Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30132023-07-01falseNo description of principal activity24falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07089561 2023-07-01 2024-06-30 07089561 2022-07-01 2023-06-30 07089561 2024-06-30 07089561 2023-06-30 07089561 c:Director1 2023-07-01 2024-06-30 07089561 d:FurnitureFittings 2023-07-01 2024-06-30 07089561 d:FurnitureFittings 2024-06-30 07089561 d:FurnitureFittings 2023-06-30 07089561 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07089561 d:ComputerEquipment 2023-07-01 2024-06-30 07089561 d:ComputerEquipment 2024-06-30 07089561 d:ComputerEquipment 2023-06-30 07089561 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07089561 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07089561 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 07089561 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 07089561 d:CurrentFinancialInstruments 2024-06-30 07089561 d:CurrentFinancialInstruments 2023-06-30 07089561 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 07089561 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 07089561 d:ShareCapital 2024-06-30 07089561 d:ShareCapital 2023-06-30 07089561 d:SharePremium 2024-06-30 07089561 d:SharePremium 2023-06-30 07089561 d:RetainedEarningsAccumulatedLosses 2024-06-30 07089561 d:RetainedEarningsAccumulatedLosses 2023-06-30 07089561 c:OrdinaryShareClass1 2023-07-01 2024-06-30 07089561 c:OrdinaryShareClass1 2024-06-30 07089561 c:OrdinaryShareClass1 2023-06-30 07089561 c:FRS102 2023-07-01 2024-06-30 07089561 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 07089561 c:FullAccounts 2023-07-01 2024-06-30 07089561 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07089561 2 2023-07-01 2024-06-30 07089561 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-07-01 2024-06-30 07089561 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07089561










TALLYMONEY UK LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
TALLYMONEY UK LTD
REGISTERED NUMBER: 07089561

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
-
430,246

Tangible assets
 6 
24,784
28,083

  
24,784
458,329

Current assets
  

Debtors
 7 
93,899
175,122

Cash at bank and in hand
  
237,487
465,188

  
331,386
640,310

Creditors: amounts falling due within one year
 8 
(9,353,466)
(7,544,007)

Net current liabilities
  
 
 
(9,022,080)
 
 
(6,903,697)

Net liabilities
  
(8,997,296)
(6,445,368)


Capital and reserves
  

Called up share capital 
 9 
2,294
2,294

Share premium account
  
536,902
536,902

Profit and loss account
  
(9,536,492)
(6,984,564)

  
(8,997,296)
(6,445,368)


Page 1

 
TALLYMONEY UK LTD
REGISTERED NUMBER: 07089561
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
C Parry
Director
Date: 17 February 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
TALLYMONEY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

TallyMoney UK Ltd is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 07089561 and registered office address is North West House, 119 Marylebone Road, London, United Kingdom, NW1 5PU.
The principal activity of TallyMoney UK Ltd (“Tally UK”), as a wholly-owned UK-incorporated subsidiary of Tally Central Ltd ("Tally Central"), is to market and manage the rollout of the TallyMoney product (being an individual everyday account denominated in tally® i.e. milligrams of gold) accessible through a smartphone app and Mastercard debit card, to the UK market as a B2C (business-to customer) product.
Business summary
TallyMoney UK Ltd (“Tally UK”) is a wholly owned subsidiary of Tally Central Ltd ("Tally Central") which is incorporated in Guernsey with a registered office in Guernsey and operational headquarters in London. Tally Central is the monetary authority of the Tally Monetary System and platform technology and issuer of the tally® currency (each unit of tally® represents the digital certification of ownership of one milligram of gold held for and on behalf of the customer). 
The services provided to the customer are gold custody and digital payment services. All gold represented by tally in customer TallyMoney Accounts is sourced from London Bullion Market Association ("LBMA") accredited brokers and vaulted with Brinks in Switzerland (an LBMA-accredited vaulter). The customer’s gold is not borrowed against or lent out or leveraged and the customer’s gold never forms part of either Tally Central’s or Tally UK’s Statement of Financial Position.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

Although the Company is currently in a net liability position, Tally Central Ltd, the parent company has pledged to provide the necessary financial support to enable the Company to continue to operate. At 30 June 2024 £9,023,425 (2023: £7,232,356) was payable to Tally Central Ltd who has agreed it would not recall this debt if it prevented the Company from meeting its obligations. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Page 3

