Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-30Management companyfalse2false2022-10-012false 02485519 2022-10-01 2023-09-30 02485519 2021-10-01 2022-09-30 02485519 2023-09-30 02485519 2022-09-30 02485519 2021-10-01 02485519 1 2022-10-01 2023-09-30 02485519 1 2021-10-01 2022-09-30 02485519 5 2022-10-01 2023-09-30 02485519 5 2021-10-01 2022-09-30 02485519 d:CompanySecretary1 2022-10-01 2023-09-30 02485519 d:Director1 2022-10-01 2023-09-30 02485519 d:Director2 2022-10-01 2023-09-30 02485519 d:RegisteredOffice 2022-10-01 2023-09-30 02485519 e:Buildings e:ShortLeaseholdAssets 2022-10-01 2023-09-30 02485519 e:Buildings e:ShortLeaseholdAssets 2023-09-30 02485519 e:Buildings e:ShortLeaseholdAssets 2022-09-30 02485519 e:FurnitureFittings 2022-10-01 2023-09-30 02485519 e:FurnitureFittings 2023-09-30 02485519 e:FurnitureFittings 2022-09-30 02485519 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02485519 e:OfficeEquipment 2022-10-01 2023-09-30 02485519 e:ComputerEquipment 2022-10-01 2023-09-30 02485519 e:ComputerEquipment 2023-09-30 02485519 e:ComputerEquipment 2022-09-30 02485519 e:ComputerEquipment e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02485519 e:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 02485519 e:OtherPropertyPlantEquipment 2023-09-30 02485519 e:OtherPropertyPlantEquipment 2022-09-30 02485519 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02485519 e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02485519 e:CurrentFinancialInstruments 2023-09-30 02485519 e:CurrentFinancialInstruments 2022-09-30 02485519 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 02485519 e:CurrentFinancialInstruments e:WithinOneYear 2022-09-30 02485519 e:ReportableOperatingSegment1 2022-10-01 2023-09-30 02485519 e:ReportableOperatingSegment1 2021-10-01 2022-09-30 02485519 f:UnitedKingdom 2022-10-01 2023-09-30 02485519 f:UnitedKingdom 2021-10-01 2022-09-30 02485519 e:UKTax 2022-10-01 2023-09-30 02485519 e:UKTax 2021-10-01 2022-09-30 02485519 e:ShareCapital 2023-09-30 02485519 e:ShareCapital 2022-09-30 02485519 e:ShareCapital 2021-10-01 02485519 e:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 02485519 e:RetainedEarningsAccumulatedLosses 2023-09-30 02485519 e:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 02485519 e:RetainedEarningsAccumulatedLosses 2022-09-30 02485519 e:RetainedEarningsAccumulatedLosses 2021-10-01 02485519 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-09-30 02485519 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-09-30 02485519 e:FinancialAssetsAmortisedCost 2023-09-30 02485519 e:FinancialAssetsAmortisedCost 2022-09-30 02485519 e:FinancialLiabilitiesAmortisedCost 2023-09-30 02485519 e:FinancialLiabilitiesAmortisedCost 2022-09-30 02485519 d:OrdinaryShareClass1 2022-10-01 2023-09-30 02485519 d:OrdinaryShareClass1 2023-09-30 02485519 d:OrdinaryShareClass1 2022-09-30 02485519 d:FRS102 2022-10-01 2023-09-30 02485519 d:Audited 2022-10-01 2023-09-30 02485519 d:FullAccounts 2022-10-01 2023-09-30 02485519 d:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2022-10-01 2023-09-30 02485519 e:WithinOneYear 2023-09-30 02485519 e:WithinOneYear 2022-09-30 02485519 e:BetweenOneFiveYears 2023-09-30 02485519 e:BetweenOneFiveYears 2022-09-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02485519













ASGARD MANAGEMENT PLC

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023


 
ASGARD MANAGEMENT PLC
 

 
COMPANY INFORMATION


Directors
F Paulsen 
H Normann 




Company secretary
M Jensen



Registered number
02485519



Registered office
D32 Albion Riverside Building
Hester Road

London

SW11 4AW




Independent auditors
Warrener Stewart
Chartered Accountants

Harwood House

43 Harwood Road

London

SW6 4QP






 
ASGARD MANAGEMENT PLC
 


CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 6
Profit and Loss Account
 
7
Balance Sheet
 
8
Statement of Changes in Equity
 
9
Statement of Cash Flows
 
10
Analysis of Net Debt
 
10
Notes to the Financial Statements
 
11 - 22



 
ASGARD MANAGEMENT PLC
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The principal activity of Asgard Management Plc ("the Company") is that of a management company.

