UNITED
      STATES


SECURITIES
      AND EXCHANGE COMMISSION




Washington,
      D.C. 20549





FORM
      10-QSB





x  
QUARTERLY
      REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for
      the
      quarterly period ended June 30, 2006





o  
TRANSITION
      REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT





COMMISSION
      FILE NUMBER:  333-104631





IRS
      Employer I.D. No.:   43-1988542





STATE
      OF
      INCORPORATION:  DELAWARE





TALLY-HO
      VENTURES, INC.





A
      Delaware
      corporation





115
      Route
      d' Arlon, L-8311 Capellen, Luxembourg





ISSUER'S
      TELEPHONE NUMBER, INCLUDING AREA CODE 011-352 2630 1540





Check
      whether the issuer (1) filed all documents and reports required to be filed
      by
      Section 13 or 15(d) of the Exchange Act during the last 12months(or for such
      shorter period that the registrant was required to file such reports)and (2)
      has
      been subject to such filing requirements for the past 90 days x Yes o
      No





Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act). Yes o No
x





As
      of July
      1, 2006, there were 11,398,341 shares of common stock issued and outstanding.





Transitional
      Small Business Disclosure Format (Check one): Yes o No x









TALLY-HO
      VENTURES, INC.


TABLE
      OF
      CONTENTS





PART
                  I. FINANCIAL INFORMATIONItem
                  1.
              Financial
                  Statements (Unaudited)Condensed
                  Consolidated Balance SheetsJune
                  30, 2006 and June 30, 2005Condensed
                  Consolidated Statements of Income forThree
                  Months Ended June 30, 2006 and 2005Consolidated
                  Statement of Stockholders’ EquityCondensed
                  Consolidated Statements of Cash FlowsThree
                  Months Ended June 30, 2006 and 2005Notes
                  to Unaudited Condensed Consolidated FinancialInformation
                  June 30, 2006Item
                  2.
              Management's
                  Discussion and AnalysisRisks
                  and UncertaintiesItem
                  3.
              Controls
                  and ProceduresPART
                  II. OTHER INFORMATIONItem
                  1.
              Legal
                  ProceedingsItem
                  2.
              Unregistered
                  Sales of Equity and Use of ProceedsItem
                  3.
              Defaults
                  upon Senior SecuritiesItem
                  4.
              Submission
                  of Matters to a Vote of Security holdersItem
                  5.
              Other
                  InformationItem
                  6.
              ExhibitsSignatures





PART
      I -
      FINANCIAL INFORMATION





ITEM
      1.
      FINANCIAL STATEMENTS





The
      accompanying financial statements of Tally-Ho Ventures, Inc. (the “Company”) for
      the six months ended June 30, 2006 and June 30, 2005 have been prepared by
      the
      Company’s management and they do not include all information and notes to the
      financial statements necessary for a complete presentation of the financial
      position, results of operations, and cash flows in conformity with accounting
      principles generally accepted in the United States of America. In the opinion
      of
      management, all adjustments considered necessary for a fair presentation of
      the
      results of operations and financial position have been included and all such
      adjustments are of a normal recurring nature.





Operating
      results for the half year period ended June 30, 2006, are not necessarily
      indicative of the results that can be expected for the year ending December
      31,
      2006.









TALLY-HO
                  VENTURES, INC.CONSOLIDATED
                  BALANCE SHEETS[UNAUDITED]
 Jun
                  30
              
              
              June
                  302006
              
              
              2005US
                  DollarsASSETSCURRENT
                  ASSETSCash
                  and Cash Equivalents
              
              $
              1,022,961
              
              $
              537,067Escrow
                  Accounts
              
              $
              1,949,200
              
              $
              417,960Sales
                  Ledger Receivables
              
              $
              535,233
              
              $
              706,380Other
                  Receivables
              
              $
              735,006
              
              $
              284,011Accrued
                  Income
              
              
              
              
              $
              4,913TOTAL
                  CURRENT ASSETS
              
              $
              4,242,400
              
              $
              1,950,331Investment
                  in Subsidiaries
              
              
              
              
              $
              1,521Property-Plant
                  and EquipmentFurniture
                  and Fittings
              
              $
              35,119
              
              $
              23,561Office
                  Equipment
              
              $
              58,204
              
              $
              42,055Intangible
                  Assets net of amortizationGoodwill
              
              $
              2,287,129
              
              $
              1,069,432Other
                  Long-term Assets
              
              $
              82,286
              
              $
              33,757TOTAL
                  ASSETS
              
              $
              6,705,138
              
              $
              3,120,657LIABILITIES
                  & STOCKHOLDERS' EQUITYCURRENT
                  LIABILITIESEscrow
                  Accounts Payable
              
              $
              1,948,164
              
              $
              1,368,004Other
                  Amounts Payable
              
              $
              1,633,550
              
              $
              551,005Commission
                  Payable
              
              $
              757,784
              
              $
              883,018Income
                  Tax payable
              
              $
              542,141
              
              $
              312,679Accrued
                  Payroll
              
              $
              112,195
              
              $
              76,934TOTAL
                  CURRENT LIABILITIES
              
              $
              3,446,834
              
              $
              3,191,640TOTAL
                  LIABILITIES
              
              $
              3,446,834
              
              $
              3,191,640Minority
                  Interest
              
              $
              383,776CAPITAL
                  STOCKCommon
                  Stock, $0.001 per shareAuthorized
                  Shares: 75,000,000Issued
                  Shares:11,398,341
              
              $
              11,398
              
              $
              8,001Paid-in
                  CapitalRetained
                  Earnings
              
              $
              1,316,129
              
              $
              -78,984TOTAL
                  SHAREHOLDERS' EQUITY
              
              $
              2,874,528
              
              $
              -70,983TOTAL
                  LIABILITIES AND SHAREHOLDERS' EQUITY
              
              $
              6,705,138
              
              $
              3,120,657









TALLY
                HO VENTURES, INC.STATEMENTS
                OF INCOME AND RETAINED EARNINGS


Six
                Months EndedJune
                  30
            
            
            June
                  302006
            
            
            2005Commission
                and Advisory Fees Received
            
            $
            3,734,060.00
            
            $
            2,948,413.78Commission
                Paid to Advisors
            
            $
            -1,658,146.38
            
            $
            -1,575,073.24GROSS
                MARGIN FROM OPERATIONS
            
            $
            2,075,913.63
            
            $
            1,373,340.53Operating
                ExpensesRemuneration
                & Social Security
            
