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Registered number: 08840424
SOAR TPI (HOLDINGS) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SOAR TPI (HOLDINGS) LTD
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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SOAR TPI (HOLDINGS) LTD
CONTENTS
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Independent auditors' report
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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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SOAR TPI (HOLDINGS) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Soar TPI (Holdings) Ltd is a limited company incorporated in England and Wales, its registered office is TouchPoint, Wainwright Road, Worcester, WR4 9FA. The Company is reporting for the year ended 31 December 2024.
The Company is a wholly owned subsidiary of TPI Soar Ltd and operates as part of the group's European
division.
The Company's principal activity is as a holding company.
During the year, the Company made a number of strategic acqusitions and disposals to better complement the strategic direction of the Company. On 24 May 2024, the Company sold the 100% owned subsidiary Vanas Engineering NV. On 3 June 2024, 100% of the share capital of Multix Srl was acquired. On 28 November 2024, there was a structure change whereby Ethilog NV (formerly 100% owned by TouchPoint Medical NV) became fully integrated into TouchPoint Medical NV and ceased to exist as an entity. Any assets and liabilities of Ethilog NV were absorbed into TouchPoint Medical NV. A full review of asset values and a subsequent impairment exercise was then undertaken.
The directors are not aware, at the date of this report, of any likely major changes to the Company's activities in
the next year.
On 1st August 2024, Isobel Gillott resigned as a director.
The statement of financial position on page 11 of the financial statements shows the Company's financial position at the year end.
Principal risks and uncertainties
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The Company's investments are affected by the performance of the European economy; with price pressures evident across most sectors as competitors seek to protect and grow their share of the market place.
The management team in the directly and indirectly controlled subsidiary companies are actively involved in managing these risks.
Liquidity risk
The Company participates in group centralised treasury facilities.
Credit risk
The Company is an investor in its subsidiaries. The directors monitor investment decisions and performance
through a process of annual budget preparation, and monthly performance reviews. Group instructions direct
policy in the areas of credit control and customer risk management.
Financial key performance indicators
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The directors do not directly apply KPIs to the performance of the Company, which is an investment holding
company. However, cash balances, reserves and EBITDA (Earnings Before Interest, Taxation, Depreciation
and Amortisation) performance are monitored.
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SOAR TPI (HOLDINGS) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Other key performance indicators
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The directors monitor the performance of the investments which the Company owns, and regularly review the
suitability of the group structure.
This report was approved by the board and signed on its behalf.
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SOAR TPI (HOLDINGS) 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 loss for the year, after taxation, amounted to £883,537 (2023 - profit £515,471).
No dividends were paid during the year (2023: £Nil).
The directors who served during the year were:
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R Spinage
Isobel Gillott (resigned 1 August 2024)
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In performing their assessment of going concern the Directors have considered the ability of the company to
meet its obligations as they fall due for a period of 12 months from the approval of these financial statements.
The Directors have a reasonable expectation that Soar TPI (Holdings) Ltd 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 Limited and from the ultimate parent company
and ultimate controlling party, Touchpoint Inc, a company incorporated in the USA, who have guaranteed the
debts of the company for the going concern period.
The directors carefully consider future developments of the Company. However, since the Company is a holding
company, the primary focus is on the continual monitoring of investment performance with the aim of generating
sufficient returns as required.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
Engagement with employees
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Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of
the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the Company continues and that appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
The Company participates in the TouchPoint Inc group's policies and practices to keep employees informed on the matters relevant to them through regular meetings, and notices. Employees are consulted regularly on a wide range of matters affecting their interests.
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SOAR TPI (HOLDINGS) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Qualifying third party indemnity provisions
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As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying
third party indemnity provision defined by section 234 of the Companies Act 2006. The indemnity was in force
throughout the last financial year and is currently in force.
Matters covered in the Strategic report
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A review of the business, principal risks and uncertainties, future developments and financial and non-financial
key performance indicators are included within the strategic report.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
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The directors confirm that:
∙so far as the directors are aware, there is no relevant audit information of which the company's auditor is unaware, and
∙the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.
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SOAR TPI (HOLDINGS) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory
changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA
Audit Services LLP. MHA will be proposed for reappointment in accordance with section 485 of the Companies
Act 2006.
This report was approved by the board and signed on its behalf.
