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Registered number: 08111417 TACTILE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
TACTILE LIMITED COMPANY INFORMATION
Directors | A L Berkley (resigned 31 October 2024)
| R K Nayyar (resigned 12 September 2024)
| D R Synott
| J S Hines (appointed 11 November 2024)
| R L Baig (appointed 12 September 2024)
| E Marinelli (appointed 12 September 2024, resigned 18 August 2025)
Registered number | 08111417
Registered office | International House
| 36-38 Cornhill
| London
| EC3V 3NG
Independent auditors | BKL Audit LLP
| Chartered Accountants & Statutory Auditor
| 35 Ballards Lane
| London
| N3 1XW
TACTILE LIMITED CONTENTS
| Page
Strategic report | 1 - 3
Directors' report | 4 - 5
Independent auditors' report | 6 - 9
Statement of income and retained earnings | 10
Statement of financial position | 11 - 12
Statement of changes in equity | 13
Notes to the financial statements | 14 - 26
TACTILE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their strategic report for the year ended 31 December 2024. The company is incorporated and domiciled in England and Wales, part of the United Kingdom. It is a private company which is limited by shares. As a leading partner and driver of digital transformation to the property sector, we place our customers at the heart of everything we do and deliver best in class solutions to support our customers’ plans and ambitions by improving engagement with tenants, staff and suppliers.
Business review
In a post-pandemic world the need for digitisation across all sectors continues to accelerate. Alongside this, advances in technology such as the use of Artificial Intelligence is driving business imperatives to improve processes, scale efficiencies and improve the end user customer experience. Tactile’s suite of products are well placed to capitalise on these trends. Page 1
TACTILE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
The company has in place a group-wide risk management system that seeks to limit adverse effects on its financial performance through early warning alerts. Risks are recorded and assessed on a quarterly basis by the management team and reviewed by the Group. These are further reviewed by Aareon’s internal audit department to ensure compliance. The policies set by the directors are implemented by the company's management team. Credit risk The company's principal financial assets are bank balances, trade and other receivables. The amounts presented in the balance sheet are net of provision for any expected credit notes. Trade debt exposure is spread over a large number of customers with a relatively low credit risk. Liquidity risk The company has no external debt and the directors feel that the company has an appropriate level of operating cash flows to fund liquidity requirements. Where required for significant investment programmes this is supported by Group funding through either injections of capital or structured Group loan financing. This debt structure ensures the company has sufficient available funds for its operations and planned capital expenditure. Actual performance, as well as short and medium term forecasts (including annual budgets), are reported to the board on a regular basis to allow a balanced assessment of the company performance. Competition The company operates in a highly competitive market for new software sales, particularly with regard to price and functionality. There is frequent pressure on margins and increased customers' expectations. To mitigate this, the management team constantly review pricing and discount levels through defined bid processes and regular reporting. Furthermore, regular product gap analysis is undertaken to ensure customers' needs are being met. Internal developments are continuously being assessed to close any identified gaps. Our Staff We understand the importance of our staff to the success of our company. Our market-leading, forward-looking IT solutions set standards in our industry thanks to the specialist expertise, dedication and enthusiasm of our people. As part of the Aareon Group, supporting our staff throughout the whole of their careers is part of our corporate philosophy and a top priority. Flat hierarchies, project work, different career paths and tailor-made personal development measures guarantee diverse prospects for personal and career development within the company. Corporate Social Responsibility Tactile Limited recognises its social, economic and environmental responsibilities to our customers, employees, suppliers and the community are integral to our business, and ∙operate an equal opportunities policy for all present and potential future employees. ∙act ethically and fairly at all times in our dealings with our customers, our employees, our suppliers and the community. ∙maintain internal controls to ensure standards are met. ∙support and encourage our employees to help local community organisations and activities ∙encourage suppliers and contractors to adopt responsible business policies and practices for mutual benefit ∙offer our employees clear and fair terms of employment and provide resources to enable their continued development ∙maintain forums for employee consultation business involvement. ∙provide safeguards to ensure a clean, healthy and safe working environment. Page 2
TACTILE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ∙uphold the values of honesty, partnership and fairness in our relationships with others. ∙ensure our contracts clearly set out the agreed terms, conditions and basis of our relationship. ∙support our customers to help their local communities and promote activities in their regions.
