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Company registration number: 6672402







DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


SAGIL ASSET MANAGEMENT LIMITED






































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SAGIL ASSET MANAGEMENT LIMITED
 


 
COMPANY INFORMATION


Director
B Jones 




Company secretary
M Hendricks



Registered number
6672402



Registered office
7-12 Lynton House
Tavistock Square

London

WC1H 9LT




Trading Address
85 Gresham Street

London

EC2V 7NQ






Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


SAGIL ASSET MANAGEMENT LIMITED
 



CONTENTS



Page
Director's report
1 - 2
Independent auditors' report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Analysis of net debt
11
Notes to the financial statements
12 - 22


 


SAGIL ASSET MANAGEMENT LIMITED
 


 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing 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 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 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.

Principal activity

The principal activity of the company during the year was that of acting as a service company to Sagil Capital LLP.

Director

The director who served during the year was:

B Jones 

Qualifying third party indemnity provisions

The company maintains Director's and officer's liability insurance which provides appropriate cover for legal action brought against its Director.
The company's practice has always been to indemnify its Director in accordance with the Company's Articles and to the maximum extent permitted by law. Qualifying third parties indemnities, under which the company has agreed to indemnify the Director, were in force during the financial year and at the date of approval of the financial statements, in accordance with the Company's Articles and to the maximum extent permitted by law, in respect of all costs, charges, expenses, losses and liabilities which they may incur in or about the execution of their duties for the company, or any entity which is an associated company (as defined in Section 256 of the Companies Act 2006), or as a result of duties performed by the Director on behalf of the company or any such associated company.

Page 1

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

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

he 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.

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





................................................
B Jones
Director

Date: 2 April 2024

Page 2

 


SAGIL ASSET MANAGEMENT LIMITED
 

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

Opinion


We have audited the financial statements of Sagil Asset Management Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 31 December 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 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.


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 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 3

 


SAGIL ASSET MANAGEMENT LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAGIL ASSET MANAGEMENT LIMITED (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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's Report has 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 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; or
the director was not entitled to take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 1, 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 4

 


SAGIL ASSET MANAGEMENT LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAGIL 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:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:

The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation;
UK tax legislation; and
General Data Protection Regulations

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial
statement items.
We understood how the parent company and the Group/Company is complying with those legal and regulatory frameworks
by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary.
We corroborated our inquiries through our review of board minutes.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in
this area.
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might
occur. Audit procedures performed by the engagement team included:
 
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or
other inappropriate influence over the financial reporting process;
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation
for fraud and identified the greatest potential for fraud in the following areas:
 
Posting of unusual journals and complex transactions; or
The use of management override of controls to manipulate results, or to cause the Company to enter into transactions
not in its best interests.
 


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 5

 


SAGIL ASSET MANAGEMENT LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAGIL 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.





Sarah Hallam FCCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Lynton House
7-12 Tavistock Square
London
WC1H 9LT

2 April 2024
Page 6

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 3 
1,756,136
1,417,066

Gross profit
  
1,756,136
1,417,066

Administrative expenses
  
(1,597,648)
(1,287,320)

Fair value movements
  
2,627
(8,753)

Operating profit
 4 
161,115
120,993

Income from fixed assets investments
  
2,479,102
1,848,379

Interest payable
  
(2,660)
-

Profit before tax
  
2,637,557
1,969,372

Tax on profit
 8 
(576,060)
(385,012)

Profit for the financial year
  
2,061,497
1,584,360

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 22 form part of these financial statements.

Page 7

 


SAGIL ASSET MANAGEMENT LIMITED
REGISTERED NUMBER:6672402



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 11 
350,010
350,010

  
350,010
350,010

Current assets
  

Debtors: amounts falling due within one year
 12 
9,163,478
6,328,335

Current asset investments
 13 
56,276
53,649

Bank and cash balances
  
156,041
172,050

  
9,375,795
6,554,034

Creditors: amounts falling due within one year
 14 
(6,379,548)
(4,525,270)

Net current assets
  
 
 
2,996,247
 
 
2,028,764

Total assets less current liabilities
  
3,346,257
2,378,774

Creditors: amounts falling due after more than one year
 15 
(265,533)
(166,907)

  

Net assets
  
3,080,724
2,211,867


Capital and reserves
  

Called up share capital 
 18 
2
2

Share premium account
 19 
9,998
9,998

Profit and loss account
 19 
3,070,724
2,201,867

  
3,080,724
2,211,867


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




................................................
B Jones
Director

Date: 2 April 2024

The notes on pages 12 to 22 form part of these financial statements.

