Registered number:
For the Year Ended
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Touch Independent Medical Education Ltd
Company Information
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Touch Independent Medical Education Ltd
Contents
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Touch Independent Medical Education Ltd
Strategic Report
For the Year Ended 31 December 2023
The directors present their Strategic Report for the year ended 31 December 2023.
The principal activities of the Company are the publication of learned journals and the provision of medical education.
Touch Independent Medical Education Limited (“touchIME”) is a leading international provider of global independent medical education which develops medical education content delivered by expert faculty covering nine major therapy areas.
The Company offers a broad set of integrated services to pharmaceutical (“pharma”) and biopharmaceutical (“biopharma”). Independent Medical Education describes educational content that is developed at ‘arm’s length’ from supporting companies. It is focused on disease awareness and compounds in clinical development and is supported by the medical affairs and grant teams within supporter companies. Expert faculty explain and discuss the rationale behind specific approaches to disease management and share the scientific evidence base – the ultimate goal is to positively impact and improve clinical practice and patient health outcomes. touchIME is uniquely placed to support new medicines in the market, predominantly working on compounds from phase 2 to very early launch. The Company has delivered considerable organic growth in recent years, supported by a track record of investment in operating platforms, management, and wider teams. Today, the business counts 42 of the top 50 global pharma companies and an increasing cohort of innovative biopharma companies amongst its clients. The Company has a global client reach and operating platform, with significant focus on the US and Europe. As an open access network, Touch optimises levels of engagement through a variety of publicity tactics. This contrasts with some key competitors who operate closed networks and have a bigger reliance on their HCP databases to drive engagement which can be limiting. Management believes closed networks will not survive and that Touch being an open network is a key differentiator and gives them a competitive advantage in its ability to reach a higher number of healthcare professionals (HCPs) with highly relevant content delivered on the right platform and at the right time. Touch uses a blended tactical approach including leveraging 150+ established society partnerships (2.3M HCP network), social media campaigns across all key platforms, communication via their HCP database and organic traffic resulting in engagement levels that are significantly higher compared to that of the competition. The Touch platforms, which are underpinned by 385 world renowned editorial board members (including a high-profile Editor-in-Chief for each therapy area), include over 11,000 pieces of trusted high quality scientific, fair, and balanced content. Website visitors are forecast to be close to 2 million in FY24. 2023 started strongly, with Q1 sales ahead of budget and the pipeline continuing to grow in value and diversify. However, during the second half of the year there was a reduction in project volumes - a result of several factors driven by the wider market:
∙nervousness amongst supporters around the Inflationary Reduction Act ("IRA") in the USA, which amongst several things is aimed at reducing the cost of prescription drug prices;
∙a regulatory issue whereby a Discovery Pharma was fined for a compliance breach, entirely unrelated to Touch, but a cause of heightened legal scrutiny around new contract terms; and
∙general economic uncertainty related to the war in Ukraine and Brexit, contributing to high levels of cost inflation.
Due to these external pressures, turnover reduced to £9.0m in the year ended 31 December 2023, from £11.3m in the year ended 31 December 2022.
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Touch Independent Medical Education Ltd
Strategic Report (continued)
For the Year Ended 31 December 2023
EBITDA decreased from a £1.25m profit for the ended 31 December 2022 to a loss of £1.47m in the year ended 31 December 2023.
In response to the market slowdown the business reduced its expenditure swiftly and prudently. Unfortunately, this included a reduction in headcount - the directors thank all employees past and present for their hard work and dedication during the period. The Company benefited in FY23 from strong levels of cash reserves relative to its size, which reflected the high proportion of funding being received in advance of project delivery. As a result of the market slowdown, cash reserves were utilised to manage working capital, which led to a reduction from £2.35m on 31 Dec 2022 to £0.75m on 31 Dec 2023. The Company’s net cash position has stabilised and begun to improve in FY24. In 2024 the market has improved, with most supporters having either recommenced spend or confirmed larger budgets for the year. Consequently, sales levels in H1 2024 have markedly increased on the prior year, and the Company has returned to profitability.
In recent years, high volume growth in the IME (Independent Medical Education) market led to there being a limited medical writing resource pool. During FY21 and FY22 the Company mitigated this risk by investing in recruitment and growth of its in-house medical, editorial and project management teams. However, the unexpected weakening in market conditions during FY23 meant that the Company’s fixed cost base was overly leveraged, and while the business was able to reduce costs considerably, it took several months to stabilise.