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SOAR TPI (HOLDINGS) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOAR TPI (HOLDINGS) LTD
Opinion
We have audited the financial statements of Soar TPI (Holdings) Ltd (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the company's affairs as at 31 December 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 Auditor 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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SOAR TPI (HOLDINGS) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOAR TPI (HOLDINGS) LTD
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
∙Enquiries with management about any known or suspected instances of non-compliance with laws and regulations;
∙Reviewing how management identify and track compliance with key laws and regulations. Scrutinising legal and professional costs incurred for indications of non-compliance and to identify any evidence of ongoing litigation and therefore consequential financial implications;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and,
∙Reviewing transactions relating to investment income, where applicable, to ensure revenue is complete in the financial statements and recognised in the correct accounting period.
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SOAR TPI (HOLDINGS) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOAR TPI (HOLDINGS) LTD
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Matthews BFP ACA FCCA
Senior Statutory Auditor
For and on behalf of MHA,, Statutory Auditor
Liverpool, United Kingdom
19 September 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales
(registered number OC455542)
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SOAR TPI (HOLDINGS) LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
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Exceptional costs on sale of subsidiary
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Acquisition holdback costs waived
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Income from other fixed asset investments
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Amounts written off investments
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Profit on disposal of investments
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Interest receivable and similar income
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Interest payable and similar expenses
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(Loss)/profit for the financial year
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The notes on pages 12 to 22 form part of these financial statements.
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There was no other comprehensive income for 2024 (2023:£NIL).
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SOAR TPI (HOLDINGS) LTD
REGISTERED NUMBER: 08840424
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 22 form part of these financial statements.
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SOAR TPI (HOLDINGS) 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 12 to 22 form part of these financial statements.
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SOAR TPI (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Soar TPI (Holdings) Ltd is a limited company incorporated in England and Wales, with a registered office at TouchPoint, 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial statements represent the trade of the comany and not that of the group it heads. The company is a wholly owned subsidiary of Touchpoint Inc (a comany incorporated in the USA). 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. The group accounts are filed with the UK Registrar of Companies in accordance with the requirments of the Companies Act.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
In performing their assessment of going concern the Directors have considered the ability of the company to meet its obligations as they fall due for a period of 12 months from the approval of these financial statements. The Directors have a reasonable expectation that Soar TPI (Holdings) Ltd 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 Limited and from the ultimate parent company and ultimate controlling party, Touchpoint Inc, who have guaranteed the debts of the company for the going concern period.
Investments in subsidiaries are measured at cost less accumulated impairment.
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SOAR TPI (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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SOAR TPI (HOLDINGS) 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.
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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SOAR TPI (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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SOAR TPI (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, management is required to make judgements,
estimates and assumptions about the carrying value of assets and liabilities that are not readily available
from other sources. The estimates and underlying assumptions are based on historical experience and
other factors that are considered relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised, if the revision affects only that
period, or in the period and future periods if the revision affects both current and future periods.
The company holds investments in subsidiary undertakings which are stated at cost less provision for impairment, where necessary. Management has exercised significant judgement in assessing the carrying value of these investments, based upon both individual investment performance but also the strategic value of that investment to the wider worldwide group. Where underlying subsidiaries were acquired in line with the strategic objective of the ultimate parent company, such as to establish a presence in key geographical locations or to acquire certain customer relationships, these investments were made with the expectation of delivering long term strategic benefit to the wider group; rather than short term individual financial returns. As such, in forming their judgement on the carrying value of fixed asset investments, the directors have used aspects of significant judgement. These judgements include assessing the financial benefit gained by the ultimate parent (US group) company through its related party trade with these investments, the expected longevity of the investment ownership and the expected growth trajectory of an investment up to 10 years into the future, when assessing value using the Discounted Cash Flow model. Judgement is also applied when assessing an investment as being an individual Cash Generating Unit and its value is assessed on an individual entity basis. However, where the services of that entity cannot be separately valued and feed into a wider CGU (as a department or supplier into the wider worldwide group), management assess its value as a contributor to overall performance. Investment value is compared against a number of metrics, including the net assets of the CGU, its value based upon a discounted cash flow model, or its value based upon a judgement on a fair market sales price using average multiples of EBITDA. Alternatively, where management assess that the subsidiary investment remains of strategic value to the wider ultimate parent company, due to the services it provides and contribution it makes to group profitability, investments remaining at their historical cost may be considered the most appropriate policy and therefore a departure from the fair value accounting model. Where investment value is judged to permanently exceed these metrics, the investment cost is impaired.
