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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their strategic report for the year ended 31 December 2024.
Robocap Asset Management Ltd (the "Company") was incorporated in 2015 as Robocap (Services) Ltd and remained dormant until 2022. From 2015 to 2022, the team was operating as RoboCap LLP, an Investment Adviser and Appointed Representative of Sturgeon Ventures LLP, then the business was transferred to the Company on 1 January 2023. The Company is an FCA regulated investment manager focusing on robotics, automation and AI listed stocks globally.
The Company has managed the RoboCap UCITS Fund since 2016, the Robocap Partners Funds since 2018 and the Robocap AI Cyber Security AMC since 2022. The Company undertakes fundamental analysis with the support of its advisory board of five leading experts, including academics, business leaders and research experts in robotics and Artificial Intelligence. Robocap Asset Management Ltd believes that Environmental, Social and Governance ("ESG") issues are important parameters to consider when investing into disruptive technologies. The Company is cognisant of the UN's Principles for Responsible Investment ("PRI"), a voluntary framework which promotes the integration of ESG considerations into the investment management process to better manage risk and generate long-term returns. The Company is a signatory to the UN PRI and maintains a comprehensive ESG policy. This policy is reviewed regularly by the ESG Committee which includes an external and independent ESG expert. The RoboCap UCITS Fund reclassified from Art 6 to Art 8 fund SFDR in 2024. The firm is considering a number of amendments to its ESG policy as the world is changing before our eyes, mainly regarding its exclusions. The profit after tax for the year under review is £504,443 and the vehicles managed by the Company returned between +12% and +15% over the same period, so all products were above their previous High-Water Marks. The team continues to perform well, supported by a strong upward trend in the theme, but with the headwind of potential Global Trade War. Robocap Asset Management Ltd recruited a new Head of Business Development in October 2024 and an Operations Analyst to support the operations and business development activities of the Company. The Directors are confident the business is scalable and are targeting to increase its assets under management in the next two years. The Company retains the liquid resources to focus on growth underpinned by the strength and length of its track record in what in generally considered a "hot topic" sector. The Company will maintain its FCA registration while operating out of the UK while it considers another jurisdiction.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
FOREIGN CURRENCY RISK
The Company earns revenue in a variety of currencies, historically, mainly USD, EUR, CHF and GBP. As a result, it is exposed to exchange rate fluctuations between those currencies and its principal operating currencies of GBP and USD. CREDIT RISK The Company's exposure to credit risk is minimal as it does not borrow money, so its only risk is in relation to debtors. Credit risk on the funds is limited because they do not use leverage and the underlying companies have sound balance sheets and generally a low debt-to-equity ratio. The Company has adopted a policy of only dealing with creditworthy counterparties and undertaking due diligence where necessary to mitigate the risk of financial loss. LIQUIDITY AND CASH FLOW RISK The Company's policy on liquidity risk is to ensure that significant cash is available to fund on-going operations. The Company has no external borrowing facilities but has historically been reliant on shareholder support. The Company manages its liquidity and cash flow risk by reviewing cash flow forecasts on a regular basis to identify any liquidity or capital shortfalls. MACROECONOMIC RISK The tariff situation created by the new US administration is an additional risk of global trade war that we are monitoring closely, in addition to growing geopolitical tensions. (The UK’s competitive position with increasing taxation and employers costs is also concerning.)
The Company proposed dividends of £100,000 in March 2025 which were subsequently paid on 04 April 2025.
As permitted by Section 414(c)(11) of the Companies Act 2006, the Directors have elected to disclose information required to be in the Director’s report by Schedule 7 of the “Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008” in the Strategic report.
This section describes how the Directors have had regard to the matters set out in Section 172(1)(a) to (f), and forms the director's statement under the Companies (Miscellaneous Reporting) Regulations 2018.
As part of the Director's role, they seek to ensure that they are cognisant of the long-term impact of any decisions. To that end, the Directors periodically review the Company's strategy and regularly seek updates on strategic issues which may impact the business. Additionally, the Directors require management to prepare annually a Business Plan for the following year, including full year projections and funding requirements, as well as completing a review of business risks, both principal and emerging. In that context, any matters presented to the Directors for approval need to align with the Company's strategy and Business Plan.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the Board of Directors and signed on its behalf by:
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Dividends are paid at the discretion of the directors. Dividends of £100,000 were proposed in March 2025 which were subsequently paid on 04 April 2025.
