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Registered number: 03680990










TALISMAN GLOBAL ASSET MANAGEMENT LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024



 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mark Pears 
Sir Trevor Pears CMG 
David Pears 




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
03680990



REGISTERED OFFICE
12th Floor
Aldgate Tower

2 Leman Street

London, E1W 9US




INDEPENDENT AUDITORS
Gravita II LLP
Chartered Accountants & Statutory Auditor

Aldgate Tower

2 Leman Street

London, E1 8FA





 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Statement of Cash Flows
11
Analysis of Net Debt
12
Notes to the Financial Statements
13 - 24


 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

INTRODUCTION
 
The directors present their report and financial statements for the year ended 30 April 2024.

BUSINESS REVIEW
 
During the year fees receivable increased by 8.12% to £24,425,661 (2023 - £22,590,897).
The company has a strong balance sheet and net liquid funds. The Directors therefore consider the company is
well positioned for business in the future.

PRINCIPAL RISKS AND UNCERTAINTIES
 
Risk 1
The company operates in the financial services sector which is governed by regulations and monitored by the Financial Conduct Authority.
The Pillar 3 disclosures under BIPRU 11 of the FCA Handbook can be found at www.talismanglobal.co.uk.
Risk 2
The turnover of the company consists of fees receivable which is dependent on the value and performance of funds under management.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The Company's key performance indicators during the year were as follows:



2024
2023
        £
        £

Turnover

24,425,661

22,590,897

Profit after tax

12,738,868

10,456,399

Equity shareholders' funds

13,975,431

7,236,563



This report was approved by the board on 20 August 2024 and signed on its behalf.



................................................
David Pears
Director

Page 1

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITY

The principal activity of the company is to provide investment management services.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £12,738,868 (2023 - £10,456,399).

The company paid a dividend of £6,000,000 (2023 - £16,500,000) during the year under review.

DIRECTORS

The directors who served during the year were:

Mark Pears 
Sir Trevor Pears CMG 
David Pears 

Page 2

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


FUTURE DEVELOPMENTS

The directors consider the Company is well positioned for business in the future.

FINANCIAL INSTRUMENTS

The Company's financial instruments comprise cash in liquid resources and various items such as debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.
The main risk arising from the company's financial instruments is liquidity risk. The company finances its operations through a mixture of share capital, retained profits and income from fees receivable. Liquidity risks managed by maintaining a balance between continuity of bank funding and flexibility through the use of short term deposits where surplus funds are available.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

This report was approved by the board on 20 August 2024 and signed on its behalf.
 





David Pears
Director

Page 3

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 


OPINION

We have audited the financial statements of Talisman Global Asset Management Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the  year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.
Page 4

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TALISMAN GLOBAL ASSET MANAGEMENT LIMITED (CONTINUED)


OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF DIRECTORS
 
As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Page 5

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TALISMAN GLOBAL ASSET MANAGEMENT LIMITED (CONTINUED)


The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the investment management sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including, but not limited to, the Companies Act 2006, FCA  and taxation legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

understanding the business model as part of the control and business environment;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations and;
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims;
reviewing correspondence and enquiring with the company of actual and potential non-compliance with laws and regulations; and
reading the minutes of meetings of those charged with governance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentations or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
Page 6

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TALISMAN GLOBAL ASSET MANAGEMENT LIMITED (CONTINUED)


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

USE OF OUR REPORT

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Ian Hughes ACA (Senior statutory auditor)
for and on behalf of
Gravita II LLP
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London, E1 8FA
21 August 2024
Page 7

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 3 
24,425,661
22,590,897

GROSS PROFIT
  
24,425,661
22,590,897

Administrative expenses
  
(8,650,121)
(10,133,973)

Other operating income
 4 
534,132
534,106

Fair value movement
  
324,383
(68,921)

OPERATING PROFIT
 5 
16,634,055
12,922,109

Income from fixed assets investments
  
-
5

Interest receivable and similar income
 8 
421,489
97,796

PROFIT BEFORE TAX
  
17,055,544
13,019,910

Tax on profit
 9 
(4,316,676)
(2,563,511)

PROFIT FOR THE FINANCIAL YEAR
  
12,738,868
10,456,399

  

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
12,738,868
10,456,399

The notes on pages 13 to 24 form part of these financial statements.

