Registered number: 08840381
TOUCH POINT INVESTMENTS UK LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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TOUCH POINT INVESTMENTS UK LTD
COMPANY INFORMATION
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I Gillott (resigned 1 August 2024)
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Chartered Accountants & Statutory Auditor
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TOUCH POINT INVESTMENTS UK LTD
CONTENTS
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Independent auditors' report
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Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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TOUCH POINT INVESTMENTS UK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Touch Point Investments UK Ltd is a limited company incorporated in England and Wales, its registered office is
Touchpoint, Wainwright Road, Worcester, WR4 9FA. The Company is reporting for the year ended 31
December 2023.
The Company is a wholly owned subsidiary of Touch Point Investments, Inc, a company incorporated in the USA and operates as part of the group's European division.
The Company's principal activity is as a holding company.
The directors are not aware, at the date of this report, of any likely major changes to the Company's activities in
the next year.
The Statement of financial position on page 12 of the financial statements shows the Company's financial
position at the year end.
Principal risks and uncertainties
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The Company's investments are affected by the performance of the European and US economy; with price
pressures evident across most sectors, as competitors seek to protect and grow their share of the market
place.
The management team in directly and indirectly controlled subsidiary companies are actively involved in managing these risks.
Liquidity risk
The Company participates in group centralised treasury facilities.
Credit risk
The Company is an investor in its subsidiaries. The directors monitor investment decisions and performance through a process of annual budget preparation, and monthly performance reviews. Group instructions direct policy in the areas of credit control and customer risk management.
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TOUCH POINT INVESTMENTS UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Financial key performance indicators
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The directors do not apply KPI's to the performance of the Company, which is an investment holding company.
Other key performance indicators
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The directors monitor the performance of the investments which the Company owns
On 1 August 2024 Isobel Gillott resigned as a statutory director.
This report was approved by the board and signed on its behalf.
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TOUCH POINT INVESTMENTS UK 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 profit for the year, after taxation, amounted to £487,864 (2022 - £6,752,622).
The directors who served during the year were:
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I Gillott (resigned 1 August 2024)
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In performing their assessment of going concern the Directors have considered the ability of the company to meet its obligations as they fall due for a period of 12 months from the approval of these financial statements. The Directors have a reasonable expectation that TouchPoint Investments UK Limited has adequate resources to continue in operational existence over this period. In determining this conclusion the Directors have obtained a letter of support from fellow group undertaking Southco Manufacturing and from ultimate parent company and ultimate controlling party, Touchpoint Inc, who have guaranteed the debts of the company for the going concern period.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
Engagement with employees
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Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the Company continues and that appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
The Company participates in the TouchPoint Inc group's policies and practices to keep employees informed on the matters relevant to them through regular meetings, and notices. Employees are consulted regularly on a wide range of matters affecting their interests.
Qualifying third party indemnity provisions
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As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying
third party indemnity provision defined by section 234 of the Companies Act 2006. The indemnity was in force
throughout the last financial year and is currently in force.
Matters covered in the Strategic report
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A review of the business, principal risks and uncertainties, and financial and non-financial key performance
indicators are included within the strategic report.
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TOUCH POINT INVESTMENTS UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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.
Disclosure of information to auditors
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The directors confirm that:
∙so far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware, and
∙the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Following the merger of MHA Moore & Smalley with MHA, the company's independent auditor has now become MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.
This report was approved by the board and signed on its behalf.
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TOUCH POINT INVESTMENTS UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUCH POINT INVESTMENTS UK LTD
Qualified opinion
We have audited the financial statements of Touch Point Investments UK Ltd (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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).
In our opinion, except for the effects of the matter described in the Basis for qualified opinion section of our report, the financial statements:
∙give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
As explained in note 2.1 to the financial statements, the company has prepared individual accounts in
accordance with section 394 of the Companies Act 2006 but has not consolidated the financial information of its subsidiary undertakings which are listed in note 11 to the financial statements.
The company is required to prepare group accounts in accordance with section 399 of the Companies Act 2006 and to consolidate the financial information of its subsidiary undertakings in accordance with the requirements of FRS 102 section 9 ‘Consolidated and Separate Financial Statements’ and to account for its associate in accordance with FRS 102 section 14 ‘Investments in Associates’. The effect on the financial statements of the failure to consolidate its subsidiary undertakings in accordance with FRS 102 section 9 and to account for its associate in accordance with FRS 102 section 14 has not been determined; as it is considered impractical to do so. In addition, the requirement for the company to prepare group financial statements and to consolidate the financial information of its subsidiary undertakings and to account for its associate is not reflected in the directors’ report or the strategic report. This is also a departure from s386(5) of the Companies Act 2006, denoting that a parent company takes reasonable steps to ensure its undertakings maintain adequate accounting records enabling the Directors to prepare consolidated accounts in compliance with the requirements of the Act.
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 Auditor’s 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 UK, including the FRC’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 qualified opinion.
