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REGISTERED NUMBER: 10873223 (England and Wales)






















Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 30 April 2024

for

Touch Global Holding Limited

Touch Global Holding Limited (Registered number: 10873223)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Touch Global Holding Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: S S Mei



REGISTERED OFFICE: 15 Newland
Lincoln
LN1 1XG



REGISTERED NUMBER: 10873223 (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 Holding Limited (Registered number: 10873223)

Group Strategic Report
for the Year Ended 30 April 2024

The director presents his strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
The results for the year and financial position of the group are as shown in the annexed financial statements.

Year ended Year ended
30.04.2024 30.04.2023
£    £   
Turnover 19,726,899 21,074,872
Cost of sales 17,044,089 18,337,537
Gross profit 2,682,810 2,737,335
Gross profit margin % 13.60 12.99
Profit on ordinary activities before taxation 2,795,820 2,666,905
% of profit on ordinary activities before taxation 14.17 12.65

Sales are down by 6.4% 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 group'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 group 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 group but having assessed the situation, they believe the position the group finds itself in will enable them to mitigate the risks for the long term protection of the business.

The directors consider the group to be in a solid financial position at the financial position date, with accumulated
distributable reserves of approximately £20.89 million.

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

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

- The group is exposed to the risk of negative developments in financial markets and the sectors in which it operates, either directly or through the impact of 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 bases, 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 their strategic objectives,

- The group'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 group 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 group mitigates risk in several ways:

- The group 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 working relationships, innovation and good lines of communication.

- The group 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 Holding Limited (Registered number: 10873223)

Group Strategic Report
for the Year Ended 30 April 2024

FUTURE DEVELOPMENTS
The company's strategy is to continue organic growth using the existing business model.

ON BEHALF OF THE BOARD:





S S Mei - Director


24 January 2025

Touch Global Holding Limited (Registered number: 10873223)

Report of the Director
for the Year Ended 30 April 2024

The director presents his report with the financial statements of the company and the group for the year ended 30 April 2024.

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

DIVIDENDS
The director recommends that no final dividend be paid.

DIRECTOR
S S Mei held office during the whole of the period from 1 May 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group'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 - Director


24 January 2025

Report of the Independent Auditors to the Members of
Touch Global Holding Limited

Opinion
We have audited the financial statements of Touch Global Holding Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 April 2024 and of the group's 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 of 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's 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 Holding Limited


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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 Holding Limited (Registered number: 10873223)

Consolidated
Income Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

TURNOVER 19,726,899 21,074,872

Cost of sales 17,044,089 18,337,537
GROSS PROFIT 2,682,810 2,737,335

Administrative expenses 2,209,942 1,862,427
472,868 874,908

Other operating income 1,582,811 1,587,075
OPERATING PROFIT 4 2,055,679 2,461,983

Interest receivable and similar income 740,432 213,378
2,796,111 2,675,361

Interest payable and similar expenses 5 291 8,456
PROFIT BEFORE TAXATION 2,795,820 2,666,905

Tax on profit 6 649,310 476,360
PROFIT FOR THE FINANCIAL YEAR 2,146,510 2,190,545
Profit attributable to:
Owners of the parent 2,146,510 2,190,545

Touch Global Holding Limited (Registered number: 10873223)

Consolidated
Other Comprehensive Income
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,146,510 2,190,545


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,146,510

2,190,545

Total comprehensive income attributable to:
Owners of the parent 2,146,510 2,190,545

Touch Global Holding Limited (Registered number: 10873223)

Consolidated Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 (758,171 ) (962,531 )
Tangible assets 9 852,703 929,636
Investments 10 - -
94,532 (32,895 )

CURRENT ASSETS
Stocks 11 1,000 1,000
Debtors 12 24,064,841 17,307,552
Cash at bank and in hand 9,721,720 7,874,225
33,787,561 25,182,777
CREDITORS
Amounts falling due within one year 13 12,796,842 6,198,411
NET CURRENT ASSETS 20,990,719 18,984,366
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,085,251

18,951,471

PROVISIONS FOR LIABILITIES 16 196,296 209,026
NET ASSETS 20,888,955 18,742,445

CAPITAL AND RESERVES
Called up share capital 17 265 265
Retained earnings 18 20,888,690 18,742,180
SHAREHOLDERS' FUNDS 20,888,955 18,742,445

The financial statements were approved by the director and authorised for issue on 24 January 2025 and were signed by:





S S Mei - Director


Touch Global Holding Limited (Registered number: 10873223)

Company Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 265 265
265 265

CURRENT ASSETS
Debtors 12 16,587,797 10,127,603
Cash at bank - 3,041,919
16,587,797 13,169,522
CREDITORS
Amounts falling due within one year 13 150,252 39,323
NET CURRENT ASSETS 16,437,545 13,130,199
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,437,810

