ACCOUNTS - Final Accounts preparation

TALOMON CAPITAL LIMITED - Company Information

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Registered number: 10572980

TALOMON CAPITAL LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

TALOMON CAPITAL LIMITED

COMPANY INFORMATION

Directors	Jussi Nyrola
	Peter Grigorey


Company secretary	BCS Cosec Limited


Registered number	10572980


Registered office	33 St James's Square
	London
	SW1Y 4JS


Independent auditors	Warrener Stewart
	Chartered Accountants
	Harwood House
	43 Harwood Road
	London
	SW6 4QP

TALOMON CAPITAL LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Statement of Comprehensive Income	7
Statement of Financial Position	8 - 9
Statement of Changes in Equity	10 - 11
Notes to the Financial Statements	12 - 20

TALOMON CAPITAL LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors' responsibilities statement

The directors are responsible for preparing 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 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.

Going concern

The Company has sufficient financial resources and ongoing arrangements. Therefore, the directors are of the opinion that the Company will have adequate resources to continue its operational activities for the foreseeable future and to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. Accordingly the financial statements are prepared on a going concern basis.

Directors

The directors who served during the year were:

Jussi Nyrola

Peter Grigorey

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.

Page 1

TALOMON CAPITAL LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Auditors

The auditors, Warrener Stewart, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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

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

Peter Grigorey

Director

Date: 27 April 2022

Page 2

TALOMON CAPITAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TALOMON CAPITAL LIMITED

Opinion

We have audited the financial statements of Talomon Capital Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 31 December 2021 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.

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

Page 3

TALOMON CAPITAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TALOMON CAPITAL LIMITED (CONTINUED)

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 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.

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; 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 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; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Page 4

TALOMON CAPITAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TALOMON CAPITAL LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.
Our assessment of the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur, is considered to be low. We reached this conclusion after consideration of the following:
• Because of the relatively uncomplicated business model, there are comparatively few unexpected fluctuations in the reported results and balances and any such unexpected items would be specifically enquired into by us; and
• There is a number of individuals which comprise "management" and therefore there is no single individual who is likely to be able to override controls to effect fraud.
We designed our audit procedures to respond to identified risks, including non-compliance with laws and regulations (irregularities) that are material to the financial statements. Some of the specific procedures performed to detect irregularities, including fraud, are detailed below:
• The review of control accounts and journal entries for large, unusual or unauthorised entries;
• The analytical review of the detailed profit and loss account for unexpected variances or items that fell outside our understanding of the business;
• Obtaining and reviewing a list of connected persons and entities and reviewing ledgers for undisclosed related party transactions; and
• Reviewing compliance with the rules and guidelines laid down by the Financial Conduct Authority, the regulatory body responsible for the oversight of the Company’s activities.

Page 5

TALOMON CAPITAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TALOMON CAPITAL LIMITED (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more the compliance with a law or regulation is removed from the events and transactions reflected in the financial statements as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring because of fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Gary Chapman (Senior Statutory Auditor)
for and on behalf of
Warrener Stewart

Chartered Accountants

Harwood House

43 Harwood Road

London

SW6 4QP

Date: 27 April 2022

Page 6

TALOMON CAPITAL LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2021

	2021	2020
Note	£	£


Turnover		1,802,565	1,887,760
Gross profit		1,802,565	1,887,760
Administrative expenses		(1,541,436)	(2,173,193)
Fair value movements		(42,232)	(63,231)
Operating profit/(loss)		218,897	(348,664)
Loss on disposal of current asset investments		(94,141)	-
Profit/(loss) before tax		124,756	(348,664)
Tax on profit/(loss)	5	(28,171)	64,820
Profit/(loss) for the financial year		96,585	(283,844)

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 12 to 20 form part of these financial statements.

Page 7

TALOMON CAPITAL LIMITED

REGISTERED NUMBER: 10572980

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	6		6,007		5,753
			6,007		5,753
Current assets
Debtors: amounts falling due within one year	7	387,652		369,170
Current asset investments	8	321,774		458,147
Cash at bank and in hand	9	1,254,146		1,422,316
		1,963,572		2,249,633
Creditors: amounts falling due within one year	10	(426,593)		(793,256)
Net current assets			1,536,979		1,456,377
Total assets less current liabilities			1,542,986		1,462,130
Provisions for liabilities
Deferred tax	11	-		(15,729)
			-		(15,729)
Net assets			1,542,986		1,446,401

Capital and reserves
Called up share capital	12	225	225
Share premium account		1,725,937	1,725,937
Profit and loss account		(183,176)	(279,761)
		1,542,986	1,446,401

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

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

Peter Grigorey

Director

Date: 27 April 2022

The notes on pages 12 to 20 form part of these financial statements.

