Preliminary results and AGM notice
20/12/2024 07:00
Kasei Digital Assets PLC
(‘Kasei’ or the ‘Company’)
Preliminary results for the year ended 31 July 2024
Posting of Annual Report and Notice of AGM
Kasei Digital Assets 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 2024, 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://kaseidigitalassets.com/
The Company’s AGM will be held at Park House, 16-18 Finsbury Circus, London,
EC2M 7EB on 23 January 2024 at 4pm.
The Companies portfolio as of the 30th November 2024 is as follows
Asset Quantity Price Value
BTC 29.15 97,050.00 $2,829,008
ETH 251.50 3,695.00 $929,293
QNT 2,500.00 100.00 $250,000
SOL 1,000.00 240.00 $240,000
LINK 5,000.00 19.35 $96,750
DAG 2,195,000 0.07500 $164,625
AR 2,500.00 25.15 $62,875
AVAX 1,000.00 45.50 $45,500
HBAR 250,000.00 0.1650 $41,250
HNT 2,502.18 6.95 $17,390
LTX 50,000.00 0.0800 $4,000
ALGO 13,070.54 0.4500 $5,882
ADS 600,000.00 0.2000 $120,000
REALITY 100,000.00 $100,000
For further information please contact:
Kasei Digital Assets PLC Jai Patel Chief Investment Officer Jai.patel@kaseiholdings.com
VSA Capital Limited (AQSE Corporate Adviser) Simon Barton (Corporate Finance) +44 (0)20 3005 5000
About Kasei Digital Assets
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 employs 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 Digital Assets PLC: Overview | LinkedIn
(https://www.linkedin.com/company/kasei-holdings-plc/?originalSubdomain=uk)
FOR THE YEAR ENDED 31 JULY 2024
Over the last 12 months we have seen the underlying Crypto market slowly
gathering pace starting in January 2024 with the first Bitcoin ETF
approvals.
Increased institutional adoption and regulatory clarity should further enhance
the Company’s view that digital assets have an important role to play in
financial markets going forward.
Having successfully navigated the volatile and dynamic landscape of the
digital asset industry over the last 3 years we believe the Company's
performance demonstrates that its investment thesis holds strong.
Kasei Digital Assets PLC has seen a strong improved performance in 2024
compared to 2023.
Turnover
Turnover increased by 34% in 2024, rising from £40,519 in 2023 to £54,327.
This was due to an increase in yield generation. In addition we realised
profits of £220k from successful investments resulting in a small overall
gain for the year.
Net Assets
The company's intangible assets increased by 90% in 2024, from £1,434,003
in 2023 to £2,737,186. This was due to an increase in the value of the
company's intangible assets and fixed asset investments as the market
recovered.
Looking ahead, as the industry continues to mature Kasei Digital Assets and
its management team looks at this from a pre and post US Election perspective.
The 2024 US Presidential Election had a significant impact on the
cryptocurrency industry, with clear
distinctions between the pre- and post-election landscapes. The pre-election
period was marked by significant regulatory uncertainty. The outgoing
administration had taken a stricter stance on crypto, with increased scrutiny
and enforcement actions. This created a sense of apprehension within the
industry, hindering investment and innovation.
The immediate post-election period saw a surge in crypto prices. This was
largely driven by the victory of Donald Trump, who had campaigned on a
platform of making the US the "crypto capital of the world." This fuelled
expectations of a more favorable regulatory environment and increased
institutional adoption.
The 2024 US election highlighted the significant influence of political
developments on the crypto industry. The long-term outlook for the crypto
industry remains positive, driven by technological advancements and growing
mainstream acceptance. In recent days we have seen Bitcoin top $100,000 per
coin.
While the overall landscape for crypto is improving and certain elements of it
are gaining mainstream approval this has also resulted in increased
competition and products offering exposure to the asset class. The company
continues to assess the landscape in order to maximise shareholder value.
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 2024.
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
longterm 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
19th December 2024
FOR THE Period Ended 31 JULY 2024
The directors present their report and the financial statements for the year
ended 31 July 2024.
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;
* 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.
Directors
The directors who served during the year were:
Bryan Coyne
Steven Davis
Brendan Kearns
Jai Patel
Jane Thomason
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
The auditors, Brindley Goldstein Ltd, will be proposed for reappointment in
accordance with section 485 of the Companies Act 2006.
