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Registered number: 09624725









ROBOCAP ASSET MANAGEMENT LIMITED









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


Directors
Mr J C Cohen 
Ms S K Hjortstig (appointed 28 June 2024)
Mr R H C Mennell (resigned 28 June 2024)




Registered number
09624725



Registered office
59-60 Grosvenor Street

London

W1K 3HZ




Independent auditors
Grant Thornton
Chartered Accountant & Statutory auditors

Dublin

Ireland





 
ROBOCAP ASSET MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 10
Statement of Comprehensive Income
11
Statement of Financial Position
12
Statement of Changes in Equity
13
Statement of Cash Flows
14
Notes to the Financial Statements
15 - 25

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their strategic report for the year ended 31 December 2024.

Principal activities and business review
 
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.

Page 1

 
ROBOCAP ASSET MANAGEMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
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.)

Subsequent events
 
The Company proposed dividends of £100,000 in March 2025 which were subsequently paid on 04 April 2025.

Matters covered in this Strategic Report
 
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.

Directors' statement of compliance with duty to promote the success of the Company
 
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.

Page 2

 
ROBOCAP ASSET MANAGEMENT LIMITED
 

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:



Mr J C Cohen
Director

Ms S K Hjortstig
Director


Date: 24 April 2025

Page 3

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
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.

Principal activity

The principal activity of the Company in the year under review was that of investment management services.

Dividends

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.

Directors

The directors who served during the year were:

Mr J C Cohen 
Ms S K Hjortstig (appointed 28 June 2024)
Mr R H C Mennell (resigned 28 June 2024)

Political contributions

The Company made no political donations during the year under review.

Financial risk management

The Company's risk management objectives, policies and exposures to risks are included in the Strategic Report.

Page 4

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.

 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 2006They 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.

Statement as to disclosure of information to the Auditor

So far as the Directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditor is unaware, and they have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditors

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

This report was approved by the Board of Directors on 24 April 2025 and signed on its behalf.
 





Mr J C Cohen
Director
Ms S K Hjortstig
Director
Page 5

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

Opinion


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the 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.


Page 6

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBOCAP ASSET MANAGEMENT LIMITED (CONTINUED)

Other information


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 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 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime


Page 7

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBOCAP ASSET MANAGEMENT LIMITED (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROBOCAP ASSET MANAGEMENT LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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
Page 9

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
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.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Sarah Bradley (Partner)
  
for and on behalf of
Grant Thornton
 
Chartered Accountant & Statutory auditors
  
Dublin
Ireland

24 April 2025
Page 10

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 3 
2,271,848
1,375,109

Cost of sales
  
(131,802)
(187,323)

Gross profit
  
2,140,046
1,187,786

Administrative expenses
  
(1,476,275)
(957,880)

Operating profit
 6 
663,771
229,906

Interest receivable and similar income
  
10,868
126

Profit before tax
  
674,639
230,032

Tax on profit
 7 
(170,196)
(53,669)

Profit for the financial year
  
504,443
176,363

Other comprehensive income
  
-
-

Other comprehensive income for the year
  
-
-

Total comprehensive income for the year
  
504,443
176,363

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income. In arriving at the results of the financial year, all amounts above relate to continuing operations.

The notes on pages 15 to 25 form part of these financial statements.
Page 11

 
ROBOCAP ASSET MANAGEMENT LIMITED
REGISTERED NUMBER:09624725

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 8 
34,219
43,035

  
34,219
43,035

Current assets
  

Debtors: amounts falling due within one year
 9 
1,128,249
1,092,885

Cash and cash equivalents
  
1,377,605
448,449

  
2,505,854
1,541,334

Creditors
  

Creditors: amounts falling due within one year
 10 
(763,182)
(311,590)

Net current assets
  
 
 
1,742,672
 
 
1,229,744

Total assets less current liabilities
  
1,776,891
1,272,779

Provisions for liabilities
  

Deferred tax
  
(380)
(711)

Provisions
 12
(700,000)
(700,000)

  
 
 
(700,380)
 
 
(700,711)

Net assets
  
1,076,511
572,068


Capital and reserves
  

Called up share capital 
 13 
1,000
1,000

Share premium
 14 
399,096
399,096

Retained earnings
 15 
676,415
171,972

  
1,076,511
572,068


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf on 24 April 2025 by:




Mr J C Cohen
Ms S K Hjortstig
Director
Director

The notes on pages 15 to 25 form part of these financial statements.
Page 12

 
ROBOCAP ASSET MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium
Retained earnings
Total equity