Financial key performance indicators
The financial performance of the business is discussed in the Directors’ Report, and highlighted in detail in the financial statements and notes on pages 10 to 26 of this Annual Report. In 2024 the company continued to show strong growth with a 36% increase in top line revenue and 28% increase in net assets. This report was approved by the board and signed on its behalf.
J S Hines Director
Date: 19 November 2025
Page 3
TACTILE 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.
Directors' responsibilities statement
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 Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments 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.
Principal activity
The principal activity of the company is that of support services to property management companies.
Results and dividends
The loss for the year, after taxation, amounted to £184,335 (2023 - loss £448,632). There were no dividends declared in the year.
Directors
The directors who served during the year were:
A L Berkley (resigned 31 October 2024)
R K Nayyar (resigned 12 September 2024)
D R Synott
J S Hines (appointed 11 November 2024
R L Baig (appointed 12 September 2024)
E Marinelli (appointed 12 September 2024, resigned 18 August 2025)
Page 4
TACTILE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Future developments
The company is confident that it has the correct product sets and excellence in its remaining employees to meet future growth plans and maintain its success in the market sector it operates. Whilst the economic outlook for the business sectors that Tactile Limited's customers operate in continue to be challenging the continuing trend for seeking efficiency driven business solutions by both established and new customers should ensure that Tactile Limited will maintain its success through the involvement of its products and services as a key element of these business solutions.
Disclosure of information to auditors
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'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's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
J S Hines Director
Date: 19 November 2025
Page 5
TACTILE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TACTILE LIMITED
Opinion
We have audited the financial statements of Tactile Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the 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 Company's affairs as at 31 December 2024 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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
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. Page 6
TACTILE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TACTILE LIMITED (CONTINUED)
Other information
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
In our opinion, based on the work undertaken in the course of the 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the 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, 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 set out on page 4, 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. Page 7
TACTILE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TACTILE LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 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: ∙Enquiring of management and those charged with governance around actual and potential litigation and claims; ∙Enquiring of management and those charged with governance to identify any instances of non-compliance with laws and regulations; ∙Reviewing board meeting minutes for all meetings taking place throughout the year and indeed up until the date of signature of these financial statements; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; ∙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; ∙Reviewing the general ledger in detail for all transactions with related parties; ∙Performing walkthrough testing to ensure systems and controls are operating as recorded, where appropriate. 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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 Page 8
TACTILE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TACTILE LIMITED (CONTINUED) 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. 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.
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 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. Nick Bishop FCA (Senior statutory auditor) for and on behalf of BKL Audit LLP Chartered Accountants Statutory Auditor 35 Ballards Lane London N3 1XW 19 November 2025 Page 9
TACTILE LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover |  | 9,397,368 | 6,889,996
Cost of sales |  | (1,542,997) | (1,345,712)
Gross profit |  | 7,854,371 | 5,544,284
Administrative expenses |  | (8,355,326) | (5,967,369)
Other operating income |  | 127,874 | 126,971
Operating loss |  | (373,081) | (296,114)
Interest receivable and similar income |  | - | 208
Loss before tax |  | (373,081) | (295,906)
Tax on loss |  | 188,746 | (152,726)
Loss after tax |  | (184,335) | (448,632)
Retained earnings at the beginning of the year |  | (986,019) | (537,387)
|  | (986,019) | (537,387)
Loss for the year |  | (184,335) | (448,632)
Retained earnings at the end of the year |  | (1,170,354) | (986,019)
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.
The notes on pages 14 to 26 form part of these financial statements.