Page 8

 


SAGIL ASSET MANAGEMENT LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
2
9,998
1,655,089
1,665,089



Profit for the year
-
-
1,584,360
1,584,360
Total comprehensive income for the year
-
-
1,584,360
1,584,360

Dividends: Equity capital
-
-
(1,037,582)
(1,037,582)


Total transactions with owners
-
-
(1,037,582)
(1,037,582)



At 1 January 2023
2
9,998
2,201,867
2,211,867



Profit for the year
-
-
2,061,497
2,061,497
Total comprehensive income for the year
-
-
2,061,497
2,061,497

Dividends: Equity capital
-
-
(1,192,640)
(1,192,640)


Total transactions with owners
-
-
(1,192,640)
(1,192,640)


At 31 December 2023
2
9,998
3,070,724
3,080,724


The notes on pages 12 to 22 form part of these financial statements.

Page 9

 


SAGIL ASSET MANAGEMENT LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,061,497
1,584,360

Adjustments for:

Interest payable
2,660
-

Taxation charge
576,060
385,012

(Increase)/decrease in debtors
(4,050)
30

(Increase) in amounts owed by groups
(2,734,837)
(1,973,395)

Increase in creditors
1,662,556
1,331,641

Increase/(decrease)) in amounts owed to groups
-
(515)

Net fair value (gains)/losses recognised in P&L
(2,627)
8,753

Corporation tax (paid)
(381,968)
(271,349)

Net cash generated from operating activities

1,179,291
1,064,537



Cash flows from financing activities

Dividends paid
(1,192,640)
(1,037,582)

Interest paid
(2,660)
-

Net cash used in financing activities
(1,195,300)
(1,037,582)

Net (decrease)/increase in cash and cash equivalents
(16,009)
26,955

Cash and cash equivalents at beginning of year
172,050
145,095

Cash and cash equivalents at the end of year
156,041
172,050


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
156,041
172,050

156,041
172,050


The notes on pages 12 to 22 form part of these financial statements.

Page 10

 


SAGIL ASSET MANAGEMENT LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
Fair value movements
At 31 December 2023
£

£

£

£

Cash at bank and in hand

172,050

(16,009)

-

156,041

Liquid investments

53,649

-

2,627

56,276


225,699
(16,009)
2,627
212,317

The notes on pages 12 to 22 form part of these financial statements.

Page 11

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Sagil Asset Management Limited is a private company limited by shares, incorporated in England and Wales under
the Companies Act 2006. The address of its registered office and principal place of business are given on the Company Information page. 
The financial statements are prepared in GBP, which is the functional currency of the entity.

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 following principal accounting policies have been applied:

  
2.2

Revenue recognition

Turnover represents amounts reimbursable by Sagil Capital LLP in respect of operating expenses incurred.
In the recognition of revenue in accordance with the accounting policy the management consider the detailed criteria for the revenue recognition from the reimbursement of expenses and, in particular, whether the charges are complete.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

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.

Page 12

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting 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 reporting 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 reporting date.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

  
2.7

Foreign currency translation

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

 
2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 13

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

  
2.10

Employee benefits

The company operates cash-settled long term incentive plan for its employees. The plans are based on the performance of the fund managed by a group entity. A liability for the plan is raised on the estimated amount payable in terms of the incentive scheme plan.


3.


Turnover

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


2023
2022
£
£

Rendering of services
1,756,136
1,417,066

1,756,136
1,417,066


All turnover arose within the United Kingdom.


4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
1,160
(923)

Other operating lease rentals
117,338
94,338


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 for the audit of the Company's financial statements
6,700
6,270

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

Taxation compliance services
2,400
2,255

All other services
855
1,075

Page 14

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
1,095,083
832,895

Social security costs
142,374
105,976

Cost of defined contribution scheme
14,297
14,383

1,251,754
953,254


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


        2023
        2022
            No.
            No.







Administrative staff
5
5

The key management personnel of the company are not remunerated within this entity.


7.