The directors who served during the year were:
The Company's risk management objectives, policies and exposures to risks are included in the Strategic Report.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
The auditors, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Board of Directors on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBOCAP ASSET MANAGEMENT LIMITED
We have audited the financial statements of Robocap Asset Management Limited (the 'Company') for the year ended 31 December 2024, 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 policies. The 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).
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.
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 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBOCAP ASSET MANAGEMENT LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBOCAP ASSET MANAGEMENT LIMITED (CONTINUED)
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBOCAP ASSET MANAGEMENT LIMITED (CONTINUED)
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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud: 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection regulation and Financial Conduct Authority regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such the Companies Act 2006 and UK tax legislation. The Audit engagement responsible individual considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: - enquiries of management board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; - inspection of the Company's regulatory and legal correspondence and review of minutes of board of directors' meetings during the financial year to corroborate inquiries made; - gaining an understanding of the internal controls established to mitigate risk related to fraud; - discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; - identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; - designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; - challenging assumptions and judgements made by management in their significant accounting estimates, including provisions; and - review of the financial statement disclosures to underlying supporting documentation and inquiries of
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBOCAP ASSET MANAGEMENT LIMITED (CONTINUED)
management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
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.
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 2006. Our 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.
for and on behalf of
Chartered Accountant & Statutory auditors
Dublin
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf on
The notes on pages 15 to 25 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Robocap Asset Management Limited (or the "Company") is a private company, limited by shares, registered in England and Wales. The Company's registered number is 09624725 and its registered office address is 59-60 Grosvenor Street, London, W1K 3HZ.
The principal activity of the Company in the year under review was that of investment manager focusing on robotics, automation and AI listed stocks globally. The Company is FCA registered.
2.Accounting policies
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
USEFUL LIVES OF DEPRECIABLE ASSETS
Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical and physical obsolescence that may change the utility of certain plant and equipment. Depreciation for the year is disclosed in the notes. IMPAIRMENT OF TRADE AND OTHER DEBTORS Allowance is made for specific and groups of accounts, where objective evidence of impairment exists. The Company evaluates the amount of allowance for impairment based on available facts and circumstances affecting the collectability of the accounts, including but not limited to, the length of the Company's relationship with the customers' current credit status, average age of account, collections experience and historical loss experience. Trade debtors in note 9 are shown net of any impairment losses provision of £Nil (2023: £Nil). Revenue from management fees for the provision of services to investment funds is measured by reference to the contracts in place and is based on a percentage of the Net Asset Value or Partner’s Capital of the investment funds under management payable monthly, or quarterly, in arrears.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
A financial asset or a financial liability (see note 11) is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the statement of financial position date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
The Company’s functional and presentational currency is Sterling.
Called-up share capital represents the nominal value of ordinary shares that have been issued.The share premium account includes any premiums received on issue of share capital.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The controlling party is Mr J C Cohen who owns 88% of the ordinary shares.
CREDIT RISK
The Company's exposure to credit risk is minimal as it does not borrow money, so its only risk is in relation to debtors. Credit risk on the funds is limited because they do not use leverage and the underlying companies have sound balance sheets and generally a low debt-to-equity ratio. The Company has adopted a policy of only dealing with creditworthy counterparties and undertaking due diligence where necessary to mitigate the risk of financial loss. LIQUIDITY AND CASH FLOW RISK The Company's policy on liquidity risk is to ensure that significant cash is available to fund on-going operations. The Company has no external borrowing facilities but has historically been reliant on shareholder support. The Company manages its liquidity and cash flow risk by reviewing cash flow forecasts on a regular basis to identify any liquidity or capital shortfalls.
The Company replaced Roy Mennell, Head of Operations and Director, with Sara Hjortstig in May 2024.
The intercompany receivable of £641,385 was received during the year.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The financial statements were approved by the Board of Directors on 24 April 2025.
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