            $
            -806,068.25
            
            $
            -769,069.72Administrative
                Expenses
            
            $
            -707,035.25
            
            $
            -603,878.81Depreciation
                & Financial Expenses
            
            $
            -158,166.63
            
            $
            -142,998.45INCOME
                FROM OPERATIONS
            
            $
            404,643.50
            
            $
            -142,606.44Other
                Revenues/GainsInterest
                revenue
            
            $
            11,868.75
            
            $
            5,389.60Income
                from Franchising
            
            $
            562,688.97
            
            $
            199,248.17Provisions
                for Income Tax
            
            $
            -206,257.50
            
            $
            -114,287.28Minority
                Interest
            
            $
            -19,172.50NET
                PROFIT (LOSS)
            
            $
            753,771.22
            
            $
            -52,255.95BASIC
                INCOME PER SHARE
            
            $
            0.06613
            
            $
            -0.00653Weighted
                average number of shares outstanding
            
            
            11,398,341
            
            
            8,000,715









TALLY
                HO VENTURES INCCONSOLIDATED
                STATEMENT OF STOCKHOLDERS' EQUITYFOR
                THE QUARTER ENDED JUNE 30, 2006


Common
                Stock
            
            Paid-in
            
            Retained
            
            TotalCapital
            
            Earnings
            
            EquityNumbers
            
            Amount
            
            Amount
            
            Amount
            
            AmountBalance
                at January 1 2006
            
            
            8650624
            
            $
            8,651
            
            $
            0
            
            $
            571,845
            
            $
            580,496Net
                profit for quarter endedJune
                30, 2006
            
            
            
            
            
            
            
            
            
            
            $
            744,284
            
            $
            744,284Shares
                issued
            
            
            2747717
            
            $
            2,748
            
            
            
            
            
            
            
            $
            2,748Balance
                at June 30, 2006
            
            
            11398341
            
            $
            11,399
            
            
            
            
            $
            1,316,129
            
            $
            1,327,528










TALLY
                HO VENTURES, INC.CONSOLIDATED
                STATEMENT OF CASH FLOWSFOR
                THE THREE MONTHS ENDED JUNE 30


2006
            
            2005CASH
                FLOWS FROM OPERATING ACTIVITIESNet
                Income:
            
            $
            753,771
            
            $
            -70,983Decrease
                in Accounts Payable
            
            $
            -125,234
            
            $
            -14,516Increase
                in Escrow Accounts Payable
            
            $
            580,160
            
            $
            87,024Decrease
                in Other Payables
            
            $
            -464,455
            
            $
            -7,060Increase
                in Income Tax Payable
            
            $
            229,462
            
            $
            52,776Increase
                in Accrued Liabilities
            
            $
            35,261
            
            $
            8,110Decrease
                in Accounts Receivables
            
            $
            171,147
            
            $
            210,511Decrease
                in Accrued Income
            
            $
            4,913
            
            $
            4,815Increase
                in Escrow Accounts
            
            $
            -889,898
            
            $
            514,067Increase
                in Other Receivables
            
            $
            -450,995
            
            $
            -166,868Stock
                issued against debts or services
            
            $
            1,547,000NET
                CASH USED IN OPERATING ACTIVITIES
            
            $
            1,391,132
            
            $
            617,876CASH
                FLOWS FROM NON-OPERATING ACTIVITIESDecrease
                in Investment in Subsidiaries
            
            $
            1,521
            
            $
            350Increase
                in Fixed Assets
            
            $
            -27,706
            
            $
            -6,372Increase
                in Intangible Assets
            
            $
            -1,217,697
            
            $
            -36,531Increase
                in Long-term Assets
            
            $
            -48,529
            
            $
            -47,558Payments
                on notes payable to shareholdersStock
                issued for Cash
            
            $
            3,397Increase
                in Minority Interest
            
            $
            383,776NET
                CASH USED IN NON OPERATING ACTIVITIES
            
            $
            -905,238
            
            $
            -90,112Net
                change in cash and cash equivalents
            
            $
            485,894
            
            $
            527,764Cash
                and cash equivalents at beginning of period
            
            $
            537,067
            
            $
            9,303Cash
                and cash equivalents at end of period
            
            $
            1,022,961
            
            $
            537,067










TALLY-HO
      VENTURES, INC.


NOTES
      TO
      CONSOLIDATED FINANCIAL STATEMENTS


(Unaudited)




1.
      Basis
      of Presentation




The
      accompanying unaudited consolidated financial statements have been prepared
      in
      accordance with the rules and regulations of the Securities and Exchange
      Commission (the “S.E.C.”). Accordingly, they do not include all of the
      information and footnotes required by Generally Accepted Accounting Principles
      for complete financial statements. In the opinion of management, all
      adjustments, consisting only of normal recurring adjustments, necessary to
      present fairly the consolidated financial position of TALLY-HO VENTURES, INC.
      (the “Company” or “TALLY-HO”) as of June 30, 2006 and the results of its
      operations and its cash flows for the half year period ended June 30, 2006
      and
      2005 have been included for the periods presented. The results of operations
      and
      cash flows for the half year period ended June 30, 2006 are not necessarily
      indicative of the results to be expected for any other interim period or the
      full year. The balance sheet at June 30, 2005 has been extracted from the
      audited financial statements for the 12 months period ended December 31, 2005
      but does not include all the information and footnotes required by Generally
      Accepted Accounting Principles for complete financial statements. Appropriate
      adjustments have been made to the financial statements for the 12 months period
      to arrive at the 6 months period and are consistent year end financial
      statements. These consolidated financial statements should be read in
      combination with the audited consolidated financial statements and notes thereto
      for the year ended December 31, 2005.




2.
      Principles of Consolidation





The
      consolidated financial statements include the accounts of the Company, its
      wholly-owned subsidiaries, and those entities in which we have a variable
      interest. Inter-company balances and transactions have been eliminated. All
      transactions that are related to discontinued operations are eliminated and
      wherever applicable are described separately.





