Aser Capital Ltd 11057014 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is the provision of management services provided to Group companies. true Digita Accounts Production Advanced 6.30.9574.0 false 11057014 2022-07-01 2023-06-30 11057014 2023-06-30 11057014 bus:Director2 2023-06-30 11057014 bus:OrdinaryShareClass1 2023-06-30 11057014 core:RetainedEarningsAccumulatedLosses 2023-06-30 11057014 core:ShareCapital 2023-06-30 11057014 core:CurrentFinancialInstruments 2023-06-30 11057014 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 11057014 bus:FRS101 2022-07-01 2023-06-30 11057014 bus:Audited 2022-07-01 2023-06-30 11057014 bus:FullAccounts 2022-07-01 2023-06-30 11057014 bus:RegisteredOffice 2022-07-01 2023-06-30 11057014 bus:Director1 2022-07-01 2023-06-30 11057014 bus:Director2 2022-07-01 2023-06-30 11057014 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 11057014 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 11057014 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 11057014 core:ShareCapital 2022-07-01 2023-06-30 11057014 countries:England 2022-07-01 2023-06-30 11057014 2022-06-30 11057014 core:RetainedEarningsAccumulatedLosses 2022-06-30 11057014 core:ShareCapital 2022-06-30 11057014 2021-07-01 2022-06-30 11057014 2022-06-30 11057014 bus:OrdinaryShareClass1 2022-06-30 11057014 core:CurrentFinancialInstruments 2022-06-30 11057014 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 11057014 core:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 11057014 core:ShareCapital 2021-07-01 2022-06-30 11057014 2021-06-30 11057014 core:RetainedEarningsAccumulatedLosses 2021-06-30 11057014 core:ShareCapital 2021-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11057014

Aser Capital Ltd

Annual Report and Financial Statements

for the Year Ended 30 June 2023

 

Aser Capital Ltd

Contents

Director's Report

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 11

 

Aser Capital Ltd

Director's Report for the Year Ended 30 June 2023

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

This report has been prepared in accordance with the special provisions of section 381 of the Companies Act 2006 relating to small companies. The director has taken exemption under this regime not to disclose the strategic report.

Director of the company

The directors, who held office during the year, were as follows:

Andrea Radrizzani

Massimo Marinelli (resigned 24 July 2023)

Principal activity

The principal activity of the company is the provision of management services provided to Group companies.

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the director on 30 August 2024
 

.........................................
Andrea Radrizzani
Director

 

Aser Capital Ltd

(Registration number: 11057014)
Balance Sheet as at 30 June 2023

Note

30 June
2023
£

30 June
2022
£

Current assets

 

Trade and other debtors

6

413,702

573,939

Creditors: Amounts falling due within one year

7

(4,021,613)

(3,231,897)

Net liabilities

 

(3,607,911)

(2,657,958)

Capital and reserves

 

Called up share capital

8

10,000

10,000

Retained earnings

 

(3,617,911)

(2,667,958)

Shareholders' deficit

 

(3,607,911)

(2,657,958)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the director on 30 August 2024
 

.........................................
Andrea Radrizzani
Director

 

Aser Capital Ltd

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

10,000

(2,667,958)

(2,657,958)

Loss for the year

-

(949,953)

(949,953)

Total comprehensive income

-

(949,953)

(949,953)

At 30 June 2023

10,000

(3,617,911)

(3,607,911)

Share capital
£

Retained earnings
£

Total
£

At 1 July 2021

10,000

(1,584,755)

(1,574,755)

Loss for the year

-

(1,083,203)

(1,083,203)

Total comprehensive income

-

(1,083,203)

(1,083,203)

At 30 June 2022

10,000

(2,667,958)

(2,657,958)

 

Aser Capital Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated and domiciled in England.

The address of its registered office is:
3 Cavendish Square
London
England
W1G 0LB

These financial statements were authorised for issue by the director on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.

Summary of disclosure exemptions

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

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

The company’s ultimate parent undertaking, Aser Group Holding Pte Limited includes the company in its consolidated financial statements. The consolidated financial statements of Aser Group Holding Pte Limited are prepared in accordance with Singapore Financial Reporting Standards ('FRS') and will be available to the public and may be obtained from 100 Tras Street, #16-01 100AM Singapore 079027.

