Tarvos Wealth Limited Filleted accounts for Companies House (small and micro)

TARVOS WEALTH LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08219216

Tarvos Wealth Limited

Filleted Financial Statements

30 April 2021

Tarvos Wealth Limited

Financial Statements

Year ended 30 April 2021

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

Tarvos Wealth Limited

Statement of Financial Position

30 April 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5	41,680	53,532
Investments	6	1	1
		--------	--------
		41,681	53,533

Current assets

Debtors	7	644,974	786,649
Cash at bank and in hand		74,635	37,554
		---------	---------
		719,609	824,203

Creditors: amounts falling due within one year	8	180,450		340,135
		---------		---------
Net current assets			539,159	484,068
			---------	---------
Total assets less current liabilities			580,840	537,601

Creditors: amounts falling due after more than one year	9	42,094	22,450
		---------	---------
Net assets		538,746	515,151
		---------	---------

Capital and reserves

Called up share capital	274	274
Share premium account	206,425	206,425
Profit and loss account	332,047	308,452
	---------	---------
Shareholders funds	538,746	515,151
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Tarvos Wealth Limited

Statement of Financial Position (continued)

30 April 2021

These financial statements were approved by the board of directors and authorised for issue on 14 September 2021 , and are signed on behalf of the board by:

Mr S T Ludden

Director

Company registration number: 08219216

Tarvos Wealth Limited

Statement of Changes in Equity

Year ended 30 April 2021

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£
At 1 May 2019	268	169,713	273,591	443,572

Profit for the year			34,861	34,861
	----	---------	---------	---------
Total comprehensive income for the year	–	–	34,861	34,861

Issue of shares	6	36,712	–	36,718
	----	---------	---------	---------
Total investments by and distributions to owners	6	36,712	–	36,718

At 30 April 2020	274	206,425	308,452	515,151

Profit for the year			23,595	23,595
	----	---------	---------	---------
Total comprehensive income for the year	–	–	23,595	23,595

	----	---------	---------	---------
At 30 April 2021	274	206,425	332,047	538,746
	----	---------	---------	---------

Tarvos Wealth Limited

Notes to the Financial Statements

Year ended 30 April 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Graylaw House, 20-22 Watling Street, Canterbury, Kent, CT1 2UA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company's forecasts and projections, taking account of reasonably possible changes in trading performance, and the effects of Covid-19 show that the company should be able to operate for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing these annual financial statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represent amounts invoiced and advisor charges received during the period, exclusive of Value Added Tax. Fee income is recognised on the completion of the advice giving process and the raising of an invoice. Advisor charges are recognised when the client has formally signed and agreed to take up the investment advice.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	8 Year straight line
Equipment	-	3 Year straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Government grants

Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Financial instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2020: 21 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 May 2020 and 30 April 2021	61,599	24,651	86,250
	--------	--------	--------
Depreciation
At 1 May 2020	13,952	18,766	32,718
Charge for the year	7,700	4,152	11,852
	--------	--------	--------
At 30 April 2021	21,652	22,918	44,570
	--------	--------	--------
Carrying amount
At 30 April 2021	39,947	1,733	41,680
	--------	--------	--------
At 30 April 2020	47,647	5,885	53,532
	--------	--------	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 May 2020	386,623
Additions	128,874
	---------
At 30 April 2021	515,497
	---------
Impairment
At 1 May 2020	386,622
Impairment losses	128,874
	---------
At 30 April 2021	515,496
	---------

Carrying amount
At 30 April 2021	1
	---------
At 30 April 2020	1
	---------

7. Debtors

	2021	2020
	£	£
Trade debtors	18,421	17,163
Amounts owed by group undertakings and undertakings in which the company has a participating interest	582,871	711,745
Other debtors	43,682	57,741
	---------	---------
	644,974	786,649
	---------	---------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	90,736	84,000
Trade creditors	529	1,234
Corporation tax	38,315	41,992
Social security and other taxes	20,272	15,986
Other creditors	30,598	196,923
	---------	---------
	180,450	340,135
	---------	---------

Bank loans of £82,830 from National Westminster Bank PLC have a fixed and floating charge that covers all the property or undertaking of the company.

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	42,094	14,675
Other creditors	–	7,775
	--------	--------
	42,094	22,450
	--------	--------

10. Summary audit opinion

The auditor's report for the year dated 14 September 2021 was unqualified .

The senior statutory auditor was Andrew Collyer , for and on behalf of Burgess Hodgson LLP .

11. Related party transactions

During the year the company paid management fees of £6,000 (2020: £6,000) to an LLP related through common control. At the year end the company owed the LLP £nil (2020: £177,778). During the year the company wrote off a loan of £128,874 by way of capital contribution, increasing the investment in the subsidiary company. At the balance sheet date the company was owed £582,871 (2020: £711,745) by the subsidiary company.