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Registration number: 13376410

Aser Treasury Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2023

 

Aser Treasury Limited

Contents

Director's Report

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 10

 

Aser Treasury Limited

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:

Mr Andrea Radrizzani

Marc Clive Watson (ceased 6 January 2024)

Massimo Marinelli (ceased 24 July 2023)

Principal activity

The principal activity of the company during the year was the holding of short-term investments and the provision of intercompany financing 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
 

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

 

Aser Treasury Limited

(Registration number: 13376410)
Balance Sheet as at 30 June 2023

Note

30 June
2023

30 June
2022

Fixed assets

 

Trade and other debtors

8

40,226,568

-

Current assets

 

Trade and other debtors

8

5,768,683

5,581,793

Cash at bank and in hand

9

8,129

198,157

 

5,776,812

5,779,950

Creditors: Amounts falling due within one year

10

(54,246,439)

(13,868,257)

Net current liabilities

 

(48,469,627)

(8,088,307)

Net liabilities

 

(8,243,059)

(8,088,307)

Capital and reserves

 

Called up share capital

11

1

1

Retained earnings

 

(8,243,060)

(8,088,308)

Shareholders' deficit

 

(8,243,059)

(8,088,307)

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
 

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

 

Aser Treasury Limited

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

Share capital

Retained earnings

Total

At 1 July 2022

1

(8,088,308)

(8,088,307)

Loss for the year

-

(154,752)

(154,752)

Total comprehensive income

-

(154,752)

(154,752)

At 30 June 2023

1

(8,243,060)

(8,243,059)

Share capital

Retained earnings

Total

Loss for the year

-

(8,088,308)

(8,088,308)

Total comprehensive income

-

(8,088,308)

(8,088,308)

New share capital subscribed

1

-

1

At 30 June 2022

1

(8,088,308)

(8,088,307)

 

Aser Treasury Limited

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 Treasury Limited

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

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

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

- a Cash Flow Statement and related notes;

- Comparative period reconciliations for share capital, tangible fixed assets and intangible assets;

- 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 liabilities of £3,607,911 reported on page 10 (2022: £2,657,958) as at 30 June 2023, 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 not traded during 2022 or 2023 but current liabilities still exist to other group entities and external parties. The company will continue its principal activity of holding investments. and in the opinion of the directors the company will have sufficient funds, through funding from its ultimate owner to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. 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.

The going concern position is dependent on Aser Group Holding Pte Limited and its subsidiaries not seeking repayment of the amounts currently due to the group, which at 30 June 2023 amounted to £3,959,284 (2022: £3,128,352). Aser Group Holding Pte has indicated that it does not intend to seek repayment of the amounts due at the balance sheet date until such time as the company has sufficient working capital to make those repayments and remain a going concern.

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 Treasury Limited

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

Audit report

The Independent Auditor's Report was unqualified. We draw your attention to Note 2 (going concern) which reviews the financial results for the period and also the financial position as at 31 December 2023 . This note details the reasons behind the Directors choosing to prepare the financial statements on a going concern basis.

Our opinion is not modified in respect of this matter.
. 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.

Financial assets

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

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

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

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

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

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

 

Aser Treasury Limited

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

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

Impairment of financial assets

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

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

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

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'.

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

- it has been incurred principally for the purpose of repurchasing it in the near term, or

- on initial recognition it is part of a portfolio of identified financial instruments that the manages together and has a recent actual pattern of short-term profit taking, or

-it is a derivative that is not designated and effective hedging instrument.

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

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

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

 

Aser Treasury Limited

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

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

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

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.

3

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023

2022

Miscellaneous other operating income

-

462,992

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023

2022

Gain or loss from disposals of investments

-

(159,755)

5

Interest receivable and similar income

2023

2022

Other finance income

960,955

-

 

Aser Treasury Limited

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

6

Interest payable and similar expenses

2023

2022

Interest expense on other financing liabilities

947,033

-

Foreign exchange gains/(losses)

144,535

(176,003)

1,091,568

(176,003)

7

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

8

Trade and other debtors

Trade and other debtors falling due within one year

30 June
2023

30 June
2022

Amounts due from related parties

5,768,683

5,581,793

Trade and other debtors falling due after more than one year

30 June
2023

30 June
2022

Other debtors

40,226,568

-

9

Cash at bank and in hand

30 June
2023

30 June
2022

Cash at bank

8,129

198,157

10

Creditors: amounts falling due within one year

30 June
2023

30 June
2022

Trade creditors

6,686

-

Accrued expenses

8,706

-

Amounts due to related parties

54,231,047

13,868,257

54,246,439

13,868,257

 

Aser Treasury Limited

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

11

Share capital

Allotted, called up and fully paid shares

30 June
2023

30 June
2022

No.

No.

Ordinary of €1 each

1

1

1

1

       

12

Parent of group in whose consolidated financial statements the company is consolidated

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

All related party transactions have been conducted on market terms.
 

13

Parent and ultimate parent undertaking

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is Aser Group Holding Pte Limited, incorporated in Singapore.

The largest and smallest group in which the results of the company are consolidated is that headed by Aser Group Holding Pte Limited. No other group financial statements include the results of the company. The consolidated financial statements of these groups will be available from Aser Group Holdings Pte Limited at100 Tras Street, #16-01 100AM Singapore 079027.

The ultimate controlling party is A Radrizzani.
.