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Company registration number: 6672402







DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2025


SAGIL ASSET MANAGEMENT LIMITED






































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SAGIL ASSET MANAGEMENT LIMITED
 


 
COMPANY INFORMATION


Director
B Jones 




Company secretary
M Hendricks



Registered number
6672402



Registered office
4th Floor
95 Gresham Street

London

EC2V 7AB




Trading Address
85 Gresham Street

London

EC2V 7NQ






Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

4th Floor

95 Gresham Street

London

EC2V 7AB





 


SAGIL ASSET MANAGEMENT LIMITED
 



CONTENTS



Page
Director's report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Analysis of net debt
11
Notes to the financial statements
12 - 23


 


SAGIL ASSET MANAGEMENT LIMITED
 


 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 MARCH 2025

The director presents his report and the financial statements for the period ended 31 March 2025.

Director's responsibilities statement

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:


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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Principal activity

The principal activity of the company during the period was that of acting as a service company to Sagil Capital LLP.

Director

The director who served during the period was:

B Jones 

Qualifying third party indemnity provisions

The company maintains Director's and officer's liability insurance which provides appropriate cover for legal action brought against its Director.
The company's practice has always been to indemnify its Director in accordance with the Company's Articles and to the maximum extent permitted by law. Qualifying third parties indemnities, under which the company has agreed to indemnify the Director, were in force during the financial period and at the date of approval of the financial statements, in accordance with the Company's Articles and to the maximum extent permitted by law, in respect of all costs, charges, expenses, losses and liabilities which they may incur in or about the execution of their duties for the company, or any entity which is an associated company (as defined in Section 256 of the Companies Act 2006), or as a result of duties performed by the Director on behalf of the company or any such associated company.

Page 1

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025

Disclosure of information to auditor

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and

he 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's auditor is aware of that information.

Auditor

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

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





B Jones
Director

Date: 24 June 2025

Page 2

 


SAGIL ASSET MANAGEMENT LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAGIL ASSET MANAGEMENT LIMITED

Opinion


We have audited the financial statements of Sagil Asset Management Limited (the 'Company') for the period ended 31 March 2025, 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 March 2025 and of its profit for the period 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.


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 director is 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.


Page 3

 


SAGIL ASSET MANAGEMENT LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAGIL ASSET MANAGEMENT LIMITED (CONTINUED)

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 Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Director's Report has 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 Director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Page 4

 


SAGIL ASSET MANAGEMENT LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAGIL ASSET MANAGEMENT LIMITED (CONTINUED)

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 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:
 
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
 
The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation;
UK tax legislation; and
General Data Protection Regulations
 
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the parent company and the Group/Company  is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud mightoccur. Audit procedures performed by the engagement team included:
 
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
Posting of unusual journals and complex transactions; or
The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


Page 5

 


SAGIL ASSET MANAGEMENT LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAGIL ASSET MANAGEMENT LIMITED (CONTINUED)

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.





Sarah Hallam FCCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
4th Floor
95 Gresham Street
London
EC2V 7AB

24 June 2025
Page 6

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2025

Period ended
31 March
Year ended
31 December
2025
2023
Note
£
£

  

Turnover
 3 
1,992,988
1,756,136

Gross profit
  
1,992,988
1,756,136

Administrative expenses
  
(1,806,275)
(1,597,648)

Fair value movements
  
(606)
2,627

Operating profit
 4 
186,107
161,115

Income from fixed assets investments
  
989,813
2,479,102

Interest payable
  
(4,918)
(2,660)

Profit before tax
  
1,171,002
2,637,557

Tax on profit
 8 
(294,627)
(576,060)

Profit for the financial period
  
876,375
2,061,497

There was no other comprehensive income for 2025 (2023:£NIL).

The notes on pages 12 to 23 form part of these financial statements.

Page 7

 


SAGIL ASSET MANAGEMENT LIMITED
REGISTERED NUMBER:6672402



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

31 March
31 December
2025
2023
Note
£
£

Fixed assets
  

Investments
 11 
400,010
350,010

  
400,010
350,010

Current assets
  

Debtors: amounts falling due within one year
 12 
3,333,841
9,163,478

Current asset investments
 13 
105,670
56,276

Bank and cash balances
  
209,253
156,041

  
3,648,764
9,375,795

Creditors: amounts falling due within one year
 14 
(992,356)
(6,379,548)

Net current assets
  
 
 
2,656,408
 
 
2,996,247

Total assets less current liabilities
  
3,056,418
3,346,257

Creditors: amounts falling due after more than one year
 15 
-
(265,533)

  

Net assets
  
3,056,418
3,080,724


Capital and reserves
  

Called up share capital 
 18 
2
2

Share premium account
 19 
9,998
9,998

Profit and loss account
 19 
3,046,418
3,070,724

  
3,056,418
3,080,724


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B Jones
Director

Date: 24 June 2025

The notes on pages 12 to 23 form part of these financial statements.

