and other taxes 87  49  12               -   
 9,181  7,999  1,247  1,461 
 
The Group s financial liabilities are short-term in nature. In the opinion of the directors the book values equate to their 
fair value. 
 
18. Deferred taxation 
 
 Asset  Liability  
 $000  $000 
Group    
At 31 December 2014 5,696   (8,804) 
    
Charged to income (see note 8)  (292)   (46)  
Charged directly to equity  262  -  
    
At 31 December 2015 5,666   (8,850) 
    
At 31 December 2013 6,539  (2,670) 
    
Foreign currency translation (154)  129 
Charged to income (see note 8)  90   162  
Charged directly to equity  (779)  3  
Business combinations -  (6,428) 
    
At 31 December 2014 5,696   (8,804) 
    
Company    
At 31 December 2014 195   (32) 
    
Charged to income 15  (196)  
Charged directly to equity  73  - 
    
At 31 December 2015 283   228 
    
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)  accesso Technology Group plc 
58 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Deferred taxation (continued) 
 
The following table summarises the recognised deferred tax asset and liability: 
 
 2015  2014 
Group $000  $000 
Recognised asset     
Tax relief on unexercised employee share options  1,108   831  
Short term timing differences  3   289  
Business combinations  4,555   4,576  
Deferred tax asset 5,666   5,696  
    
Recognised liability     
Depreciation in excess of capital allowances  (2,380)  (1,246) 
Business combinations (6,470)  (7,558) 
Deferred tax liability  (8,850)  (8,804) 
 
Company     
Recognised asset     
Tax relief on unexercised employee share options  280   195  
Short term timing differences  3  - 
Deferred tax asset 283   195  
    
Recognised liability     
Depreciation in excess of capital allowances  (228)   (32)  
Deferred tax liability  (228)  (32) 
 
Deferred tax assets and liabilities have been measured at an enacted rate of 18% and 40% in the UK and US respectively 
(2014: 20% and 40% respectively). 
 
19. Financial lease 
 
Certain office equipment in one of the Group s properties is classified as a finance lease, and included within the Group 
tangible asset net book value of $3.1m 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:  
 
 
Minimum lease 
payments 
  Interest 
 
Present 
Value 
 $000   $000   $000 
      
Not later than one year 57  6  51 
Repayable between one and five years 67  4  63 
 124  10  114 
      
Current liabilities     51 
Non-current liabilities     63 
     114 
 
 
 
  accesso Technology Group plc 
59 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Finance lease (continued) 
 
At 31 December 2014, the future lease payments were as follows: 
 
 
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 
 
20. Borrowings 
 
 Group  Company 
 2015  2014  2015  2014 
 $000  $000  $000  $000 
        
Bank loans 14,700  20,000  14,700  20,000 
 14,700  20,000  14,700  20,000  
 
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 the Group 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. 
 
No changes were made to this facility in 2015. The costs incurred in refinancing this facility in 2014 are found in note 7. 
 
On 14 March 2016, the Group amended the above facility with Lloyds Bank. The amended facility extends it to allow a 
drawdown facility of $25m, with no step downs, at an improved drawdown rate of 1.35% above LIBOR, and an improved 
commitment rate. The renewed facility terminates on 14 March 2019 with the possibility for this to extend for a further 
12 months. 
 
 
 
 
 
 
  accesso Technology Group plc 
60 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
21. Called up share capital 
 
 2015  2015  2014  2014 
Ordinary shares of 1p each Number  $000  Number  $000 
        
Opening balance 21,924,537  342  20,203,011  335 
Foreign currency translation -  (17)  -  (20) 
Issued for acquisitions -  -  1,519,364  24 
Issued in relation to exercised share options 59,784  1  202,162  3 
        
Closing balance 21,984,321  326  21,924,537  342 
 
During the period, 59,784 shares, with a nominal value $909, were allotted following the exercise of share options.  
 
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. 
 
Following the adoption of new Articles of Association on 12 April 2011 the company no longer has an authorised share 
capital. 
 
All issued share capital is fully paid, except for 853,818 treasury shares registered in the name of Lo-Q (Trustees) 
Limited, a wholly owned subsidiary of the company on behalf of the Lo-Q Employee Benefit Trust. 
 