Page 10
TACTILE LIMITED REGISTERED NUMBER: 08111417 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 4,052,149 |  | 3,091,585
Tangible assets | 12 |  | 520,189 |  | 189,873
|  |  | 4,572,338 |  | 3,281,458
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 13 | 98,810 |  | - |
Debtors: amounts falling due within one year | 13 | 3,138,692 |  | 2,394,497 |
Bank and cash balances |  | 571,315 |  | 51,128 |
|  | 3,808,817 |  | 2,445,625 |
Creditors: amounts falling due within one year | 14 | (7,541,937) |  | (4,881,407) |
Net current liabilities |  |  | (3,733,120) |  | (2,435,782)
Total assets less current liabilities |  |  | 839,218 |  | 845,676
Provisions for liabilities |  |  |  |  |
Deferred tax | 15 | - |  | (188,746) |
|  |  | - |  | (188,746)
Net assets |  |  | 839,218 |  | 656,930
Capital and reserves |  |  |  |  |
Called up share capital | 16 |  | 299 |  | 299
Share premium account |  |  | 1,642,650 |  | 1,642,650
Other reserves |  |  | 366,623 |  | -
Profit and loss account |  |  | (1,170,354) |  | (986,019)
|  |  | 839,218 |  | 656,930
Page 11
TACTILE LIMITED REGISTERED NUMBER: 08111417 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J S Hines
Director
Date: 19 November 2025
The notes on pages 14 to 26 form part of these financial statements. Page 12
TACTILE LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2023 | 299 | 1,642,650 | - | (537,387) | 1,105,562
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (448,632) | (448,632)
Total comprehensive income for the year | - | - | - | (448,632) | (448,632)
At 1 January 2024 | 299 | 1,642,650 | - | (986,019) | 656,930
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (184,335) | (184,335)
Total comprehensive income for the year | - | - | - | (184,335) | (184,335)
Contributions by and distributions to owners |  |  |  |  |
Contribution from parent | - | - | 366,623 | - | 366,623
Total transactions with owners | - | - | 366,623 | - | 366,623
At 31 December 2024 | 299 | 1,642,650 | 366,623 | (1,170,354) | 839,218
| The notes on pages 14 to 26 form part of these financial statements.
Page 13
TACTILE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Tactile Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is International House, 36-38 Cornhill, London, England, EC3V 3NG. The principal activity of the company is that of support services to property management companies. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Aareon Accelerate Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
| 2.3 | Going concern
The Company financial statements show a loss for the year after tax of £373,081 (2023: £448,632) and net assets of £650,472 (2023: £656,930). After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. The company has obtained a letter of financial support from its parent for a period of at least 12 months from the date of approval of these financial statements. Page 14
TACTILE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
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.
| 2.5 | Revenue
The Company derives its revenue primarily through fees from subscription agreements with customers that are mostly monthly in term, payable in advance. Subscription revenues are recognised ratably over the contract terms beginning on the commencement date of each contract. Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. The revenue will be recognised in the period in which the services are provided in accordance with the stage of completion of the contract.
| 2.6 | Operating leases: the Company as lessee
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.
| 2.7 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 15
TACTILE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.11 | Current and deferred taxation
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 reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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 reporting date.
| 2.12 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 16
TACTILE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets
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. 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:
|  |  |  | Long-term leasehold property | - |  | Over life of lease
|  |  |  | Office equipment | - | 20% |
|  |  |  | Computer equipment | - | 33% |
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.
| 2.14 | Cash and cash equivalents
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.
| 2.15 | Financial instruments
The Company only enters into basic financial instruments 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. (i) Financial assets Basic financial assets, including trade & other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Page 17
TACTILE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
(ii) Financial liabilities Basic financial liabilities, including trade and other creditors, bank loans and loans from other third parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Fair value models assume that the effective rate of interest to be used for valuing fair value is that rate at which the company can obtain external finance.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, the Directors are required to make judgments, estimates and assumptions. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. 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 of the revision and future periods if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below: 1. Management make judgements and estimates regarding the development phase of research and development costs. Management also estimate a reasonable ratio for capitalised development costs. 2. Management establish a reliable estimate of the useful life of intangible assets based on factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, and legal, regulatory or contractual provisions that can limit the useful life and assumptions that market participants would consider in respect of similar business. Page 18
TACTILE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Subscription income | 9,397,368 | 6,889,996
|  | 9,397,368 | 6,889,996
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other operating income | 127,874 | 126,971
|  | 127,874 | 126,971
6. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Research & development charged as an expense | 174,882 | 214,312
| Exchange differences | 34,150 | 2,063
| Other operating lease rentals | 85,629 | 72,861
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 27,000 | 31,580
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
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TACTILE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 6,027,530 | 3,598,384
| Social security costs | 611,881 | 614,384
| Cost of defined contribution scheme | 135,205 | 149,048
|  | 6,774,616 | 4,361,816
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Employees (incl. Directors) | 70 | 67
9. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 1,310,580 | 545,535
| Company contributions to defined contribution pension schemes | 23,248 | 15,787
|  | 1,333,828 | 561,322
| The highest paid director received remuneration of £515,121 (2023 - £242,692).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,966 (2023 - £6,701).