Page 8

 


SAGIL ASSET MANAGEMENT LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2025


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

£
£
£
£


At 1 January 2023
2
9,998
2,201,867
2,211,867



Profit for the year
-
-
2,061,497
2,061,497
Total comprehensive income for the year
-
-
2,061,497
2,061,497

Dividends: Equity capital
-
-
(1,192,640)
(1,192,640)


Total transactions with owners
-
-
(1,192,640)
(1,192,640)



At 1 January 2024
2
9,998
3,070,724
3,080,724



Profit for the period
-
-
876,375
876,375
Total comprehensive income for the period
-
-
876,375
876,375

Dividends: Equity capital
-
-
(900,681)
(900,681)


Total transactions with owners
-
-
(900,681)
(900,681)


At 31 March 2025
2
9,998
3,046,418
3,056,418


The notes on pages 12 to 23 form part of these financial statements.

Page 9

 


SAGIL ASSET MANAGEMENT LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2025

Period ended
31 March
Year ended
31 December
2025
2023
£
£

Cash flows from operating activities

Profit for the financial period
876,375
2,061,497

Adjustments for:

Interest payable
4,918
2,660

Taxation charge
294,627
576,060

Decrease/(increase) in debtors
45,242
(4,050)

Decrease/(increase) in amounts owed by groups
5,784,395
(2,734,837)

(Decrease)/increase in creditors
(5,172,987)
1,662,556

Net fair value losses/(gains) recognised in P&L
606
(2,627)

Corporation tax (paid)
(774,485)
(381,968)

Net cash generated from operating activities

1,058,691
1,179,291


Cash flows from investing activities

Purchase of listed investments
(50,000)
-

Purchase of fixed asset investments
(50,000)
-

Net cash from investing activities

(100,000)
-

Cash flows from financing activities

Dividends paid
(900,681)
(1,192,640)

Interest paid
(4,918)
(2,660)

Net cash used in financing activities
(905,599)
(1,195,300)

Net increase/(decrease) in cash and cash equivalents
53,092
(16,009)

Cash and cash equivalents at beginning of period
156,041
172,050

Cash and cash equivalents at the end of period
209,133
156,041


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
209,253
156,041

Bank overdrafts
(120)
-

209,133
156,041


The notes on pages 12 to 23 form part of these financial statements.

Page 10

 


SAGIL ASSET MANAGEMENT LIMITED
 



ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2025





At 1 January 2024
Cash flows
Fair value movements
At 31 March 2025
£

£

£

£

Cash at bank and in hand

156,041

53,212

-

209,253

Bank overdrafts

-

(120)

-

(120)

Liquid investments

56,276

50,000

(606)

105,670


212,317
103,092
(606)
314,803

The notes on pages 12 to 23 form part of these financial statements.

Page 11

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

1.


General information

Sagil Asset Management Limited is a private company limited by shares, incorporated in England and Wales under
the Companies Act 2006. The address of its registered office and principal place of business are given on the Company Information page. 
The financial statements are prepared in GBP, which is the functional currency of the entity.
These financial statements have been prepared for the 15 months ended 31 March 2025. The reason for the lengthened accounting period is so the reporting date follows the self assessment period or tax year in the England and Wales. The prior period has been presented for the full year to 31 December 2023 and is therefore not fully comparable.

2.Accounting policies


 
2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

  
2.2

Revenue recognition

Turnover represents amounts reimbursable by Sagil Capital LLP in respect of operating expenses incurred.
In the recognition of revenue in accordance with the accounting policy the management consider the detailed criteria for the revenue recognition from the reimbursement of expenses and, in particular, whether the charges are complete.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Operating leases: the Company as lessee

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

Page 12

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the period 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.


 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

  
2.7

Foreign currency translation

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Page 13

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.


  
2.9

Employee benefits

The company operates cash-settled long term incentive plan for its employees. The plans are based on the performance of the fund managed by a group entity. A liability for the plan is raised on the estimated amount payable in terms of the incentive scheme plan.


3.


Turnover

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


Period ended
31 March
Year ended
31 December
2025
2023
£
£

Rendering of services
1,992,988
1,756,136

1,992,988
1,756,136


All turnover arose within the United Kingdom.


4.


Operating profit

The operating profit is stated after charging:

Period ended
31 March
Year ended
31 December
2025
2023
£
£

Exchange differences
3
1,160

Other operating lease rentals
149,617
117,338

Page 14

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

5.


Auditor's remuneration

During the period, the Company obtained the following services from the Company's auditor and its associates:


Period ended
31 March
Year ended
31 December
2025
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
7,500
6,700

Fees payable to the Company's auditor and its associates in respect of:

Taxation compliance services
2,520
2,400

All other services
1,165
855


6.


Employees

Staff costs were as follows:


Period ended
31 March
Year ended
31 December
2025
2023
£
£

Wages and salaries
1,167,271
1,095,083

Social security costs
155,348
142,374

Cost of defined contribution scheme
21,951
14,297

1,344,570
1,251,754


The average monthly number of employees during the period was as follows:


     Period ended
       31 March
       Year ended
      31 December
        2025
        2023
            No.
            No.







Administrative staff
5
5

The key management personnel of the company are not remunerated within this entity.

Page 15

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

7.


Income from investments

Period ended
31 March
Year ended
31 December
2025
2023
£
£

Income from fixed asset investments
989,813
2,479,102

989,813
2,479,102







8.


