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Registered number: 12930315









Touch Medical Communications Ltd









Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
Touch Medical Communications Ltd
Registered number: 12930315

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
831,054
530,172

Cash at bank and in hand
  
257,967
876,987

  
1,089,021
1,407,159

Creditors: amounts falling due within one year
 5 
(758,317)
(893,802)

Net current assets
  
 
 
330,704
 
 
513,357

  

Net assets
  
330,704
513,357


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
330,703
513,356

  
330,704
513,357


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 Sheldrick
Director
Date: 30 August 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
Touch Medical Communications Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

The company is a private company limited by shares, registered in England & Wales - company number 12930315. The address of the registered office is 3 Stockport Exchange, Stockport, Cheshire, United Kingdom, SK1 3GG. 

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 following principal accounting policies have been applied:

 
2.2

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
Touch Medical Communications Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

Revenue is typically recognised alongside 7 milestones. A relevant percentage of revenue is released when these milestones are met. These milestones can be measured reliably thanks to the extensive project management systems the company has in place.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

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.

 
2.6

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

 
Touch Medical Communications Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.7

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 -7).


4.


Debtors

2023
2022
£
£


Trade debtors
240,348
447,952

Amounts owed by group undertakings
551,238
75,839

Other debtors
2,444
3,047

Prepayments and accrued income
37,024
3,334

831,054
530,172



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
53,086
5,701

Amounts owed to group undertakings
243,783
484,867

Accruals and deferred income
461,448
403,234

758,317
893,802



6.


Contingent liabilities

The Company is party to a fixed charge over its assets to secure the liability of a bank loan held in Touch Medical Media Group Holdings Limited. As a result, the company may be held responsible for the liability, which at 31 December 2023 totalled £973,206 (2022: £Nil).

Page 4

 
Touch Medical Communications Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

7.


Controlling party

The immediate and ultimate parent undertaking is Touch Medical Media Group Holdings Ltd, a company registered in England and Wales, registered number 08197142, the registered office is 3 Stockport Exchange, Stockport, SK1 3GG. Touch Medical Media Group Holdings Ltd is the parent company for the largest group for which group accounts are prepared. 
The consolidated financial statements of Touch Medical Media Group Holdings Ltd are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, C14 3UZ.
There is no overall controlling party of Touch Medical Media Group Holdings Ltd. 


8.


Auditors' information

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

The audit report was signed on 9 September 2024 by Mike Jackson (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.

 
Page 5