Premier Wealth Management 10QSB 2005 Q3 Quarterly report (small business)

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	3

	Condensed Consolidated Balance Sheets
	June 30, 2005 and December 31, 2004	3

	Condensed Consolidated Statements of Losses
	Three and Six Months Ended June 30, 2005 and 2004	4

	Condensed Consolidated Statements of Cash Flows
	Six Months Ended June 30, 2005 and 2004	5

	Notes to Unaudited Condensed Consolidated Financial Information
	June 30, 2005	6


Item 2.	Management's Discussion and Analysis	7

Item 3.	Controls and Procedures	11

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	11

Item 2.	Unregistered Sales of Equity and Use of Proceeds	11

Item 3.	Defaults Upon Senior Securities	11

Item 4.	Submission of Matters to a Vote of Security holders	12

Item 5.	Other Information	12

Item 6.	Exhibits	12

	Signatures	12

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

TALLY-HO VENTURES, INC

BALANCE SHEET

As of September 30, 2005

(Un-audited)

ASSETS
Current assets:
Cash and cash equivalents	$67,291
Investment advisory fees receivable	$329,304
Prepaid expenses and other current assets	$8,487

Total current assets	$405,082

Fixed assets, net	$509,612
Acquired client relationships, net	$23,761,137
Goodwill	$2,396,526
Other assets	$140,679

Total assets	$27,213,035

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$194,630
Payables to related party

Total current liabilities	$194,630

Senior convertible debt	$68,687

Total liabilities	$263,317

Stockholders' equity:
Common stock	$1,516
Additional paid-in capital	$10,000,000
Accumulated other comprehensive income	$13,455,355
Retained earnings	$3,492,847

Total stockholders' equity	$26,949,719

Total liabilities and stockholders' equity	$27,213,035

TALLY-HO VENTURES, INC

STATEMENT OF INCOME AND EXPENSES

Three months and nine months ended September 30, 2005 and 2004

(Un-audited)

	July 1 to	January 1 to	July 1 to	January 1 to
	Sept 30	Sept 30	Sept 30	Sept 30
	2005	2005	2004	2004

Revenue	$3,644,359	$7,422,619	$0	$0
Operating expenses:
Compensation and related expenses	$2,511,577	$5,114,652	$0	$0
Selling, general and administrative	$374,561	$763,325	$2,307	$6,350
Other operating expenses	$196,771	$399,367	$0	$0

	$3,082,909	$6,277,344	$2,307	$6,350

Operating income	$561,449	$1,145,275	($2,307)	($6,350)

Non-operating (income) and expenses:	$0	$0	$0	$0
Investment and other income	$0	($1,890)	$0	$0
Interest expense	$0	$0	$0	$0

Net Income	$561,449	$1,147,165	($2,307)	($6,350)

Earnings per share	$0.070	$0.143	$0.000	$0.000


Average shares outstanding	8,000,000	8,000,000	43,140,000	43,140,000

TALLY-HO VENTURES, INC

STATEMENTS OF CASH FLOWS

Nine months ended September 30, 2005 and 2004

Un-audited

	January 1 to	January 1 to
	Sept 30, 2005	Sept 30, 2004
CASH FLOW FROM OPERATING ACTIVITIES
Net Income (Loss)	$1,147,165	($8,642)

Adjustments to reconcile Net Income to
cash flow from (used in) operating activities:
Depreciation and amortization of fixed assets
Imputed interest on notes payable to shareholders		$354

Changes in assets and liabilities:
Increase in investment advisory fees receivable	($329,303)
Increase in other current assets	($8,487)
Increase in acquired client relationships	($23,761,137)
Increase in fixed assets	($509,612)
Increase in goodwill	($2,396,526)
Increase in other intangible assets	($140,679)
Changes in accounts payable, accrued expenses and other liabilities	$194,630	($310)
Stock issued for acquisition of assets	$10,000,000
Increase in reserves and surplus	$13,456,811
Increase in retained earnings	$2,345,683
Increase imputed interest	0
Increase in long term debts	$68,687

NET CASH FLOW FROM (USED IN) OPERATING ACTIVITIES	$67,231	($8,598)

CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from notes payable to shareholders		$1,650
Payments on notes payable to shareholders		($2,596)
Issuance of common stock		$42,500
Stock returned		($8,500)

NET CASH FLOW FROM FINANCING ACTIVITIES	$0	$33,054

NET CHANGE IN CASH	$67,230	$24,456

Cash Balance Beginning	$61	$6,268

CASH BALANCE ENDING	$67,291	$30,724

TALLY-HO VENTURES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.	Basis of Presentation

The consolidated financial statements of Tally-Ho Ventures, Inc. ("Company" or "THV") have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all of the disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement have been included. All inter-company balances and transactions have been eliminated. Certain reclassifications have been made to the prior period's financial statements to conform to the current period's presentation. These reclassifications had no impact on our results of operations or changes in stockholders' equity. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2004 includes additional information about THV, its operations and its financial position, and should be read in conjunction with this Quarterly Report on Form 10-Q.