3.
      Use of
      Estimates





The
      preparation of financial statements in conformity with Generally Accepted
      Accounting Principles requires estimates and assumptions that affect the
      reported amounts of assets and liabilities, revenues and expenses, and related
      disclosures of contingent liabilities in the consolidated financial statements
      and accompanying notes. Estimates are used for, but not limited to, valuation
      of
      investments, receivables valuation, sales returns, incentive discount offers,
      inventory valuation, depreciable lives of fixed assets, internally-developed
      software, valuation of acquired intangibles, income taxes, stock-based
      compensation, and contingencies. Actual results could differ materially from
      those estimates.





Certain
      amounts from prior periods have been reclassified to conform to the current
      period presentation. This reclassification has resulted in no changes to the
      Company’s accumulated deficit or net losses presented.










4.
      Earnings per Share





Basic
      earnings per share is calculated using our weighted-average outstanding common
      shares as on the closing date of the reporting period.





5.
      Intangible Assets





Acquired
      intangibles totaled $2,287,129 and have estimated useful lives of between one
      and ten years. The excess of purchase price over the fair value of the net
      assets acquired is classified as “Goodwill” on our consolidated balance sheets.
      The results of operations of the acquired business have been included in our
      consolidated results from the closing date forward.





6.
      Depreciation of Fixed Assets





Fixed
      assets include assets such as furniture and fixtures and office equipment.
      Depreciation is recorded on a straight-line basis over the estimated useful
      lives of the assets generally five years or less. Depreciation expense is
      generally classified within the operating expense categories on our consolidated
      statements of operations





7.
      Other
      Assets





Included
      in “Other Long-term Assets” on our consolidated balance sheets are amounts
      primarily related to security deposits for licenses.





8.
      Accrued
      Expenses and Other Current Liabilities





Included
      in “Accrued Payroll” at June 30, 2006 includes the accumulated indemnity and
      social security for employees. Commission Payable represents the brokers who
      are
      owed commission on the business in the pipeline which is included in the revenue
      on accrual basis.





9.
      Income
      Tax Payable





Income
      Tax
      Payable represents the Income tax liability to the Grand Duchy of Luxembourg
      based on the income of the previous year.





10.
      Commission and Advisory Fees Received





Commission
      and Advisory Fees Received included the accrued commission on business on the
      pipeline after providing for the normal lapses on historical basis.





11.
      Allowance For Doubtful Accounts





The
      allowance for doubtful accounts on accounts receivable is charged to income
      in
      amounts sufficient to maintain the allowance for uncollectible accounts at
      a
      level management believes is adequate to cover any probable losses. Management
      determines the adequacy of the allowance based on historical write-off
      percentages and information collected from individual customers. Accounts
      receivable are charged off against the allowance when collectibles is determined
      to be permanently impaired (bankruptcy, lack of contact, account balance over
      one year old, etc.). The receivables are from banking and non banking financial
      institutions and therefore, historically bad debts are negligible.










12.
      Cash
      and Cash Equivalents





As
      of June
      30, 2006 and June 30, 2005 our cash and cash equivalents of $1,022,961 and
      $537,067, at fair value, primarily consisted of cash, and bank balances.





13.
      Long-Term Debts





We
      do not
      have any long term debts





14.
      Related Party Transactions





Minority
      interest represents 12.5% equity held by La Financiere Wolf Sarl, a company
      owned by Mr. Emanuel Wolf, Managing Director of Master Finance Holdings S A,
      in
      the company Master Finance Europe S A, an 87.5% subsidiary of Master Finance
      Holdings S A.





15.
      Legal
      Proceedings





In
      the
      ordinary course of business, the Company is from time to time involved in
      various pending or threatened legal actions. The litigation process is
      inherently uncertain and it is possible that the resolution of such matters
      might have a material adverse effect upon the financial condition and/or results
      of operations of the Company. However, in the opinion of the Company's
      management, matters currently pending or threatened against the Company are
      not
      expected to have a material adverse effect on the financial position or results
      of operations of the Company.





16.
      Discontinued Operation





In
      the
      current fiscal year, the Company has franchised the operations of Belgravia
      Intervest Group Limited to Affinity Trust S A and later on sold the ownership
      rights to Amalgamated Holdings S A due to conflict of interest between the
      Company's future development plans and the operations of Belgravia Intervest
      Group Limited. During the reporting period Affinity Trust S A failed to comply
      with its responsibility as per the agreement with the Company and therefore,
      the
      Company had to rescind the franchise agreement with Affinity Trust S A and
      the
      agreement to sell the ownership of Belgravia Intervest Group Limited to
      Amalgamated Holdings S A.





During
      the
      reporting period, due to the franchising to Affinity Trust S A, assets of
      Belgravia Intervest Group Limited became depleted in value and at the same
      time
      chances of several potential legal claims increased which resulted in writing
      off of most of the assets of Belgravia Intervest Group Limited. An amount of
      $562,688.97 appearing on the books as income from franchising is yet to be
      recovered. The reporting amount is after providing sufficient provisions for
      bad
      debts. Considering the fact that the business of Belgravia Intervest Group
      Limited still remain in conflict with the interests of other business of the
      Company, the management was compelled dispose Belgravia Intervest Group Limited
      along with all potential risks of future claims. Therefore the Company entered
      in to an agreement to sell 100% share capital of Belgravia Intervest Group
      Limited with Consolidated Finance, Inc. A copy of the agreement dated June
      29,
      2006 is annexed to this report and marked as Exhibit 1.










17.
      Outstanding Commitments





In
      November 2005 the Company entered into a Letter of Intent with ProTrust. The
      operations of ProTrust are expected to become an operating subsidiary of
      Tally-Ho Ventures, with key members of ProTrust management team entering into
      long-term employment contracts. Completion of the transaction is subject to
      final negotiation of a share purchase agreement, completion of due diligence
      and
      satisfaction of customary conditions to closing. The Company hasn’t signed the
      final agreement during the six months period ended June 30, 2006. However,
      the
      proposal is still in consideration and is likely to be completed with altered
      terms.





18.
      During
      the three months period since the last quarterly report was filed, the Company
      issued 4,747,717 fully paid up shares against values received other than in
      cash. The following are the details of the issuance of such shares for
      consideration in lieu of cash. Out of the above total additionally issued
      shares, 2,200,000 has been cancelled and added to the treasury making a net
      additional issue of 2,547,717 fully paid up shares. Such net additional shares
      were issued in connection with acquisition of ProTrust Private Clients S A.
      An
      8K report shall be filed upon completion of the acquisition.





