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Company registration number: 03534108
Tethys Advisors Limited
Unaudited filleted abridged financial statements
31 December 2023
Tethys Advisors Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Tethys Advisors Limited
Directors and other information
Director Tristan M M Clube
Company number 03534108
Registered office Hill House
1 Little New Street
London
EC4A 3TR
Accountants Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
Bankers Bank of Scotland
1 Castle Terrace
Edinburgh
EH1 2DP
Solicitors Lovells
Atlantic House
65 Holborn Viaduct
London
EC1A 2DY
Tethys Advisors Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Tethys Advisors Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tethys Advisors Limited for the year ended 31 December 2023 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the director of Tethys Advisors Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Tethys Advisors Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tethys Advisors Limited and its director as a body for our work or for this report.
It is your duty to ensure that Tethys Advisors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tethys Advisors Limited. You consider that Tethys Advisors Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Tethys Advisors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
17 April 2024
Tethys Advisors Limited
Abridged statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 7,542 356
_______ _______
7,542 356
Current assets
Debtors 3,286 49,105
Investments 6 8,162,457 7,838,730
Cash at bank and in hand 14,051 24,749
_______ _______
8,179,794 7,912,584
Creditors: amounts falling due
within one year ( 3,855) ( 12,278)
_______ _______
Net current assets 8,175,939 7,900,306
_______ _______
Total assets less current liabilities 8,183,481 7,900,662
Provisions for liabilities ( 1,433) ( 67)
_______ _______
Net assets 8,182,048 7,900,595
_______ _______
Capital and reserves
Called up share capital 8 150,000 150,000
Profit and loss account 8,032,048 7,750,595
_______ _______
Shareholder funds 8,182,048 7,900,595
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 17 April 2024 , and are signed on behalf of the board by:
Tristan M M Clube
Director
Company registration number: 03534108
Tethys Advisors Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Hill House, 1 Little New Street, London, EC4A 3TR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20.00 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
£
Cost
At 1 January 2023 15,156
Additions 9,071
_______
At 31 December 2023 24,227
_______
Depreciation
At 1 January 2023 15,156
Charge for the year 1,529
_______
At 31 December 2023 16,685
_______
Carrying amount
At 31 December 2023 7,542
_______
At 31 December 2022 -
_______
6. Investments
2023 2022
£ £
Other investments 43,500 43,500
Listed investments 8,118,957 7,795,230
_______ _______
8,162,457 7,838,730
_______ _______
7. Financial instruments
Financial assets measured at amortised cost comprise listed investments, cash at bank and in hand, prepayments and other debtors.Financial liabilities measured at amortised cost comprise corporation tax and other tax and social security, directors loan account, accruals and deferred income and other creditors.
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 150,000 150,000 150,000 150,000
_______ _______ _______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Tristan M M Clube 44,905 ( 46,000) ( 1,095)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Tristan M M Clube ( 3,915) 48,820 44,905
_______ _______ _______