2.	Commitments and Contingencies.

The Company and its Affiliates are subject to claims, legal proceedings and other contingencies in the ordinary course of their business activities. Each of these matters is subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavourable to the Company or its Affiliates. The Company and its subsidiary establish accruals for matters for which the outcome is probable and can be reasonably estimated. Management believes that any liability in excess of these accruals upon the ultimate resolution of these matters will not have a material adverse effect on the consolidated financial condition or results of operations of the Company.

3.	Acquisitions

On September 27, 2005, Tally-Ho entered in to a Sales Purchase Agreement for acquisition of 100% of the ownership interest in Master Finance Europe S A, a Luxembourg based company.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

Forward-Looking Statements

This report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or the Company’s future financial performance. The Company intends the forward-looking statements throughout this quarterly report and the information incorporated by reference to be covered by the safe harbor provisions for forward-looking statements. All projections and statements regarding the Company’s expected financial position and operating results, its business strategy, its financing plans and the outcome of any contingencies are forward-looking statements. These statements can sometimes be identified by the use of forward-looking words such as “may,”“believe,”“plan,”“will,”“anticipate,”“estimate,”“expect,”“intend,” and other words and phrases of similar meaning. Known and unknown risks, uncertainties and other factors could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on information available as of the date of this report on Form 10-KSB and on numerous assumptions and developments that are not within our control. Although the Company believes these forward-looking statements are reasonable, the Company cannot assure you they will turn out to be correct.

Description of the Business

On May 12, 2005, Tally-Ho exchanged 4,563,490 shares of Tally-Ho common stock for 100% of the ownership interest in Belgravia Intervest Group Limited, (“Belgravia”) a British Virgin Islands company. As a result of this reverse merger, Belgravia has become the operating company and the business plan associated with the Company prior to the transaction has been abandoned.

Belgravia is a wealth management organization focused on serving the needs of families and high net worth individual throughout the world, with over $450 million under management and more than 17,000 families looking to Belgravia to provide a broad range of sophisticated services, including financial counseling, estate planning, asset allocation, investment management and corporate services.

Belgravia was formed by the September 2002 merger of Belgravia Group International and The Intervest Group. Belgravia Group International had been formed by our President, Mr. Peter Smith, in 1994 as he moved from the London Stock Exchange into offshore financial services. The Intervest Group was formed in 19995 by the combination of Lazard Holdings (Bahamas) and Arabian Brokers International (Saudi Arabia), resulting in a multinational business group with operations in 15 countries across Europe, Asia and Africa. Initially, The Intervest Group limited its operations to providing taxation and investment advice to expatriates in the Middle East. Although the geographical scope and the scope of services provided by the combined Belgravia Intervest Group Limited have greatly expanded, the focus on providing services to expatriates has remained.

There are currently estimated to be 25 million expatriate workers and this figure is projected to grow by 15% per year. More couples are retiring overseas at an earlier age. Overseas positions are well paid; but few companies offer the benefits of a decade ago. Many workers are required to take care of themselves when it comes to financial planning and health care. (Source: Merrill Lynch, Cap Gemini and Ernst & Young). This represents a significant market, growing market for the wealth management industry and Belgravia is well placed to service this growing market.

Belgravia recognized some years ago that the international Independent Financial Advisor (“IFA”) market was in the process of change and that the opportunity was arising for a new business model. Belgravia was, and continues to be, determined to seize that opportunity - to be the first, and best, of a new breed of international IFAs that will emerge in a compliance and regulation driven international marketplace; and, to become a market leader in terms of advice and service led financial services. To achieve this, it recognized that it would have to ‘raise the bar’ in terms of international IFA standards of management, advice and service. At the same time, it acknowledged the need for business scale and critical mass. Belgravia has already emerged as a structured, disciplined, focused and profitable distribution organization operating to, and consistently achieving, high standards of productivity and profitability through the delivery of quality advice, service and products to the Company’s clients.

This focus has enabled the Company to more clearly identify priorities, targets and measures when developing distribution capability and the business infrastructure. The following characteristics have been identified as key to hittting our targets:

§	A track record of growing revenues and profits, and clearly identifiable ‘brand’.

§	A ‘Business Proposition’ that is visionary but pragmatic, and supported by a clear, well-articulated business plan, and financial forecasts;

§	A business that has a compelling and believable story, with the people, systems and processes to back up that story;

§	An infrastructure that has the right people in the right roles; working to common systems, processes and controls; with internal procedures that are robust and consistent; and strong financial and compliance controls;

§	A company culture that has clarity and consistency as to ‘who does what around here’; and ‘how things work around here’, along with a shared belief in the overall client proposition and management standards and values.