£
£
£
£


Balance at 1 January 2023
1,000
399,096
(4,391)
395,705


Changes in equity

Total comprehensive income
-
-
176,363
176,363



Balance at 1 January 2024
1,000
399,096
171,972
572,068


Changes in equity

Total comprehensive Income
-
-
504,443
504,443


Balance at 31 December 2024
1,000
399,096
676,415
1,076,511


The notes on pages 15 to 25 form part of these financial statements.
Page 13

 
ROBOCAP ASSET MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
504,443
176,363

Adjustments for:

Depreciation of tangible assets
13,429
14,297

Interest received
(10,868)
(126)

Taxation charge
170,196
53,669

Increase in trade and other debtors
(35,364)
(1,084,965)

Increase in trade and other creditors
281,065
950,808

Net cash generated from operating activities

922,901
110,046


Cash flows from investing activities

Purchase of tangible fixed assets
(4,613)
(57,332)

Interest received
10,868
126

Net cash generated from/(used in) investing activities

6,255
(57,206)


Net increase in cash and cash equivalents
929,156
52,840

Cash and cash equivalents at beginning of year
448,449
395,609

Cash and cash equivalents at the end of year
1,377,605
448,449


Cash and cash equivalents at the end of year comprise:

Cash at bank
1,377,605
448,449

1,377,605
448,449


The notes on pages 15 to 25 form part of these financial statements.

Page 14

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


Statutory information

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

 
2.1

Basis of preparation of financial statements

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.

  
2.2

Significant judgements and estimates

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.

  
2.3

Key sources of estimation uncertainty

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).

 
2.4

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax (or "VAT").
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.
Page 15

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life

Motor vehicles
-
20%
on cost
Office equipment
-
33%
on cost
Computer equipment
-
33%
on cost

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.

 
2.6

Financial instruments

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.


  
2.7

Taxation

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.

  
2.8

Deferred taxation

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.

Page 16

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.9

Foreign currencies

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.

 
2.10

Operating leases

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

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

  
2.12

Functional and presentation currency

The Company’s functional and presentational currency is Sterling.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Final equity dividends are recognised when approved by the directors at an annual general meeting. 

  
2.14

Called up share capital and reserves

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.

 
2.15

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, if any, are shown within creditors in current liabilities. 

 
2.16

Debtors

Debtors include trade debtors and certain other financial instruments, prepayments, accrued income and deferred tax assets. Prepayments are payments made for goods or services that will be received in the future. These are initially recorded as assets and amortised over time as the benefit of the prepaid expense is realised. Accrued income corresponds to the revenue earned during the period but not yet billed to or collected from the customer.

Page 17

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

Creditors

Creditors include trade creditors and certain other short and long-term financial instruments. Deferred income corresponds to advance payments from customers for goods or services that have not yet been delivered or recognised as revenue.

  
2.18

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.


3.


Turnover

The turnover and profit before taxation are attributable to the one principal activity of the Company.


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


2024
2023
£
£

Management and related fees
2,271,848
1,375,109

2,271,848
1,375,109


Analysis of turnover by country of destination:

2024
2023
£
£

Switzerland
163,128
146,591

Ireland
1,904,735
1,081,585

Cayman Islands
203,985
146,933

2,271,848
1,375,109


In the year ended 31 December 2023, £146,591 of turnover was incorrectly reported as UK but it should have been Switzerland.

Page 18

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Employees

2024
2023
£
£

Salaries and bonus
878,931
515,891

Social security costs
120,092
43,597

Other pension costs
10,627
7,163

1,009,650
566,651


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


        2024
        2023
            No.
            No.







Average monthly number of employees
5
5


5.


Directors' remuneration

2024
2023
£
£

Directors' remuneration
320,348
115,909

320,348
115,909



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
7,727
229

Operating leases
95,362
78,340

Direct costs
131,802
187,323

Directors salaries
320,348
115,909

Staff salaries
558,583
399,982

Computer costs
92,197
76,545

Auditors' remuneration
8,486
9,932

Depreciation - owned assets
13,429
14,297

Page 19

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
170,527
52,958


170,527
52,958


Total current tax
170,527
52,958

Deferred tax


Origination and reversal of timing differences
(331)
711

Total deferred tax
(331)
711


Tax on profit
170,196
53,669

UK corporation tax has been charged at 25% (2023: 23.405%).


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 23.405%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
674,639
230,032


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.405%)
168,660
53,839

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,488
856

Capital allowances for year in excess of depreciation
379
(710)

Utilisation of tax losses
-
(834)

Adjustments to tax charge in respect of prior periods
-
(193)

Short-term timing difference leading to a (decrease)/increase in taxation
(331)
711

Total tax charge for the year
170,196
53,669

Page 20

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Tangible fixed assets





Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
49,458
7,874
-
57,332


Additions
-
1,925
2,688
4,613



At 31 December 2024

49,458
9,799
2,688
61,945



Depreciation


At 1 January 2024
9,892
4,405
-
14,297


Charge for the year on owned assets
9,891
3,182
356
13,429



At 31 December 2024

19,783
7,587
356
27,726



Net book value



At 31 December 2024
29,675
2,212
2,332
34,219



At 31 December 2023
39,566
3,469
-
43,035


9.


