Posting of Annual Report and Notice of AGM
22/12/2023 14:56
Kasei Holdings plc
(‘Kasei’ or the ‘Company’)
Posting of Annual Report and Notice of AGM
Kasei Holdings PLC (AQSE: KASH), a digital asset and web 3.0 investment
company, is pleased to confirm that the Annual Report & Accounts for the year
ended 31 July 2023, together with the Notice of Annual General Meeting ("AGM")
and a Form of Proxy, will be posted to shareholders shortly.
The Annual Report & Accounts and the Notice of AGM are available on the
Company's website at https://kaseiholdings.com/
The Company’s AGM will be held at Park House, 16-18 Finsbury Circus, London,
EC2M 7EB on 25 January 2024 at 4pm. For further information please contact:
Kasei Holdings PLC Jai Patel Chief Investment Officer Jai.patel@kaseiholdings.com
VSA Capital Limited (AQSE Corporate Adviser) Simon Barton / Thomas Jackson (Corporate Finance) +44 (0)203 005 5000
About Kasei Holdings
Kasei is a team of experienced financial experts who came together through a
shared interest in the digital asset ecosystem and the belief that blockchain
technology will transform industries and have significant global economic
impact.
Kasei’s cumulative 100 years plus experience in navigating traditional
financial markets, in particular highly volatile asset classes, provides the
Company with a solid grounding to build a balanced portfolio positioned to
take advantage of the disruptive innovation in this space.
Despite Kasei’s belief that these assets are positioned for highly
significant long-term gains, the Company employ a balanced risk-and-reward
strategy. This provides shareholders with an actively managed portfolio of
crypto assets, as well as exposure to investments in blockchain enabled
companies and technology, all in the form of one listed security.
LinkedIn: Kasei Holdings PLC: Overview | LinkedIn
(https://www.linkedin.com/company/kasei-holdings-plc/?originalSubdomain=uk)
For the Period Ended 31 July 2023
Introduction
Kasei Holdings PLC (AQSE: KASH) is a digital asset and Web 3.0 investment
company established in July 2021 to provide investors with broad based
exposure to the digital asset ecosystem.
Business review
Over the past 12 months, Kasei Holdings PLC. has navigated successfully the
volatile and dynamic landscape of the blockchain digital asset industry. The
company has strategically positioned itself during this period of uncertainty
to capitalise on emerging trends, regulatory developments, and technological
advancements in the blockchain space. This report provides a brief analysis of
Kasei Holdings performance, key investment decisions, market insights,
challenges faced, and future strategic directions in the blockchain digital
asset space.
The last 12 months has seen huge uncertainty within the crypto industry and
has seen a fall in the company’s NAV which is down 12% on the previous year.
However during the year the company grew its income significantly from staking
and option writing during the period which accounted for £33k of the
company's turnover which was up significantly on the year previous. The
management acknowledges there is still a significant amount of ground to
recover from, the company is satisfied with its performance as it managed its
costs and investments during this volatile period in the industry. Kasei has
strategically positioned itself in key segments of the blockchain digital
asset industry to be able to capitalise on the implementation of blockchain
technology in this rapidly evolving sector.
Navigating the regulatory landscape has been a constant challenge waiting for
guidelines to ensure compliance with evolving legal frameworks. We believe
this proactive approach will pay off in the long term and will enhance the
company's credibility in the eyes of investors.
Looking ahead, as the industry continues to mature Kasei Holdings and its
management team remains confident in its focus on blockchain technology and
digital assets and aims to capitalise on market conditions and improving
sentiment around the approval of a Bitcoin ETF and the upcoming Bitcoin
halving which is anticipated to occur in April 2024 including the increased
integration of blockchain in traditional financial systems, further expansion
into global markets and many other industries.
Since the end of the financial year the company’s NAV has seen a steady
increase and as of the 31st October 2023 it was up 8%.
Our portfolio as of 31st July 2023 was as follows:
Asset Quantity Price (£) Valuation (£)
BTC 27.73 22,740.09 630,582.66
BTC 258.31 1,444.03 373,004.39
ETHW 3.99 1.36 5.44
LINK 4,990.00 5.87 29,288.98
SOL 770.60 18.45 14,220.13
AR 2,502.45 4.24 10,611.97
USDT 40,032.39 0.78 31,153.26
USDC 15,080.00 0.78 11,731.76
ALGO 13,061.58 0.09 1,115.73
AVAX 1,026.71 9.98 10,247.96
QNT 2,500.00 85.04 212,599.19
HBAR 249,890.00 0.04 10,165.51
HNT 2,500.00 1.34 3,348.57
LUNA 30.20 0.45 13.66
LUNC 5,000.00 0.00 0.31
DAG 2,500,000.92 0.03 78,321.95
LTX 50,000.03 0.08 4,006.54
ADS 275,000.00 0.05 13,591.68
GBTC 6,000.00 14.86 89,156.28
Principal risks and uncertainties
The digital asset industry is in an early stage of growth and adoption and as
such carries significant risk. Asset prices are highly volatile and many of
the protocols may ultimately fail. As such it is imperative for a diversified
approach to be adopted as currently the winners are unclear. In addition, a
stringent risk management framework is essential. We believe that the
board’s expertise in managing volatile asset classes stands us in good stead
to navigate the volatile landscape. The company continues to believe that
significant growth and adoption lies ahead and intends to navigate the many
pitfalls diligently.
