Talbot and Muir Limited - Limited company accounts 20.1

REGISTERED NUMBER: 02869547 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

TALBOT AND MUIR LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

D Bonneywell

P A Darvill

G M Muir

D J Cowland

J A Ridgley

W A Self

SECRETARY:

G M Muir

REGISTERED OFFICE:

55 Maid Marian Way

Nottingham

NG1 6GE

REGISTERED NUMBER:

02869547 (England and Wales)

AUDITORS:

Magma Audit LLP

Chartered Accountants

Statutory Auditor

Unit 2, Charnwood Edge Business Park

Syston Road

Leicestershire

LE7 4UZ

The directors present their strategic report of the company for the year ended 31 December 2020.

Review of the Business

2020 saw a strong growth in turnover, with a full year contribution from the acquisition of The Pensions Partnership and continuing ongoing organic growth.

The year saw the challenge of Covid-19 rear its head. The restrictions on Advisers meeting their clients and our own Business Development Team's move to remote meetings had an impact on the level of new business. This said, we successfully transitioned the business to working from home with a skeleton, office-based staff and client and adviser disruption was kept to a minimum. We are now well placed to benefit from the anticipated economic upturn and are able to work flexibly with our clients and introducing advisers going forwards.

In October we completed the sale of the business to Curtis Banks Group PLC and are now trading as a wholly owned subsidiary of the Group. The backing of Curtis Banks will ensure the long term future of the business for our clients and staff.

The impact of Brexit on the business is considered to be very small as all business is transacted in the UK, for UK residents.

The firm remains well capitalised and through our Permitted Investment List (PIL) maintains a low risk book of business.

Risks and Uncertainties

It is still the Directors view that the risks to the business are industry regulation and changes in legislation.

Our compliance regime, incorporating a strict PIL, remains robust. The firm maintains a substantial buffer over and above its minimum regulatory capital requirement. This is all Tier 1 capital.

With the aforementioned risks and uncertainties in mind the Directors risk assess these potential changes regularly to ensure the company would be well placed to address any issues arising. This is further evidenced by the Senior Managers Regime implemented in 2019.

At the present date, the COVID-19 outbreak appears to be under control and the successful rollout of a vaccine programme should mean a return to some semblance of normality as we progress through 2021. Any long term impact it has on our industry is as yet unclear but guidance from the Government is that the issue itself will be time limited. As at the date of signing this report, our business continues to show growth year on year and we believe that we are well placed as a business to continue this trajectory. We look forward to reporting continued progress when we report again next year.

Key Performance Indicators

During 2020 the firm's AUA increased by c.6% from £3.6Bn to £3.807Bn. Net client numbers increased by c.4% from 6,650 to 6,928.

.

ON BEHALF OF THE BOARD:

D Bonneywell - Director

23 April 2021

The directors present their report with the financial statements of the company for the year ended 31 December 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing administration to small self administered pension schemes and self invested pension schemes.

DIVIDENDS

Interim dividends amounting to £358,000 (2019 £247,426) were paid in the year. The directors recommend that no final dividend will be paid.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report.

D Bonneywell

P A Darvill

G M Muir

Other changes in directors holding office are as follows:

J B Talbot - resigned 30 October 2020

D J Cowland - appointed 30 October 2020

J A Ridgley - appointed 30 October 2020

W A Self - appointed 30 October 2020

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

-	make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Following the acquisition of Talbot and Muir Limited by Curtis Banks Group PLC, a proposal for the appointment of the Group Auditors will be proposed at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Bonneywell - Director

23 April 2021

Opinion

We have audited the financial statements of Talbot and Muir Limited (the 'company') for the year ended 31 December 2020 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 31 December 2020 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 UK, including the FRC'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.

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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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 a Report of the Auditors 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:

Based on our understanding of the company and the industry, we have identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and breaches with the Financial Conduct Authority and General Data Protection Regulation, and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates. Audit procedures performed included:

- Enquiries with management for consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

- Challenging assumptions made by management in their accounting estimates, in particular in relation to the amortisation of goodwill.

- Identifying and testing material journal entries, in particular those journal entries posted with unusual account combinations, journal entries crediting revenue, journal entries crediting cash and journal entries with specific defined descriptions.

There are inherent limitations in the audit procedures described above. The more removed non-compliance with laws and regulations is, from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by forgery or intentional misrepresentation, for example, or through collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Paul Orton ACA FCCA (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

Chartered Accountants

Statutory Auditor

Unit 2, Charnwood Edge Business Park

Syston Road

Leicestershire

LE7 4UZ

23 April 2021

TURNOVER

4

5,758,991

4,966,898

Administrative expenses

(4,287,368

)

(3,429,827

)

OPERATING PROFIT

7

1,471,623

1,537,071

Income from shares in group undertakings

-

283,518

Interest receivable and similar income

5,511

11,803

1,477,134

1,832,392

Amounts written off investments

8

-

(7,091

)

PROFIT BEFORE TAXATION

1,477,134

1,825,301

Tax on profit

9

(386,299

)

(381,592

)

