Company Registration No. 07360754 (England and Wales)
Touchpoint Resource Ltd
Unaudited accounts
for the year ended 31 August 2023
Touchpoint Resource Ltd
Unaudited accounts
Contents
Touchpoint Resource Ltd
Company Information
for the year ended 31 August 2023
Company Number
07360754 (England and Wales)
Registered Office
3RD FLOOR, NEWS BUILDING
3 LONDON BRIDGE STREET
LONDON
SE1 9SG
ENGLAND
Touchpoint Resource Ltd
Statement of financial position
as at 31 August 2023
Tangible assets
1,093
1,457
Cash at bank and in hand
83,408
225,212
Creditors: amounts falling due within one year
(61,975)
(97,927)
Net current assets
123,008
209,774
Total assets less current liabilities
124,101
211,231
Creditors: amounts falling due after more than one year
(124,073)
(161,535)
Called up share capital
5
5
Capital redemption reserve
13
13
Profit and loss account
10
49,678
Shareholders' funds
28
49,696
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 14 November 2023 and were signed on its behalf by
Mark Thompson
Director
Company Registration No. 07360754
Touchpoint Resource Ltd
Notes to the Accounts
for the year ended 31 August 2023
Touchpoint Resource Ltd is a private company, limited by shares, registered in England and Wales, registration number 07360754. The registered office is 3RD FLOOR, NEWS BUILDING, 3 LONDON BRIDGE STREET, LONDON, SE1 9SG, ENGLAND.
These financial statements comply with Financial Reporting Standard 102 Section 1A.
Although recent difficult trading conditions experienced by this sector have resulted in reduced turnover for the company, the director expects conditions to improve and has therefore continued to adopt the going concern basis of accounting.
Revenue, described as turnover, is the value of services (net of VAT) performed during the year. Revenue is recognised on the provision of services on a percentage degree of completion basis calculated by reference to the time expended compared to the total anticipated time.
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension costs charge represents contributions payable for the period by the company to the fund.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & machinery
25% per annum straight line
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.
Transactions denominated in foreign currencies are initially recorded at the rate of exchange ruling as at the date of the transaction. Year end debtors and cash balances are retranslated at the rate of exchange as at the year end with exchange differences included in arriving at profit before tax.
Government grants are recognised under the accrual model meaning that grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. This includes a Covid related loan which was interest free for 12 months.
Touchpoint Resource Ltd
Notes to the Accounts
for the year ended 31 August 2023
3
Tangible fixed assets
Plant & machinery
At 1 September 2022
21,051
At 1 September 2022
19,594
Amounts falling due within one year
Trade debtors
43,752
74,335
Accrued income and prepayments
7,071
8,154
5
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
46,000
46,000
Trade creditors
6,465
14,968
Taxes and social security
7,138
34,332
Other creditors
2,372
2,627
6
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
124,073
161,535
The company has a government backed loan for £230,000 repayable over 72 months.
7
Operating lease commitments
2023
2022
At 31 August 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
49,011
105,201
Touchpoint Resource Ltd
Notes to the Accounts
for the year ended 31 August 2023
8
Transactions with related parties
The following material transactions with directors and shareholders were carried out during the period:
The director has borrowed £50,344 which will be repaid in full by 31 May 2024 and on which annual
interest of 2.25% is being charged.
9
Average number of employees
During the year the average number of employees was 5 (2022: 9).