 

Aser Capital Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

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

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

· a Cash Flow Statement and related notes;
· Disclosures in respect of transactions with wholly owned subsidiaries and parent;
· The effects of new but not yet effective IFRSs;
· Disclosures in respect of the compensation of Key Management Personnel; and
· Disclosures of transactions with a management entity that provides key management personnel services to the company.

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

· Certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required
by IFRS 7 Financial Instrument Disclosures.
 

Going concern

Notwithstanding net current liabilities of £3,607,911 as at 30 June 2023 (2022: £2,657,958) and a loss for the year then ended of £951,645 (2022: £1,083,203), the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

The company has scaled back on their trading activities after the year end but current liabilities still exist to other group entities and external parties. The the directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking
account of some possible downsides, the company will have sufficient funds, through funding from its ultimate owner to meet its liabilities as they fall due for that period. The ultimate owner, through the ultimate parent company, Aser Group Holding Pte Limited, has confirmed that they will continue to make available such funds as are needed by the company to the extent they are required. However there can be no certainty over the total outflows that are required.

Those forecasts are dependent on Aser Media Limited not seeking repayment of the amounts currently due to the company, which at 30 June 2023 amounted to £3,957,284 (2022: £3,049,617). Aser Media Limited has indicated that it does not intend to seek repayment of the amounts due at the balance sheet
date for the period covered by the forecasts.

Therefore, even though the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements due to the shareholder support, they recognise there is no certainty over this support being sufficient. The directors are not aware of any other events or conditions beyond the period of their assessment that may cast significant doubt on the entity’s ability to continue as a going concern and therefore have prepared the financial statements on a going concern basis.

 

Aser Capital Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 30 August 2024 was Annette Dwyer, who signed for and on behalf of Midas Accountants & Business Consultants Limited.

Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The company is exempt under FRS 101 from the disclosure requirements of IFRS 13. There was no impact on the company from the adoption of IFRS 13.

Financial assets

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

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

Loans and receivables

Trade Receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

 

Aser Capital Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

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

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

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

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

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

 

Aser Capital Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

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

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
 

Changes in accounting policy

None of the standards, interpretations and amendments effective for the first time from 1 July 2022 have had a material effect on the financial statements.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as fixed assets.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Aser Capital Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

For defined contribution plans contributions are paid publicly or privately administered pension insurance plans on a mandatory or contractual basis. The contributions are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as an asset.

Foreign exchange

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

3

Interest payable and similar expenses

2023
£

2022
£

Foreign exchange gains

4,035

4,505

4

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

525,577

650,919

Social security costs

65,902

84,290

Pension costs, defined contribution scheme

31,441

37,793

622,920

773,002

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

 

Aser Capital Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

2023
No.

2022
No.

Administration and support

2

4

2

4

5

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

9,675

5,172


 

6

Trade and other debtors

Trade and other debtors falling due within one year

30 June
2023
£

30 June
2022
£

Debtors from related parties

407,303

573,939

Other debtors

6,399

-

413,702

573,939

Amounts owed by group undertakings are interest free, unsecured and payable on demand.

7

Creditors: amounts falling due within one year

30 June
2023
£

30 June
2022
£

Trade creditors

15,600

27,601

Accrued expenses

5,000

50,515

Amounts due to related parties

3,959,284

3,128,352

Social security and other taxes

38,302

20,761

Outstanding defined contribution pension costs

3,427

4,668

4,021,613

3,231,897

Amounts owed to group undertakings are interest free, unsecured and payable on demand.

8

Share capital

Allotted, called up and fully paid shares

30 June
2023

30 June
2022

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000

       
 

Aser Capital Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. The share capital issued was not paid at 30 June 2023 and is included within amounts owed by group undertakings, as included in note 7.
 

9

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £31,441 (2022 - £37,794).

Contributions totalling £(3,427) (2022 - £(4,668)) were payable to the scheme at the end of the year and are included in creditors.

10

Related party transactions

No guarantees have been given or received.

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

All related party transactions have been conducted on market terms.

11

Parent and ultimate parent undertaking

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

The largest and smallest group in which the results of the company are consolidated is that headed by Aser Group Holding Pte Limited. No other group financial statements include the results of the company. The consolidated financial statements of this group will be available from Aser Group
Holdings Pte Limited at 100 Tras Street, #16-01 100AM Singapore 079027.

The ultimate controlling party is A Radrizzani.

 The company's immediate parent is Aser Group Holding Pte Limited.