Debtors

2024
2023
£
£


Trade debtors
-
399,789

Intercompany receivable
-
641,385

Director's loan account
136
96

VAT
10,003
12,006

Prepayments
21,377
39,609

Other debtors
28,500
-

Accrued income
1,068,233
-

1,128,249
1,092,885


Page 21

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
36,171
79,367

Corporation tax payable
170,527
52,958

PAYE payable
18,125
17,369

Wages payable
1,036
3,012

Credit card
3,210
5,128

Other creditors
1,867
1,779

Accruals and deferred income
532,246
151,977

763,182
311,590



11.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at amortised cost
28,636
1,041,270


Financial liabilities


Financial liabilities measured at amortised cost
740,416
787,506


Financial assets measured at amortised cost, total of £28,636 (2023: £1,041,270) as follows: trade debtors of £Nil (2023: £399,789), intercompany receivable £Nil (2023: £641,385), other debtors £28,636 (2023: £96).


Financial liabilities measured at amortised cost, total of £740,416 (2023: £787,506) as follows: trade creditors £36,171 (2023: £79,367), other creditors £704,245 (2023: £708,140).

Page 22

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Provisions for liabilities

2024
2023
£
£



Deferred tax
380
711

Other provisions
700,000
700,000

700,380
700,711

The other provisions of £700,000 relate to a trade name litigation which transferred to the Company following the business combination entered into with Robocap LLP on 1 January 2023. The provision has been calculated based on best estimates of the legal costs to be incurred should the case go ahead.


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023: 1,000) Ordinary Share Capital shares of £1.00 each
1,000
1,000

Ordinary shares rank equally for voting purposes, each member shall have one vote per share held. Each share ranks equally for any dividend declared distribution rights on winding up.



14.


Share premium

2024
£



At 1 January 2024
399,096

Premium on shares issued during the year
-

At 31 December 2024
399,096


15.


Retained earnings

2024
£



At 1 January 2024
171,972

Profit for the year
504,443

At 31 December 2024
676,415

Page 23

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Related party transactions

The Company receives management fees from investment funds within the group structure, namely Robocap Partners DE I LP and Robocap Partners Offshore Fund Ltd, for management services provided. Robocap DE I LP and Robocap Partners Offshore Fund Ltd are feeder funds of Robocap CIM LP, a company incorporated in the Cayman Islands in which Mr J C Cohen is a partner. The general partner to the funds is Robocap Partners GP Ltd, a company also incorporated in Cayman Islands and owned 100% by Robocap Asset Management Limited. Furthermore, the Company holds 100 management shares in Robocap Partners Offshore Fund Ltd, where Mr J C Cohen is a common director.
During the year, the Company received management fees from Robocap Partners CIM LP through its feeder funds as follows:
£137,368 (2023: £101,420) from RoboCap Partners DE I LP and £66,617 (2023: £45,513) from RoboCap Partners Offshore Fund Ltd with a total amount outstanding at year end of £Nil (2023: £20,699).
During the year, the Company paid fees in the amount of £Nil (2023: £46,173) to Robocap Partners CIM LP.
During the year, Mr J C Cohen received remuneration (including bonus) in the amount of £150,000 (2023: £50,000).


17.


Controlling party

The controlling party is Mr J C Cohen who owns 88% of the ordinary shares.


18.


Financial risk

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.


19.


Events during the year

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.

Page 24

 
ROBOCAP ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Commitments under operating leases

At 31 December 2024 the Company had existing minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
95,000
66,068

Later than 1 year and not later than 5 years
22,167
74,233

117,167
140,301

As at 31 December 2024, the Company had minimum lease payments due within one year of £95,000 (2023: £66,068) which included existing lease obligation of £95,000 (2023: £20,708) and future lease obligation of £Nil (2023: £45,360).


21.

Foreign currency

The rates of exchange ruling at the statement of financial position date on which the assets and liabilities are translated are:

2024
2023


USD

1.25152

1.27312
 
EUR

1.20887

1.15342
 
CHF

1.13556

1.07113
 


22.


Subsequent events

Dividends of £100,000 were proposed in March 2025 which were subsequently paid on 04 April 2025.


23.


Approval of the financial statements

The financial statements were approved by the Board of Directors on 24 April 2025. 

 
Page 25