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TACTILE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Deferred tax |  |
| Origination and reversal of timing differences | (188,746) | 152,726
| Total deferred tax | (188,746) | 152,726
| Tax on loss | (188,746) | 152,726
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 23.5% (2023 - 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (373,081) | (295,906)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2023 - 23.5%) | (87,674) | (69,538)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 188 | 293
| Capital allowances for year in excess of depreciation | - | 147
| Movement in deferred tax | (91,840) | 250,124
| Non-taxable income | (48,214) | (29,864)
| Other differences leading to an increase (decrease) in the tax charge | 38,794 | 1,564
| Total tax charge for the year | (188,746) | 152,726
| Factors that may affect future tax charges
The Company has approximately £1,040,000 of tax losses available to be relieved against future trading profits. Page 21
TACTILE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Intangible assets
|  | Development expenditure
|  | £
| Cost |
| At 1 January 2024 | 3,899,818
| Additions - internal | 1,900,947
| At 31 December 2024 | 5,800,765
| Amortisation |
| At 1 January 2024 | 808,233
| Charge for the year on owned assets | 940,383
| At 31 December 2024 | 1,748,616
| Net book value |
| At 31 December 2024 | 4,052,149
| At 31 December 2023 | 3,091,585
| The individual intangible assets which are material to the financial statements are developed software for the service platform the company provides to clients.
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TACTILE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Tangible fixed assets
|  | Long-term leasehold property | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2024 | 92,083 | 101,857 | 227,716 | 421,656
| Additions | 385,710 | 1,572 | 1,989 | 389,271
| Disposals | - | (1,523) | - | (1,523)
| At 31 December 2024 | 477,793 | 101,906 | 229,705 | 809,404
| Depreciation |  |  |  |
| At 1 January 2024 | 25,703 | 49,354 | 156,726 | 231,783
| Charge for the year on owned assets | 24,725 | 7,558 | 25,149 | 57,432
| At 31 December 2024 | 50,428 | 56,912 | 181,875 | 289,215
| Net book value |  |  |  |
| At 31 December 2024 | 427,365 | 44,994 | 47,830 | 520,189
| At 31 December 2023 | 66,380 | 52,503 | 70,990 | 189,873
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TACTILE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 98,810 | -
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 1,141,966 | 697,320
| Amounts owed by group undertakings | 1,540,149 | 1,427,200
| Other debtors | 310,758 | 155,560
| Prepayments and accrued income | 145,819 | 114,417
|  | 3,138,692 | 2,394,497
| Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 25,658 | 40,656
| Trade creditors | 329,238 | 129,690
| Amounts owed to group undertakings | 5,719,088 | 2,838,177
| Other taxation and social security | 358,889 | 635,342
| Other creditors | 311,031 | 52,107
| Accruals and deferred income | 798,033 | 1,185,435
|  | 7,541,937 | 4,881,407
| Amounts owed to group undertakings are interest free, unsecured and repayable on demand.
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TACTILE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (188,746) | (36,020)
| Charged to the profit or loss | 188,746 | (152,726)
| At end of year | - | (188,746)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | - | (188,746)
16. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 298,811 (2023 - 298,811) Ordinary shares of £0.001 each | 299 | 299
17. | Reserves
Share premium account Share premium account is made up of the value of amounts paid for shares in the company over the nominal value of the shares. Other reserves Other reserves represent a capital contribution from the parent entity. Profit and loss account Profit and loss account includes all current year retained earnings. Page 25
TACTILE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £135,125 (2023 - £149,048) . Contributions totalling £184,504 (2023 - £28,381) were payable to the fund at the reporting date and are included in creditors.
19. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 184,934 | 80,781
| Later than 1 year and not later than 5 years | 809,693 | -
|  | 994,627 | 80,781
20. | Related party transactions
| Where possible the company has taken advantage of the exemption conferred by section 33.1A of FRS 102 from the requirement to disclose transactions with other wholly owned group undertakings.
21. | Controlling party
The immediate parent undertaking is Aareon Accelerate Limited. The company's results are included in the consolidated accounts of Aareon Accelerate Limited which can be obtained from its registered address International House, 36-38 Cornhill, London, England, EC3V 3NG. The ultimate parent undertaking is Arnhem TopCo GmbH, a company incorporated in Germany.
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