Registered number: 10225588
TPI MEDICAL LTD
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TPI MEDICAL LTD
COMPANY INFORMATION
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TPI MEDICAL LTD
CONTENTS
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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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TPI MEDICAL LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The Company's principal activity is other business support service activities not elsewhere classified.
The loss for the year, after taxation, amounted to £6 (2023 - loss £8).
No dividends were paid during the year (2023: £Nil).
The directors who served during the year were:
D Bush
Q Potgieter (resigned 1 August 2024)
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I Gillott (resigned 1 August 2024)
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C Goble (appointed 1 August 2024)
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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 TPI Medical 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.
It is the expectation that the company will continue to function with the current principal activity for the forseeable future. The Directors expect future financial performance to be consistent with that of recent financial periods.
Research and development activities
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The company carried out no research and development in the year, and does not expect to do so in the coming
year.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
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.
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TPI MEDICAL LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' responsibilities statement
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The directors are responsible for preparing 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 for the Company's financial statements 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 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.
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Directors Responsibilties and Audit exemption
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The Directors acknowledge their responsibilities under the Companies Act 2006
The Directors have confirmed that the Company is entitled to an exemption from audit under Section 477 of the Companies Act 2006 relating to Small Companies.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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TPI MEDICAL LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Loss for the financial year
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There was no other comprehensive income for 2024 (2023:£NIL).
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The notes on pages 6 to 12 form part of these financial statements.
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The results included above are generated from continuing operations.
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TPI MEDICAL LTD
REGISTERED NUMBER: 10225588
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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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 directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 6 to 12 form part of these financial statements.
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TPI MEDICAL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Total 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 6 to 12 form part of these financial statements.
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TPI MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TPI Medical Limited is a limited company incorporated in England and Wales with registered number 10225588. Its registered head office is located at Touch Point, Wainwright Road, Worcester, WR4 9FA. The entity is reporting for the year ended 31 December 2024.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 TPI Medical 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.
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Exemptions for qualifying entities under FRS 102
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The company has taken advantage of the FRS 102 disclosure exemptions available to qualifying entities. On this basis, the company has taken advantage of the exemption, under paragraph 1.12(b), from preparing a statement of cash flows, on the basis that it is a qualifying entity and its ultimate parent company, TouchPoint Inc, includes the company’s cash flows in its consolidated financial statements
The company is a wholly owned subsidiary of Touchpoint Inc. It is included in the consolidated financial statements of Touchpoint Inc, which are publicly available. The company is exempt by virtue of section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is TouchPoint Inc. The registered address of the ultimate parent undertaking is 2595 Interstate Dr., Ste. 103. Harrisburg, PA, 17110.
Interest income is recognised in profit or loss using the effective interest method.
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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TPI MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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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TPI MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
∙at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their value can otherwise be measured reliably;
∙at cost less impairment for all other investments.
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.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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TPI MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Interest receivable from group companies
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Interest payable and similar expenses
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Interest payable to group companies
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Taxation on profit on ordinary activities
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TPI MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
6.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
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Total tax charge for the year
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TPI MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Due after more than one year
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Amounts owed by parent company
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Amounts owed by parent company
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Amounts owed by parent company are unsecured and attract interest of 3%.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Allotted, called up and fully paid
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1 (2023 - 1) Ordinary share of £1.00
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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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TPI MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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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 companies
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Touch Point Investments 2 LLC
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Amounts owed to group companies
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TouchPoint Investments UK Ltd
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At 31 December 2024 the immediate parent company was Touch Point Investments 2 LLC.
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is TouchPoint Inc. Copies of the TouchPoint Inc consolidated financial statements can be obtained from the Company Secretary at 2595 Interstate Dr., Ste. 103. Harrisburg, PA, 17110.
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