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





1.
      CAUTION
      REGARDING FORWARD-LOOKING INFORMATION




Certain
      statements contained in this annual filing, including, without limitation,
      statements containing the words "believes", "anticipates", "expects" and words
      of similar import, constitute forward-looking statements. Such forward-looking
      statements involve known and unknown risks, uncertainties and other factors
      that
      may cause the actual results, performance or achievements of the Company, or
      industry results, to be materially different from any future results,
      performance or achievements expressed or implied by such forward-looking
      statements.




Such
      factors include, among others, the following: international, national and local
      general economic and market conditions; demographic changes; the ability of
      the
      Company to sustain, manage or forecast its growth; the ability of the Company
      to
      successfully make and integrate acquisitions; raw material costs and
      availability; new product development and introduction; existing government
      regulations and changes in, or the failure to comply with, government
      regulations; adverse publicity; competition; the loss of significant customers
      or suppliers; fluctuations and difficulty in forecasting operating results;
      changes in business strategy or development plans; business disruptions; the
      ability to attract and retain qualified personnel; the ability to protect
      technology; and other factors referenced in this and previous filings.




The
      Company is focused on building a revenue stream from acquisition of existing
      companies operating profitably or acquisition of existing companies operating
      at
      a loss, but with ample business opportunities to run them profitably.




This
      report contains forward-looking statements within the meaning of Section 27A
      of
      the Securities Act. 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-QSB 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.









2.
      DESCRIPTION ABOUT THE COMPANY AND THE BUSINESS





Tally-Ho
      Ventures, Inc. was registered on November 21, 2002 as a Delaware corporation
      with authorized share capital of $75,000 divided into 75,000,000 ordinary shares
      with par value of $0.001 per share with its registered office at 3422 Old
      Capitol Trail, Suite 584, in the City of Wilmington, County of New Castle,
      Delaware 19808, United States of America.





On
      April
      18, 2003, the Company filed a registration statement with Securities and
      Exchange Commission for an initial public offer of its shares for the purpose
      of
      developing its business in the field of production of short and feature-length
      films, television pilots and web-exclusive video skits and vignettes,
      distribution pf web-exclusive video skits and vignettes via the website and
      other relevant websites, in order to generate interest in the Company’s work and
      have its products purchased for distribution, submit its short and
      feature-length films to film festivals and markets, as well as to appropriate
      television channels, and also distribute these films via its website
      and other
      relevant websites, and finally, to send out copies of its films to members
      of
      the entertainment industry who might be interested in the content, attempt
      to
      show and/or submit its television pilots to executives at the appropriate
      television channels for the purpose of having its television programs air on
      their channels; or, in the alternative, generate interest in its television
      pilots by distributing them over its website, as well as circulating them among
      members of the entertainment industry. The Company filed six additional
      registrations statements to amend the original registration
      statement.





On
      November 7, 2003, the U.S. Securities and Exchange Commission declared the
      Company’s registered stock offering pursuant to Section 5 of the Securities Act
      of 1933 effective. The Commission assigned Company registration statement File
      No. 333-104631. The offering was commenced on November 7, 2003 with an offering
      date of November 7, 2003. The offering was terminated on January 1, 2004 after
      the sale of 1,065,875 shares at $0.01. The title of the class of equity that
      was
      registered and offered was Common Stock with $0.001 par value.





In
      the
      last quarter of 2004, the Company was approved for an un-priced quotation on
      the *‘Over
      The Counter Bulletin Board’* (OTC BB)
      stock quotation service. In the first quarter of 2005, the Company received
      a
      priced quotation on the OTC BB.





On
      May 9,
      2005, the Company underwent a 1 for 30 reverse stock split of its issued and
      outstanding shares of common stock. All share and per share amounts have been
      restated as if the split had occurred on the first day of the first period
      presented.










On
      May 12,
      2005, the Company exchanged 4,563,490 shares of its common stock for 100% of
      the
      ownership interest in Belgravia Intervest Group Limited, an international
      business company registered in the British Virgin Islands. As a result of this
      reverse merger, Belgravia Intervest Group Limited became the operating company
      and the business plan associated with the Company prior to the transaction
      has
      been abandoned.





On
      September 27, 2005, the Company entered into a Share Purchase Agreement for
      the
      acquisition of 100% of the ownership in Master Finance Group of companies,
      a
      Luxembourg based business group.





The
      Company’s business was then focused on international financial services and the
      operation of the company for the last 12 months proved to be
      successful.





The
      Company filed its quarterly reports on August 22, 2005, November 21, 2005 and
      its annual report on April 20, 2006. The first quarterly report of the current
      year was filed on May 1, 2006. The financial reports filed so far after the
      reverse merger and redirection of the business plans of the Company proves
      that
      the current line of operation of the Company is very successful.





3.
      MANAGEMENT OF THE COMPANY





The
      Company is not conducting any business directly and all its operations are
      carried down through subsidiaries. Therefore, the Company’s management is
      limited to very few key personals including the board of directors. Currently
      the management of the Company is by the following individuals:





A.
      Mr.
      Peter Smith.





Mr.
      Peter
      Smith was appointed as the Chairman, President and Chief Executive Officer
      of
      the Company immediately after the reverse merger has been completed. On the
      same
      day he was elected as a member of the board of directors of the
      Company.





Mr.
      Smith
      has over 22 years experience in the financial services industry. He started
      as a
      trainee broker of Ransburg and Co, Stock Brokers, Liverpool and in three years
      he became fully authorized in trading many instruments including T Bills and
      Eurobonds. In 1987 he joined as an options dealer with ICS Options Traders,
      dealing with dealer trading options, futures, market making in FTSE Index,
      arbitraging the differences between the three major moving markets, equity,
      options and futures.





In
      1991,
      Mr. Smith joined Allied Dunbar Financial Management Division, as an advisor
      dealing with  Allied
      Dunbar’s clients on single premium investments. In 1993 he joined Berkeley
      International; a Middle East based international financial adviser company
      as an
      adviser. Mr. Smith developed a branch with network of many sales people and
      increased the level of production of the company to a very high level.





In
      1994,
      Mr. Smith started his own business in the name of Belgravia Group International
      and in 8 years he developed his business to a big organization with 23 offices
      spreading across continents Asia, Australia, Africa, Europe, and South America.
      In 2003 his business was merged with Intervest Limited to establish Belgravia
      Intervest Group Limited.