Share option schemes 
 
At 31 December 2015 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 
  28,235  24 June 2013 to 23 June 2021  179p 
  88,083  30 November 2014 to 29 November 2022  323.5p 
  15,000  25 April 2015 to 25 April 2023  600p 
  12,000  23 January 2017 to 22 January 2024  697.5p 
  22,600  15 April 2018 to 15 April 2025  557.5p 
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 
  16,222  30 November 2014 to 29 November 2022  323.5p 
  15,000  26 March 2014 to 25 March 2022  292.5p 
  137,500  25 April 2015 to 25 April 2023  600p 
  167,700  23 January 2017 to 22 January 2024  697.5p 
  212,800  15 April 2018 to 15 April 2025  557.5p 
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) 
  277,534  15 April 2018  -p (3) 
  accesso Technology Group plc 
61 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Called up share capital (continued) 
 
(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 (see note 25). 
 
22. 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 
Other reserve: Reserve to account for share option equity based transactions 
Merger relief reserve: The merger relief reserve represents the difference between the fair value and 
nominal value of shares issued on the acquisition of subsidiary companies, where the 
company has taken 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 
 
23. 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 $548,044 (2014: $315,416). Contributions amounting 
to $48,647 (2014: $38,900) were payable to the fund and are included in creditors. 
 
24. 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 
 2015  2014  2015  2014 
 $000  $000  $000  $000 
Lo-Q, Inc. 14,220             15,627   7,629                6,040  
Lo-Q Service Canada Inc 197                  708   75                   151  
Lo-Q (Trustees) Limited 1,971               2,076    -    -  
accesso, LLC 114                  383                   568                  401  
VisionOne Worldwide Limited 1,509 
 
             1,578    -    -  
VisionOne, Inc. (222)               (222)   -    -  
Siriusware, Inc. (88) 
 
-  -  - 
 17,701  20,150  8,272  6,592 
 
 
  accesso Technology Group plc 
62 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Related party disclosures (continued) 
 
Other related parties 
 
Rockspring, a company in which David Gammon, an accesso Technology Group plc director, is a director invoiced the 
company in respect of directors fees $44,256 (2014: $44,080) of which $3,578 (2014: $3,673) was outstanding at year 
end. 
 
Matt Cooper, an accesso Technology Group plc director, invoiced the company in respect of directors fees $44,256 
(2014: $44,080) of which $3,578 (2014: $3,673) was outstanding at 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 $100,928 (2014: $56,382) in respect of marketing services of which $3,082 (2014: 
$3,818) was outstanding at year 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: 
 
  2015  2014 
  $000  $000 
Director s remuneration  1,785   1,761  
Director's contribution to retirement scheme  55   69  
Employer s social security costs  126   221  
Share-based payments  115   41  
  2,081   2,092  
  
Included in employer s social security costs is an amount of $nil related to the exercise of unapproved share options by 
directors (2014: $72,000). 
 
25. Share-based payment transactions 
 
Equity settled share option schemes 
 
For details of share option schemes in place during the period see note 21. Details of the number of share options and 
the weighted average exercise price (WAEP) outstanding during the period are as follows: 
 
 2015 
 
 2014 
restated * 
 Number  WAEP (pence)  Number  WAEP (pence) 
Outstanding at beginning of year 1,178,200  313.21  977,159  284.56 
Granted during the year 527,334  264.09  469,356           355.77  
Exercised during the year (59,784)  388.58  (202,162)               127.59  
Leavers, lapsed & other  (54,450)  626.43  (66,153)            609.28  
        
Outstanding at end of the year 1,591,300  289.10  1,178,200               313.21  
Exercisable at the end of the year 676,060  300.95  955,603   176.85 
Weighted average share price at date of exercise for 
share options exercised during the year:           795.80               745.39 
 
* The 2014 share-based payment disclosure has been restated for the inclusion of the LTIP share options in issue.  accesso Technology Group plc 
63 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Share based payment transactions (continued) 
 
The exercise price of options outstanding at 31 December 2015 range between £nil and 697.5p (2014: £nil and 600.0p) 
and their weighted average contractual life was 5.4 years (2014: 5.5 years). 
 
The weighted average share price at the date of exercise for share options exercised during the period was £7.95 (2014: 
£7.45). 
 
The fair values were calculated using the Black-Scholes valuation method. The inputs to the model were as follows: 
 
 2015  2014 
Weighted average share price (pence)        795.80           745.39  
Exercise price of options issued during the period 575.5  697.5 
Expected volatility %            27.63              31.00  
Expected life (years)              2.00                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 Group s 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 as explained 
on page 20. 
 
Long term incentive plan 
 
In addition to those above, on 15 April 2015 the Group granted conditional share awards ( Awards ) over 277,534 
ordinary shares of 1 penny under the Long Term Incentive Plan ( LTIP ), which was approved by shareholders on 27 
May 2014. 
 