Business review
 
The Company reported a profit for the financial year ended 30 September 2023 of £22,432 (2022 - £24,090). The Company also reports a net asset position of £165,798  (2022 - £143,366 The directors consider this result to be satisfactory given the nature of the services provided and the continued support of the parent company.
The directors do not recommend the payment of a dividend and expect a satisfactory result for the 2023/24 financial year.

Principal risks and uncertainties
 
The Company does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures. The nature of its financial instruments means that they are not subject to price risk or liquidity risk.
The directors do not consider there to be any significant risks to the Company given the nature of the management services provided to its parent company, who have signed a letter of support indicating their intention and financial ability to support the Company for twelve months following the date of signature of these financial statements.

Financial key performance indicators
 
Due to the size and scope of the Company, key performance indicators are not in use. 

Directors' statement of compliance with duty to promote the success of the Company
 
The directors of Asgard Management PLC consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of shareholders as a whole.
This has been achieved through strong systemic controls a focus on high standards of business service. The shareholders have representation at Board level and the Board is committed to a strategy that will drive long term value for all equity holders in the business.


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





H Normann
Director

Date: 1 March 2024

Page 1


 
ASGARD MANAGEMENT PLC
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors

The directors who served during the year were:

F Paulsen 
H Normann 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £22,432 (2022 - £24,090).

Future developments

The directors will continue to maintain the existing management policies that have resulted in continued growth.

Page 2


 
ASGARD MANAGEMENT PLC
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWarrener Stewartwill be proposed for reappointment in accordance with section 489 of the Companies Act 2006.

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





H Normann
Director

Date: 1 March 2024

Page 3


 
ASGARD MANAGEMENT PLC
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASGARD MANAGEMENT PLC

Opinion

We have audited the financial statements of Asgard Management Plc (the 'Company') for the year ended 30 September 2023, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 30 September 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 4


 
ASGARD MANAGEMENT PLC
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASGARD MANAGEMENT PLC (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The size and closely controlled nature of the business renders  its susceptibility to fraud to be low.
We have performed analytical procedures and re-performed reconciliation controls where appropriate and have also reviewed all material transactions.  At the same time we have reviewed the accounting records for any unauthorised adjustments and any previously undisclosed related party transactions.


 
Page 5


 
ASGARD MANAGEMENT PLC
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASGARD MANAGEMENT PLC (CONTINUED)

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Colin Edney (Senior Statutory Auditor)
  
for and on behalf of
Warrener Stewart
 
Chartered Accountants
  
Harwood House
43 Harwood Road
London
SW6 4QP

 
Date: 
1 March 2024
Page 6


 
ASGARD MANAGEMENT PLC
 

 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
391,596
344,350

Gross profit
  
391,596
344,350

Administrative expenses
  
(361,214)
(314,288)

Operating profit
 5 
30,382
30,062

Tax on profit
 8 
(7,950)
(5,972)

Profit for the year
  
22,432
24,090

There are no items of other comprehensive income for 2023 or 2022 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 11 to 22 form part of these financial statements.

Page 7


 
ASGARD MANAGEMENT PLC
REGISTERED NUMBER:02485519


BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 9 
75,864
80,296

  
75,864
80,296

Current assets
  

Debtors: amounts falling due within one year
 10 
32,791
86,209

Cash at bank and in hand
 11 
99,352
124,077

  
132,143
210,286

Creditors: amounts falling due within one year
 12 
(42,209)
(147,216)

Net current assets
  
 
 
89,934
 
 
63,070

  

Net assets
  
165,798
143,366


Capital and reserves
  

Called up share capital 
 14 
100,000
100,000

Profit and loss account
  
65,798
43,366

  
165,798
143,366


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




H Normann
Director

Date: 1 March 2024



The notes on pages 11 to 22 form part of these financial statements.

Page 8


 
ASGARD MANAGEMENT PLC
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2021
100,000
19,276
119,276


Comprehensive income for the year

Profit for the year
-
24,090
24,090



At 1 October 2022
100,000
43,366
143,366


Comprehensive income for the year

Profit for the year
-
22,432
22,432


At 30 September 2023
100,000
65,798
165,798


The notes on pages 11 to 22 form part of these financial statements.

Page 9


 
ASGARD MANAGEMENT PLC
 


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
22,432
24,090

Adjustments for:

Depreciation of tangible assets
5,838
7,668

Taxation charge
7,950
5,972

(Increase)/decrease in debtors
(8,445)
21,835

Decrease/(increase) in amounts owed by groups
61,864
(56,830)

Increase/(decrease) in creditors
8,236
(9,058)

(Decrease)/increase in amounts owed to groups
(115,221)
7,081

Corporation tax (paid)
(5,971)
(5,858)

Net cash generated from operating activities
(23,317)
(5,100)


Cash flows from investing activities

Purchase of tangible fixed assets
(1,408)
(2,002)


Net (decrease) in cash and cash equivalents
(24,725)
(7,102)

Cash and cash equivalents at beginning of year
124,077
131,179

Cash and cash equivalents at the end of year
99,352
124,077


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
99,352
124,077



ANALYSIS OF NET FUNDS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




At 1 October 2022
Cash flows
At 30 September 2023
£

£

£

Cash at bank and in hand

124,077

(24,725)

99,352


The notes on pages 11 to 22 form part of these financial statements.