13,130,464

CAPITAL AND RESERVES
Called up share capital 17 265 265
Retained earnings 16,437,545 13,130,199
SHAREHOLDERS' FUNDS 16,437,810 13,130,464

Company's profit for the financial year 3,307,346 11,812

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 24 January 2025 and were signed by:





S S Mei - Director


Touch Global Holding Limited (Registered number: 10873223)

Consolidated 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 265 16,551,635 16,551,900

Changes in equity
Total comprehensive income - 2,190,545 2,190,545
Balance at 30 April 2023 265 18,742,180 18,742,445

Changes in equity
Total comprehensive income - 2,146,510 2,146,510
Balance at 30 April 2024 265 20,888,690 20,888,955

Touch Global Holding Limited (Registered number: 10873223)

Company 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 265 13,118,387 13,118,652

Changes in equity
Total comprehensive income - 11,812 11,812
Balance at 30 April 2023 265 13,130,199 13,130,464

Changes in equity
Total comprehensive income - 3,307,346 3,307,346
Balance at 30 April 2024 265 16,437,545 16,437,810

Touch Global Holding Limited (Registered number: 10873223)

Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,438,849 (2,348,319 )
Interest paid (291 ) (8,456 )
Tax paid (174,890 ) (697,241 )
Net cash from operating activities 1,263,668 (3,054,016 )

Cash flows from investing activities
Purchase of tangible fixed assets (138,181 ) (312,629 )
Sale of tangible fixed assets 12,266 598
Interest received 740,432 213,378
Net cash from investing activities 614,517 (98,653 )

Cash flows from financing activities
Amount introduced by directors 148,000 203,105
Amount withdrawn by directors (178,690 ) (80,939 )
Net cash from financing activities (30,690 ) 122,166

Increase/(decrease) in cash and cash equivalents 1,847,495 (3,030,503 )
Cash and cash equivalents at beginning
of year

2

7,874,225

10,904,728

Cash and cash equivalents at end of year 2 9,721,720 7,874,225

Touch Global Holding Limited (Registered number: 10873223)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

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

2024 2023
£    £   
Profit before taxation 2,795,820 2,666,905
Depreciation charges (4,746 ) 18,595
Loss on disposal of fixed assets 3,234 97
Finance costs 291 8,456
Finance income (740,432 ) (213,378 )
2,054,167 2,480,675
Increase in stocks - (1,000 )
Increase in trade and other debtors (6,715,679 ) (6,418,018 )
Increase in trade and other creditors 6,100,361 1,590,024
Cash generated from operations 1,438,849 (2,348,319 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 9,721,720 7,874,225
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 7,874,225 10,904,728


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 7,874,225 1,847,495 9,721,720
7,874,225 1,847,495 9,721,720
Total 7,874,225 1,847,495 9,721,720

Touch Global Holding Limited (Registered number: 10873223)

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

1. STATUTORY INFORMATION

Touch Global Holding 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 General 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.

Basis of consolidation
The group financial statements consolidate the financial statements of Touch Global Holding Limited and the entities it controls (its subsidiaries) drawn up to 30 April each year. Control comprises the power to govern the financial and operating policies of the investee via control of the issued share capital of those companies.

Subsidiaries are consolidated from the date of their acquisition, being the date on which the group gains control, and continue to be consolidated until the date that such control ceases.

The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies.

Subsidiaries acquired during the year are consolidated under the acquisition method of accounting, whereby underlying assets and liabilities, and the consideration paid , are recorded at their fair values. The premium of the fair value of consideration paid over the fair value of net assets acquired is presented as consolidated goodwill.

Intercompany balances and transactions, including unrealised profits arising from intra group transactions, have been eliminated.

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis and are covered within the accounting policies:

(i) The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residue values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets See note 10 for the carrying amount of the property, plant and equipment, and accounting policy note fo the useful economic lives of each class of assets.

(ii) When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. See note 11 for the net carrying amount of the stock and associated provision.

(iii) The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, ageing profile of debtors and historical experience. See note 12 for the net carrying amount of the debtors and associated impairment provision.

Revisions to accounting estimates are recognised in the period in which the estimate is revised.

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

Goodwill
Negative goodwill arising on consolidation has been capitalised and released over a period of ten years.