Taxation


Period ended
31 March
Year ended
31 December
2025
2023
£
£

Corporation tax


Current tax on profits for the year
248,072
672,316


Total current tax
248,072
672,316

Deferred tax


Origination and reversal of timing differences
46,555
(96,256)

Total deferred tax
46,555
(96,256)


Taxation on profit on ordinary activities
294,627
576,060
Page 16

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
 
8.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2023 -lower than) the standard rate of corporation tax in the UK of 25% (2023 -23.52%). The differences are explained below:

Period ended
31 March
Year ended
31 December
2025
2023
£
£


Profit on ordinary activities before tax
1,171,002
2,637,557


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -23.52%)
292,751
620,353

Effects of:


Expenses not deductible for tax purposes
1,876
1,298

Capital allowances for period/year in excess of depreciation
-
(2,016)

Temporary timing differences on which deferred tax has not been provided
-
(42,345)

Capital items expensed
-
1,982

Remeasurement of deferred tax for changes in tax rates
-
(3,212)

Total tax charge for the period/year
294,627
576,060

Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


9.


Dividends

31 March
31 December
2025
2023
£
£


Equity dividends on ordinary shares
900,681
1,192,640

900,681
1,192,640

Page 17

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

10.


Tangible fixed assets







Office equipment

£



Cost


At 1 January 2024
23,347



At 31 March 2025

23,347



Depreciation


At 1 January 2024
23,347



At 31 March 2025

23,347



Net book value



At 31 March 2025
-



At 31 December 2023
-

Page 18

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

11.


Fixed asset investments








Investments in subsidiary companies

£



Cost


At 1 January 2024
350,010


Additions
50,000



At 31 March 2025
400,010







Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Holding

Sagil Capital LLP
4th Floor, 95 Gresham Street, London, EC2V 7AB
94.12%

The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the period ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Sagil Capital LLP
4,201,394
5,943,407


12.


Debtors

31 March
31 December
2025
2023
£
£


Amounts owed by group undertakings
3,255,979
9,040,374

Other debtors
28,161
26,848

Deferred taxation
49,701
96,256

3,333,841
9,163,478


Page 19

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

13.


Current asset investments

31 March
31 December
2025
2023
£
£

Listed investments
105,670
56,276

105,670
56,276



14.


Creditors: Amounts falling due within one year

31 March
31 December
2025
2023
£
£

Bank overdrafts
120
-

Trade creditors
11,933
32,137

Corporation tax
51,208
531,066

Other taxation and social security
16,611
13,521

Other creditors
505,566
5,056,163

Accruals
406,918
746,661

992,356
6,379,548


The company provides certain employees with a cash-settled long-term incentive plan. Amounts payable under the plan are dependent on the performance of the fund managed by a group entity. Employees are required to remain in employment with the group to receive the cash payment. The company does not set aside assets to fund the payments and pays the benefits out of cash resources. There are no amounts payable under the plan at 31 March 2025 (2023: £30,103 was included in accruals).


15.


Creditors: Amounts falling due after more than one year

31 March
31 December
2025
2023
£
£

Accruals
-
265,533

-
265,533


Page 20

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

16.


Financial instruments

31 March
31 December
2025
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
105,670
56,276




Financial assets measured at fair value through profit or loss comprise of current asset investments.


17.


Deferred taxation






2025


£






At beginning of year
96,256


Charged to profit or loss
(46,555)



At end of year
49,701

The deferred tax asset is made up as follows:

31 March
31 December
2025
2023
£
£


Other timing differences
49,701
96,256

49,701
96,256


Of the above deferred tax asset, £49,833 is expected to reverse in the year to 31 March 2026. This relates to the reversal of timing differences on recognition and payments on employee costs.

Page 21

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

18.


Share capital

31 March
31 December
2025
2023
£
£
Authorised, allotted, called up and fully paid



2 (2023 -2) Ordinary shares shares of £1.00 each
2
2

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.



19.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Profit and loss account

This reserve records retained earnings and accumulated losses.


20.


Commitments under operating leases

At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
31 December
2025
2023
£
£


Not later than 1 year
93,450
106,800

Later than 1 year and not later than 5 years
-
8,900

93,450
115,700


21.


Related party transactions

During the period, Sagil Asset Management Limited recharged operating expenses of £1,992,988 (2023: £1,756,136) to Sagil Capital LLP. 
At the period end, £3,221,817 (2023: £9,018,762) was owed from Sagil Capital LLP in respect of reimbursed expenses and a profit allocation.
At the period end, there was an amount due to the members of Sagil Capital LLP of £499,026 (2023: £5,056,163).
At the period end, there was an amount due to Sagil Asset Management (Cayman) of £34,162 (2023: £21,612).

Page 22

 


SAGIL ASSET MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

22.


Controlling party

The parent company is Sagil Asset Management (Cayman), a company incorporated in the Cayman Islands.
The smallest group in which the results of the company are consolidated is that headed by Sagil Asset Management (Cayman) Limited. The registered office is PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.
There is no one controlling party of Sagil Asset Management (Cayman).

 
Page 23