Upon
      reverse merger with the Company Mr. Smith became the Chairman, President and
      Chief Executive Officer of the Company.





Mr.
      Smith
      signed an employment contract with the Company upon reverse merger and the
      terms
      of the agreement has been revised in the reporting quarter. A copy of the
      current and revised employment agreement is attached to this report as Exhibit
      2.





Considering
      the vast responsibility he was undertaking, the management of the Company
      decided to appoint another person as the Chief Executive Officer of the Company.
      With effect from April 1, 2006 Mr. Nigel Gregg was appointed as the Chief
      Operating Officer and with effect from July 1, 2006, Mr. Nigel Gregg has been
      promoted as the Chief Executive Officer and President of the Company and Mr.
      Smith stepped down from the positions Chief Executive Officer and President
      to
      spend more time on developing the business of the Company by expanding the
      acquisition process to bring more and more subsidiaries under the management
      of
      the Company. Mr. Smith currently retains the position of Chairman of the Company
      and remains as a member of the board of directors.





B.
      Mr.
      Jose Meleth





Mr.
      Jose
      Meleth was appointed as a Vice President, Treasurer, Chief Financial Officer
      and
      Secretary of the Company immediately after the reverse merger has been
      completed. On the same day he was elected as a member of the board of directors
      of the Company.





Mr.
      Meleth
      obtained his Bachelors Degree in Commerce in the year 1987, Masters Degree
      in
      Commerce in the year 1989 and Bachelors Degree in Law in the year 1991 from
      Mahatma Gandhi University. He obtained Masters Degree in Law from Bombay
      University in the year 1997. Mr. Meleth is a qualified accountant. Mr. Meleth's
      accomplished finance career includes roles as auditor and counsel to the
      Ministry of Finance, Government of India. He has participated in the
      investigations for the Bombay Stock Exchange Securities Division and acted
      as
      auditor in numerous securities transactions.





Mr.
      Meleth
      joined Intervest Limited in 1998 as chief accountant and advanced to the post
      of
      chief financial officer and finance director in 2000.





With
      effect from May 12, 2005 Mr. Meleth was appointed as a member of the Board
      of
      Directors, Vice President, Chief Financial Officer and Company Secretary of
      the
      Company.





Currently
      he is director of several companies based in several countries, overseeing
      the
      finance, credit, operations, payroll, legal and lending areas. Mr. Meleth also
      works closely with the Chief Executive Officer developing and executing the
      comprehensive business and financial management strategies required in
      accomplishing the Company’s growth objectives.





Mr.
      Meleth
      is a member of the International Bar Association, London, the Institute of
      Directors, London, the Chartered Insurance Institute, London; the Association
      of
      International Accountants, London; and the Institute of Financial Consultants,
      USA.





Mr.
      Meleth
      signed an employment contract with the Company upon reverse merger and the
      terms
      of the agreement has been revised in the reporting quarter. A copy of the
      current and revised employment agreement is attached to this report as Exhibit
      3.










C.
      Mr.
      Nigel Gregg





Mr.
      Gregg
      has over 15 years experience in the financial services industry. He started
      as a
      trainee accountant for KPMG, Dublin and in five years he became a fully
      qualified Certified Accountant. In 1995 he joined as financial controller with
      Quality Goods International, a large distribution company based in
      Dublin.





In
      1999,
      Mr. Gregg joined Prudential International, as an accountant. In 2001 he moved
      departments within Prudential International; and joined the newly formed
      international division of Prudential International, looking to promote sales
      of
      its product within Europe. Mr. Gregg was responsible for developing business
      opportunities in Europe. He spent the last three years establishing
      relationships with distributors, which now represent 40% of Prudential's
      international sales.





Mr.
      Gregg
      signed an employment contract with the Company upon appointment as the Chief
      Operating Officer and the said agreement has been amended to incorporate his
      promotion as the Chief Executive Officer and President of the Company. A copy
      of
      the current and revised employment agreement is attached to this report as
      Exhibit 4.





4.
      SUBSIDIARIES OF THE COMPANY





Tally-Ho
      Ventures, Inc. as of now does not engage in any business activities wherein
      it
      has direct involvement with the customers or clients. All business operations
      of
      the Company are carried out through the subsidiaries.





A.
      BELGRAVIA INTERVEST GROUP LIMITED





On
      May 12,
      2005, the Company exchanged 4,563,490 shares of its common stock for 100% of
      the
      ownership interest in Belgravia Intervest Group Limited, an international
      business company registered in the British Virgin Islands. As a result of this
      reverse merger, Belgravia Intervest Group Limited became the operating company
      and the business plan associated with the Company prior to the transaction
      has
      been abandoned.




Belgravia
      Intervest Group Limited is a wealth management organization focused on serving
      the needs of families and high net worth individuals throughout the world,
      with
      over $450 million under management providing a broad range of sophisticated
      services, including financial counseling, estate planning, asset allocation,
      investment management and corporate services.




Belgravia
      Intervest Group Limited was registered as Intervest Limited on November 28,
      1995
      as an international business company under Cap 291 of the International Business
      Companies Act of British Virgin Islands. On March 4, 2003, Intervest Limited
      was
      merged with Belgravia Group International Limited, a company which was
      registered in the Republic of Seychelles as per the provisions of the
      International Business Companies Act 1994 of the Republic of Seychelles, to
      form
      Belgravia Intervest Group Limited. 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 Intervest Group Limited
      was well placed to service this growing market.





In
      the
      light of the implementation of the U S Patriot Act and its reflection in various
      countries, during the second half of 2005, the management decided to focus
      the
      Company’s future business into continental Europe and to limit its operations
      with in OECD countries. Pursuant to this new vision of the management, the
      Company adopted necessary steps to acquire running business operating in the
      financial services industry within European Union and other OECD countries.