Conclusions relating to going concern
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.
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TOUCH POINT INVESTMENTS UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUCH POINT INVESTMENTS UK LTD
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
As described in the basis for qualified opinion section of our report, our audit opinion is qualified for the failure of the company to prepare group financial statements, consolidating the financial information of its subsidiary undertakings and to incorporate the result of its associate. Furthermore, the failure to prepare group financial statements also has significant implications upon the recognition of the size of the Company (and its Group) and the resulting disclosures required under the applicable accounting standards. The Company itself is a small company under United Kingdom Generally Accepted Accounting Practice and can apply the provisions of FRS 102 section 1A, with the option to exclude certain disclosures within the directors’ report and to remove the strategic report entirely. However, the Group is a large group and, if group financial statements were prepared, various additional disclosures would be required such as the disclosures under the Streamlined Energy and Carbon Reporting regulations. The Company has not fully followed either size requirement entirely in the directors’ report or the strategic report and accordingly we have concluded that the other information is materially misstated for the same reason.
Opinions on other matters prescribed by the Companies Act 2006
Except for the matter described in the basis for qualified opinion and other information sections of our report, 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.
Except for the matter described in the basis for qualified section of our report, 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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TOUCH POINT INVESTMENTS UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUCH POINT INVESTMENTS UK LTD
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
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 auditor's 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
∙Enquiries with management about any known or suspected instances of non-compliance with laws and regulations and fraud;
∙Reviewing how management identify and track compliance with key laws and regulations. Scrutinising legal and professional costs incurred for indications of non-compliance and to identify any evidence of ongoing litigation and therefore consequential financial implications;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and,
∙Reviewing transactions relating to investment income, to ensure revenue is complete in the financial statements and recognised in the correct accounting period.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor's report.
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TOUCH POINT INVESTMENTS UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUCH POINT INVESTMENTS UK LTD
Use of our 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 auditor's 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.
Andrew Matthews BFP ACA FCCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Liverpool, United Kingdom
20 September 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
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TOUCH POINT INVESTMENTS UK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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Income from shares in group undertakings
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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There was no other comprehensive income for 2023 (2022:£NIL).
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The notes on pages 13 to 24 form part of these financial statements.
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The results included above are generated from continuing operations.
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TOUCH POINT INVESTMENTS UK LTD
REGISTERED NUMBER: 08840381
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 24 form part of these financial statements.
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TOUCH POINT INVESTMENTS UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 13 to 24 form part of these financial statements.
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TOUCH POINT INVESTMENTS UK LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cash flows from operating activities
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Profit for the financial year
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Increase/(decrease) in creditors
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Net cash generated from operating activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 13 to 24 form part of these financial statements.
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The Company's cash and cash equivalents are held by a related group company. As a result, there are no cash transactions that take place in this company and the Company does not hold title to any bank accounts. All significant non-cash transactions have been disclosed in the notes to the financial statements.
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TOUCH POINT INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Touch Point Investments UK Ltd is a private company limited by shares & incorporated in England and
Wales. Its registered head office is located at Touch Point, Wainwright Road, Worcester, WR4 9FA. The
entity is reporting for the year ended 31 December 2023.
2.Accounting policies
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Basis of preparation of financial statements
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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 Company has prepared individual accounts in accordance with section 394 of the Companies
Act 2006 and has not consolidated the financial information of its subsidiary undertakings. The
Company is required to prepare group accounts in accordance with section 399 of the Companies
Act 2006 and to consolidate the financial information of its subsidiary undertakings in accordance
with the requirement of FRS102 section 9 'Consolidated and Separate Financial Statement', but has
not done so. As it is the Directors opinion, to consolidate the entire UK Group position, incorporating all worldwide subsidiaries has so far been economically unviable due to the complexity of the group and the lack of historically available information. Active efforts are however being made to rectify this position from the next financial year. As such, the financial statements provide information about the company only and not about its group which is a departure from the required accounting standard.
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 (see note 3).
The following principal accounting policies have been applied:
In performing their assessment of going concern, the Directors have considered the ability of the firm to meet its obligations as they fall due for a period of 12 months from the approval of these financial statements. The Directors have a reasonable expectation that TouchPoint Investments UK Limited has adequate resources to continue in operational existence over this period. In determining this conclusion the Directors have obtained a letter of support from fellow group undertaking Southco Manufacturing and from ultimate parent company and ultimate controlling party, Touchpoint Inc, who have guaranteed the debts of the company for the going concern period.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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TOUCH POINT INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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TOUCH POINT INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Foreign currency translation
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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'.
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are
recognised when paid. Final equity dividends are recognised when approved by the shareholders at
an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
Interest income is recognised in profit or loss using the effective interest method.
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TOUCH POINT INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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 reporting 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 reporting 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 reporting date.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, management is required to make judgements,
estimates and assumptions about the carrying value of assets and liabilities that are not readily available
from other sources. The estimates and underlying assumptions are based on historical experience and
other factors that are considered relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised, if the revision affects only that
period, or in the period and future periods if the revision affects both current and future periods.