All of the steps taken to reduce costs during FY23 mean the business has now returned to profitability off a reduced sales pipeline, and is now much better protected against any further market slowdown. Downside trading risk is further mitigated by the parent company’s access to additional loan capital which provides cash flow headroom, and allows the business to begin to invest again in its people and systems in order to drive growth. The Company operates in a highly regulated market with strict rules around independence which dictate that continuing education serves the needs of patients and the public, is based on valid content, and is free from commercial influence. The Company mitigates this risk via a structure that maintains a distinct separation between its touchIME and TMC businesses, and via close management oversight over all activities to ensure compliance. In addition, the Company maintains close relationships with the Accreditation Council for Continuing Medical Education (“ACCME”) and the European Accreditation Council for Continuing Medical Education (“EACCME”), who are the key accreditors for physician targeted CME content. The Company has been audited by the ACCME and is approved as meeting their standards, the accreditation of touchIME content is provided by the University of South Florida, Health (“USF”), one of the largest not-for-profit accreditors in the USA. The business maintains regular, compulsory training, regarding EFPIA and ABPI standards. The Company like all businesses is vulnerable to high levels of cost inflation – it mitigates the exposure as much as possible via close control of all overheads and strong relationships with its key suppliers.
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Touch Independent Medical Education Ltd
Strategic Report (continued)
For the Year Ended 31 December 2023
This report was approved by the board and signed on its behalf.
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Touch Independent Medical Education Ltd
Directors' Report
For the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £1,247,489 (2022 -profit £1,020,669).
Dividends paid on equity capital amounted to £nil (2022: £1,000,000). The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
The Company completed a cost reduction programme in early 2024, and as a consequence has returned to profitability. Market conditions have improved during the year but have not recovered fully, and as such the Company’s short term focus remains on improving sales performance and maximising margin, in order to deliver stable growth. At the same time, the Company has taken numerous steps during the year to date to ensure it is primed to take advantage of improvements in the market over the longer term.
The Company continues to boast a successful track record of innovation and a focus on new product development, which will ensure it remains at the forefront of medical advancements.
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Touch Independent Medical Education Ltd
Directors' Report (continued)
For the Year Ended 31 December 2023
The directors have referred to their risk management policies in the strategic report.
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Touch Independent Medical Education Ltd
Independent Auditors' Report to the Members of Touch Independent Medical Education Ltd
We have audited the financial statements of Touch Independent Medical Education Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Touch Independent Medical Education Ltd
Independent Auditors' Report to the Members of Touch Independent Medical Education Ltd (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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Touch Independent Medical Education Ltd
Independent Auditors' Report to the Members of Touch Independent Medical Education Ltd (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and Corruption.
Audit response to risks identified Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
∙Reading minutes of meetings of those charges with governance.
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Touch Independent Medical Education Ltd
Independent Auditors' Report to the Members of Touch Independent Medical Education Ltd (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG
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Touch Independent Medical Education Ltd
Statement of Comprehensive Income
For the Year Ended 31 December 2023
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Touch Independent Medical Education Ltd
Registered number: 12930292
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 23 form part of these financial statements.
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Touch Independent Medical Education Ltd
Statement of Changes in Equity
For the Year Ended 31 December 2023
Statement of Changes in Equity
For the Year Ended 31 December 2022
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Touch Independent Medical Education Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
The company is a private company limited by shares, registered in England & Wales - company number 12930292. The address of the registered office is 3 Stockport Exchange, Stockport, Cheshire, United Kingdom, SK1 3GG.
The nature of the company's operations and its principal activities is the publication of learned journals and the provision of medical education.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Touch Medical Media Group Holdings Limited as at 31 December 2023 and these financial statements may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, C14 3UZ.
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion.
Management has prepared forecasts which show the company will be able to realise its assets and discharge its liabilities in the normal course of business. Accordingly, the directors believe it is appropriate to prepare the financial statements on a going concern basis.
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Touch Independent Medical Education Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Touch Independent Medical Education Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
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 estimated useful lives range as follows:
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Touch Independent Medical Education Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
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.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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, whereby 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.
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Touch Independent Medical Education Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Revenue and margin recognition The company's revenue recognition policies which are set out in note 2.4 are central to how the company values the work it has carried out in each financial year. These policies require assesments and judgements to be made in respect of budgeted versus actual costs. The company reviews, and when necessary, revises the estimates surrounding actual costs as the contracts progress. Following this review, the company deferred income totalling £904,412 (2022: £1,894,802).
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Touch Independent Medical Education Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
The whole of the turnover is attributable to its principal activity as described in note 1.
Analysis of turnover by country of destination:
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Touch Independent Medical Education Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
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Touch Independent Medical Education Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
From 1 April 2023 the main rate of corporation tax increased to 25%. The 23.52% rate used above reflects 9 months of the new rate and 3 months of the previous rate of 19%.
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Touch Independent Medical Education Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
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Touch Independent Medical Education Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
Profit and loss account
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Touch Independent Medical Education Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
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).
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.
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