After
      acquisition of Master Finance Holdings S A, a Luxembourg based financial
      services company; the Company franchised the operations of Belgravia Intervest
      Group Limited to Affinity Trust S A and sold the entire shares of Belgravia
      Intervest Group Limited to Amalgamated Holdings S A as a package. However,
      Affinity Trust S A failed to comply with its obligations and therefore, the
      franchising and sale of shares were cancelled in the month of June 2006. Due
      to
      the conflict of interest in maintaining the ownership of Belgravia Intervest
      Group Limited and anticipating the possibilities of potential claims for
      compensations if kept under the same ownership, the management decided to
      dispose the ownership of Belgravia Intervest Group Limited by selling 100%
      shares in Belgravia Intervest Group Limited to Centurion Finance, Inc. for
      the
      consideration of $250,000 and for a guarantee with an undertaking to indemnify
      the Company from any claims for compensation due to the operations of Belgravia
      Intervest Group Limited or due to the ownership of Belgravia Intervest Group
      Limited by the Company during the period of May 12, 2005 to June 30, 2006.
      The
      consideration amount has been paid by the buyer after the reporting date of
      these statements but before the report is filed and therefore there shall not
      be
      any revocation of the agreement dated June 29, 2006 between the Company and
      Centurion Finance, Inc. A copy of the agreement dated June 29, 2206 is annexed
      to this report as Exhibit 1.





The
      entire
      assets related to Belgravia Intervest Group Limited was already written off
      during the last financial year and the audited Balance Sheet as on December
      31,
      2005 does not contain any assets from Belgravia Intervest Group Limited.
      Therefore, disposing the ownership of Belgravia Intervest Group Limited shall
      not affect the asset base or financial position of the Company negatively.





Belgravia
      Intervest Group Limited and its affairs and management shall not be reported
      by
      the Company from now onwards.





B.
      MASTER
      FINANCE HOLDINGS S A




On
      September 27, 2005, the Company entered into a Share Purchase Agreement for
      the
      acquisition of 100% of the ownership in Master Finance Group of companies,
      a
      Luxembourg based business group.




The
      Master
      Finance Group is a private wealth management organization focused on serving
      the
      needs of mid wealth families and individuals in Luxembourg and Belgium. MFG
      markets products through its proprietary sales force of around 20 people and
      its
      network of over 200 insurance brokers. The products which are marketed by MFE
      are done so on an exclusive basis in the regions in which they operate and
      they
      enjoy monopoly in their area of business. There are no other competitors to
      MFG
      in some of the product line in its regions of operation.









The
      original model for MFG was developed in 1980 selling American mutual funds
      and
      American Canadian real estate investments. The business grew successfully over
      this period and was incorporated in its current model by the purchase of
      Merchant Capital S.A. After various capital restructures it became Master
      Finance.




In
      1991
      MFG diversified its products base into offering with profit investment funds
      from high profile providers and sales peaked in the year 2001 at $290,000,000
      in
      total sales.




Sales
      were
      further impacted with the closure of certain funds and a foray into leverage
      fund products. These leverage funds were susceptible, in the market downturn,
      to
      frequent margin calls which had a negative effect on credibility with clients.
      In order to avoid further problems MFG renegotiated with the provider who
      changed the bonus structure on the product to a fixed return over a period
      of
      time and further new sales into this product were suspended At this time MFG
      negotiated with Prudential plc, subsidiaries of which are authorized and
      regulated by the Financial Services Authority, in United Kingdom to offer a *with
      profit* based
      fund on an exclusive basis and, with the upturn in the stock market, sales
      began
      to recover and since 2003 sales have improved by 20% year on year.




MFG
      operates on an "initial commission" basis because of the nature of the products
      that are sold. No monthly payment products exist, although there is a
      development in the pensions and the mortgage area being developed presently.
      With initial commission MFG is not susceptible to any claw back commissions.
      There are a small amount of renewal commissions amounting to $200,000 per annum.




MFG
      had a
      geographically diverse shareholding which, the management felt, was over
      complicated and required restructuring prior to a sale. This has been achieved
      registering new companies in Belgium and Luxembourg. Master Finance Belgium
      S A
      was registered to take over all the Belgium based business and Master Finance
      Europe S A was registered for the purpose of taking over of Luxembourg based
      operations. Thereafter Master Finance Holdings S A was formed to bring all
      the
      operations under a single umbrella.




Management
      of Master Finance Holdings S A:





Mr.
      Jose
      Meleth: General Director: Mr. Meleth, who is a member of the Board of Directors,
      Vice President, Chief Financial Officer and Company Secretary of the Company
      of
      Tally-Ho Ventures, Inc., also acts as the Managing Director of Master Finance
      Holdings S A.





Mr.
      Peter
      Smith: Director: Mr. Smith, who is a member of the Board of Directors, Vice
      President and Chairman of Tally-Ho Ventures, Inc., also acts as a director
      of
      Master Finance Holdings S A.





Mr.
      Emmanuel Wolf: Founder and Director: Mr. Wolf has been involved in the financial
      services advisory industry since the beginning of seventies. Mr. Wolf is the
      founder of Master Finance Group and still remains as the driving force behind
      the successful operation of Master Finance Group. Mr. Wolf is currently the
      Managing Director of Master Finance Belgium S A and Master Finance Europe S
      A,
      the two subsidiaries of Master Finance Holdings S A. Mr. Wolf is in charge
      of
      the entire operations of the de facto business of Master Finance Group through
      the two subsidiaries of Master Finance Holdings S A.










Rvo
      Drie
      Koningen N V duly represented by Mr. Rainier Van Outryve d’Ydewalle is a
      director of Master Finance Holdings S A and Master Finance Europe S A as an
      observer and their appointment is based on the local requirements for external
      directors to ensure the transparent and prompt management of companies in the
      country.





Ms.
      Sabrine Wolf: Director: Ms. Wolf has a degree in marketing. She has been working
      with Master Finance Group over a number of years and she joined MFG full time
      in
      1999 as the person in charge of the marketing department and customer
      relationship management. Ms. Sabrine Wolf is daughter of Mr. Emmanuel
      Wolf.




Mr.
      Andre
      Geskens: Sales Manager: Mr. Geskens is responsible for the Belgian market.
      Mr.
      Geskens has over 30 years experience in the sales field. He joined Master
      Finance Group in 1996. He is responsible for the sales performance of the
      Belgian Consultants and for developing business from the outsourced Insurance
      Brokers.




Mr.
      David
      Martin: Product Manager: Mr. Martin is responsible for the technical management
      of the products in MFG. He has extensive knowledge of the products distributed
      by MFG having provided technical product support for 14 years.




Staff:
      There is 7 full-time employed staff within MFG, 5 in the administration and
      2 in
      the marketing. The sales force consists of 20 fulltime consultants who are
      remunerated on a commission only basis. The average age of the consultants
      is 45
      and the average tenure is 10 years. This represents a stable sales force. As
      the
      sales staff has become older, some have recruited sons or daughters in order
      to
      continue with the client base and business that has been built by parents.
      Although a small recruitment process is underway, the recruitment situation
      is
      more organic than organized as the need for further recruitment is minimal.




