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Registered number: 07005532
Impact XM Europe Limited (Previously Touch Associates Limited)
Annual report and financial statements
For the year ended 31 December 2024
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Impact XM Europe Limited (Previously Touch Associates Limited)
Company Information
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J Pollacco (appointed 28 February 2025)
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M Bauman (appointed 10 July 2025)
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Chartered Accountants & Statutory Auditor
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Impact XM Europe Limited (Previously Touch Associates Limited)
Contents
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Directors' responsibilities statement
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Independent auditors' report
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Consolidated statement of comprehensive income
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Consolidated balance sheet
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Consolidated statement of changes in equity
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Company statement of changes in equity
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Consolidated statement of cash flows
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Notes to the financial statements
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Impact XM Europe Limited (Previously Touch Associates Limited)
Group strategic report
For the year ended 31 December 2024
The directors present their strategic report and the financial statements for the year ended 31st December 2024.
The primary focus of the group is audience engagement (including live and digital event management, strategy consulting, brand messaging, content and creative, production and associated services).
The key performance indicators during the year were:
Gross Margin increased 29% on the prior year to £11.5m (2023: £8.9m).
Gross Profit increased 50% to £3.9m from £2.6m in 2023.
Profit before tax increased 131% to £2.9m
The directors are pleased with the improved performance following the Company refining its market strategy in July 2023 when it created LifeScience, Experience and Creative Production departments each with its own marketing strategy.
On 28th February 2025 the group was acquired by Impact XM Limited.
Principal risks and uncertainties
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The group has established a risk and financial management framework whose primary objective is to mitigate the group's exposure to risk in order to protect the group from events that may hinder its performance.
The group has exposure to four main areas of risk - foreign exchange exposure, liquidity risk, customer credit exposure and price risk.
Liquidity risk
Liquidity risk is the risk that the group will encounter difficulty in meeting its financial obligations as they fall due. The group's objective in managing liquidity risk is to ensure that this does not arise. Having assessed future cash flow requirements the group expects to be able to meet its financial obligations through the cash flows that are generated from its operating activities. The interest rate risk arising from these facilities is considered by the directors to be minimal, and the group has not entered into any derivative instruments designed to mitigate exposure to risk. With these facilities in place the group is in a position to meet it commitments and obligations as they fall due.
The group regularly offers credit terms to its customers which allow for payment of the debt after delivery of the goods or services. The group is at risk to the extent that a customer may be unable to pay the debt within those terms. This risk is mitigated by the strong on-going customer relationships and by only granting credit to customers who are able to demonstrate an appropriate payment history and satisfy credit worthiness procedures. Details of the group's trade debtors are shown in note 18.
Price risk arises on financial instruments due to fluctuations in commodity prices or equity prices. The group's investment in joint ventures and associates are held at net asset value and are therefore not exposed to price risk.
Page 1
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Impact XM Europe Limited (Previously Touch Associates Limited)
Group strategic report (continued)
For the year ended 31 December 2024
This report was approved by the board on 26 September 2025 and signed on its behalf.
Page 2
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Impact XM Europe Limited (Previously Touch Associates Limited)
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 profit for the year, after taxation, amounted to £2,141,702 (2023 - £945,342).
During the year dividends were paid totalling £NIL (2023 - £400,000). The directors do not recommend the payment of a final dividend for the year ended 31 December 2024.
The directors who served during the year were:
P Collins (resigned 28 February 2025)
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C Murphy (resigned 24 September 2025)
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D Selden (resigned 28 February 2025)
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Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Page 3
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Impact XM Europe Limited (Previously Touch Associates Limited)
Directors' report (continued)
For the year ended 31 December 2024
Post balance sheet events
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On 28 February 2025, subsequent to the balance sheet date, the directors completed the sale of its entire issued share capital to Impact XM Limited. The transaction resulted in a change of ownership and control of the company.
On 28 February 2025, Touch Associates Limited entered into a series of security arrangements in favour of Cerberus Business Finance Agency LLC, acting as collateral agent. These charges were registered at Companies House in March 2025 and relate to the following:
Charge over Trademarks
A fixed charge was created over the company’s registered trademarks “HOME” (UK00003647492) and “CONFIDANT” (UK00003648385). These trademarks were pledged as collateral under a Trademark Security Agreement dated 28 February 2025.
General Security Agreement
A fixed charge was granted over certain assets of the company, including intellectual property, bank accounts, and shares, under a Security Agreement Supplement dated 28 February 2025. This charge forms part of a wider financing arrangement involving the company and its parent group.
