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REGISTERED NUMBER: 05723884 (England and Wales)






















Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 30 April 2024

for

Touch Global (UK) Limited

Touch Global (UK) Limited (Registered number: 05723884)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


Touch Global (UK) Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: S S Mei
Mrs C Huang



SECRETARY: S S Mei



REGISTERED OFFICE: 15 Newland
Lincoln
LN1 1XG



REGISTERED NUMBER: 05723884 (England and Wales)



SENIOR STATUTORY AUDITOR: James Sewell BA(Hons) FCA CTA



AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Touch Global (UK) Limited (Registered number: 05723884)

Strategic Report
for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
During the period ended 30 April 2024, the directors continued to commit to managing the business profitability despite a reducing volume of turnover.

Year Period
ended ended
30.04.2024 30.04.2023
£    £   
Turnover 19,530,509 21,074,872
Gross profit 2,610,231 2,704,956
Gross profit margin 13.36% 12.83%
Administrative expenses 2,402,080 2,054,516
Other operating income 1,582,811 1,587,075
Profit after tax 1,585,264 1,952,794
Net profit margin 8.12% 9.27%
Average number of employees 12 40

Sales are down by 7.33% and administrative expenses have increased in comparison to the previous year. This can be mainly attributed to the cost of living crisis.

Other operating income has remained constant in line with last year and expectations.

The company's operations and assets are well diversified and as such the levels of operational and other risks are considered by the directors to be acceptable. The company does have some exposure to high risk market geographical areas however, the directors are aware of the risks and impact this may bring to the company but having assessed the situation, they believe the position the company finds itself in will enable them to mitigate the risks for the long term protection of the business.

The directors consider the company to be in a solid financial position at the financial position date, with accumulated distributable reserves of approximately £7.94 million.

Management remain mindful of the competitive environment in which the company operates and the need to maintain close control over the company's working capital and financial position.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is affected by a number of factors, the principal ones of which are:

- The company is exposed to the risk of negative developments in the financial markets and the sectors in which it operates, either directly or through the impact on the company's bankers, suppliers or customers.These developments can result in recession, inflation, deflation, restrictions in the availability of credit, impact on demand from customers, problems in the supplier base, increases in financing costs or in the cost of utilities and raw materials. Such developments might increase operating costs, reduce revenues, lower asset values or result in the businesses being unable to meet in full its strategic objectives.

- The company's principal supply lines include those from China and the far east and disruption to shipping routes can impact on availability of stocks and delivery times.

- The company operates in a competitive market, and failure to compete effectively in terms of price, product specification and quality can have an adverse effect on demand and / or margins.

The company mitigates risk in several ways:

- The company has in place an organisational structure with clearly defined lines of responsibility and delegation of authority. There are established policies and procedures for the setting of corporate strategies; financial planning and budgeting; for information and reporting systems; for systems of operational and financial internal control; for assessment of risk; and for monitoring operations and performance.

- Management and staff at all levels work closely with customers and suppliers to operate as effectively and efficiently as possible, whilst maintaining long term workings relationships, innovation and good lines of communication.

- The company operates a recruitment and selection process to ensure employees are experienced and competent in their work. The workforce is trained to be alert, responsive to customer needs, and to operate in line with the company's corporate objectives.


Touch Global (UK) Limited (Registered number: 05723884)

Strategic Report
for the Year Ended 30 April 2024

FINANCIAL KEY PERFORMANCE INDICATORS
The Key financial performance indicators used by the company are turnover, gross profit and operating profit. The primary balance sheet indicators are solvency and the working capital position.

FUTURE DEVELOPMENTS
The company remains confident in its ability to continue to maintain business and deliver strong returns.

ON BEHALF OF THE BOARD:





S S Mei - Secretary


24 January 2025

Touch Global (UK) Limited (Registered number: 05723884)

Report of the Directors
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of retail sales via mail order houses and the internet.

DIVIDENDS
An interim dividend of 3000 per share was paid on 30 April 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2024 will be £ 3,000,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

S S Mei
Mrs C Huang

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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;
-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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



S S Mei - Secretary


24 January 2025

Report of the Independent Auditors to the Members of
Touch Global (UK) Limited

Opinion
We have audited the financial statements of Touch Global (UK) Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 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 opinion
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 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Report of the Independent Auditors to the Members of
Touch Global (UK) Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Substantive procedures performed in accordance with the ISAs (UK).
- Challenging assumptions and judgments made by management in its significant accounting estimates.
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.
- Assessing the extent of compliance with the relevant laws and regulations.

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 Report of the Auditors.

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 a Report of the Auditors 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.




