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REGISTERED NUMBER: 12103997 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

TULLOCH WEALTH MANAGEMENT LIMITED

TULLOCH WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 12103997)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TULLOCH WEALTH MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Mrs S J Tulloch
C G Tulloch





REGISTERED OFFICE: Victoria House
19-21 Bondgate Within
Alnwick
Northumberland
NE66 1TA





REGISTERED NUMBER: 12103997 (England and Wales)





ACCOUNTANTS: Greaves Grindle
Chartered Accountants
Victoria House
Bondgate Within
Alnwick
Northumberland
NE66 1TA

TULLOCH WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 12103997)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,505,250 2,435,234
Tangible assets 5 28,887 10,542
2,534,137 2,445,776

CURRENT ASSETS
Debtors 6 211,052 186,415
Cash at bank 240,957 425,573
452,009 611,988
CREDITORS
Amounts falling due within one year 7 148,452 237,402
NET CURRENT ASSETS 303,557 374,586
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,837,694

2,820,362

PROVISIONS FOR LIABILITIES 376,929 363,483
NET ASSETS 2,460,765 2,456,879

CAPITAL AND RESERVES
Called up share capital 300 300
Share premium 421,366 421,366
Revaluation of BSP reserve 8 1,606,906 1,549,586
Retained earnings 432,193 485,627
2,460,765 2,456,879

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TULLOCH WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 12103997)

BALANCE SHEET - continued
31 JULY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2024 and were signed on its behalf by:





Mrs S J Tulloch - Director


TULLOCH WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 12103997)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Tulloch Wealth Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Client BSP Value are being amortised evenly over their estimated useful life of nil years.

Client purchase are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

TULLOCH WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 12103997)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST OR VALUATION
At 1 August 2022 2,436,734
Revaluations 70,766
At 31 July 2023 2,507,500
AMORTISATION
At 1 August 2022 1,500
Charge for year 750
At 31 July 2023 2,250
NET BOOK VALUE
At 31 July 2023 2,505,250
At 31 July 2022 2,435,234

Cost or valuation at 31 July 2023 is represented by:

Other
intangible
assets
£   
Valuation in 2023 2,507,500

TULLOCH WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 12103997)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 August 2022 4,886 13,781 18,667
Additions 9,061 20,889 29,950
Disposals - (8,663 ) (8,663 )
At 31 July 2023 13,947 26,007 39,954
DEPRECIATION
At 1 August 2022 1,352 6,773 8,125
Charge for year 1,890 6,060 7,950
Eliminated on disposal - (5,008 ) (5,008 )
At 31 July 2023 3,242 7,825 11,067
NET BOOK VALUE
At 31 July 2023 10,705 18,182 28,887
At 31 July 2022 3,534 7,008 10,542

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 47,245 57,609
Other debtors 163,807 128,806
211,052 186,415

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 192 102
Taxation and social security 122,799 170,409
Other creditors 25,461 66,891
148,452 237,402

8. RESERVES
Revaluation
of BSP
reserve
£   
At 1 August 2022 1,549,586
BSP Revaluation 57,320

At 31 July 2023 1,606,906