PROFIT FOR THE FINANCIAL YEAR

1,090,835

1,443,709

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,090,835

1,443,709

FIXED ASSETS

Intangible assets

11

3,441,854

3,932,832

Tangible assets

12

221,627

246,162

Investments

13

404

404

3,663,885

4,179,398

CURRENT ASSETS

Debtors

14

1,479,776

1,596,868

Cash at bank and in hand

3,999,013

2,903,497

5,478,789

4,500,365

CREDITORS

Amounts falling due within one year

15

(2,043,767

)

(2,310,021

)

NET CURRENT ASSETS

3,435,022

2,190,344

TOTAL ASSETS LESS CURRENT LIABILITIES

7,098,907

6,369,742

PROVISIONS FOR LIABILITIES

17

(36,094

)

(39,764

)

NET ASSETS

7,062,813

6,329,978

CAPITAL AND RESERVES

Called up share capital

18

2,106

2,106

Share premium

3,234,687

3,234,687

Retained earnings

3,826,020

3,093,185

7,062,813

6,329,978

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2021 and were signed on its behalf by:

D Bonneywell - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2019

2,000

1,896,902

2,614,793

4,513,695

Changes in equity

Movement in share capital

106

-

619,894

620,000

Dividends

-

(247,426

)

-

(247,426

)

Total comprehensive income

-

1,443,709

-

1,443,709

Balance at 31 December 2019

2,106

3,093,185

3,234,687

6,329,978

Changes in equity

Dividends

-

(358,000

)

-

(358,000

)

Total comprehensive income

-

1,090,835

-

1,090,835

Balance at 31 December 2020

2,106

3,826,020

3,234,687

7,062,813

1.	STATUTORY INFORMATION

Talbot and Muir Limited is a limited company, limited by shares, registered in England and Wales. Its registered office address is 55 Maid Marian Way, Nottingham, NG1 6GE and the registered number is 02869547.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit and loss of the group.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);

- the requirements of Section 7 Statement of Cash Flows;

- the requirement of Section 33 Related Party Disclosures paragraph 33.7.

The financial statements of the company are consolidated in the financial statements of Curtis Banks Group PLC from the date of acquisition. These consolidated financial statements are available from its registered office.

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 the financial statements.

Turnover

Turnover represents amounts receivable for services net of VAT .

Annual fees and commissions are accounted for in the period to which they relate on a straight line basis, except for first year fees which are recognised as work is undertaken.

Goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of the net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which varies between 3 and 10 years.

Tangible fixed assets

Tangible fixed assets 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, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Leasehold improvements

Over the period of the lease

Fixtures and fittings

25% straight line

Computer equipment

20% straight line

The asset's 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.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet 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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leases

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

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows :

Useful economic lives of intangible and tangible fixed assets

The annual depreciation charge for intangible and tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company. All income is derived from the United Kingdom.

5.	EMPLOYEES AND DIRECTORS

2020

2019

£

£

Wages and salaries

2,093,591

1,657,036

Social security costs

213,465

161,963

Other pension costs

179,594

83,728

2,486,650

1,902,727

The average number of employees during the year was as follows:

2020

2019

SSAS Administration

23

16

SIPP Administration

28

25

Sales Support

8

6

Compliance

5

5

Administration

5

6

Directors

4

4

73

62

6.	DIRECTORS' EMOLUMENTS

2020

2019

£

£

Directors' remuneration

187,430

119,596

Directors' pension contributions to money purchase schemes

74,380

3,910

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

1

7.	OPERATING PROFIT

The operating profit is stated after charging:

2020

2019

£

£

Hire of plant and machinery

2,056

660

Depreciation - owned assets

62,860

38,980

Loss on disposal of fixed assets

-

2,402

Goodwill amortisation

490,978

387,688

Auditors' remuneration

9,000

3,750

8.

AMOUNTS WRITTEN OFF INVESTMENTS

2020

2019

£

£

Amounts written off investments

-

7,091

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2020

2019

£

£

Current tax:

UK corporation tax

389,969

354,242

Adjustment to prior years

-

(286

)

Total current tax

389,969

353,956

Deferred tax

(3,670

)

27,636

Tax on profit

386,299

381,592

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2020

2019

£

£

Profit before tax

1,477,134

1,825,301

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2019 - 19%)

280,655

346,807

Effects of:

Expenses not deductible for tax purposes

11,419

14,024

Income not taxable for tax purposes

-

(53,869

)

Depreciation in excess of capital allowances

97,895

47,280

Adjustments to tax charge in respect of previous periods

-

(286

)

Deferred tax

(3,670

)

27,636

Total tax charge

386,299

381,592

10.

DIVIDENDS

2020

2019

£

£

Interim dividends

358,000

247,426

11.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

5,164,741

AMORTISATION

At 1 January 2020

1,231,909

Amortisation for year

490,978

At 31 December 2020

1,722,887

NET BOOK VALUE

At 31 December 2020

3,441,854

At 31 December 2019

3,932,832

12.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

and

Computer

improvements

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2020

137,487

70,424

184,781

392,692

Additions

-

540

37,785

38,325

At 31 December 2020

137,487

70,964

222,566

431,017

DEPRECIATION

At 1 January 2020

32,854

10,234

103,442

146,530

Charge for year

14,373

17,454

31,033

62,860

At 31 December 2020

47,227

27,688

134,475

209,390

NET BOOK VALUE

At 31 December 2020

90,260

43,276

88,091

221,627

At 31 December 2019

104,633

60,190

81,339

246,162