Security of holding digital assets also remains challenging. However, more and
more institutional grade custody solutions are appearing and the company
continues to monitor the landscape in order to ensure all measures are taken
to maximise security and custody of its assets using trusted partners and
regulated entities.
Bear markets and crypto winters are the perfect time for protocols to
concentrate on building and for investors to analyse which projects have been
battle tested and yet remain. As such we see the current malaise as an
opportunity to concentrate resources and focus on the opportunities that will
arise.
Financial key performance indicators
The company’s business objective is to provide investors with broad based
access to the digital asset ecosystem. Holding assets in a diversified manner
and using yield generating strategies and stringent risk management has led to
outperformance vs a core strategy of holding BTC or ETH. The price performance
of Quant network (QNT), the company’s largest altcoin position has been a
key highlight and has enhanced the company’s commitment to focus on utility
within the asset class.
Directors' statement of compliance with duty to promote the success of the
Group
This statement is intended by the Board of Directors to set out how they have
approached and met their responsibilities under s172(1)(a) to (f) of the
Companies Act 2006 in the year ending 31 July 2023.
Stakeholders of the Company include employees, shareholders, suppliers,
creditors of the business and the community in which it operates.
The Directors, both collectively and individually, consider that they have
acted in good faith to promote the success of the Company for the benefit of
its stakeholders as a whole (having regard to the matters set out in s172 of
the Act) in the decisions taken during the period. In particular:
To ensure that the Board take account of the likely consequences of their
decisions in the long-term, they receive regular and timely information on all
the key areas of the business including financial performance, operational
matters, health and safety, environmental reports, risks and opportunities.
The Company's performance and progress is also reviewed regularly at Board
meetings.
The Directors' intentions are to behave responsibly towards all stakeholders
and treat them fairly and equally, so that they all benefit from the long-term
success of the Company.
The Directors have overall responsibility for determining the Company's
purpose, values and strategy and for ensuring high standards of governance.
The primary aim of the Directors is to promote the long-term sustainable
success of the Company, generating value for stakeholders and contributing to
the wider society. In the future, the Board will continue to review and
challenge how the Company can improve its engagement with its stakeholders.
This report was approved by the board and signed on its behalf.
Brendan Kearns Director
20th December 2023
Directors' Report
For the Period Ended 31 July 2023
The directors present their report and the financial statements for the year
ended 31 July 2023.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the
Directors' Report and the consolidated financial statements in accordance with
applicable law and regulations.
Company law requires the directors to prepare financial statements for each
financial year. Under that law the directors have elected to prepare the
financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice),
including Financial Reporting Standard 102 ‘The Financial Reporting Standard
applicable in the UK and Republic of Ireland'. Under company law the directors
must not approve the financial statements unless they are satisfied that they
give a true and fair view of the state of affairs of the Company and the Group
and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
* select suitable accounting policies for the Group's financial statements and
then apply them consistently;
* make 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 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.
Principal activity
The principal activity of the Company in the year under review was that of an
investment company providing investors with broad based exposure to the
digital asset ecosystem.
Results and dividends
The loss for the year, after taxation, amounted to £283,744 (2022 - loss
£1,513,470). The Directors do not propose a dividend in respect of the year
ended 31st July 2023. Directors
The directors who served during the year were:
Bryan Coyne (appointed 9 July 2021)
Steven Davis (appointed 5 August 2021)
Brendan Kearns (appointed 28 July 2021)
Jai Patel (appointed 9 July 2021)
Jane Thomason (appointed 4 August 2021)
Future developments
The company intends to continue to leverage the Board’s expertise to
identify compelling investments within the digital asset ecosystem.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report
is approved has confirmed that:
* so far as the director is aware, there is no relevant audit information of
which the Company and the Group's auditors are unaware, and
* the director has taken all the steps that ought to have been taken as a
director in order to be aware of any relevant audit information and to
establish that the Company and the Group's auditors are aware of that
information.
Auditors
Under section 487(2) of the Companies Act 2006, Brindley Goldstein LTD will be
deemed to have been reappointed as auditors 28 days after these financial
statements were sent to members or 28 days after the latest date prescribed
for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
Brendan Kearns Director
20th December 2023
Independent Auditors' Report to the Members of KASEI HOLDINGS PLC
Opinion
We have audited the financial statements of KASEI HOLDINGS PLC (the 'parent
Company') and its subsidiaries (the 'Group') for the year ended 31 July 2023,
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).
