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Registered number: 08672337












KIRKOSWALD CAPITAL SERVICES (UK) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD
 
COMPANY INFORMATION


Directors
Robert David Price 
Matthew Press 




Registered number
08672337



Registered office
39 Sloane Street

London

SW1X 9LP




Independent auditor
Blick Rothenberg Audit LLP
Chartered accountants & Statutory auditor

16 Great Queen Street

London

WC2B 5AH





 

KIRKOSWALD CAPITAL SERVICES (UK) LTD
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Kirkoswald Group ('the Group') comprises Kirkoswald Capital Services (UK) Ltd ('the parent company'), Kirkoswald Asset Management Limited ('the subsidiary company') and Kirkoswald Capital Partners LLP ('the LLP'). The parent company is the holding company and managing member of the LLP.

Business review
 
The results for the year are shown in the statement of the comprehensive income on page 7. Profits are shared among the members of the LLP in accordance with the terms of the Limited Liability partnership agreement in respect of the Partnership in place at that time.
The Group together with related entities provides investment management services to Kirkoswald Global Macro Master Fund, Kirkoswald Global Macro UCITS Fund, Kirkoswald Global Emerging Markets Master Fund, Kirkoswald Cash Management Master Fund and Kirkoswald Multi Strategy Master Fund Limited together ‘the Funds’.
The investment objective of the Funds is to seek uncorrelated positive returns for their investors by investing in global markets with an emerging market bias, investing in but not limited to fixed income, foreign exchange, credit, equities and their derivatives.
The results and the financial position at the end of the year were considered satisfactory by the directors.

Principal risks and uncertainties
 
Principal risks and uncertainties facing the Group are twofold. First, those facing the funds themselves. These include among others the following; currency fluctuations, market volatility, counterparty risks, risk of concentration of investments, transaction costs of investments, issuer risks and other credit risks, political and economic factor, tax and other legal and compliance factors, lack of assurance of profits, leverage, and financing risk, use of derivative instruments, use of trading techniques such as hedging and short selling, and investor redemptions. Secondly, there are those of the LLP acting as the AFIM and the other related entities. These include operational and reputational risks as well as general operational profitability of the entities subject to changes to overhead costs.


This report was approved by the board on 18 March 2025 and signed on its behalf.



Matthew Press
Director

Page 1

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Results and dividends

The profit for the year, after taxation and non-controlling interests, amounted to £3,329,853 (2023:  £9,128,759).

Directors

The directors who served during the year were:

Robert David Price 
Matthew Press 

Directors' responsibilities statement

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

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


select suitable accounting policies for the Group'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 Group will continue in business.

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in directors' reports may differ from legislation in other jurisdictions.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditor is 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 and the Group's auditor is aware of that information.

Page 2

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Auditor

The auditor, Blick Rothenberg Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 March 2025 and signed on its behalf.
 





Matthew Press
Director

Page 3

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIRKOSWALD CAPITAL SERVICES (UK) LTD
 FOR THE YEAR ENDED 31 MARCH 2024

Opinion


We have audited the financial statements of Kirkoswald Capital Services (UK) Ltd (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent company's affairs as at 31 March 2024 and of the Group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 4

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIRKOSWALD CAPITAL SERVICES (UK) LTD (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Other information


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


We have nothing to report in this regard.


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 group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.


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


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


Responsibilities of directors
 

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


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


Page 5

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIRKOSWALD CAPITAL SERVICES (UK) LTD (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Auditor's 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 auditor's 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 Group 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, our procedures included the following: enquiring of management concerning the parent company’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the parent company’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the parent company’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the parent company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the parent company. The key laws and regulations we considered in this context included the UK Companies Act and applicable tax legislation.
A particular focus area included the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the parent company for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


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 auditor's report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.


Page 6

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIRKOSWALD CAPITAL SERVICES (UK) LTD (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024




Shaun Melvin (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered accountants
Statutory auditor
  
16 Great Queen Street
London
WC2B 5AH

19 March 2025
Page 7

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 2 
21,771,406
30,333,398

Administrative expenses
  
(13,647,729)
(17,016,880)

Operating profit
 3 
8,123,677
13,316,518

Interest receivable and similar income
  
133,105
189,829

Interest payable and similar expenses
  
(311,092)
-

Profit before taxation
  
7,945,690
13,506,347

Tax on profit
 6 
(2,509,013)
(3,249,391)

Profit for the financial year
  
5,436,677
10,256,956

  

Profit for the year attributable to:
  

Non-controlling interests
  
2,106,824
1,128,197

Owners of the parent company
  
3,329,853
9,128,759

  
5,436,677
10,256,956

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 14 to 22 form part of these financial statements.