Page 8

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 03680990

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 11 
308,144
605,754

Fixed asset investments
 12 
1,819,159
1,494,776

  
2,127,303
2,100,530

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 13 
2,452,976
2,158,714

Cash at bank and in hand
  
12,195,327
5,833,759

  
14,648,303
7,992,473

Creditors: amounts falling due within one year
 14 
(2,562,248)
(2,686,161)

NET CURRENT ASSETS
  
 
 
12,086,055
 
 
5,306,312

TOTAL ASSETS LESS CURRENT LIABILITIES
  
14,213,358
7,406,842

PROVISIONS FOR LIABILITIES
  

Deferred tax
 16 
(237,927)
(170,279)

  
 
 
(237,927)
 
 
(170,279)

NET ASSETS
  
13,975,431
7,236,563


CAPITAL AND RESERVES
  

Called up share capital 
 17 
350,000
350,000

Profit and loss account
 18 
13,625,431
6,886,563

TOTAL EQUITY
  
13,975,431
7,236,563


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 August 2024.




................................................
David Pears
Director

The notes on pages 13 to 24 form part of these financial statements.

Page 9

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2023
350,000
6,886,563
7,236,563


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
12,738,868
12,738,868
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
12,738,868
12,738,868


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
(6,000,000)
(6,000,000)


AT 30 APRIL 2024
350,000
13,625,431
13,975,431



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
350,000
12,930,164
13,280,164


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
10,456,399
10,456,399
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
10,456,399
10,456,399


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
(16,500,000)
(16,500,000)


AT 30 APRIL 2023
350,000
6,886,563
7,236,563


The notes on pages 13 to 24 form part of these financial statements.

Page 10

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
12,738,868
10,456,399

ADJUSTMENTS FOR:

Depreciation of tangible assets
41,737
105,725

Loss/(profit) on disposal of tangible assets
226,773
(5)

Interest received
(421,489)
(97,796)

Taxation charge
4,316,676
2,563,511

(Increase)/decrease in debtors
(294,263)
517,436

(Decrease)/increase in creditors
(365,768)
289,821

(Decrease)/increase in provisions
(324,383)
68,921

Corporation tax paid
(4,007,172)
(2,709,763)

NET CASH GENERATED FROM OPERATING ACTIVITIES

11,910,979
11,194,249


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
-
(18,177)

Proceeds from sale of tangible fixed assets
29,100
-

Sale of unlisted and other investments
-
54,992

Interest received
421,489
97,796

NET CASH FROM INVESTING ACTIVITIES

450,589
134,611

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid
(6,000,000)
(16,500,000)

NET CASH USED IN FINANCING ACTIVITIES
(6,000,000)
(16,500,000)

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
6,361,568
(5,171,140)

Cash and cash equivalents at beginning of year
5,833,759
11,004,899

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
12,195,327
5,833,759


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
12,195,327
5,833,759

12,195,327
5,833,759


Page 11

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

5,833,759

6,361,568

12,195,327



5,833,759
6,361,568
12,195,327

The notes on pages 13 to 24 form part of these financial statements.

Page 12

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

Talisman Global Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London, E1W 9US. The principal place of business is 33 Cavendish Square, London, W1G 0PW.

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

 
2.4

TURNOVER

Turnover 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. Turnover is measured as the fair value of the fees receivable, exclusive of Value Added Tax.

Page 13

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

OPERATING LEASES: LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 14

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
15% reducing balance
Computer equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

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.

 
2.12

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.

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Page 15

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.14
FINANCIAL INSTRUMENTS (CONTINUED)


The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing
Page 16

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.14
FINANCIAL INSTRUMENTS (CONTINUED)

transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Fees receivable
24,425,661
22,590,897

24,425,661
22,590,897


All turnover arose within the European Union excluding the United Kingdom.


4.


OTHER OPERATING INCOME

2024
2023
£
£

Sundry income
534,132
534,106

534,132
534,106



5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
12,034
4,670

Other operating lease rentals
707,268
485,970

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
13,600
13,450

During the year, no director received any emoluments (2023 - £NIL).
The directors are considered to be the key management personnel.

Page 18

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


EMPLOYEES

Staff costs were as follows:


2024
2023
£
£

Staff salaries
5,009,207
6,891,386

Social security costs
683,980
972,708

Cost of defined contribution pension scheme
67,929
59,613

5,761,116
7,923,707


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administrative
10
10



Management
5
5

15
15


7.