James Sewell BA(Hons) FCA CTA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

24 January 2025

Touch Global (UK) Limited (Registered number: 05723884)

Income Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

TURNOVER 19,530,509 21,074,872

Cost of sales 16,920,278 18,369,916
GROSS PROFIT 2,610,231 2,704,956

Administrative expenses 2,402,080 2,054,516
208,151 650,440

Other operating income 1,582,811 1,587,075
OPERATING PROFIT 4 1,790,962 2,237,515

Interest receivable and similar income 511,983 191,545
2,302,945 2,429,060

Interest payable and similar expenses 5 188,637 8,026
PROFIT BEFORE TAXATION 2,114,308 2,421,034

Tax on profit 6 529,044 468,240
PROFIT FOR THE FINANCIAL YEAR 1,585,264 1,952,794

Touch Global (UK) Limited (Registered number: 05723884)

Other Comprehensive Income
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,585,264 1,952,794


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,585,264

1,952,794

Touch Global (UK) Limited (Registered number: 05723884)

Statement of Financial Position
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 852,703 929,636
Investments 9 10,000 10,000
862,703 939,636

CURRENT ASSETS
Stocks 10 1,000 1,000
Debtors 11 18,668,077 12,430,347
Cash at bank and in hand 9,717,448 4,824,112
28,386,525 17,255,459
CREDITORS
Amounts falling due within one year 12 24,115,987 11,634,388
NET CURRENT ASSETS 4,270,538 5,621,071
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,133,241

6,560,707

PROVISIONS FOR LIABILITIES 15 196,296 209,026
NET ASSETS 4,936,945 6,351,681

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 4,936,845 6,351,581
SHAREHOLDERS' FUNDS 4,936,945 6,351,681

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by:





S S Mei - Director


Touch Global (UK) Limited (Registered number: 05723884)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 100 4,398,787 4,398,887

Changes in equity
Total comprehensive income - 1,952,794 1,952,794
Balance at 30 April 2023 100 6,351,581 6,351,681

Changes in equity
Dividends - (3,000,000 ) (3,000,000 )
Total comprehensive income - 1,585,264 1,585,264
Balance at 30 April 2024 100 4,936,845 4,936,945

Touch Global (UK) Limited (Registered number: 05723884)

Statement of Cash Flows
for the Year Ended 30 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 7,949,864 7,450,918
Interest paid (188,637 ) (8,026 )
Tax paid (166,770 ) (696,833 )
Net cash from operating activities 7,594,457 6,746,059

Cash flows from investing activities
Purchase of tangible fixed assets (138,181 ) (312,629 )
Sale of tangible fixed assets 12,266 598
Interest received 511,983 191,545
Net cash from investing activities 386,068 (120,486 )

Cash flows from financing activities
Amount introduced by directors - 3,639
Amount withdrawn by directors (3,639 ) -
Amounts withdrawn by group undertakings (83,550 ) (8,238,589 )
Equity dividends paid (3,000,000 ) -
Net cash from financing activities (3,087,189 ) (8,234,950 )

Increase/(decrease) in cash and cash equivalents 4,893,336 (1,609,377 )
Cash and cash equivalents at beginning
of year

2

4,824,112

6,433,489

Cash and cash equivalents at end of year 2 9,717,448 4,824,112

Touch Global (UK) Limited (Registered number: 05723884)

Notes to the Statement of Cash Flows
for the Year Ended 30 April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,114,308 2,421,034
Depreciation charges 199,616 222,954
Loss on disposal of fixed assets 3,234 97
Finance costs 188,637 8,026
Finance income (511,983 ) (191,545 )
1,993,812 2,460,566
Increase in stocks - (1,000 )
(Increase)/decrease in trade and other debtors (7,842 ) 3,414,951
Increase in trade and other creditors 5,963,894 1,576,401
Cash generated from operations 7,949,864 7,450,918

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 9,717,448 4,824,112
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 4,824,112 6,433,489


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 4,824,112 4,893,336 9,717,448
4,824,112 4,893,336 9,717,448
Total 4,824,112 4,893,336 9,717,448

Touch Global (UK) Limited (Registered number: 05723884)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Touch Global (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Touch Global (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Touch Global Holding Ltd, 15 Newland, Lincoln,England, LN1 1XG.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are held at cost less depreciation.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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 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 balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Touch Global (UK) Limited (Registered number: 05723884)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using performance/accruals model.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 241,035 975,456
Social security costs 20,489 77,528
Other pension costs 12,962 30,830
274,486 1,083,814