Page 8


 
REGISTERED NUMBER:08672337
KIRKOSWALD CAPITAL SERVICES (UK) LTD

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
  
159,877
85,502

Current assets
  

Debtors: amounts falling due within one year
 9 
26,027,619
16,094,503

Bank and cash balances
  
4,667,444
11,737,990

  
30,695,063
27,832,493

Creditors: amounts falling due within one year
 10 
(8,972,554)
(10,035,556)

Net current assets
  
 
 
21,722,509
 
 
17,796,937

Total assets less current liabilities
  
21,882,386
17,882,439

Net assets
  
21,882,386
17,882,439


Capital and reserves
  

Called up share capital 
 12 
9,850,002
9,750,002

Share premium account
  
229,998
229,998

Profit and loss account
  
11,212,292
7,882,439

Equity attributable to owners of the parent company
  
21,292,292
17,862,439

Non-controlling interests
  
590,094
20,000

  
21,882,386
17,882,439


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 March 2025.




Matthew Press
Director

The notes on pages 14 to 22 form part of these financial statements.

Page 9


 
REGISTERED NUMBER:08672337
KIRKOSWALD CAPITAL SERVICES (UK) LTD

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 8 
10,030,001
10,030,001

  
10,030,001
10,030,001

Current assets
  

Debtors Within One Year
 9 
15,038,285
12,433,111

Bank and cash balances
  
102,085
288,481

  
15,140,370
12,721,592

Creditors: amounts falling due within one year
 10 
(3,878,080)
(4,889,157)

Net current assets
  
 
 
11,262,290
 
 
7,832,435

Total assets less current liabilities
  
21,292,291
17,862,436

  

  

Net assets excluding pension asset
  
21,292,291
17,862,436

Net assets
  
21,292,291
17,862,436


Capital and reserves
  

Called up share capital 
 12 
9,850,002
9,750,002

Share premium account
  
229,998
229,998

Profit and loss account brought forward
  
7,882,436
(623,550)

Profit for the year

  

3,329,855
8,505,986

Profit and loss account carried forward
  
11,212,291
7,882,436

  
21,292,291
17,862,436


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 March 2025.


Matthew Press
Director

The notes on pages 14 to 22 form part of these financial statements.

Page 10

KIRKOSWALD CAPITAL SERVICES (UK) LTD


 
  
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 April 2022
1,750,002
229,998
(1,246,320)
733,680
20,000
753,680





Profit for the year
-
-
9,128,759
9,128,759
1,128,197
10,256,956


Payments to non-controlling interests
-
-
-
-
(1,128,197)
(1,128,197)


Shares issued during the year
8,000,000
-
-
8,000,000
-
8,000,000





At 1 April 2023
9,750,002
229,998
7,882,439
17,862,439
20,000
17,882,439





Profit for the year
-
-
3,329,853
3,329,853
2,106,824
5,436,677


Payments to non-controlling interests
-
-
-
-
(1,536,730)
(1,536,730)


Shares issued during the year
100,000
-
-
100,000
-
100,000



At 31 March 2024
9,850,002
229,998
11,212,292
21,292,292
590,094
21,882,386



The notes on pages 14 to 22 form part of these financial statements.

Page 11
 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


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

£
£
£
£


At 1 April 2022
1,750,002
229,998
(623,550)
1,356,450



Profit for the year
-
-
8,505,986
8,505,986

Shares issued during the year
8,000,000
-
-
8,000,000



At 1 April 2023
9,750,002
229,998
7,882,436
17,862,436



Profit for the year
-
-
3,329,855
3,329,855

Shares issued during the year
100,000
-
-
100,000


At 31 March 2024
9,850,002
229,998
11,212,291
21,292,291


The notes on pages 14 to 22 form part of these financial statements.

