Caseware UK (AP4) 2022.0.179 2022.0.179 2023-11-302023-11-3022022-12-012falseNo description of principal activityfalsefalse 10214397 2022-12-01 2023-11-30 10214397 2021-12-01 2022-11-30 10214397 2023-11-30 10214397 2022-11-30 10214397 2021-12-01 10214397 1 2022-12-01 2023-11-30 10214397 1 2021-12-01 2022-11-30 10214397 d:Director1 2022-12-01 2023-11-30 10214397 d:Director2 2022-12-01 2023-11-30 10214397 d:Director2 2023-11-30 10214397 d:RegisteredOffice 2022-12-01 2023-11-30 10214397 e:ComputerEquipment 2022-12-01 2023-11-30 10214397 e:ComputerEquipment 2023-11-30 10214397 e:ComputerEquipment 2022-11-30 10214397 e:ComputerEquipment e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 10214397 e:CurrentFinancialInstruments 2023-11-30 10214397 e:CurrentFinancialInstruments 2022-11-30 10214397 e:CurrentFinancialInstruments e:WithinOneYear 2023-11-30 10214397 e:CurrentFinancialInstruments e:WithinOneYear 2022-11-30 10214397 e:ReportableOperatingSegment1 2022-12-01 2023-11-30 10214397 e:ReportableOperatingSegment1 2021-12-01 2022-11-30 10214397 f:RestWorldOutsideUK 2022-12-01 2023-11-30 10214397 f:RestWorldOutsideUK 2021-12-01 2022-11-30 10214397 e:ShareCapital 2022-12-01 2023-11-30 10214397 e:ShareCapital 2023-11-30 10214397 e:ShareCapital 2021-12-01 2022-11-30 10214397 e:ShareCapital 2022-11-30 10214397 e:ShareCapital 2021-12-01 10214397 e:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 10214397 e:RetainedEarningsAccumulatedLosses 2023-11-30 10214397 e:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 10214397 e:RetainedEarningsAccumulatedLosses 2022-11-30 10214397 e:RetainedEarningsAccumulatedLosses 2021-12-01 10214397 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-11-30 10214397 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-11-30 10214397 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2023-11-30 10214397 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2022-11-30 10214397 d:OrdinaryShareClass1 2022-12-01 2023-11-30 10214397 d:OrdinaryShareClass1 2023-11-30 10214397 d:OrdinaryShareClass1 2022-11-30 10214397 d:FRS102 2022-12-01 2023-11-30 10214397 d:Audited 2022-12-01 2023-11-30 10214397 d:FullAccounts 2022-12-01 2023-11-30 10214397 d:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10214397









LOTHBERG ASSET MANAGEMENT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


Directors
Chen Xue 
Peter Dante Halloway-churchill (resigned 31 October 2023)




Registered number
10214397



Registered office
Level 8 One Canada Square
Canary Wharf

London

England

E14 5AA




Independent auditors
Adler Shine LLP
Chartered Accountants and Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
LOTHBERG ASSET MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic Report
1
Director's Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Statement of Cash Flows
11
Notes to the Financial Statements
12 - 19

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

Introduction
 
Lothberg Asset Management Limited is registered as a discretionary investment manager and an investment advisor to professional clients.

Business review
 
The company was acquired by Lothberg Holding (HK) Limited on 23 July 2021. Since that time the directors have been developing a business plan and intend to launch a fund during the course of 2024.

Principal risks and uncertainties
 
The main business risk is that the firm may not be able to develop the client base to ensure the business is viable. 

Directors' statement of compliance with duty to promote the success of the Company
 
We recognise the importance of our wider stakeholders in delivering our strategy and business sustainability. We are conscientious about our responsibilities and duties to our stakeholders under section 172 of the Companies Act 2006.  In the year ended 30 November 2023, the Company had no employees and signed up one customer.  


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



Chen Xue
Director

Date: 7 March 2024
Page 1

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The director presents his report and the financial statements for the year ended 30 November 2023.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:


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

make judgments 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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 loss for the year, after taxation, amounted to £145,963 (2022 - loss £149,712).

The directors do not recommend the payment of a dividend.

Directors

The directors who served during the year were:

Chen Xue 
Peter Dante Halloway-churchill (resigned 31 October 2023)

Future developments

The intention of the business is to offer asset management services to the clients in the UK. The company is in
the process of building up a client base.

Page 2

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Disclosure of information to auditors

The director at the time when this Director's 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 auditorsAdler Shine LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





Chen Xue
Director

Date: 7 March 2024
Page 3

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOTHBERG ASSET MANAGEMENT LIMITED
 

Opinion


We have audited the financial statements of Lothberg Asset Management Limited (the 'Company') for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, 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 November 2023 and of its loss 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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 4

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOTHBERG ASSET MANAGEMENT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The director is responsible for the other information contained within the Annual Report.  Our 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.


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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's 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 Director's 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 director's 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 Director's Responsibilities Statement set out on page 2, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOTHBERG ASSET MANAGEMENT LIMITED (CONTINUED)


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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquires of management about their own identification and assessment of the risk of irregularities; 
• performed audit work over the risk of management override of controls, including testing of journal entries   and other adjustments for appropriateness and reviewing accounting estimates for bias;
• reviewed minutes of meetings;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any               instances of non-compliance;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the    financial statements and potential indicators of fraud.


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.
Page 6

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOTHBERG ASSET MANAGEMENT LIMITED (CONTINUED)


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.