MFG
      has a
      mature client base of 4000 developed since inception from both direct sales
      and
      through insurance brokers. The average per capita investment from direct sales
      client is $200,000 and the average investment from an insurance broker’s client
      is $100,000. Currently the size of funds introduced into various products is
      $625,000,000. New business is generated by 50% re-investment from clients,
      17%
      referrals and 33% new business. Although new business is, of course, important
      the high level of referrals and re-investment indicate a stable client base.
      The
      client base of each Consultant belongs to MFG and not to the consultant. There
      is no arrangement in place, as other companies do, to purchase the client base
      upon a consultant leaving the Company.




Master
      Finance Europe S A is regulated in Luxembourg by Commissariat aux Assurances
      and
      Master Finance Belgium S A is regulated in Belgium by Commission Bancaire,
      Financier et des Assurances. License No. 62099. Both the companies operate
      a
      representative office through a passport arrangement in France.




C.
      PROTRUST PRIVATE CLIENTS S A




On
      November 29 2005, the Company signed a heads of agreement to execute a Sales
      Purchase Agreement for the acquisition of 100% of the ownership interest of
      ProTrust Private Clients S.A. (ProTrust). ProTrust which was originally
      established in 1992, transformed itself into an authorized fiduciary trust
      in
      August 1996 and named as ProTrust Switzerland SA; the name changed to ProTrust
      Private Clients SA in February 2001, as part of a group re-branding exercise.
      ProTrust was set up specifically to manage leveraged with-profits investments
      for high net worth investors, under the terms of a discretionary management
      agreement. Over the last nine years, ProTrust has built up a significant
      portfolio of funds under management, which generates a substantial ongoing
      revenue stream. ProTrust is a fully authorized fiduciary company, subject to
      the
      regulatory control of Swiss Cantonal Government. As such ProTrust is able to
      offer full range of services to its clients including: full discretionary
      management, holding clients assets in ProTrust's name, and trading for clients
      over a wide range of assets including investments and real estate.









ProTrust
      has been subject to regular regulatory inspections by KPMG on behalf of the
      OADFCT and no regulatory issues have been raised.




ProTrust
      has successfully acted as an interface between United Kingdom and offshore
      life
      offices and independent intermediaries in Italy, Switzerland and the Far East
      and is regarded as one of the founders of leveraged With-Profits business.
      ProTrust has managed this type of business successfully for over a decade.
      Success has come through specialization and concentration on a niche product
      and
      by providing services for investors and distributors.




Management
      of ProTrust:




Mr.
      Chris
      Mathew: Managing Director. Mr. Chris Mathew has over 30 years experience in
      the
      banking and financial services industry. He was sales and marketing director
      for
      Clerical Medical Insurance Company and was a director of ProTrust Financial
      Services Group S A, prior to being appointed as Managing Director of ProTrust.




Mr.
      Luigi
      Piffaretti: Director - Fiduciary: Mr. Luigi Piffaretti is an authorized
      fiduciary and has been with ProTrust since 2001 and has over 30 years banking,
      investment and fiduciary experience in Switzerland.




Maurizio
      Cattaneo: Director - Fiduciary: Mr. Maurizio Cattaneo is an authorized fiduciary
      and has been with ProTrust since 2003 and prior to that worked at Raiffaisen
      and
      UBS. He has over 20 years experience in banking and financial services.




Having
      been established for some years in the market the management and support team
      is
      extremely competent and well experienced. ProTrust is very cost effective,
      as it
      is able to manage a large portfolio without the need for large numbers of staff.
      Under the terms of the letter of intent, the operations of ProTrust are expected
      to become an operating subsidiary of Tally-Ho Ventures, Inc. with key members
      of
      the ProTrust management team entering into long-term employment contracts.
      The
      required due diligence and customary conditions for closing the transaction
      are
      complete and the Company is in the final stage of executing the final share
      purchase agreement. At the time of this report is signed ProTrust Private
      Clients S A has not become a subsidiary of the Company.










5.
      BUSINESS PLANS FOR ACTION AND EXECUTION.





The
      management of the Company is in the preparation and formalizing various business
      plans for the development of the Company toward the future. Such plans include,
      but not limited to:





i.
            Develop
                distribution channel - business model/financial template;


ii.
            Develop
                all business units to critical mass, financial stability and to `franchise
                model' capability;


iii.
            Continually
                look at opportunities to acquire or link with other international
                IFAs;


iv.
            Grow
                manpower and turnover in each distribution channel to critical mass
                in
                line with the defined financial templates;


v.
            Develop
                professional alliances with banks, accountants and solicitors in
                all
                territories;


vi.
            Develop
                and grow recurring income streams;


vii.
            Market
                Opportunities; The management see two key areas of market opportunities
                within the current market that provide them with the potential to
                become
                the dominant brand;


viii.
            Distribution
                Opportunity;


ix.
            Client
                Proposition Opportunity




The
      international financial advisory market displays a number of unique
      characteristics, which can be summarized as follows:





i.
            The
                market is fragmented, ill disciplined and dominated by one/two man
                financial advisers.


ii.
            The
                market is still largely commission driven although this situation
                is
                evolving.


iii.
            Most
                of these small financial advisers are focused on cash flow. They
                lack the
                financial resources and expertise to develop their businesses beyond
                break-even.


iv.
            Following
                the closure of Towry Law International in 2004, no financial advisers
                group dominates the market, most financial advisers groups disintegrate
                after a few years usually because of the short term `lifestyle-management'
                approach adopted by the principals of the businesses concerned.




Although
      regulation is poor and inadequate in many territories, the situation is evolving
      rapidly. The United Kingdom compliance model is being introduced in many
      jurisdictions and international financial advisers are concerned by, and are
      largely unprepared for, the consequences and the costs of regulation.




Few
      international financial advisers have made significant investment into IT
      support systems and personnel. This will hamper their ability to survive
      healthily in the more regulated markets.




Without
      adequate funding, marketing support and operating in unregulated environments,
      many financial advisers lack the credibility that the group status carries.




There
      is
      growing awareness among product and service providers of the need to align
      themselves only with the good quality, productive financial advisers who will
      emerge as winners in this environment.