The average number of employees during the year was as follows:
2024 2023

Warehouse 6 21
Administration 4 17
Directors 2 2
12 40

2024 2023
£    £   
Directors' remuneration 10,000 40,000
Directors' pension contributions to money purchase schemes 4,752 11,902

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Touch Global (UK) Limited (Registered number: 05723884)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 585,423 519,435
Depreciation - owned assets 199,614 222,955
Loss on disposal of fixed assets 3,234 97
Auditors' remuneration 12,750 9,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 188,346 -
Interest on late payment 291 8,026
188,637 8,026

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 541,774 442,615

Deferred tax (12,730 ) 25,625
Tax on profit 529,044 468,240

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,114,308 2,421,034
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.493%)

528,577

471,932

Effects of:
Expenses not deductible for tax purposes 467 4,860
Capital allowances in excess of depreciation - (34,177 )
Depreciation in excess of capital allowances 12,730 -
Deferred Tax (12,730 ) 25,625

Total tax charge 529,044 468,240

The current rate of tax is 25%.

As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company’s comparative financial year straddled this date, a blended corporation tax rate of 19.493% has been applied which is calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable.

Touch Global (UK) Limited (Registered number: 05723884)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 3,000,000 -

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023 877,504 242,358 455,261
Additions - 28,569 106,848
Disposals (29,508 ) (32,100 ) (499 )
At 30 April 2024 847,996 238,827 561,610
DEPRECIATION
At 1 May 2023 360,925 172,455 319,751
Charge for year 84,800 22,370 40,533
Eliminated on disposal (19,002 ) (29,701 ) (418 )
At 30 April 2024 426,723 165,124 359,866
NET BOOK VALUE
At 30 April 2024 421,273 73,703 201,744
At 30 April 2023 516,579 69,903 135,510

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 155,965 210,743 1,941,831
Additions - 2,764 138,181
Disposals (10,600 ) (8,184 ) (80,891 )
At 30 April 2024 145,365 205,323 1,999,121
DEPRECIATION
At 1 May 2023 95,075 63,989 1,012,195
Charge for year 15,222 36,689 199,614
Eliminated on disposal (8,868 ) (7,402 ) (65,391 )
At 30 April 2024 101,429 93,276 1,146,418
NET BOOK VALUE
At 30 April 2024 43,936 112,047 852,703
At 30 April 2023 60,890 146,754 929,636

Touch Global (UK) Limited (Registered number: 05723884)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 10,000
NET BOOK VALUE
At 30 April 2024 10,000
At 30 April 2023 10,000

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

FJN Management Services Limited
Registered office: 15 Newland, Lincoln,Lincolnshire, LN1 1XG
Nature of business: Human resources provision
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 170,079 120,539
Profit for the year 49,540 21,578

10. STOCKS
2024 2023
£    £   
Stocks 1,000 1,000

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 879,367 820,343
Other debtors 17,047,841 10,830,996
Tax 86,391 86,391
Prepayments and accrued income 654,478 692,617
18,668,077 12,430,347

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,158,879 1,676,024
Amounts owed to group undertakings 11,737,265 5,590,925
Tax 524,876 149,872
Social security and other taxes (283 ) 19,290
VAT 238,943 226,755
Other creditors 10,225,652 3,700,308
Directors' current accounts - 3,639
Accrued expenses 230,655 267,575
24,115,987 11,634,388

Touch Global (UK) Limited (Registered number: 05723884)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 534,996 494,996
Between one and five years 111,664 441,660
646,660 936,656

14. SECURED DEBTS

The company's bank holds fixed and floating legal charges over the assets of the company by the way of an unlimited debenture and a cross guarantee between the bank, Touch Global (UK) Limited, Touch Global Holdings Limited, FJN Asset Limited and Touch Global Limited.

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 196,296 209,026

Deferred
tax
£   
Balance at 1 May 2023 209,026
Credit to Income Statement during year (12,730 )
Balance at 30 April 2024 196,296

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

17. RESERVES
Retained
earnings
£   

At 1 May 2023 6,351,581
Profit for the year 1,585,264
Dividends (3,000,000 )
At 30 April 2024 4,936,845

Retained Earnings

The retained earnings account represents cumulative profits and losses net of dividends and other adjustments.

Touch Global (UK) Limited (Registered number: 05723884)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

18. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Other Related Parties 2024 2023
£    £   
Sales 6,427,688 7,468,438
Purchases 17,932,463 13,552,873
Amounts due from related party 17,008,278 10,736,874
Amounts due to related party 10,209,683 3,659,272

19. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by S S Mei, by virtue of his shareholding in the parent company, Touch Global Holding Ltd.