By early 2005, Belgravia Intervest Group Limited had made good to excellent progress against the first three of these measures. In particular, it built the distribution capability and can demonstrate a clear track record of growth in revenues and profits. The initial business plan targets have been met despite the business facing some very challenging decisions and difficult trading conditions, such as the Gulf War and weak equity markets. Belgravia has begun to target recurring income on funds under management.

Belgravia’s channel now holds financial advisory licenses in Belgium, Holland, Kuwait, Oman, Azerbaijan, China, Japan, Luxembourg, (Cyprus, Bahrain, Malaysia, Singapore, Kenya and Uganda to follow). The Company has compliance structures (including compliance managers) in place in each territory, although these standards are being constantly raised. Compliance will soon be centered in one location adding further value and streamlining to an already effective business

A key part of the operational focus has been the design and implementation of financial templates for each distribution channel against which the business units within each channel can be measured. Belgravia is now focusing on the alignment of systems and controls, while also building towards a commonality of culture across various distributions channels. It’s efforts here are geared around ‘client proposition’ which ensures that all IFAs follow the same advice process, using the same documentation, and applying the same service standards. Belgravia has planned for this process to be fully operational and effective by the end of 2005. Having successfully installed the financial software system, Belgravia has made significant progress in centralizing its finance and accounts function. Since the early part of 2005, the Company has had a centralized commissions function also.

Belgravia now intends to further develop the distribution capacity by rolling out a Franchise style operation to attract experienced IFAs who want to operate under the Belgravia brand and licenses, but retain a degree of commercial independence.

On September 27, 2005, Tally-Ho entered in to a Sales Purchase Agreement for acquisition of 100% of the ownership interest in Master Finance Europe S A, a Luxembourg based company.

RISKS AND UNCERTAINTIES

If The Company Does Not Continue To Create, Attract And Retain Viable Products In The Wealth Management Industry, Our Profitability Could Be Adversely Affected.

The wealth management industry has experienced considerable growth in the past decade. Changing demographics and concern about financial security in retirement, compounded by a continuing low-interest rate environment, are expected to result in a continued increase in assets available for investment. In recent years, investors have endeavored to increase their knowledge of available investment products and services, and wealth management firms have responded by increasing the availability of and access to information in respect of these wealth management products and services. Simultaneously, there has been an increase in the number, type and sophistication of products and services offered by financial institutions. The Company believes that these changing factors will result in an increased number of investors seeking some level of professional financial and investment advice in managing their investments. Belgravia Intervest Group is well positioned to meet this challenge as it continues to establish itself as a fully integrated wealth management business, combining professional investment management products, solutions and services with knowledgeable financial advisory professionals.

However, the profitability of the Company is directly related to its ability to create, attract and retain specific products. These products are subject to a fee, generally calculated as a percentage of their net asset value. Should a sizable number of clients seek to terminate their arrangements with the Company, its profitability would be adversely affected.

The Company May Not Be Able to Successfully Integrate Acquisitions

The Company's growth strategy has relied in part on acquisitions and the associated realization of operating synergies. A successful acquisition requires the Company to identify suitable candidates for purchase on acceptable terms, and the acquired business to be successfully integrated in a timely and non-disruptive manner designed to minimize the risk of loss of client business. Even with the investment of management and financial resources, an acquisition may not produce the anticipated revenue, earnings or business synergies. In addition, acquisitions can involve non-recurring charges and, if not successful, the write-off of amounts of goodwill and other intangible assets that could have an adverse effect on the Company's financial results. Management performs an extensive review of the value of goodwill and other intangible assets on an ongoing basis, which review has not identified any required adjustments.

Market Influences Beyond The Control Of The Company Could Affect Our Overall Profitability.

Negativity in domestic and international capital markets may challenge the Company. The movement of capital markets is beyond the control of teh Company but, to a significant degree, may impact on the Company's overall profitability. Revenues from the Company's investment management arm are primarily based on market values, generally determined using trading values of underlying securities in global markets. The unpredictability of the global economy may also affect retail and institutional clients' willingness to actively trade in capital markets, impacting the Company's commission revenues as well as trading and corporate finance activities.

The Wealth Management Industry is Highly Competitive, With Some Companies Having Greater Financial or Other Resources

The Company operates in a highly competitive environment that includes other providers of wealth management products such as mutual funds and private client investment managers, financial advisors, investment dealers, banks and insurance companies, some of which have greater financial or other resources than the Company. In order to remain competitive, the Company will continue to be innovative in the development of financial products and solutions for its clients, to monitor its investment performance and to provide the highest level of service to its clients.