During 2014, the company granted Awards over 222,206 ordinary shares of 1 penny under the LTIP. 
 
All Awards vest three years from the date of grant, are required to be held for a further six months, and are subject to 
certain performance conditions. 
 
The performance conditions for the 2015 Awards are achieved via compound share price growth rates from a share 
price of 545 pence per share over the vesting period. If the average share price ( ASP ) during the thirty days prior to 
15 October 2018 (the test date ) is 864.37 pence or more, 100% of the shares pursuant to the Award shall vest and 
the award shall be exercisable in full. The resulting shares from these awards are required to be held for a further six 
months following the test date. 
 
The Awards shall vest and become exercisable in respect of 30% of the shares comprised in it if the ASP is 805.16 pence. 
Between ASP of 805.16 and 864.37 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 805.16 pence. No consideration will be paid for the conditional 
shares upon their vesting. 
 
The performance conditions for the 2014 Awards are achieved via compound share price growth rates from a share 
price of 528.25 pence per share over the vesting period. If the ASP during the thirty days prior to 8 July 2017 (the test 
date ) is 803.40 pence or more, 100% of the shares pursuant to the Award shall vest and the award shall be exercisable 
in full. The resulting shares from these awards are required to be held for a further six months following the test date. 
  accesso Technology Group plc 
64 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Share based payment transactions (continued) 
 
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%. 
 
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: 
 
 2015  2014 
Expected volatility (%)         30.00           32.00  
Expected life years            3.00              1.00  
Risk free rate (%)           0.60             0.89  
Dividend yield (%)                  -                     -   
 
26. Notes to cash flow 
 
Reconciliation of cash generated from operations 
 
 
Group 2015 
 2014 - 
restated * 
 $000  $000 
Profit before tax              7,220   5,129 
Depreciation and amortisation charges    
    Tangible fixed assets (excluding finance leases)              1,312   1,411 
    Development costs              1,187   687 
    Acquired intangibles              4,235   2,273 
    Finance leased assets                   48   48 
    Other intangibles                   99   133 
Share based payment                 629   353 
Finance costs                 491   344 
Finance income                   (3)  (2) 
            15,218   10,376 
    
Decrease in inventories                   86   186 
Increase in trade and other receivables            (1,912)  (1,821) 
Increase in trade and other payables              1,320   1,899 
     
Cash generated from operations            14,712   10,640 
 
* The presentation of the 2014 foreign exchange movement has been represented within the movements of working 
capital to which the foreign exchange relates. The amount restated was not material to the Group.  
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
65 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
Notes to cash flow (continued) 
 
Company 2015 
 2014 - 
 restated * 
 $000  $000 
Profit before tax              2,843   1,620 
Depreciation and amortisation charges    
Tangible fixed assets                 685   1,062 
Development costs                 738   733 
Other intangibles                   98   81 
Share based payment                 629   323 
Finance costs 480   332 
Finance income                      -   (2) 
              5,473   4,149 
    
Decrease in inventories                   44   44 
Decrease in trade and other receivables              1,898   1,278 
(Decrease) / Increase in trade and other payables               (345)  486 
                 
Cash generated from operations 7,070   5,957 
 
* The presentation of the 2014 foreign exchange movement has been represented to reclassify $1.388m to the 
movements of working capital to which the foreign exchange has arisen. 
 
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. 
 
 
2014  Cash Flow  
Exchange 
movement   2015 
 $000  $000  $000   $000 
Group        
Cash in hand & at bank 5,693  (146)  (240)  5,307 
        
 5,693  (146)  (240)  5,307 
        
Company 
       
Cash in hand & at bank 1,309  491  (66)  1,734 
        
 1,309  490  (66)  1,734 
 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
66 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2015 
 
27. Commitments under operating leases 
 
Total of future minimum operating lease payments under non-cancellable operating leases: 
 
 2015  2014 
 $000  $000 
Group    
Land & buildings    
Less than one year 720  813 
Within one to five years 3,495  1,730 
Greater than five years 1,871  - 
 6,086  2,543 
Other    
Less than one year 47  98 
Within one to five years 87  24 
Greater than five years -  - 
 134  122 
Company    
Land & buildings    
Less than one year 93  104 
Within one to five years 604  - 
Greater than five years 817  - 
 1,514  104 
Other    
Less than one year 47  30 
Within one to five years 87  24 
Greater than five years -  - 
 134  54 
 
Operating leases within Land & buildings include the leases of company and Group offices. Leasing arrangements from 
the respective lessors can be viewed as standard. Leases within Other include office equipment and a vehicle. Terms 
can be viewed as standard.