Page 12

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
5,436,677
10,256,956

Adjustments for:

Depreciation of tangible assets
65,070
40,758

Interest receivable
(133,105)
(189,829)

Taxation charge
2,509,013
3,249,391

(Increase)/decrease in debtors
(9,680,779)
12,920,723

Increase/(decrease) in creditors
235,648
(21,947,417)

Corporation tax paid
(4,000,000)
(445,000)

Net cash generated from operating activities

(5,567,476)
3,885,582


Cash flows from investing activities

Purchase of tangible fixed assets
(139,445)
(72,876)

Interest received
133,105
189,829

Net cash from investing activities

(6,340)
116,953

Cash flows from financing activities

Issue of ordinary shares
100,000
8,000,000

Payments to non-controlling interests
(1,536,730)
(1,128,197)

Net loan provided to ultimate controlling party
(60,000)
-

Net cash used in financing activities
(1,496,730)
6,871,803

Net (decrease)/increase in cash and cash equivalents
(7,070,546)
10,874,338

Cash and cash equivalents at beginning of year
11,737,990
863,652

Cash and cash equivalents at the end of year
4,667,444
11,737,990


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,667,444
11,737,990


The notes on pages 14 to 22 form part of these financial statements.

Page 13

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

Kirkoswald Capital Services (UK) Ltd is a company incorporated in the UK.
The parent company's registered address is 39 Sloane Street, London, SW1X 9LP.

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 Group management to exercise judgement in applying the Group's accounting policies. The directors do not consider there to be any critical accounting estimates or material judgemental areas in applying the group's accounting policies.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.

As a qualifying entity under FRS 102, the parent company has taken advantage of the exemptions from preparing a cash flow statement and certain disclosures around financial instruments on the basis that equivalent information is provided on a consolidated basis in these financial statements.

The following principal accounting policies have been applied:

 
1.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
 
 
1.3

Going concern

The ultimate parent company has agreed to provide such funding as may be necessary for the parent company and group to meet their liabilities as they fall due. Accordingly the directors continue to adopt the going concern basis in preparing these accounts.

 
1.4

Turnover

Turnover comprises revenue recognised by the group in respect of investment management fees, which are recognised when they are earned based on the underlying contract.

 
1.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. 

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
-
3 years straight line



Page 14

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.6

Operating leases: the Group as lessee

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

 
1.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
1.9

Financial instruments

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

The group does not trade in financial instruments and all such instruments arise directly from operations.
All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The group does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment. 
The group's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.
As the group only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

 
1.10

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

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

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

Exchange gains and losses are recognised in the statement of comprehensive income.

Page 15

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.11

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 balance sheet date in the countries where the company and the Group operate and generate income.

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

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


 
1.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


2.


Turnover

The whole of the turnover is attributable to the principal activity of the group.

All turnover arose within the United Kingdom.

Page 16

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
65,071
40,758

Fees payable to the Group's auditor for the audit of the Group's annual
financial statements
56,800
16,300

Fees payable to the Group's auditor for non-audit services
71,777
45,401

Exchange differences
516,084
104,593

Other operating lease rentals
414,044
367,468

During the year, no director received any emoluments (2023: £nil)


4.


Employees

Staff costs were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
8,465,917
10,325,780

Social security costs
1,216,226
1,656,165

Cost of defined contribution scheme
113,633
25,613

9,795,776
12,007,558


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









20
20
-
-


5.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
311,092
-

311,092
-

Page 17

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Taxation


2024
2023
£
£

Current tax


UK Corporation tax on profits for the year
2,700,350
4,544,134

Adjustments in respect of previous periods
-
(542,142)


2,700,350
4,001,992


Total current tax
2,700,350
4,001,992

Deferred tax


Origination and reversal of timing differences
(191,337)
(752,601)

Total deferred tax
(191,337)
(752,601)


Tax on profit
2,509,013
3,249,391

Factors affecting tax charge for the year

The tax assessed for the year higher than (2023 - differs from) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
7,945,690
13,506,347


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
1,986,423
2,566,206

Effects of:


Difference in accounting and taxable profit allocations from subsidiary
1,240,633
336,426

Taxable on non-controlling interests
(526,706)
(214,357)

Adjustments to tax charge in respect of prior periods
-
(104,254)

Short-term timing differences
(191,337)
(752,601)

