Registered number
10232622
Tallis Wealth Management Ltd
Filleted Accounts
31 March 2023
Tallis Wealth Management Ltd
Registered number: 10232622
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 53,724 22,988
Current assets
Debtors 4 83,871 75,615
Investments held as current assets 5 150,000 150,000
Cash at bank and in hand 63,713 97,551
297,584 323,166
Creditors: amounts falling due within one year 6 (28,071) (43,585)
Net current assets 269,513 279,581
Net assets 323,237 302,569
Capital and reserves
Called up share capital 100 100
Profit and loss account 323,137 302,469
Shareholders' funds 323,237 302,569
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S C Francis
Director
Approved by the board on 10 November 2023
Tallis Wealth Management Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 - 35,919 35,919
Additions 1,274 119,245 120,519
Disposals - (102,459) (102,459)
At 31 March 2023 1,274 52,705 53,979
Depreciation
At 1 April 2022 - 12,931 12,931
Charge for the year 255 - 255
On disposals - (12,931) (12,931)
At 31 March 2023 255 - 255
Net book value
At 31 March 2023 1,019 52,705 53,724
At 31 March 2022 - 22,988 22,988
4 Debtors 2023 2022
£ £
Trade debtors 2,124 3,375
Other debtors 81,747 72,240
83,871 75,615
5 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 150,000 150,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 24,982 32,107
Other creditors 3,089 11,478
28,071 43,585
7 Other information
Tallis Wealth Management Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Demar House, 14 Church Road
East Wittering
Chichester
West Sussex
PO20 8PS
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