Supplemental Debenture over Leasehold Property and Floating Charge
On 4 March 2025, a further charge was created over the leasehold property at Unit Q2, The Square, Randalls Way, Leatherhead, Surrey (Title Number SY849955), as well as a floating charge over all the assets and undertaking of the company. This charge also includes certain trademarks and was executed as part of a supplemental debenture.
These charges were executed after the reporting date and do not affect the financial position as at 31 December 2024. However, they represent significant post balance sheet events that may impact the company’s future financial flexibility and asset encumbrance.
On 14th August 2025, the company changed its name from Touch Associates Limited to Impact XM Europe Limited.
The auditors, Kreston Reeves LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 26 September 2025 and signed on its behalf.
Page 4
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Impact XM Europe Limited (Previously Touch Associates Limited)
Directors' responsibilities statement
For the year ended 31 December 2024
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 5
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Impact XM Europe Limited (Previously Touch Associates Limited)
Independent auditors' report to the members of Impact XM Europe Limited (Previously Touch Associates Limited)
We have audited the financial statements of Impact XM Europe Limited (Previously Touch Associates Limited) (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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's affairs as at 31 December 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.
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 United Kingdom, including the Financial Reporting Council'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
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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 Group's or 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 directors with respect to going concern are described in the relevant sections of this report.
Page 6
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Impact XM Europe Limited (Previously Touch Associates Limited)
Independent auditors' report to the members of Impact XM Europe Limited (Previously Touch Associates Limited) (continued)
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' 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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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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 Directors' report.
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 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 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
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As explained more fully in the Directors' responsibilities statement set out on page 5, 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 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Page 7
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Impact XM Europe Limited (Previously Touch Associates Limited)
Independent auditors' report to the members of Impact XM Europe Limited (Previously Touch Associates Limited) (continued)
Auditors' responsibilities for the audit of the financial statements
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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 Auditors' 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 Group 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the group and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law, The Civil Aviation (Air Travel Organisers’ Licensing) Regulations 2012. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as the revenue and margin recognition on long-term contracts. Audit procedures performed by the group engagement team included:
• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and
• Assessment of identified fraud risk factors; and
• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
• Reading minutes of meetings of those charged with governances; and
• Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
• Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation; and
• Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
• Reviewing management judgements and assumptions adopted in respect of amounts recoverable on long term contracts.
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.
Page 8
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Impact XM Europe Limited (Previously Touch Associates Limited)
Independent auditors' report to the members of Impact XM Europe Limited (Previously Touch Associates Limited) (continued)
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 Auditors' 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.
Tracey Becker (Senior statutory auditor)
for and on behalf of
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
Canterbury
29 September 2025
Page 9
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Impact XM Europe Limited (Previously Touch Associates Limited)
Consolidated statement of comprehensive income
For the year ended 31 December 2024
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Productive labour and associated project costs
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Currency translation differences
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Other comprehensive income for the year
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Total comprehensive income for the year
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Profit for the year attributable to:
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Owners of the parent Company
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Total comprehensive income for the year attributable to:
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Owners of the parent Company
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The notes on pages 16 to 39 form part of these financial statements.
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Page 10
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Impact XM Europe Limited (Previously Touch Associates Limited)
Registered number: 07005532
Consolidated balance sheet
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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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.
The notes on pages 16 to 39 form part of these financial statements.
Page 11
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Impact XM Europe Limited (Previously Touch Associates Limited)
Registered number: 07005532
Company balance sheet
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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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Profit and loss account brought forward
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Other changes in the profit and loss account
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Profit and loss account carried forward
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.
The notes on pages 16 to 39 form part of these financial statements.
Page 12
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Impact XM Europe Limited (Previously Touch Associates Limited)
Consolidated statement of changes in equity
For the year ended 31 December 2024
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Equity attributable to owners of parent Company
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Comprehensive income for the year
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Currency translation differences
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Shares redeemed during the year
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Total transactions with owners
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Comprehensive income for the year
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Currency translation differences
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Shares redeemed during the year
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Total transactions with owners
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The notes on pages 16 to 39 form part of these financial statements.
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Page 13
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Impact XM Europe Limited (Previously Touch Associates Limited)
Company 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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Contributions by and distributions to owners
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Dividends: Equity capital
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Shares redeemed during the year
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Total transactions with owners
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Comprehensive income for the year
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Contributions by and distributions to owners
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Shares redeemed during the year
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Total transactions with owners
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Page 14
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Impact XM Europe Limited (Previously Touch Associates Limited)
Consolidated statement of cash flows
For the year ended 31 December 2024
Cash flows from operating activities
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Profit for the financial year
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Depreciation of tangible assets
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Loss on disposal of tangible assets
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Foreign exchange difference
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Net cash from investing activities
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Cash flows from financing activities
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Purchase of ordinary shares
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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Page 15
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
Impact XM Europe Limited ("the company") is a private company limited by shares and is incorporated in England and Wales with a registration number of 07005532. The address of the registered office is Q2, The Square, Randalls Way, Leatherhead, Surrey, KT22 7TW.