 
TALLYMONEY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents account keeping and one-off account activation fees earned through the TallyMoney platform, as well as margin revenue and Mastercard interchange revenue. All fees are recognised in the accounting period in which the service is provided. Margin revenue is charged on inbound customer transfers only and is made (not on withdrawals) up of two components: i) Flat FX fee of 0.99%; and ii) Handling Fee of 0.5%. Account keeping fee is charged on customers tally holding at 0.5% per annum (calculated daily, charged monthly). 
For the majority of the year, the margin revenue structure was a flat 0.5% FX fee margin and the account keeping fee was 0.9% per annum (calculated daily, charged monthly). However, for the last month (and moving forward) the margin revenue structure moved to the 0.99% Flat FX fee and 0.5% handling margin and the account keeping fee reduced to 0.5% per annum (calculated daily, charged monthly).

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
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.

Page 4

 
TALLYMONEY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Research expenditure is written off in the period in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the
following criteria are met:
 
It is technically feasible to complete the intangible asset so that it will be available for use or
sale;
There is the intention to complete the intangible asset and use or sell it;
There is the ability to use or sell the intangible asset;
The use or sale of the intangible asset will generate probable future economic benefits;
There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
The expenditure attributable to the intangible asset during its development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

Development costs are amortised on a straight line basis over a useful life of 5 years starting from 2019. Very early stage development costs from pre 2019 were deemed fully out of use and as such a
full impairment of these costs were recognised in the year ended 30 June 2023.

 
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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Fixtures and fittings
-
10%
Computer equipment
-
33%

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.

Page 5

 
TALLYMONEY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.11

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.12

Creditors

Short-term creditors are measured at the transaction price. 


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The bad debt provision was based on the full outstanding debtor balance related to a debt created by a July 2023 incident in which a coding error and protocol failure released into production before testing completed, which allowed a few dozen perpetrators to attempt to spend over £800,000 on virtual debit cards beyond what they held in their TallyMoney account. The systems that were in place and response times meant approximately £300,000 in goods ordered that had not been delivered were able to be stopped and payments cancelled. The remaining amount was promptly reported to police and is being pursued through debt collection and relevant legal processes. The Company has fully provided for this current outstanding amount (£456,840) in the year ended 30 June 2024 (2023: £nil). Following this event the Company has reinforced its protocols, processes and financial crime intelligence operations.


4.


Employees

The average monthly number of employees, including directors, during the year was 17 (2023: 13).

Page 6

 
TALLYMONEY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Intangible assets




Development expenditure

£



Cost


At 1 July 2023
1,927,258



At 30 June 2024

1,927,258



Amortisation


At 1 July 2023
1,497,012


Charge for the year
430,246



At 30 June 2024

1,927,258



Net book value



At 30 June 2024
-



At 30 June 2023
430,246



Page 7

 
TALLYMONEY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 July 2023
19,336
35,726
55,062


Additions
149
7,330
7,479



At 30 June 2024

19,485
43,056
62,541



Depreciation


At 1 July 2023
5,487
21,492
26,979


Charge for the year
1,937
8,841
10,778



At 30 June 2024

7,424
30,333
37,757



Net book value



At 30 June 2024
12,061
12,723
24,784



At 30 June 2023
13,849
14,234
28,083


7.


Debtors

2024
2023
£
£

Other debtors
37,990
144,952

Prepayments
55,909
30,170

93,899
175,122


Page 8

 
TALLYMONEY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank overdrafts
906
-

Trade creditors
175,718
134,145

Amounts owed to group undertakings
9,023,425
7,232,356

Other taxation and social security
29,647
63,563

Other creditors
115,583
17,326

Accruals
8,187
96,617

9,353,466
7,544,007


Amounts owed to group undertakings are repayable on demand and not subject to interest.


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,294 (2023: 2,294) ordinary shares of £1.00 each
2,294
2,294



10.


Controlling party

The director considers the Company's ultimate controlling party to be Tally Central Ltd, a company incorporated and domiciled in Guernsey, and immediate parent undertaking of the Company. The company's registered office address is Connaught House, St. Julians Avenue, St. Peter Port, Guernsey, Guernsey, GY1 1GZ.

Page 9