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Registered number: 11942999










INTERTOUCH UK LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023



 
INTERTOUCH UK LIMITED
REGISTERED NUMBER: 11942999

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
(restated)
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
1,968

  
-
1,968

Current assets
  

Debtors: amounts falling due within one year
 5 
10,243
17,924

Cash at bank and in hand
 6 
9,937
34,221

  
20,180
52,145

Creditors: amounts falling due within one year
 7 
(298,421)
(271,012)

Net current liabilities
  
 
 
(278,241)
 
 
(218,867)

Total assets less current liabilities
  
(278,241)
(216,899)

  

Net liabilities
  
(278,241)
(216,899)


Capital and reserves
  

Called up share capital 
 8 
114,640
114,640

Profit and loss account
  
(392,881)
(331,539)

  
(278,241)
(216,899)


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T J E Teng
Director

Date: 19 August 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
INTERTOUCH UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Intertouch UK Limited is a private limited company incorporated and domiciled in England and Wales with registered number 11942999. The Company's registered office is 8th Floor South, Reading Bridge House, George Street, Reading, Berkshire, United Kingdom, RG1 8LS.
The principal activity of the Company in the period under review was that of providing premier integrated guest-facing technology solutions for the hospitality industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have considered the company's ability to continue to trade for the foreseeable future. This review involved the preparation of budgets and forecasts for the year to 31 December 2025 and also involved the consideration of a period beyond that to at least one year from the date of signing of these financial statements. The company is reliant on its parent company, who are the sole source of revenue generation, for its continuing operation. The Directors have received assurances from the parent company that it will continue to support the company for the foreseeable future and for the above reasons the financial statements have been prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 2

 
INTERTOUCH UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Equipment sales are stated net of VAT. Revenue from the supply of goods represents the value of goods when the risks and rewards of ownership has transferred to the buyer.  
Intercompany recharges are calculated on operating costs incurred and a 5 or 6% mark up which is charged to an affiliated company. 

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
5 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
INTERTOUCH UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the period was 1 (2022 - 4).

Page 4

 
INTERTOUCH UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£





At 1 January 2023
2,508
1,442
3,950


Disposals
(2,508)
(1,442)
(3,950)



At 31 December 2023

-
-
-





At 1 January 2023
1,045
937
1,982


Charge for the year
490
251
741


Disposals
(1,535)
(1,188)
(2,723)



At 31 December 2023

-
-
-



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
1,463
505
1,968

Page 5

 
INTERTOUCH UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
7,288
15,509

Amounts owed by group undertakings
1,057
329

Other debtors
860
863

Prepayments and accrued income
1,038
1,223

10,243
17,924


Amounts owed by group undertakings are non-interest bearing and payable on demand.


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
9,937
34,221

9,937
34,221



7.


Creditors: Amounts falling due within one year

2023
2022 (restated)
£
£

Trade creditors
14,473
11,202

Amounts owed to group undertakings
272,233
233,489

Other taxation and social security
196
5,850

Other creditors
29
29

Accruals and deferred income
11,490
20,442

298,421
271,012


Amounts owed to group undertakings are non-interest bearing and payable on demand.

Page 6

 
INTERTOUCH UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



114,640 (2022 - 114,640) Ordinary shares of £1.00
114,640
114,640





9.


Prior year adjustment

A prior year adjustment has been made to correctly account for audit and accountancy fees during the year ended 31 December 2022 and year ended 31 December 2021. The effect of this adjustment on the year ended 31 December 2022 is to increase administrative expenses by £7,577, increase creditors by £24,022, and reduce reserves as at 1 January 2022 by £16,455. The impact on reserves at 31 December 2022 was a decrease of £24,022.


10.


Related party transactions

The Company has taken advantage of the exemption available to not disclose transactions with wholly owned members of the group by virtue of FRS 102 section 33.1A.


11.


Controlling party

The ultimate controlling party is  interTouch Pte. Ltd, a company registered in Singapore, by virtue of their 100% shareholding. 


12.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 21 August 2024 by Darren O'Connor BSc (Hons) FCCA ACA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.

Page 7