Income from investments

2023
2022
£
£

Income from fixed asset investments
2,479,102
1,848,379

2,479,102
1,848,379







8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
672,316
383,240

Adjustments in respect of previous periods
-
1,772


Total current tax
672,316
385,012

Deferred tax


Origination and reversal of timing differences
(96,256)
-

Total deferred tax
(96,256)
-


Taxation on profit on ordinary activities
576,060
385,012
Page 15

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 -higher than) the standard rate of corporation tax in the UK of 23.52% (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,637,557
1,969,372


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 -19%)
620,353
374,181

Effects of:


Expenses not deductible for tax purposes
1,298
-

Capital allowances for year in excess of depreciation
(2,016)
(745)

Adjustments to tax charge in respect of prior periods
-
1,772

Temporary timing differences on which deferred tax has not been provided
(42,345)
9,231

Capital items expensed
1,982
573

Remeasurement of deferred tax for changes in tax rates
(3,212)
-

Total tax charge for the year
576,060
385,012

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted in the first half of 2021. For the financial year ended 31 December 2023, the current averaged tax rate was 23.52%.
Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


9.


Dividends

2023
2022
£
£


Equity dividends on ordinary shares
1,192,640
1,037,582

1,192,640
1,037,582

Page 16

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Tangible fixed assets





Office equipment

£



Cost


At 1 January 2023
23,347



At 31 December 2023

23,347



Depreciation


At 1 January 2023
23,347



At 31 December 2023

23,347



Net book value



At 31 December 2023
-



At 31 December 2022
-

Page 17

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
350,010



At 31 December 2023
350,010







Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Holding

Sagil Capital LLP
Lynton House, 7-12 Tavistock Square, London, WC1H 9LT
93.33%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Sagil Capital LLP
13,972,275
12,488,779


12.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
9,040,374
6,305,537

Other debtors
26,848
22,798

Deferred taxation
96,256
-

9,163,478
6,328,335


Page 18

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Current asset investments

2023
2022
£
£

Listed investments
56,276
53,649

56,276
53,649



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
32,137
15,059

Corporation tax
531,066
240,718

Other taxation and social security
13,521
13,416

Other creditors
5,056,163
3,769,794

Accruals
746,661
486,283

6,379,548
4,525,270


The company provides certain employees with a cash-settled long-term incentive plan. Amounts payable under the plan are dependent on the performance of the fund managed by a group entity. Employees are required to remain in employment with the group to receive the cash payment. The company does not set aside assets to fund the payments and pays the benefits out of cash resources. The amounts payable under the plan of £30,103 (2022: £15,129) is included in accruals.


15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals
265,533
166,907

265,533
166,907


Page 19

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
56,276
53,649

Financial assets that are debt instruments measured at amortised cost
9,067,222
6,328,335

9,123,498
6,381,984


Financial liabilities


Financial liabilities measured at amortised cost
6,100,494
4,438,043


Financial assets measured at fair value through profit or loss comprise of current asset investments.


Financial assets that are debt instruments measured at amortised cost comprise of amounts owed by group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise of trade creditors, accruals, other creditors and amounts owed to group undertakings.


17.


Deferred taxation




2023


£






Charged to profit or loss
96,256



At end of year
96,256

The deferred tax asset is made up as follows:

2023
2022
£
£


Other timing differences
96,256
-

96,256
-


Of the above deferred tax asset, £29,873 is expected to reverse in the year to 31 December 2024. This relates to the reversal of timing differences on recognition and payments on employee costs.

Page 20

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



2 (2022 -2) Ordinary shares shares of £1.00 each
2
2

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.



19.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Profit and loss account

This reserve records retained earnings and accumulated losses.


20.


Commitments under operating leases

At 31 December 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
106,800
105,600

Later than 1 year and not later than 5 years
8,900
115,700

115,700
221,300


21.


Related party transactions

Sagil Asset Management Limited is a member of Sagil Capital LLP and has contributed £350,010 (2022: £350,010) to the limited liability partnership as a member capital contribution. 
During the period, Sagil Asset Management Limited recharged operating expenses of £1,756,136 (2022: £1,417,066) to Sagil Capital LLP. 
At the period end, £9,018,762 (2022: £6,294,480) was owed from Sagil Capital LLP in respect of reimbursed expenses and a profit allocation.
At the period end, there was an amount due to the members of Sagil Capital LLP of £5,056,163 (2022: £3,769,794).
At the period end, there was an amount due to Sagil Asset Management (Cayman) of £21,612 (2022: £11,057).

Page 21

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Controlling party

The parent company is Sagil Asset Management (Cayman) Limited, a company incorporated in the Cayman Islands.
The smallest group in which the results of the company are consolidated is that headed by Sagil Asset Management (Cayman) Limited. The registered office is PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.
There is no one controlling party of Sagil Asset Management (Cayman).

 
Page 22