6.
      RESULTS
      OF OPERATIONS





For
      revenue comparison purposes, it is important to note that the Company's
      operations began after the reverse merger reorganization which was finalized
      on
      May 11, 2005. However, due to franchising the operations and later on considered
      as discontinued operation, last years quarterly reports had to be adjusted
      to
      make the comparison realistic and effective.










Revenues
      from continuing operations for the half year period ended June 30, 2006 were
      $3,734,060.00 which is 223.92% of the revenues during the quarter ended March
      31, 2006 which was $1,667,542, and 26.65% higher compared to revenues of
      $2,948,413.78 for the same period ended last year.





The
      increase in revenues is as a result of the acquisition of extensive marketing
      programs newly introduced by the subsidiaries of the Company and reduction
      in
      cost on several areas. Management of the Company has re-focused the Company
      on
      building a new revenue stream from new acquisitions of profit making companies
      with similar nature of operations.





Cost
      of
      revenue was $1,658,146.38 for the reporting period which is 134.56% higher
      than
      the cost of revenue for the quarter ended March 31, 2006 being $706,914 and
      5.27% increase from the corresponding figure for the same period one year
      earlier. It is a great achievement that at an increase of 5.27% cost of revenue,
      26.65% increase in revenue has been reached.





The
      gross
      profit from continuing operations for the half year ended June 30, 2006 was
      $2,075,913.63 which is 116.10% higher than $960,628, being the corresponding
      figure for the first quarter ended March 31, 2006 and 51% higher than the
      corresponding figure for the same period one year earlier.





The
      selling, general and administrative expenses for half year period ended June
      30,
      2006 were $1,671,270.13 where as the corresponding amount for the quarter ended
      March 31, 2006 was $830,230 and $1,515,946.98 for the same period last year.
      When the gross profit increased by 51%, the administrative expenses increased
      only by 10.25%. Our expenses were made up primarily of general overhead.





The
      Company made a net profit of $753,771.22 for the half year period ended June
      30,
      2006 whereas the net profit for the quarter ended March 31, 2006 was $315,003.00
      and the same period last year there was a loss of $52,255.95. The profit for
      the
      half year ended June 30, 2006 consisted primarily of profit from the operations
      of subsidiaries of Master Finance Holdings S A and franchising of Belgravia
      Intervest Group Limited which is a discontinued operation for the current fiscal
      year.





7.
      LIQUIDITY AND CAPITAL REQUIREMENTS





As
      of June
      30, 2006, the Company had a cash balance of $1,022,961 and total current assets
      of $4,242,400. Total assets were $6,705,138. The cash balance has increased
      by
      90.47% and the total assets were increased by 114.86% from the figures for
      the
      same period last year.





The
      Company's current liabilities were $3,446,834 as of June 30, 2006, and total
      liabilities were the same. When the cash balance and assets were increased
      by
      90.47% and 114.86% respectively, the liabilities of the company has gone up
      by
      8%.





8.
      RISKS
      AND UNCERTAINTIES:




*If
      the
      Company does not continue to create, attract and retain viable products in
      the
      wealth management industry, the 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. The Company
      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 the 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
      continue to expand and 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.*




The
      Company 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.





*The
      franchising income reported is not realized yet.*





In
      spite
      of the fact that the franchising income is due to the Company as per the
      agreement between the parties, the management is not in a position to ascertain
      the realization of the amounts outstanding. Provisions are allocated as per
      the
      usual practice for the sundry debtors of the Company. However, the liquidity
      of
      the amount shall depend on the ability of the debtor which the management is
      not
      ion a position to foresee. Any unrealized part of the amounts shown as due
      after
      the provisions shall affect the profitability for the current year.





*Managerial
      remuneration*





The
      managerial remuneration reported for the last year was based on the actual
      payment and the actual payment was adjusting the part of the managerial
      remuneration waived by the relevant members of the management. For the current
      year the management has not adjusted the managerial remuneration yet and the
      provisions made are proportionate to the last year’s managerial remuneration and
      if the management decides not to waive the remuneration or the amount waived
      is
      less than the proportionate provisions that has been made, that may affect
      the
      profit adversely.





9.
      OFF
      BALANCE SHEET TRANSACTIONS





None.





ITEM
      3.
      CONTROLS AND PROCEDURES




*Evaluation
      of Disclosure Controls and Procedures:* As of
      June 30, 2006, 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.





*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 —
OTHER INFORMATION





ITEM
      1.
      LEGAL PROCEEDINGS





None





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





During
      the
      three months period since the last quarterly report was filed, the Company
      issued 4,747,717 fully paid up shares against values received other than in
      cash. The following are the details of the issuance of such shares for
      consideration in lieu of cash. Out of the above total additionally issued
      shares, 2,200,000 has been cancelled and added to the treasury making a net
      additional issue of 2,547,717 fully paid up shares. Such net additional shares
      were issued in connection with acquisition of ProTrust Private Clients S A.
      An
      8K report shall be filed upon completion of the acquisition.





ITEM
      3.
      DEFAULTS UPON SENIOR SECURITIES




None





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





Pursuant
      to Article II Section 9 of the bylaws and 8 Del code § 228(a), on May 1, 2006
      majority shareholders of the Company consented and approved the re-appointment
      of the existing directors. The consent in lieu of general meeting of the share
      holders is attached to this report as Exhibit 5





ITEM
      5.
      OTHER INFORMATION AND SUBSEQUENT EVENTS





None





ITEM
      6.
      EXHIBITS





INDEX
      OF
      EXHIBITS:





1.
      Share
      Purchase Agreement between Tally-Ho Ventures, Inc. and Centurion Finance, Inc.
      dated June 29, 2006.


2.
      Employment Agreement between Tally-Ho Ventures, Inc and Peter J Smith dated
      May
      1, 2006


3.
      Employment Agreement between Tally-Ho Ventures, Inc and Jose M Meleth dated
      May
      1, 2006


4.
      Employment agreement between Tally-Ho Ventures, Inc and Nigel Gregg dated July
      1, 2006


5.
      Consent
      of Majority Shareholders dated May 1, 2006


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 Officer 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.





TALLY-HO
      VENTURES, INC.


Registrant





Date:
      July
      25, 2006




/s/
              Nigel GregNigel
                Greg
              President
                &
              Chief
                Executive Officer