Page 10


 
ASGARD MANAGEMENT PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Asgard Management Plc is a public limited company incorporated in England and Wales. The Company's registered office and principal place of business is D32 Albion Riverside Building, Hester Road, London SW11 4AW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Change in accounting policy and disclosures

Unless otherwise stated, the accounting policies and method of computation adopted in the preparation of the financial statements are consistent with those of the previous year.

 
2.3

Going concern

The Company reported a profit for the financial year ended 30 September 2023 of £22,432  (2022 -  £24,090). The Company also reports a net asset position of £165,798 (2022 - £143,366). The directors consider the Company to be a going concern given the nature of the management services provided to its parent company, who have signed a letter of support indicating their intention and financial ability to support the Company for the foreseeable future.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 11


 
ASGARD MANAGEMENT PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Short-term leasehold property
-
5 years
Fixtures and fittings
-
10 years
Office equipment
-
3-5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Works of art are not depreciated. Instead, they are held at the lower of cost and net realisable value. The net realisable value is considered to be higher than that stated within the Balance Sheet but, due to the nature of the assets, the directors are unable to quantify the difference at the Balance Sheet date.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 12


 
ASGARD MANAGEMENT PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 13


 
ASGARD MANAGEMENT PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14


 
ASGARD MANAGEMENT PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances.
Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year or in the year of revision and future years if the revision affects both current and future years.

Page 15


 
ASGARD MANAGEMENT PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Management fees
391,596
344,350


2023
2022
£
£

United Kingdom
391,596
344,350



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
167
-

Other operating lease rentals
59,698
69,000


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
4,450
4,150

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
875
825

All non-audit services not included above
600
550

Page 16


 
ASGARD MANAGEMENT PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
159,156
124,290

Social security costs
15,066
16,670

Cost of defined contribution scheme
4,699
4,988

178,921
145,948


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Staff
2
2


8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
7,950
5,972


Page 17


 
ASGARD MANAGEMENT PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of22% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
30,382
30,062


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22% (2022 - 19%)
6,684
5,712

Effects of:


Capital allowances for year lower than depreciation
850
834

Adjustment to tax deductible expenditure as a result of agreement with UK taxation authorities
416
(574)

Total tax charge for the year
7,950
5,972


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18


 
ASGARD MANAGEMENT PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 October 2022
22,338
1,284
10,108
61,831
95,561


Additions
-
-
1,408
-
1,408


Disposals
-
(1,284)
-
-
(1,284)



At 30 September 2023

22,338
-
11,516
61,831
95,685



Depreciation


At 1 October 2022
5,957
1,284
8,025
-
15,266


Charge for the year on owned assets
4,468
-
1,371
-
5,839


Disposals
-
(1,284)
-
-
(1,284)



At 30 September 2023

10,425
-
9,396
-
19,821



Net book value



At 30 September 2023
11,913
-
2,120
61,831
75,864



At 30 September 2022
16,382
-
2,083
61,831
80,296


10.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
17,570
79,435

Other debtors
10,324
3,362

Prepayments and accrued income
4,897
3,412

32,791
86,209


Page 19


 
ASGARD MANAGEMENT PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
99,352
124,077



12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,809
4,214

Amounts owed to group undertakings
7,220
122,441

Corporation tax
7,950
5,972

Other creditors
390
1,739

Accruals and deferred income
18,840
12,850

42,209
147,216



13.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
99,352
124,077

Financial assets that are debt instruments measured at amortised cost
27,894
82,797

127,246
206,874


Financial liabilities


Financial liabilities measured at amortised cost
34,259
141,244


Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.

Page 20


 
ASGARD MANAGEMENT PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,988 (2021: £6,022). 


16.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
14,891
54,674

Later than 1 year and not later than 5 years
-
130,000

14,891
184,674


17.


Related party transactions

Creditor balances
At 30 September 2023 this company was owed £17,570 (2022: £79,435) by Asgard Limited.
£7,220 (2022: £122,441) was owed to Riverside One Limited at the year end.
Transactions
The Company received management fees from Asgard Limited during the year.
Nature of relationships
Asgard Limited, is this company's immediate parent undertaking. Riverside One Limited, is a sister company.

Page 21


 
ASGARD MANAGEMENT PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

18.


Controlling party

The largest and smallest group in which the results of the Company are consolidated is that headed by Asgard Limited, incorporated in Guernsey. The Schroeder Trust, based in Guernsey, is regarded as the ultimate controlling party.

 
Page 22