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The operating loss is stated after charging:
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The audit fee in relation to services provided to Soar TPI (Holdings) Limited amounting to £3,431 (2023 : £3,000) has been borne by a fellow subsidiary of the group.
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SOAR TPI (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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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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Directors are remunerated through other Companies in the Group.
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Income from fixed asset investments
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Dividends receivable from subsidiaries
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Interest receivable and similar income
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Interest receivable from group companies
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Foreign exchange on loans from group companies
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Interest payable and similar expenses
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Interest payable on loans from group companies
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SOAR TPI (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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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)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
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Expenses not deductible for tax purposes
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Effects of overseas tax rates
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Total tax charge for the year
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Legal costs relating to disposal of investment
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SOAR TPI (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investments in subsidiary companies
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In June 2024 and November 2024, Soar TPI made capital contributions of £430,361 and £769,777 respectively in its subsidiary TPM Nordic AS.
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The following were subsidiary undertakings of the Company:
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Supply Point Systems Limited
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Supply Point Systems Pvt. Ltd*
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Supply Point Systems (Shanghai) Co. Ltd*
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Supply Point Systems GmbH*
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Supply Point Systems SRL*
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ITD Australia Pty Limited*
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ITD Medical Technology Products (Shanghai) Co Ltd*
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TouchPoint Medical Shanghai Co. Ltd
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ITD Medical Tech Pvt Ltd*
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SOAR TPI (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsidiary undertakings (continued)
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Supply Point Systems Brasil Ltda
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Southco Poland sp. z o.o.
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TouchPoint Medical Nordic AS
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TouchPoint Medical Nordic AB*
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TouchPoint Medical Nordic OY*
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Parity Medical Holdings Ltd
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Darshana Industries Pvt Ltd*
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*held indirectly
On 24 May 2024, the subsidary Soar TPI (Holdings) Limited disposed of the directly owned subsidiary
Vanas Engineering NV. The gain on this dsiposal was £16,169,025
On 3 June 2024, the subsidary Soar TPI (Holdings) Limited acquired 100% of the share capital of Multix
Srl for a consideration of EUR 5,333,195, with a further deferred consideration of EUR 600,000 payable in the future.
On 28 November 2024, there was a structure change whereby Ethilog NV (formerly 100% owned by
TouchPoint Medical NV) became fully integrated into TouchPoint Medical NV and ceased to exist as an
entity. Any assets and liabilities of Ethilog NV were absorbed into TouchPoint Medical NV. At this point, an impairment review of the Ethilog investment within TPM NV was undertaken (as explained in note 3) resulting in an impairment of £7,900,000. An impairment of £9,500,000 was also applied against the investment in Parity Computers Limited. The method and judgments applies here are detailed in note 3 of the financial statements.
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Amounts owed by group undertakings (note 19)
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Amounts owed by group undertakings are unsecured, attract interest at between 2% and 3% fixed per annum and are repayable on demand.
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SOAR TPI (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings (note 19)
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, attract interest at between 1.5% and 3% fixed per annum and are repayable on demand.
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Allotted, called up and fully paid
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26,024,253 (2023 - 26,024,253) Ordinary shares of £1.00 each
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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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SOAR TPI (HOLDINGS) 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 undertakings
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Amounts owed to group undertakings
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Southco Manufacturing Ltd
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The company is party to a fixed and floating debenture originally dated 13 October 2015 and renewed 2 August 2022, over all assets of the company, in favour of PNC Bank, National Association. This debenture renders the company joint and severally liable for all debts, along with its fellow group Companies: Southco Manufacturing Limited, Southco Severn Limited, Touch Point Investments UK Limited, TPI Soar Limited and Supply Point Systems Limited.
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Ultimate parent company and controlling party
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At 31 December 2024 the immediate parent company was TPI Soar Ltd, a company registered in England and Wales.
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is TouchPoint Inc, a company registered in the United States of America. Copies of the TouchPoint Inc consolidated financial statements can be obtained from the Company Secretary at 2595 Interstate Dr., Ste. 103. Harrisburg, PA, 17110 and are filed with the UK Registrar of Companies in accordance with s401 of the Companies Act 2006.
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