The company and its subsidiaries (together "the Group") principal activity is audience engagement, production and event management. Further information on the activities of the group is included as part of the strategic report on pages 1 to 2.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The group's financial statements are presented to the nearest Pound.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Entities, other than subsidiary undertakings or joint ventures, in which the group has a participating
interest and over whose operating and financial policies the group exercises a significant influence
are treated as associates. In the group financial statements, associates are accounted for using the
equity method.
The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the group to continue as a going concern.
Page 16
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
These services will include pre-event planning, together with the management of events as they take place.
In respect of pre-event planning income is recognised to the extent that the company has incurred relevant direct costs for each event, recognising attributable profit where this can be foreseen reliably. The remainder of income receivable for each event is recognised as it takes place.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Short-term leasehold property
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Straight line over the life of the lease
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Fixtures, fittings and equipment
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Straight line over 3 to 5 years
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Straight line over 3 years
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 17
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiary and associated undertakings are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.
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Operating leases: the Group as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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.
Page 18
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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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.
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Page 19
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Page 20
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is Pound Sterling.
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 Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 21
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Interest income is recognised in profit or loss using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company and the Group operate and generate income.
Page 22
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Current and deferred taxation (continued)
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Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates. The following judgements have had the most significant impact on amounts recognised in the financial statements:
Lease commitments
The Group has entered into a range of lease commitments in respect of property, plant and equipment. The classification of these leases as either financial or operating leases requires the directors to consider whether the terms and conditions of each leases are such that the Group has acquired the risks and rewards associated with the ownership of the underlying assets.
The following are the Group's key sources of estimation uncertainty:
Tangible fixed assets
The Group has recognised tangible fixed assets with a carrying value of £238,951 (2023 - £280,337) at the reporting date (see note 16). These assets are stated at their cost less provision for depreciation and impairment. The Group’s accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets such as land and buildings the group determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.
Page 23
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
3.Judgements in applying accounting policies (continued)
Tangible fixed assets - cont'd
Where there are indicators that the carrying value of tangible assets may be impaired the Group undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the Group’s forecasts for the foreseeable future which do not include any restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset’s performance.The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and the growth rate used for extrapolation purposes.
Amounts recoverable on long term contracts
The Group has entered into a number of contracts in the year. When the outcome of a contract can be estimated reliably, the Group has recognised revenue and costs associated with the contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period (often referred to as the percentage of completion method).
Reliable estimation of the outcome requires reliable estimates of the stage of completion, future costs and collectability of billings. The Group determines the stage of completion of a contract using an estimate of the work performed.
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An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of destination:
Page 24
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
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The operating profit is stated after charging:
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Other operating lease rentals
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During the year, the Group obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
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The auditing of accounts of associates of the company pursuant to
legislation
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Page 25
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Group contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £171,207 (2023 - £208,140).
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The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £19,995 (2023 - £19,995).
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Other interest receivable
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Page 26
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
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Interest payable and similar expenses
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Other loan interest payable
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Foreign tax on income for the year
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Origination and reversal of timing differences
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Page 27
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
12.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Higher rate taxes on overseas earnings
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Adjustments to tax charge in respect of prior periods
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Short-term timing difference leading to an increase (decrease) in taxation
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Total tax charge for the year
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Parent company profit for the year
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The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account within the financial statements. The profit after tax for the parent company was £2,117,586 (2023: £871,784).
