Preliminary results and AGM notice
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
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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