Christopher Taylor FCA (Senior Statutory Auditor)
  
for and on behalf of
Adler Shine LLP
 
Chartered Accountants and Statutory Auditor
  
Aston House
Cornwall Avenue
London
N3 1LF

8 March 2024
Page 7

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
Note
£
£

  

Turnover
 3 
10,000
-

Gross profit
  
10,000
-

Administrative expenses
  
(155,963)
(149,712)

Operating loss
 4 
(145,963)
(149,712)

Loss for the financial year
  
(145,963)
(149,712)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(145,963)
(149,712)

The notes on pages 12 to 19 form part of these financial statements.
Page 8

 
LOTHBERG ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 10214397

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 8 
1,056
1,104

  
1,056
1,104

Current assets
  

Debtors: amounts falling due within one year
 9 
14,363
19,510

Cash at bank and in hand
 10 
203,100
180,913

  
217,463
200,423

Creditors: amounts falling due within one year
 11 
(9,095)
(7,458)

Net current assets
  
 
 
208,368
 
 
192,965

Total assets less current liabilities
  
209,424
194,069

  

Net assets
  
209,424
194,069


Capital and reserves
  

Called up share capital 
 13 
532,318
371,000

Profit and loss account
 14 
(322,894)
(176,931)

  
209,424
194,069


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




Chen Xue
Director

Date: 7 March 2024

The notes on pages 12 to 19 form part of these financial statements.
Page 9

 
LOTHBERG ASSET MANAGEMENT LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 December 2021
71,000
(27,219)
43,781


Comprehensive income for the year

Loss for the year
-
(149,712)
(149,712)


Contributions by and distributions to owners

Shares issued during the year
300,000
-
300,000



At 1 December 2022
371,000
(176,931)
194,069


Comprehensive income for the year

Loss for the year

-
(145,963)
(145,963)


Contributions by and distributions to owners

Shares issued during the year
161,318
-
161,318


Total transactions with owners
161,318
-
161,318


At 30 November 2023
532,318
(322,894)
209,424


The notes on pages 12 to 19 form part of these financial statements.
Page 10

 
LOTHBERG ASSET MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(145,963)
(149,712)

Adjustments for:

Depreciation of tangible assets
545
159

Decrease/(increase) in debtors
5,148
(19,411)

Increase in creditors
1,636
939

Net cash generated from operating activities

(138,634)
(168,025)


Cash flows from investing activities

Purchase of tangible fixed assets
(497)
(1,263)

Net cash from investing activities

(497)
(1,263)

Cash flows from financing activities

Issue of ordinary shares
161,318
300,000

Net cash used in financing activities
161,318
300,000

Net increase in cash and cash equivalents
22,187
130,712

Cash and cash equivalents at beginning of year
180,913
50,201

Cash and cash equivalents at the end of year
203,100
180,913


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
203,100
180,913

203,100
180,913


The notes on pages 12 to 19 form part of these financial statements.

Page 11

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Lothberg Asset Management Limited is a private company limited by shares. The company was incorporated in England and Wales on 3 June 2016. The registered office is Level 8 One Canada Square, Canary Wharf, London, England, E14 5NR. The registered number is 10214397.
The principal activity of the Company is that of the provision of investment management services.

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 judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus, the director continues to adopt the going concern basis in preparing the financial statements.

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 12

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.5

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.

 
2.6

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.

Depreciation is provided on the following basis:

Computer equipment
-
33%
straight line

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.

Page 13

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
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

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Turnover

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


2023
2022
£
£

Turnover
10,000
-

10,000
-


Analysis of turnover by country of destination:

2023
2022
£
£

Rest of the world
10,000
-

10,000
-


Page 14

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
(3,362)
-

Other operating lease rentals
-
14,346


5.


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 annual financial statements
7,500
8,324

6.


Employees

Staff costs, including director's remuneration, were as follows:


2023
2022
£
£

Wages and salaries
38,812
40,256

Cost of defined contribution scheme
309
344

39,121
40,600


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


        2023
        2022
            No.
            No.







Directors
2
2

Page 15

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Director's remuneration

2023
2022
£
£

Director's emoluments
38,812
40,256

Company contributions to defined contribution pension schemes
309
344

39,121
40,600



8.


Tangible fixed assets





Computer equipment

£



Cost


At 1 December 2022
1,263


Additions
497



At 30 November 2023

1,760



Depreciation


At 1 December 2022
159


Charge for the year on owned assets
545



At 30 November 2023

704



Net book value



At 30 November 2023
1,056



At 30 November 2022
1,104

Page 16

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Debtors

2023
2022
£
£


Trade debtors
5,000
-

Other debtors
4,658
3,400

Prepayments and accrued income
4,705
16,110

14,363
19,510



10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
203,100
180,913

203,100
180,913



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
-
246

Other creditors
95
112

Accruals and deferred income
9,000
7,100

9,095
7,458


Page 17

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
203,100
180,913


Financial liabilities


Other financial liabilities measured at fair value through profit or loss
7,595
7,212


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Other financial liabilities measured at fair value through profit or loss comprise accruals and other creditors


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



532,318 (2022 - 371,000) Ordinary shares of £1.00 each
532,318
371,000


On 13 October 2023, an additional 161,318 ordinary shares of £1 each were issued at par.


14.


Reserves

Profit and loss account

Retained earnings relate to cumulative net gains and losses less distributions made.


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 £309 (2022 - £344) . Contributions totalling £75 (2022 - £92) were payable to the fund at the balance sheet date and are included in creditors.


16.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.

Page 18

 
LOTHBERG ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

17.


Related party transactions

At the balance sheet date, the company owed £nil (2022 - £20) to the director of the company.
During the year, the company paid:
£32,322 (2022 - £32,329) to Halloway Churchill Limited, a company with a common director.
£32,322 (2022 - NIL) to Cheneration Limited, a company with a common director.


18.


Controlling party

The controlling party and parent company is Lothberg Holding (HK) Limited, a company registered in Hong Kong.  The ultimate controlling party is Mr Zhijian Wang
 
Page 19