Management believe there are no areas of estimates which would have a significant effect on the amounts recognised in the financial statements.
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The operating profit is stated after charging:
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TOUCH POINT INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The audit fee in relation to services provided to Touch Point Investments UK Ltd amounting to £3,000 (2002 : £3,000) has been borne by a fellow subsidiary of the group.
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The Company has no employees other than the directors, who did not receive any remuneration (2022 - £Nil).
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Directors are remunerated through other companies in the Group.
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Income from investments in group companies
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Interest receivable and similar income
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Interest receivable on loans from group companies
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Interest payable and similar expenses
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Foreign exchange realised on loans from group companies
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Interest payable on loans from group companies
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TOUCH POINT INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Adjustments in respect of previous periods
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Taxation on profit/(loss) on ordinary activities
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
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Expenses not deductible for tax purposes
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Adjustments to tax charge in respect of prior periods
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Deferred tax not provided
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Capital element of loan payable to TPI Medical Ltd
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Total tax charge for the year
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From 1 April 2023 the government have enacted changes to the corporation tax rate, increasing the main tax rate to 25%. For companies where financial year ends straddle two tax years pre and post the increase of corporation tax to 25%, profits are apportioned in the ratio to account for the number of months under a 19% taxation rate and a 25% taxation rate. The effective rate of tax for the year ended 31 December 2023 is therefore 23.52%.
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TOUCH POINT INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Investments in subsidiary companies
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TOUCH POINT INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The following were subsidiary undertakings of the Company:
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Supply Point Systems Inc.
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Supply Point Systems Limited*
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Supply Point Systems SRL*
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Supply Point Systems (1) Pvt. Ltd*
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Supply Point Systems (Shanghai) Co. Ltd*
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Supply Point Systems GmbH*
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ITD Australia Pty Limited*
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ITD Medical Technology Products (Shanghai) Co. Ltd*
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TouchPoint Medical Shanghai Co. Ltd
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Supply Point Systems Brasil Ltda*
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Southco Poland sp. z o.o.*
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TouchPoint Medical Nordic AS*
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TouchPoint Medical Nordic AB*
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TouchPoint Medical Nordic OY*
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Parity Medical Holdings Ltd*
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TOUCH POINT INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)
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The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Supply Point Systems Inc.
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Supply Point Systems Limited*
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Supply Point Systems SRL*
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Supply Point Systems (1) Pvt. Ltd*
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Supply Point Systems (Shanghai) Co. Ltd*
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Supply Point Systems GmbH*
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ITD Australia Pty Limited*
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ITD Medical Technology Products (Shanghai) Co. Ltd*
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TouchPoint Medical Shanghai Co. Ltd
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Supply Point Systems Brasil Ltda*
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Southco Poland sp. z o.o.*
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TouchPoint Medical Nordic AS*
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TouchPoint Medical Nordic AB*
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TouchPoint Medical Nordic OY*
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Parity Medical Holdings Ltd*
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TOUCH POINT INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured fixed rate loan notes that attract interest between 3% and 4% fixed per annum. Amounts owed by group undertakings are repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are unsecured, attract interest of 1.5% fixed per annum and are repayable on demand.
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Other non-cash changes represent movements in related party balances (see note 18).
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TOUCH POINT INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Financial assets measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets that are measured at amortised cost comprise amounts owed by group undertakings.
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Financial liabilities measured at amortised cost comprise amounts owed to group undertakings.
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Allotted, called up and fully paid
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17,031,194 (2022 - 17,031,194) Ordinary shares of £1.00 each
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There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of
capital.
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Profit and loss account
Profit and loss account includes all prior and current retained earnings, net of dividends paid.
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TOUCH POINT INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Related party transactions
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The Company had the following balances with related parties during the year:
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Amounts owed by group undertakings
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Touch Point Investments, Inc.
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Amounts owed to group undertakings
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Southco Manufacturing Limited
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The company is party to a fixed and floating debenture originally dated 13 October 2015 and renewed 2 August 2022, over all assets of the company, in favour of PNC Bank, National Association. This debenture renders the company joint and severally liable for all debts, along with its fellow group Companies: Southco Manufacturing Limited, Southco Severn Ltd, Touch Point Investments UK Ltd, TPI Soar Ltd and Soar TPI (Holdings) Ltd
The Company's ultimate parent company and ultimate controlling party is Touchpoint Inc, incorporated in
the United States of America. The largest group of which the Company is a member and for which
consolidated financial statements are prepared in which this company is included is headed by Touchpoint Inc. The accounts of Touchpoint Inc are not publicly available. The directors have made the decision not to consolidate the results of the Company's subsidiaries into the results of Touch Point Investments UK Ltd, nor have they taken advantage of the exemption available from consolidation within s400 of The Companies Act 2004.
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