Aser Treasury Limited
Annual Report and Financial Statements
For the period ended 30 June 2022
Company Registration No. 13376410 (England and Wales)
Aser Treasury Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
Aser Treasury Limited
Statement of Financial Position
As at 30 June 2022
Page 1
2022
Notes
Current assets
Trade and other receivables
8
5,581,793
Cash and cash equivalents
198,157
5,779,950
Current liabilities
10
(13,868,257)
Net current liabilities
(8,088,307)
Equity
Called up share capital
10
1
Retained earnings
(8,088,308)
Total equity
(8,088,307)

The directors of the company have elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the board of directors and authorised for issue on 4 October 2023 and are signed on its behalf by:
A  Radrizzani
Director
Company Registration No. 13376410
Aser Treasury Limited
Statement of Changes in Equity
For the period ended 30 June 2022
Page 2
Share capital
Retained earnings
Total
Notes
Balance at 5 May 2021
-
-
-
Period ended 30 June 2022:
Loss and total comprehensive income for the period
-
(8,088,308)
(8,088,308)
Issue of share capital
10
1
-
1
Balance at 30 June 2022
1
(8,088,308)
(8,088,307)
Aser Treasury Limited
Notes to the Financial Statements
For the period ended 30 June 2022
Page 3
1
Accounting policies
Company information

Aser Treasury Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Cavendish Square, London, United Kingdom, W1G 0LB. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (“FRS 101”). The amendments to FRS 101 (2014/15 Cycle) issued in July 2015 have been applied.

In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the EU (“Adopted IFRSs”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.

The company’s ultimate parent undertaking, Aser Group Holding Pte Limited includes the company in its consolidated financial statements. The consolidated financial statements of Aser Group Holding Pte Limited are prepared in accordance with Singapore Financial Reporting Standards ('FRS') and will be available to the public and may be obtained from 63 Club Street, Singapore (069437).

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

In these financial statements, the company has applied the exemptions available under FRS 101 in respect of the following disclosures:

As the consolidated financial statements of Aser Group Holding Pte Limited include the equivalent disclosures, the company has also taken the exemptions under FRS 101 available in respect of the following disclosures:

 

The financial statements are prepared in Euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared on the historical cost basis.

 

The principal accounting policies adopted are set out below.

Aser Treasury Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2022
1
Accounting policies
(Continued)
Page 4
1.2
Going concern

Notwithstanding net current liabilities of true€8,088,307 as at 30 June 2022, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

 

The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of some possible downsides, the company will have sufficient funds, through funding from its ultimate owner to meet its liabilities as they fall due for that period. The ultimate owner, through the ultimate parent company, Aser Group Holding Pte Limited, has confirmed that they will continue to make available such funds as are needed by the company to the extent they are required. However, there can be no certainty over the total outflows that are required.

 

Those forecasts are dependent on Aser Group Holding Pte Limited not seeking repayment of the amounts currently due to the group, which at 30 June 2022 amounted to £13,868,257. Aser Group Holding Pte has confirmed that it does not intend to seek repayment of the amounts due at the balance sheet date for the period covered by the forecasts.

 

The directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements due to the group support and therefore have prepared the financial statements on a going concern basis.

1.3
Non-current investments

Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Aser Treasury Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2022
1
Accounting policies
(Continued)
Page 5
Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.6
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Aser Treasury Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2022
1
Accounting policies
(Continued)
Page 6
Financial liabilities at fair value through profit or loss

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

 

 

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.8
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

When the company acts as a lessor, leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees, over the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains lease and non-lease components, the company applies IFRS 15 to allocate the consideration in the contract. When the company is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately, classifying the sub-lease with reference to the right-of-use asset arising from the head lease instead of the underlying asset.

1.9
Foreign exchange

Transactions in currencies other than euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Aser Treasury Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2022
Page 7
2
Critical accounting estimates and judgements

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

 

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

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements
Recoverability of intercompany balances

Due to the ongoing support of the ultimate controlling party management have assessed that balances due from related parties are recoverable. This is with the exception of a balance due from LiveNow Media Limited of €8,500,000 which has been provided for given the decision to cease trading in this entity.

3
Other operating income
2022
Income from fixed asset investments
Interest on financial assets
19
Income from other fixed asset investments
155,127
Gain on disposal of investments
307,846
Total income
462,992
4
Operating (loss)/profit
2022
Operating loss for the period is stated after charging/(crediting):
Loss on disposal of investment
159,755
5
Employees

The average monthly number of persons (including directors) employed by the company during the period was nil.

6
Taxation
2022
Aser Treasury Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2022
6
Taxation
2022
(Continued)
Page 8

The charge for the period can be reconciled to the loss per the income statement as follows:

2022
Loss before taxation
(8,088,308)
Expected tax credit based on a corporation tax rate of 19.00%
(1,536,779)
Unutilised tax losses carried forward
1,536,779
Taxation charge for the period
-

No deferred tax has been recognised on the carried forward losses due to the uncertainty of the timing of future profits. The tax rate for the recognition of deferred tax asset would have been 25% (2021: 19%).

7
Investments
Current
Non-current
2022
2022
Other investments
-
-
Fair value of financial assets carried at amortised cost

Except as detailed below the directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Aser Treasury Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2022
7
Investments
(Continued)
Page 9
Movements in non-current investments
Investments
Cost or valuation
At 5 May 2021
-
Additions
34,203,986
Valuation changes
148,054
Disposals
(34,352,040)
At 30 June 2022
-
Carrying amount
At 30 June 2022
-
8
Trade and other receivables
2022
Amounts owed by fellow group undertakings
5,581,793
9
Trade and other payables
2022
Amounts owed to fellow group undertakings
13,868,257

The amounts owed to fellow group undertakings are unsecured, interest free and repayable on demand.

10
Share capital
2022
2022
Ordinary share capital
Number
Issued and fully paid
Ordinary shares of £1 each
1
1

On 5 May 2021 one ordinary share with nominal value £1 was issued at par.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Aser Treasury Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2022
11
Audit report information
(Continued)
Page 10
The senior statutory auditor was Jamie Sherman and the auditor was Moore Kingston Smith LLP.
12
Related party transactions

The company has taken the exemption under FRS101 para 8(k) from disclosing the transactions with related parties under IAS 24 Related Party Disclosures for transactions it has with its parent and its wholly owned subsidiaries as the company is wholly owned subsidiary of Aser Group Holding Pte.

 

All related party transactions have been conducted on market terms.

13
Controlling party

The company is a subsidiary undertaking of Aser Group Holding Pte Limited, which is the parent company and which is incorporated in Singapore.

The largest and smallest group in which the results of the company are consolidated is that headed by Aser Group Holding Pte Limited. No other group financial statements include the results of the company. The consolidated financial statements of these groups will be available from Aser Group Holdings Pte Limited at 63 Club Street, Singapore (069437).

The ultimate controlling party is A Radrizzani.

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