Transfer pricing adjustments
-
1,417,971

Total tax charge for the year
2,509,013
3,249,391

Page 18

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Tangible fixed assets

Group






Computer equipment

£



Cost or valuation


At 1 April 2023
237,344


Additions
139,445


Disposals
(63,544)



At 31 March 2024

313,245



Depreciation


At 1 April 2023
151,842


Charge for the year on owned assets
65,070


Disposals
(63,544)



At 31 March 2024

153,368



Net book value



At 31 March 2024
159,877



At 31 March 2023
85,502

Page 19

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
10,030,001



At 31 March 2024
10,030,001




Investments in subsidiary undertakings comprise £10,030,000 representing the parent company's share of partnership capital in Kirkoswald Capital Partners LLP, a partnership registered in England and Wales whose principal activity is the provision of investment management services. The parent company's share of equity partnership capital is 99% and the parent company holds 99% of the voting rights of the LLP.
The parent company also owns 100% of the ordinary share capital of Kirkoswald Asset Management Limited, a company registered in England and Wales whose principal activity is the provision of administrative services for cash consideration of £1.



9.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
11,813
-
-
-

Amounts owed by group undertakings
-
-
14,077,067
11,660,388

Amounts owed by entities under common control
4,864,033
1,736,892
17,280
15,890

Other debtors
736,956
507,606
-
4,232

Prepayments and accrued income
19,470,879
13,097,404
-
-

Deferred taxation
943,938
752,601
943,938
752,601

26,027,619
16,094,503
15,038,285
12,433,111


Page 20

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
89,167
153,042
-
-

Amounts owed to entities under common control
48,137
4,142
-
-

Corporation tax
3,867,462
4,854,521
3,867,462
4,855,521

Other taxation and social security
186,264
232,316
-
-

Other creditors
-
35,761
-
30,736

Accruals and deferred income
4,781,524
4,755,774
10,618
2,900

8,972,554
10,035,556
3,878,080
4,889,157



11.


Deferred taxation


Group



2024


£






At beginning of year
752,601


Charged to profit or loss
191,337



At end of year
943,938

The deferred tax asset is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Timing differences on employee remuneration
943,938
752,601
943,938
752,601

943,938
752,601
943,938
752,601


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



9,850,002 (2023 - 9,750,002) Ordinary shares of £1.00 each
9,850,002
9,750,002


During the year, the company issued 100,000 Ordinary shares (2023: 8,000,000 Ordinary shares) of £1 each at par.

Page 21

 

KIRKOSWALD CAPITAL SERVICES (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
13.


Analysis of net debt




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

11,737,990

(7,070,546)

4,667,444


11,737,990
(7,070,546)
4,667,444


14.


Commitments under operating leases

At 31 March 2024 the Group and the parent company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
424,810
419,656

Later than 1 year and not later than 5 years
416,663
831,264

841,473
1,250,920

15.


Related party transactions

During the year, the parent company was allocated profits of £6,143,433 (2023: profits of £11,739,493) by Kirkoswald Capital Partners LLP ('the LLP'). The total amount due from the LLP at the year end in respect of these transactions was £14,077,067 (2023: £11,660,388).
During the year, the group received investment management fees totalling £16,298,701 (2023: £24,640,796) from Kirkoswald Group Holdings Limited (formerly Kirkoswald Asset Management (Cayman) Limited), the parent company's immediate parent undertaking. At the year end £18,900.264 (2023: £8,311,633) was outstanding and is in accrued income.
During the year the group advanced $nil (2023: $nil) to Kirkoswald Asset Management LLC, a company incorporated in the United States of America and under common control. At the balance sheet date, the amount due to Kirkoswald Asset Management LLC was £48,137 (in 2023: £4,142).
During the year, key management personnel of the group received remuneration of £250,000 (2023: £250,000).
During the year, loans totalling £4,217,592 (2023: £nil) were advanced to G Coffey, the ultimate controlling party. The loans were interest free and repayable on demand. The total outstanding at the balance sheet date in respect of these amounts was £60,000 (2023: £nil) and is included in other debtors.


16.


Controlling party

The immediate parent company is Kirkoswald Group Holdings Limited (formerly Kirkoswald Asset Management (Cayman) Limited), a company incorporated in the Cayman Islands.
The ultimate controlling party is G Coffey.

Page 22