Touch Global Holding Limited (Registered number: 10873223)

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

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,478,944 1,337,474
Social security costs 130,273 107,084
Other pension costs 47,723 38,019
1,656,940 1,482,577

Touch Global Holding Limited (Registered number: 10873223)

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

3. EMPLOYEES AND DIRECTORS - continued

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

Warehouse 41 21
Administration 15 35
Directors 2 2
58 58

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

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

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
Goodwill amortisation (204,360 ) (204,360 )
Auditors' remuneration 23,750 20,429

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Late payment interest 291 8,456

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 662,040 450,735

Deferred tax (12,730 ) 25,625
Tax on profit 649,310 476,360

UK corporation tax has been charged at 25 % (2023 - 19.49 %).

Touch Global Holding Limited (Registered number: 10873223)

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

6. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 2,795,820 2,666,905
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19.493 %)

698,955

519,860

Effects of:
Expenses not deductible for tax purposes 1,445 4,901
Capital allowances in excess of depreciation - (34,177 )
Depreciation in excess of capital allowances 12,730 -
Movement in deferred tax (12,730 ) 25,625
Amortisation of negative goodwill (51,090 ) (39,836 )
Marginal Relief - (13 )
Total tax charge 649,310 476,360

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 (2,043,606 )
AMORTISATION
At 1 May 2023 (1,081,075 )
Amortisation for year (204,360 )
At 30 April 2024 (1,285,435 )
NET BOOK VALUE
At 30 April 2024 (758,171 )
At 30 April 2023 (962,531 )

Touch Global Holding Limited (Registered number: 10873223)

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

9. TANGIBLE FIXED ASSETS

Group
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

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 265
NET BOOK VALUE
At 30 April 2024 265
At 30 April 2023 265

Touch Global Holding Limited (Registered number: 10873223)

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

10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Touch Global (UK) Limited
Registered office: 15 Newland,Lincoln, LN1 1XG
Nature of business: Retail sale via mail order house or internet
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 4,936,945 6,351,681
Profit for the year 1,585,264 1,952,794

Jackdaw International Limited
Registered office: 15 Newland,Lincoln, LN1 1XG
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
2024 31.12.22
£    £   
Aggregate capital and reserves 112,557 112,557

FJN Management Services Limited
Registered office: 15 Newland,Lincoln, LN1 1XG
Nature of business: Recruitment services
%
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


11. STOCKS

Group
2024 2023
£    £   
Stocks 1,000 1,000

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 879,367 820,343 - -
Amounts owed by group undertakings - - 11,448,961 5,266,856
Other debtors 22,276,463 15,581,769 4,970,794 4,730,677
Directors' current accounts 125,639 94,949 125,639 98,588
Tax 128,794 117,874 42,403 31,482
Prepayments and accrued income 654,578 692,617 - -
24,064,841 17,307,552 16,587,797 10,127,603

Touch Global Holding Limited (Registered number: 10873223)

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

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 1,158,878 1,676,049 - -
Tax 687,545 189,475 144,852 34,323
Social security and other taxes 35,678 27,743 - -
VAT 372,510 258,217 - -
Other creditors 10,301,676 3,770,352 - -
Accrued expenses 240,555 276,575 5,400 5,000
12,796,842 6,198,411 150,252 39,323

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 549,996 494,996
Between one and five years 111,664 441,660
661,660 936,656

15. SECURED DEBTS

The group's bank holds a fixed and floating legal charge over the assets of the group by way of an unlimited debenture and a cross guarantee between the Bank, Touch Global (UK) Limited, Touch Global Holding Limited, FJN Asset Limited and Jackdaw International Limited.

16. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 196,296 209,026

Group
Deferred
tax
£   
Balance at 1 May 2023 209,026
Provided during year (12,730 )
Balance at 30 April 2024 196,296

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
265 Ordinary £1 265 265

Touch Global Holding Limited (Registered number: 10873223)

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

18. RESERVES

Group
Retained
earnings
£   

At 1 May 2023 18,742,180
Profit for the year 2,146,510
At 30 April 2024 20,888,690


19. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £37,491 (2023: £38,017). Contributions totalling £8,870 (2023: £3,948) were payable to the fund at the year end.

20. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
S S Mei
Balance outstanding at start of year 94,949 217,115
Amounts advanced 178,691 80,939
Amounts repaid (148,000 ) (203,105 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 125,640 94,949

21. 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 (Group)
2024 2023
£    £   
Sales 6,669,792 7,468,438
Purchases 17,932,463 13,552,873
Amount due from related party 21,979,070 15,467,548
Amount due to related party 10,209,683 3,659,272

Other related parties (Company)

Included within the amounts above are the following balances that relate to the holding company only;

Amounts due from related party £4,970,792 (2023: £4,730,675).

22. ULTIMATE CONTROLLING PARTY

S S Mei, the director, controls the group by virtue of his shareholdings in the parent company Touch Global Holding Limited.