ACCOUNTS - Final Accounts

TOUCH GENERATION LIMITED - Company Information

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Registered number: 11543814

TOUCH GENERATION LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 AUGUST 2019

TOUCH GENERATION LIMITED

REGISTERED NUMBER: 11543814

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2019

		2019
Note	£	£

Fixed assets
Intangible assets	4		130,583
			130,583
Current assets
Debtors: amounts falling due within one year	5	67,201
Cash at bank and in hand	6	3,200
		70,401
Creditors: amounts falling due within one year	7	(176,513)
Net current liabilities			(106,112)
Total assets less current liabilities			24,471

Net assets			24,471

Capital and reserves
Called up share capital	8	1
Profit and loss account		24,470
		24,471

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TOUCH GENERATION LIMITED

REGISTERED NUMBER: 11543814

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 AUGUST 2019

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 May 2020.

A Ah-Lim

Director

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TOUCH GENERATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2019

1.	General information

Touch Generation Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 16 Ensign House Admirals Way, London, United Kingdom, E14 9XQ.
The company was incorporated on 30 August 2018 and commenced trading on 5 Sep 2018.
The company specialises in providing licence services.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

As at 31 August 2019, the company had net current liabilities of £106,112. The director has prepared the accounts on a going concern basis as creditors falling due within one year includes £169,263 due to group companies. These companies have confirmed that they will not require repayment until such time that the company is able to do so that the company can continue for at least 12 months from signing of the financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company 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.

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TOUCH GENERATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2019

2.Accounting policies (continued)

2.4

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.

The estimated useful lives range as follows:

Website development

years

2.5

Debtors

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.

2.6

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.

2.7

Creditors

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.

2.8

Taxation

Tax is recognised in the statement of comprehensive income, 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.

Employees

The average monthly number of employees, including the director, during the period was 1.

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TOUCH GENERATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2019

4.	Intangible assets

		Website development
		£
	Cost
	Additions	162,100
	At 31 August 2019	162,100
	Amortisation
	Charge for the period	31,517
	At 31 August 2019	31,517
	Net book value
	At 31 August 2019	130,583

Debtors

					2019
					£


	Other debtors	3,201
	Prepayments and accrued income	64,000
		67,201

6.	Cash and cash equivalents
		2019
		£

	Cash at bank and in hand	3,200
		3,200

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TOUCH GENERATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2019

7.	Creditors: Amounts falling due within one year
		2019
		£

	Amounts owed to group undertakings	169,263
	Corporation tax	5,850
	Accruals and deferred income	1,400
		176,513

8.	Share capital
		2019
		£

		Allotted, called up and fully paid

		1 Ordinary share of £1	1

On incorporation, 1 Ordinary share was issued at par.

9.	Related party transactions
	The company has adopted the exemption permitted by Financial Reporting Standard 102, not to disclose any transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the group.

10.	Controlling party

The immediate and ultimate parent company is Touch Financial Support Limited. There is no ultimate controlling party.

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