There may be competitive pressures from time to time to lower the fees that the Company charges on its products and services which may impact the ability to retain clients in the future. While changes to management fee rates, commission rates and trailer fee rates will affect the operating results of the Company, management believes that its current fee structure is competitive with its industry peers.

Changing Regulatory Requirements May Affect the Profitability of Our Business or Limit Our Ability to Conduct Business

The regulatory operating environment for wealth management and financial services continues to expand, becoming more regimented and complex. The Company supports regulatory changes that enhance the integrity and reputation of our industry and that protect the interests of our client base. The Company's compliance personnel actively participate in the development of new legislation and regulation. However, new regulatory requirements may involve changes to the way we currently conduct our business or may increase the cost and associated profitability of our business. The Company believes that its ability to comply with all applicable laws and regulations including these emerging changes is dependent upon the establishment, implementation and maintenance of extensive compliance policies and procedures. The Company has a team of experienced compliance personnel that works full time on these efforts. When the Company completes an acquisition, it is possible that the acquired company's compliance standards may have been insufficient or not as developed as those of the Company. The Company attempts to resolve compliance issues through its due diligence review; however, it is possible that its review will not identify all possible problems.

Regardless of the Company's effectiveness in monitoring and administering established compliance policies and procedures, the Company, and any of its directors, officers, employees or agents, may be subject to liability or fines which may limit the ability to conduct business.

The Capital Requirements of the Company may Require Additional Equity Funding, Which Would Dilute the Ownership of Our Current Stockholders

Belgravia Intervest Group may be required to raise additional funds through public or private financing, strategic relationships or other arrangements for a variety of purposes, including business acquisitions, to capitalize on unanticipated opportunities, as well as to respond to competitive pressures. Additional equity funding will reduce the percentage ownership of the existing shareholders of the Company and may dilute net book value per share. It is also possible that any such equity funding may involve securities which have rights or privileges senior to those of holders of common shares or that any debt financing, if available, may involve restrictive covenants. There can be no assurance that such additional funding, if needed, will be available on economic terms, or at all.

The Company Has Assumed Certain Credit Risks

The Company is exposed to the risk that third parties that owe the Company cash, securities or other assets may not fulfill their obligations, due to lack of liquidity, bankruptcy, operational failure or other cause. These parties include trading counterparties, customers, clearing agents, exchanges, clearing houses, other financial intermediaries, and issuers whose securities are held by us.

Additional information about the Company can be obtained at its web site, http://www.belgravia-intervest.com/.

Basis of Presentation

The accompanying consolidated financial statements, included elsewhere in this Quarterly Report on Form 10-QSB, have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation as a going concern. The Company had net income of $561,449 for the quarter ended September 30, 2005 and as of September 30, 2005, had working capital of $210,452.

Discussion of Financial Results

The unaudited consolidated financial statements included in this report reflect the results of consolidating the operations of the Company after the reverse merger with Belgravia and the operations of the Company without the inclusion of the operations of Belgravia during the same period of time for the prior year. Therefore, a period-to-period comparison is not meaningful.

Liquidity and Capital Resources

As of September 30, 2005, the Company had working capital of $210,452. We generated a positive cash flow of $67,231 from operating activities during the quarter ended September 30, 2005.

The Company believes it will require additional new capital only in order to fund its planned acquisitions over the next 12 months; which, if required may be obtained through equity or debt financing.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

ITEM 3. CONTROLS AND PROCEDURES.

a. Evaluation of Disclosure Controls and Procedures. As of June 30, 2005, our management carried out an evaluation, under the supervision of our Chief Executive Officer and Chief Financial Officer of the effectiveness of the design and operation of our system of disclosure controls and procedures pursuant to the Securities and Exchange Act, Rule 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures are effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

b. Changes in internal controls. There were no changes in internal controls over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially effect, our internal control over financial reporting.

It should be noted that while the Company’s management, including the President and Treasurer, believes the Company’s disclosure controls and procedures provide a reasonable level of assurance, they do not expect that the Company’s disclosure controls and procedures or internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance the objectives of the control system are met. Further, the design of a control system must reflect the fact there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to errors or fraud may occur and not be detected.

PART II —

ITEM 1. LEGAL PROCEEDINGS

None

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None

ITEM 5. OTHER INFORMATION AND SUBSEQUENT EVENTS

None

ITEM 6. EXHIBITS

Index of Exhibits:

	31.1	Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15(d)-14(a), adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

	31.2	Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15(d)-14(a), adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

	32.1	Certification of Chief Executive officer pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

	32.2	Certification of Chief Financial pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 18, 2005

TALLY-HO VENTURES, INC.

BY: /s/ Peter Smith

——————————————

Peter Smith

President, Chief Executive Officer

Premier Wealth Management (PWMG) Inactive 10QSB2005 Q3 Quarterly report (small business)