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Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2024
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KIRKOSWALD CAPITAL SERVICES (UK) LTD
COMPANY INFORMATION
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KIRKOSWALD CAPITAL SERVICES (UK) LTD
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The Kirkoswald Group ('the Group') comprises Kirkoswald Capital Services (UK) Ltd ('the parent company'), Kirkoswald Asset Management Limited ('the subsidiary company') and Kirkoswald Capital Partners LLP ('the LLP'). The parent company is the holding company and managing member of the LLP. Effective 17 December 2024, the Group and its subsidiaries have changed its accounting reference period from a 31 March year end to a 31 December year end.
The results for the year are shown in the statement of the comprehensive income on page 8. Profits are shared among the members of the LLP in accordance with the terms of the Limited Liability partnership agreement in respect of the Partnership in place at that time.
The Group together with related entities provides investment management services to various Kirkoswald funds. The results and the financial position at the end of the period were considered satisfactory by the directors.
Principal risks and uncertainties facing the Group are twofold. First, those facing the funds themselves. These include among others the following; currency fluctuations, market volatility, counterparty risks, risk of concentration of investments, transaction costs of investments, issuer risks and other credit risks, political and economic factor, tax and other legal and compliance factors, lack of assurance of profits, leverage, and financing risk, use of derivative instruments, use of trading techniques such as hedging and short selling, and investor redemptions. Secondly, there are those of the LLP acting as the AFIM for the funds and the other related entities. These include operational and reputational risks as well as general operational profitability of the entities subject to changes to overhead costs.
This report was approved by the board on 30 December 2025 and signed on its behalf.
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KIRKOSWALD CAPITAL SERVICES (UK) LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the 9-month period ended 31 December 2024. Effective 17 December 2024, the Group has changed its accounting reference period from a 31 March year end to a 31 December year end.
The profit for the period, after taxation and minority interests and non-controlling interests, amounted to £5,062,334 ( 31 March 2024 - £3,329,853).
The directors who served during the period were:
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in directors' reports may differ from legislation in other jurisdictions.
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KIRKOSWALD CAPITAL SERVICES (UK) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
The auditor, Blick Rothenberg Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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KIRKOSWALD CAPITAL SERVICES (UK) LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIRKOSWALD CAPITAL SERVICES (UK) LTD
FOR THE PERIOD ENDED 31 DECEMBER 2024
We have audited the financial statements of Kirkoswald Capital Services (UK) Ltd (the 'parent company') and its subsidiaries (the 'Group') for the period ended 31 December 2024, which comprise the consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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KIRKOSWALD CAPITAL SERVICES (UK) LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIRKOSWALD CAPITAL SERVICES (UK) LTD (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual 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 group strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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KIRKOSWALD CAPITAL SERVICES (UK) LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIRKOSWALD CAPITAL SERVICES (UK) LTD (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the parent company’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the parent company’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the parent company’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the parent company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the parent company. The key laws and regulations we considered in this context included the UK Companies Act and applicable tax legislation. A particular focus area included the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the parent company for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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KIRKOSWALD CAPITAL SERVICES (UK) LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIRKOSWALD CAPITAL SERVICES (UK) LTD (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
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 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.
for and on behalf of
Chartered accountants
Statutory auditor
16 Great Queen Street
WC2B 5AH
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KIRKOSWALD CAPITAL SERVICES (UK) LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
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KIRKOSWALD CAPITAL SERVICES (UK) LTD
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 24 form part of these financial statements.
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KIRKOSWALD CAPITAL SERVICES (UK) LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 24 form part of these financial statements.
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