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Registered number: 02163412










Touchload Limited










Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
Touchload Limited
Registered number: 02163412

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
342,296
340,254

  
342,296
340,254

Current assets
  

Stocks
 5 
1,878
2,909

Debtors: amounts falling due within one year
 6 
2,819,373
3,014,963

Cash at bank and in hand
 7 
917,605
754,423

  
3,738,856
3,772,295

Creditors: amounts falling due within one year
 8 
(4,725,366)
(5,063,584)

Net current liabilities
  
 
 
(986,510)
 
 
(1,291,289)

Total assets less current liabilities
  
(644,214)
(951,035)

  

Net liabilities
  
(644,214)
(951,035)


Capital and reserves
  

Called up share capital 
  
60
60

Profit and loss account
  
(644,274)
(951,095)

  
(644,214)
(951,035)


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 profit and loss account 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: 




N F Pamplin
Director

Date: 5 September 2024

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
Touchload Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

These financial statements have been prepared on the basis that the company will continue to be a
going concern. If this assumption is not considered valid, then adjustments would need to be made to
reduce the value of assets to their recoverable amount, to provide for any further liabilities that might
arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.
The directors have reviewed current trading, future forecasts and the availability of cash. On the
basis of these consideration, they are satisfied the Company can continue as a going concern for the
foreseeable future and at least twelve months from the date these accounts are approved.

 
2.3

Government grants

Income from government and other grants, whether ‘capital grants’ or ‘revenue grants’, are
recognised when the company has entitlement to the funds, any performance conditions attached to
the grants have been met, it is probable that the income will be received, and the amount can be
measured reliably and is not deferred.

Page 2

 
Touchload Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

For the rendering of services where a customer receives consideration over a period of more than  one day, turnover is recognised on a straight-line basis over the duration of the period of consideration.
For the rendering of services where a customer receives all the consideration of the sale on one day, turnover is recognised on that day.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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.

 
2.7

Pensions

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Page 3

 
Touchload Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

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.

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:

Short-term leasehold property
-
over the life of the lease
Fixtures and fittings
-
20% on cost
Office equipment
-
20% on cost
Computer equipment
-
25% on cost

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
Touchload Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 5

 
Touchload Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 87 (2022 - 80).

Page 6

 
Touchload Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost 


At 1 January 2023
989,391
437,909
-
368,990
1,796,290


Additions
8,358
46,104
12,947
22,148
89,557


Disposals
-
-
-
(160,819)
(160,819)



At 31 December 2023

997,749
484,013
12,947
230,319
1,725,028



Depreciation


At 1 January 2023
718,947
428,765
-
308,324
1,456,036


Charge for the year on owned assets
58,702
9,434
1,063
18,316
87,515


Disposals
-
-
-
(160,819)
(160,819)



At 31 December 2023

777,649
438,199
1,063
165,821
1,382,732



Net book value



At 31 December 2023
220,100
45,814
11,884
64,498
342,296



At 31 December 2022
270,444
9,144
-
60,666
340,254

There are Group loans which are secured by fixed and floating charges over the Company's assets.

Page 7

 
Touchload Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,878
2,909

1,878
2,909


There are Group loans which are secured by fixed and floating charges over the Company's assets.


6.


Debtors

2023
2022
£
£


Trade debtors
736,900
829,316

Amounts owed by group undertakings
1,759,456
1,778,706

Other debtors
12,172
36

Prepayments and accrued income
310,845
406,905

2,819,373
3,014,963



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
917,605
754,423

917,605
754,423



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
1,013,933
1,189,170

Trade creditors
255,254
301,602

Other taxation and social security
92,702
78,710

Other creditors
370,246
477,732

Accruals
273,984
352,832

Deferred income
2,719,247
2,663,538

4,725,366
5,063,584


Page 8

 
Touchload Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

9.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Operating leases
5,868,333
6,318,593

5,868,333
6,318,593


10.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 paragraph 33.1A from disclosing transactions with other members of the group.


11.


Controlling party

The parent of the smallest and largest group which draws up consolidated financial statements is Prime Education and Training Ltd.
The address of its registered office is:
The Old Market Unit N2
Upper Market Street
Hove
East Sussex
BN3 1AS
 


12.


Auditors' information

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

The audit report was signed on 5 September 2024 by Christian Heeger BSc FCA (Senior statutory auditor) on behalf of Galloways Accounting.


Page 9