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Registration number: 11966226

Talo Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 5 April 2024

 

Talo Holdings Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Talo Holdings Limited

Company Information

Directors

A C Kemp

S L Kemp

Registered office

3 West Lulworth Farm
Farm Lane
West Lulworth
Wareham
Dorset
BH20 5SP

Accountants

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Talo Holdings Limited for the Year Ended 5 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Talo Holdings Limited for the year ended 5 April 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of Talo Holdings 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 accounts of Talo Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Talo Holdings Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Talo Holdings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Talo Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Talo Holdings Limited. You consider that Talo Holdings 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 accounts of Talo Holdings 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 accounts.

......................................

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

26 November 2024

 

Talo Holdings Limited

(Registration number: 11966226)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

61,412

72,250

Investments

5

10,000

10,000

Other financial assets

6

1,151,514

1,651,238

 

1,222,926

1,733,488

Current assets

 

Cash at bank and in hand

 

695

1,709

Creditors: Amounts falling due within one year

7

(975,481)

(1,607,907)

Net current liabilities

 

(974,786)

(1,606,198)

Net assets

 

248,140

127,290

Capital and reserves

 

Called up share capital

8

600

600

Share premium reserve

179,400

179,400

Capital redemption reserve

200

200

Retained earnings

67,940

(52,910)

Shareholders' funds

 

248,140

127,290

For the financial year ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

.........................................
A C Kemp
Director

.........................................
S L Kemp
Director

 

Talo Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
3 West Lulworth Farm
Farm Lane
West Lulworth
Wareham
Dorset
BH20 5SP

The principal place of business is:
21 Market Street
Galashiels
Scottish Borders
TD1 3AD
Scotland

These financial statements were authorised for issue by the Board on 26 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The accounts are presented in £GBP and are rounded to the nearest £1.

Revenue recognition

Investments
Investments are included at fair market value. Gains and losses are recognised in the income statement.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

20% reducing balance

 

Talo Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it's liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairement loss is recognised in the profit and loss account.

 

Talo Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 6 April 2023

85,000

85,000

At 5 April 2024

85,000

85,000

Depreciation

At 6 April 2023

12,750

12,750

Charge for the year

10,838

10,838

At 5 April 2024

23,588

23,588

Carrying amount

At 5 April 2024

61,412

61,412

At 5 April 2023

72,250

72,250

 

Talo Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

10,000

10,000

Subsidiaries

£

Cost or valuation

At 6 April 2023

10,000

Provision

Carrying amount

At 5 April 2024

10,000

At 5 April 2023

10,000

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Talo Estates Ltd

Scotland

Ordinary A

100%

100%

Subsidiary undertakings

Talo Estates Ltd

The principal activity of Talo Estates Ltd is property rental and development.

 

Talo Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 6 April 2023

1,651,238

1,651,238

Fair value adjustments

118,238

118,238

Additions

1,075,255

1,075,255

Disposals

(1,693,217)

(1,693,217)

At 5 April 2024

1,151,514

1,151,514

Impairment

Carrying amount

At 5 April 2024

1,151,514

1,151,514

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

1,981

2,907

Other creditors

973,500

1,605,000

975,481

1,607,907

 

Talo Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

200

200

200

200

Ordinary B of £1 each

200

200

200

200

Ordinary C of £1 each

200

200

200

200

Ordinary D of £1 each

-

-

-

-

600

600

600

600

9

Related party transactions

Transactions with directors

Summary of transactions with other related parties

During the year the company received loans from other company's controlled by the directors. These loans are repayable on demand and the amounts due at the balance sheet date was Talo Property Management Ltd - £11,909 (2023 -£8,457) & Talo Estates Ltd - £30,500 (2023 - £12,000).