Page 28
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
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Dividends issued on Ordinary A Shares
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Dividends issued on Ordinary D Shares
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Dividends issued on Ordinary E Shares
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Dividends issued on Ordinary F Shares
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Dividends issued on Ordinary G Shares
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Dividends issued on Ordinary H Shares
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Dividends issued on Ordinary J Shares
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Dividends issued on Ordinary K Shares
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Page 29
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
15.Intangible assets (continued)
Page 30
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
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Short-term leasehold property
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Fixtures, fittings and equipment
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Charge for the year on owned assets
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Page 31
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
16.Tangible fixed assets (continued)
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Short-term leasehold property
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Charge for the year on owned assets
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Page 32
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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116 Village Boulevard, Princeton, NJ
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The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
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Page 33
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Impact XM Europe Limited (Previously Touch Associates Limited)
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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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Payments received on account
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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During 2020, the Group received a Coronavirus Business Interruption Loan totalling £1,350,000 from Barclays Bank Plc. The interest charges for the first 12 months were paid for by the UK Government by way of a Business Interruption Payment (BIP). Repayments commenced from October 2021 when a floating rate of interest began to accrue at 3.5% + floating rate. The remaining balance was settled in July 2024
Page 34
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Page 35
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
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Credited to profit or loss
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Accelerated capital allowances
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Allotted, called up and fully paid
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10,000 (2023 - 10,340) A Ordinary shares of £1.00 each
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0 (2023 - 30) B Ordinary shares of £1.00 each
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4,000 (2023 - 4,340) D Ordinary shares of £1.00 each
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4,000 (2023 - 4,340) E Ordinary shares of £1.00 each
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4,000 (2023 - 4,340) F Ordinary shares of £1.00 each
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2,000 (2023 - 1,660) G Ordinary shares of £1.00 each
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2,000 (2023 - 1,660) H Ordinary shares of £1.00 each
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2,000 (2023 - 1,660) J Ordinary shares of £1.00 each
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2,000 (2023 - 1,660) K Ordinary shares of £1.00 each
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During the year, the company repurchased 30 Class B (2023: 60 Class B) Ordinary shares for a consideration of £416,776 (2023: £600,000). On 01 July 2024 340 shares were transferred from class A, D, E and F to class G, H, J and K.
All shares rank pari-passu except for B ordinary shares which carry no voting rights, no income or dividend rights, no pre-emptive rights and no rights to share in the capital of the company.
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Profit and loss account
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the group's shareholders.
Page 36
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
The group operates a defined contributions 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 £247,529 (2023: £229,697). Contributions totalling £34,587 (2023: £33,641) were payable to the fund at the balance sheet date.
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Commitments under operating leases
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At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Page 37
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
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Related party transactions
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Dividends paid to directors and their close family of the parent company
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Director's loan account - P Collins
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Director's loan account - C Murphy
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Director's loan account - D Bottrill
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Director's loan account - D Selden
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The company advanced the directors various sums during the prior year. At 31 December 2024 the balance outstanding was £1,320,000. This was repaid on 28th February 2025 and no interest was charged by the company.
All directors who have authority and responsibility for planning, directing and controlling the activities of the group are considered to be key management personnel. Total compensation payable in respect of these individuals is detailed in Note 9.
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Post balance sheet events
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On 28 February 2025, subsequent to the balance sheet date, the directors completed the sale of its entire issued share capital to Impact XM Limited. The transaction resulted in a change of ownership and control of the company.
On 28th February 2025 the company sold Touch Associates USA Inc to IXM Holdings, Inc
On 28 February 2025, Touch Associates Limited entered into a series of security arrangements in favour of Cerberus Business Finance Agency LLC, acting as collateral agent. These charges were registered at Companies House in March 2025 and relate to the following:
Charge over Trademarks
A fixed charge was created over the company’s registered trademarks “HOME” (UK00003647492) and “CONFIDANT” (UK00003648385). These trademarks were pledged as collateral under a Trademark Security Agreement dated 28 February 2025.
General Security Agreement
A fixed charge was granted over certain assets of the company, including intellectual property, bank accounts, and shares, under a Security Agreement Supplement dated 28 February 2025. This charge forms part of a wider financing arrangement involving the company and its parent group.
Supplemental Debenture over Leasehold Property and Floating Charge
On 4 March 2025, a further charge was created over the leasehold property at Unit Q2, The Square, Randalls Way, Leatherhead, Surrey (Title Number SY849955), as well as a floating charge over all the assets and undertaking of the company. This charge also includes certain trademarks and was executed as part of a supplemental debenture.
These charges were executed after the reporting date and do not affect the financial position as at 31 December 2024. However, they represent significant post balance sheet events that may impact the company’s future financial flexibility and asset encumbrance.
On 8th August 2025, the company changed its name from Touch Associates Limited to Impact XM Europe Limited.
Page 38
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Impact XM Europe Limited (Previously Touch Associates Limited)
Notes to the financial statements
For the year ended 31 December 2024
In the opinion of the directors and shareholders at 31 December 2024, there was no overall controlling party for the year under review.
Subsequent to the balance sheet date, on 28 February 2025, the company's immediate parent
undertaking is Impact XM Limited, registered in England and Wales. From this date the company's
ultimate parent company is Impact XM Holdings LLC, registered in New York, United States. At this date
there is no ultimate controlling party.
Page 39
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