Opinion
We have audited the financial statements of KASEI Digital Assets PLC (the
'company') for the year ended 31 July 2024 which comprise the statement of
income and retained earnings, statement of financial position 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 FRS 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 2024 and of the Group's 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 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 UK, including the FRC’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.
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. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the
other information. 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; or
* the directors were not entitled to prepare the financial statements in
accordance with the small companies regime and take advantage of the small
companies' exemption in preparing the Directors' Report.
Responsibilities of directors
As explained more fully in the director's responsibilities statement, 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.
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 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:
Identifying and testing journal entries and the overall accounting records,
particularly those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether
accounting policies have been appropriately applied.
Assessing the extent of compliance, or lack of, with relevant laws and
regulations.
Testing key revenue lines, for evidence of management bias.
Verification of key assets.
Obtaining third-party confirmation of material balances.
Documenting and verifying all significant related party balances and
transactions.
Reviewing documentation such as the company board minutes, correspondence with
solicitors, for discussions of irregularities including fraud.
As part of an audit in accordance with ISAs (UK), we exercise professional
judgment and maintain professional scepticism throughout the audit. We also:
•Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the internal
control.
Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by the
director.
Conclude on the appropriateness of the director's use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast
significant doubt on the company's ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause
the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves
fair presentation.
We communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we
identify during our audit.
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 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.
Mr Charles Goldstein (Senior Statutory Auditor)
Brindley Goldstein Ltd
Waltham Cross
London
EN8 7AN
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
2024 2023
£ £
Fixed assets
Intangible assets 2,737,186 1,434,003
Investments 50,000 139,679
2,787,186 1,573,682
Current assets
Debtors: amounts falling due within one year 610,441 636,630
Cash and cash equivalents 244,863 351,469
855,304 988,099
Creditors: amounts falling due within one year (224,093) (250,426)
Net current assets 631,211 737,673
Total assets less current liabilities 3,418,397 2,311,355
Net assets excluding pension asset 3,418,397 2,311,355
Net assets 3,418,397 2,311,355
Capital and reserves
Called up share capital 332,284 332,284
Share premium account 3,789,677 3,789,677
Capital redemption reserve (27,992) (27,992)
Other reserves 1,120,562 14,153
Profit and loss account brought forward (1,796,767) (1,513,023)
Profit/(loss) for the year 633 (283,744)
Profit and loss account carried forward (1,796,134) (1,796,767)
3,418,397 2,311,355
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
and were signed on its behalf on
Brendan Kearns
Director 19/12/2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
Called up share capital Share premium account Capital redemption reserve Other reserves Profit and loss account Equity attributable to owners of parent Company Total equity
£ £ £ £ £ £ £
At 1 August 2022 290,617 3,796,454 - - (1,513,023) 2,574,048 2,574,048
Loss for the year - - - - (283,744) (283,744) (283,744)
Other comprehensive income - - - 14,153 - 14,153 14,153
Unsubscribed shares - - (27,992) - - (27,992) (27,992)
Shares issued during the year 41,667 150,424 - - - 192,091 192,091
At 1 August 2023 332,284 3,946,878 (27,992) 14,153 (1,796,767) 2,468,556 2,468,556
Profit for the year - - - - 633 633 633
Fair value movements in the year - - - 1,106,409 - 1,106,409 1,106,409
At 31 July 2024 332,284 3,946,878 (27,992) 1,120,562 (1,796,134) 3,575,598 3,575,598
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
Called up share capital Share premium account Capital redemption reserve Other reserves Profit and loss account Total equity
£ £ £ £ £ £
At 1 August 2022 290,617 3,639,253 - - (1,513,023) 2,416,847
Comprehensive income for the year
Loss for the year - - - - (283,744) (283,744)
Fair value movements in the year - - - 14,153 - 14,153
Unsubscribed shares - - (27,992) - - (27,992)
Shares issued during the year 41,667 150,424 - - - 192,091
At 1 August 2023 332,284 3,789,677 (27,992) 14,153 (1,796,767) 2,311,355
Comprehensive income for the year
Profit for the year - - - - 633 633
Fair value movements in the year - - - 1,106,409 - 1,106,409
At 31 July 2024 332,284 3,789,677 (27,992) 1,120,562 (1,796,134) 3,418,397
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