In our opinion the financial statements:
* give a true and fair view of the state of the Group's and of the parent
Company's affairs as at 31 July 2023 and of the Group's loss 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 Group in accordance with the ethical requirements that are relevant to our
audit of the financial statements in the United Kingdom, including the
Financial Reporting Council's Ethical Standard and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors'
use of the going concern basis of accounting in the preparation of the
financial statements is appropriate.
Based on the work we have performed, we have not identified any material
uncertainties relating to events or conditions that, individually or
collectively, may cast significant doubt on the Group's or the parent
Company's ability to continue as a going concern for a period of at least
twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to
going concern are described in the relevant sections of this report.
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 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
* the information given in the Group Strategic Report and the Directors'
Report for the financial year for which the financial statements are prepared
is consistent with the financial statements; and
* the Group Strategic Report and the Directors' Report have been prepared in
accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent
Company and its environment obtained in the course of the audit, we have not
identified material misstatements in the Group Strategic Report or the
Directors' Report.
We have nothing to report in respect of the following matters in relation to
which the Companies Act 2006 requires us to report to you if, in our opinion:
* adequate accounting records have not been kept by the parent Company, or
returns adequate for our audit have not been received from branches not
visited by us; or
* the parent Company financial statements are not in agreement with the
accounting records and returns; or
* certain disclosures of directors' remuneration specified by law are not
made; or
* we have not received all the information and explanations we require for our
audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out
on page 6, the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and
for such internal control as the directors determine is necessary to enable
the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for
assessing the Group's and the parent Company's ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to
liquidate the Group or the parent Company or to cease operations, or have no
realistic alternative but to do so.
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 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:
The objectives of our audit are to identify and assess the risks of material
misstatement of the financial statements due to fraud or error; to obtain
sufficient appropriate audit evidence regarding the assessed risks of material
misstatement due to fraud or error; and to respond appropriately to those
risks. Owing to the inherent limitations of an audit, there is an unavoidable
risk that material misstatements in the financial statements may not be
detected, even though the audit is properly planned and performed in
accordance with the ISAs (UK).
• 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:
• We obtained an understanding of the legal and regulatory frameworks
applicable to the Group and the industry
in which it operates. We determined that the following laws and regulations
were most significant: FRS 102 and the Companies Act 2006.
• We obtained an understanding of how the Group is complying with those
legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgments made by management in its
significant accounting estimates. We did not identify any key audit matters
relating to irregularities, including fraud.
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 2006. Our audit work has been
undertaken so that we might state to the Company's members those matters we
are required to state to them in an Auditors' Report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company's members, as
a body, for our audit work, for this report, or for the opinions we have
formed.
Charles Goldstein (Senior Statutory Auditor) for and on behalf of
Brindley Goldstein LTD
Charted Accountants and Statutory Auditors Registered Auditors
103 High Street Waltham Cross London
EN8 7AN
Date:
The financial statements were approved and authorised for issue by the board
and were signed on its behalf on B Kearns
Director 20/12/2022
The notes on pages 22 to 34 form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
Called up share capita £ Share premium account £ Treasury shares £ Profit and Other loss reserve account £ £ Total equity £
At 1 August 2022 290,617 3,796,753 - 157,500 (1,513,470) 2,731,400
Loss for the year - - - - (283,744) (283,744)
Other comprehensive income - - - 14,153 - 14,153
Unsubscribed shares - - (27,992) - - (27,992)
Shares issued during the year 41,667 150,424 - - - 192,091
At 31 July 2023 332,284 3,947,177 (27,992) 171,653 (1,797,214) 2,625,908
The notes on pages 22 to 34 form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2022
Called up share capital Share premium account Other reserve Profit and loss account Total equity
£ { £ £ £
Comprehens ive income for the year
Loss for the year (1,5 13,470) (1,5 13,470)
S ha res issued d ur ing the year 29 0,617 3 ,79 6,7 53 4,08 7,370
Other res er ve m ov em ent 157 ,500 157,500
At 31 J uly 2022 29 0,617 3,79 6,753 157,500 ( 1,513,470) 2 ,73 1,400
The notes on pages 22 to 34 form part of these financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
Called up share capital Share premium account Treasury shares Other reserve Profit and loss account
£ £ £ £ £
At 1 August 2022 29 0,617 3,639,253 (1,51 3,023)
Loss for the year (283,744)
Oth ercom prehensive inc ome 14,153
Unsubscribed shares (2 7,99 2)
Sh ares issued during the year 4 1,667 150,424
At 31J uly 2023 332,2 84 3,789,677 (2 7,99 2) 14,153 (1,796 ,767)
Total equity
£
At 1 August 2022 2,416,847
Loss for the year (283,744)
Other comprehensive income 14,153
Unsubscribed shares (27,992)
Shares issued during the year 192,091
At 31July 2023 2,311,355
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