PROFIT ON SALE OF FIXED ASSET INVESTMENTS

2024
2023
£
£

Profit on sale
-
5

-
5







8.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
421,489
97,796

421,489
97,796

Page 19

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
4,249,028
2,567,594


4,249,028
2,567,594


TOTAL CURRENT TAX
4,249,028
2,567,594

DEFERRED TAX


Origination and reversal of timing differences
67,648
(4,083)

TOTAL DEFERRED TAX
67,648
(4,083)


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
4,316,676
2,563,511

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 -19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
17,055,544
13,019,910


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -19.5%)
4,263,886
2,538,882

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
67,573
34,403

Capital allowances for year in excess of depreciation
(1,335)
(4,789)

Timing differences leading to a increase/(decrease) in taxation
67,648
(4,083)

Valuation (gains)/ loss not taxable
(81,096)
4,083

Other differences leading to a decrease in the tax charge
-
(4,985)

TOTAL TAX CHARGE FOR THE YEAR
4,316,676
2,563,511

Page 20

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


DIVIDENDS

2024
2023
£
£


Dividends paid
6,000,000
16,500,000

6,000,000
16,500,000


11.


TANGIBLE FIXED ASSETS





Fixtures & fittings
Computer equipment
Total

£
£
£



COST OR VALUATION


At 1 May 2023
1,442,759
70,450
1,513,209


Disposals
(555,750)
-
(555,750)



At 30 April 2024

887,009
70,450
957,459



DEPRECIATION


At 1 May 2023
850,560
56,895
907,455


Charge for the year on owned assets
38,349
3,388
41,737


Disposals
(299,877)
-
(299,877)



At 30 April 2024

589,032
60,283
649,315



NET BOOK VALUE



At 30 April 2024
297,977
10,167
308,144



At 30 April 2023
592,199
13,555
605,754


12.


FIXED ASSET INVESTMENTS





Unlisted investments

£



COST OR VALUATION


At 1 May 2023
1,494,776


Fair value movement
324,383



At 30 April 2024
1,819,159




Page 21

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


DEBTORS

2024
2023
£
£


Other debtors
89,674
49,043

Prepayments and accrued income
2,363,302
2,109,671

2,452,976
2,158,714



14.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Corporation tax
1,976,125
1,734,270

Other taxation and social security
92,986
92,406

Other creditors
19,544
164,971

Accruals and deferred income
473,593
694,514

2,562,248
2,686,161



15.


FINANCIAL INSTRUMENTS

2024
2023
£
£

FINANCIAL ASSETS


Financial assets measured at fair value through profit or loss
1,819,159
1,494,776




Financial assets measured at fair value through profit or loss comprise investments.


16.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
170,279
174,362


Charged/ (Released) to the income statement
67,648
(4,083)



AT END OF YEAR
237,927
170,279

Page 22

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
16.DEFERRED TAXATION (CONTINUED)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Tax on revaluation of investments
237,927
170,279

237,927
170,279


17.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



350,000 (2023 - 350,000) Ordinary shares of £1.00 each
350,000
350,000



18.


RESERVES

Profit & loss account

The profit and loss account includes all current and prior year retained profit and losses.


19.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £67,929 (2023 - £59,613).


20.


COMMITMENTS UNDER OPERATING LEASES

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
400,269
400,269

Later than 1 year and not later than 5 years
1,261,122
1,661,389

Page 23

 
TALISMAN GLOBAL ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


RELATED PARTY TRANSACTIONS

During the year the company received management services from The William Pears Group of Companies Limited and CHP Management Limited, companies in which the directors have interests. The cost of the management services amounted to £87,000 (2023 - £95,000) from The William Pears Group of Companies Limited and £23,000 from CHP Management Limited (2023 - £26,000). The management services fees due at the year end amounted to £37,000 (2023 - £77,800) to The William Pears Group of Companies Limited and  £23,000 (2023 - £NIL) to CHP Management Limited.
Dividends were paid during the year to Mark Pears, Sir Trevor Pears CMG and David Pears totalling £6,000,000 (2023 - £16,500,000).


22.


BANKING ARRANGEMENT

The company, in common with certain family connected companies, participates in a group banking arrangement in respect of overdraft and loan facilities. Companies participating in this arrangement have a joint and several liability to the bank for the total group indebtedness. The total amount outstanding at 30 April 2024 was £Nil (2023: £Nil). The directors do not consider that the bank will ever need recourse to this company, each family connected company having ample resources to meet its own liabilities.


Page 24