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Registered number: 12930327









Touch Medical Media Services Ltd









Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
Touch Medical Media Services Ltd
Registered number: 12930327

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
340,757
425,325

Tangible assets
 5 
47,854
71,943

  
388,611
497,268

Current assets
  

Debtors: amounts falling due within one year
 6 
6,051,170
4,217,117

Bank and cash balances
  
78,324
56,337

  
6,129,494
4,273,454

Creditors: amounts falling due within one year
 7 
(6,324,409)
(4,649,136)

Net current liabilities
  
 
 
(194,915)
 
 
(375,682)

Total assets less current liabilities
  
193,696
121,586

Provisions for liabilities
  

Deferred tax
  
(91,457)
(115,773)

Net assets
  
102,239
5,813


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
102,238
5,812

  
102,239
5,813


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: 



J Wrenn
Director
Date: 9 September 2024

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

Page 1

 
Touch Medical Media Services 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 12930327. The address of the registered office is 3 Stockport Exchange, Stockport, 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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
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.

Page 2

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

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

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.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Page 3

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

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The IT development is being amortised over 3 years.

 
2.8

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:

Office equipment
-
33%

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.

 
2.9

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.

 
2.10

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.

 
2.11

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 4

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

3.


Employees

The average monthly number of employees, including directors, during the year was 31 (2022 - 30).


4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
922,436


Additions
177,188



At 31 December 2023

1,099,624



Amortisation


At 1 January 2023
497,111


Charge for the year
261,756



At 31 December 2023

758,867



Net book value



At 31 December 2023
340,757



At 31 December 2022
425,325


IT Development relates to the development of an integrated financial and customer relationship management system, the website, and other internal IT development costs. These costs are being amortised over 3 years.


Page 5

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

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
153,993


Additions
20,659



At 31 December 2023

174,652



Depreciation


At 1 January 2023
82,050


Charge for the year
44,748



At 31 December 2023

126,798



Net book value



At 31 December 2023
47,854



At 31 December 2022
71,943


6.


Debtors

2023
2022
£
£


Trade debtors
50
-

Amounts owed by group undertakings
5,938,966
4,082,582

Other debtors
2,619
14,258

Prepayments and accrued income
109,535
120,277

6,051,170
4,217,117


Page 6

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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
90,105
104,545

Amounts owed to group undertakings
6,185,977
4,388,832

Accruals and deferred income
48,327
155,759

6,324,409
4,649,136



8.


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).


9.


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, 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.


10.


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 7