Page 8

TALOMON CAPITAL LIMITED

REGISTERED NUMBER: 10572980

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2021

Page 9

TALOMON CAPITAL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2021

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2021	225	1,725,937	(279,761)	1,446,401
Comprehensive income for the year
Profit for the year	-	-	96,585	96,585
Total comprehensive income for the year	-	-	96,585	96,585
At 31 December 2021	225	1,725,937	(183,176)	1,542,986

The notes on pages 12 to 20 form part of these financial statements.

Page 10

TALOMON CAPITAL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2020

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2020	225	1,725,937	2,095,005	3,821,167
Comprehensive income for the year
Loss for the year	-	-	(283,844)	(283,844)
Total comprehensive income for the year	-	-	(283,844)	(283,844)
Dividends: Equity capital	-	-	(2,090,922)	(2,090,922)
At 31 December 2020	225	1,725,937	(279,761)	1,446,401

The notes on pages 12 to 20 form part of these financial statements.

Page 11

TALOMON CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

Talomon Capital Limited (“the Company”) is a limited company incorporated in England. The address of its registered office is 33 St James's, London, United Kingdom, SW1Y 4JS. The principal activity of the Company during the period under review was that of investment management.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

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

2.3

Expenses

Expenses incurred are recognised in the Statement of comprehensive income on an accruals basis.

2.4

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, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

3 years straight line basis

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 12

TALOMON CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.5

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.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.6

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.

2.7

Cash and cash equivalents

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

2.8

Financial instruments

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, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

Page 13

TALOMON CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.9

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.

2.10

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.

2.11

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.

2.12

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.

2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 14

TALOMON CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.14

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.

3.	Auditors' remuneration

Fees payable to the Company's auditor for the audit of the Company's annual financial statements totalled £8,000 (2020 - £5,000).

Employees

The average monthly number of employees, including directors, during the year was 7 (2020 - 7).

Page 15

TALOMON CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

5.	Taxation

		2021	2020
		£	£

Corporation tax
Current tax on profits for the year	51,586	(52,305)
	51,586	(52,305)

Total current tax	51,586	(52,305)

Deferred tax
Origination and reversal of timing differences	(23,415)	(12,515)
Total deferred tax	(23,415)	(12,515)


	Taxation on profit/(loss) on ordinary activities	28,171	(64,820)

Factors affecting tax charge for the year
The tax assessed for the year is higher than (2020 - higher than) the standard rate of corporation tax in the UK of 19% (2020 - 19%). The differences are explained below:
	2021	2020
	£	£

Profit/(loss) on ordinary activities before tax

124,756

(348,664)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)	23,704	(66,246)
Effects of:
Expenses not deductible for tax purposes	2,020	1,426
Capital allowances for year in excess of depreciation	(48)	502
Short-term timing difference leading to an increase (decrease) in taxation	-	(502)
Impact of change in tax rates	2,495	-
Total tax charge for the year	28,171	(64,820)

Page 16

TALOMON CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

6.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 January 2021	27,682
	Additions	4,043
	At 31 December 2021	31,725
	Depreciation
	At 1 January 2021	21,929
	Charge for the year on owned assets	3,789
	At 31 December 2021	25,718
	Net book value
	At 31 December 2021	6,007
	At 31 December 2020	5,753

Debtors

					2021	2020
					£	£


Other debtors	7,772	22,546
Prepayments and accrued income	372,194	346,624
Deferred taxation	7,686	-
	387,652	369,170

8.	Current asset investments
		2021	2020
		£	£

Unlisted investments at fair value	321,774	458,147
	321,774	458,147

Page 17

TALOMON CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

9.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	1,254,146	1,422,316
	1,254,146	1,422,316

10.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	14,136	3,148
Corporation tax	30,722	338,628
Other taxation and social security	54,864	29,486
Other creditors	220	220
Accruals and deferred income	326,651	421,774
	426,593	793,256

Page 18

TALOMON CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

11.	Deferred taxation

	2021	2020
	£	£

At beginning of year	(15,729)	(28,244)
Charged to profit or loss	23,415	12,515
At end of year	7,686	(15,729)

The deferred taxation balance is made up as follows:
	2021	2020
	£	£

Accelerated capital allowances	(1,502)	(1,093)
Deferred tax liability on the fair value movement	(8,699)	(14,636)
Losses carried forward	17,887	-
	7,686	(15,729)

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TALOMON CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

12.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

450 (2020 - 450) Ordinary shares of £0.50 each	225	225

13.	Commitments under operating leases
	At 31 December 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		2021	2020
		£	£

	Not later than 1 year	20,520	25,770
		20,520	25,770

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