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Registered number: 09922315
NAISBITT KING ASSET MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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NAISBITT KING ASSET MANAGEMENT LIMITED
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COMPANY INFORMATION
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Griffin Stone Moscrop & Co
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Chartered Accountants & Statutory Auditors
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21-27 Lamb's Conduit Street
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NAISBITT KING ASSET MANAGEMENT LIMITED
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CONTENTS
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Independent auditors' report
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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NAISBITT KING ASSET MANAGEMENT LIMITED
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
Naisbitt King Asset Management Limited was incorporated on 18 December 2015. It obtained Financial Conduct Authority approval on 12 July 2016 and immediately started to trade as a fund management and advisory service.
In the year ended 31 December 2019, turnover has risen to £229,253.
Principal risks and uncertainties
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The principal risks and uncertainties associated with the business is the obtaining, retaining and avoiding the loss of clients. This is linked closely with ensuring that at all times the quality of the management and advice of the company is of the highest order. Recent elections and referendums have made the markets more uncertain about the future direction of travel, which has made the management and advising of investment portfolios more challenging than is normally the case.
The current Covid-19 outbreak has added considerable additional uncertainty to the financial markets generally. During this outbreak, there has been a significant rise in the volatility in the prices and yields of investment grade corporate bonds which form the largest segment of investment by the company for its clients. This volatility has in recent weeks reduced due to the actions of the Federal Reserve of the United States of America, which has implemented an asset buying programme (including investment grade corporate bonds) which is unlimited in scope. Although this has settled in the markets in the short term, how long this programme will remain in place is unknown.
The company’s billing cycle is quarterly when our management fee is payable. To date we have received no requests for delay in payment.
Financial key performance indicators
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The key performance indicators are:
- Turnover: This has risen by £5,527, to £229,253 (2018 - £223,726);
- Net profit after tax: This has risen by £16,341, to £16,413 (2018 - £72). The net profit percentage for the year is 7.16% (2018: net profit percentage of 0.03%); and
- Net assets (capital): This has risen by £16,413, to £86,940 (2018: £70,527).
This report was approved by the board on 22 April 2020 and signed on its behalf.
................................................
Alastair King
Director
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NAISBITT KING ASSET MANAGEMENT LIMITED
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors present their report and the financial statements for the year ended 31 December 2019.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic report, the Directors' report and the 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £16,413 (2018 - £72).
The company did not propose the payment of a dividend.
The directors who served during the year were:
The company aims to attract additional clients, grow the fund management capability and seek to achieve continued strong investment performance in the funds managed. In addition the company will seek to develop additional areas of fund management activity, subject to regulatory approval.
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NAISBITT KING ASSET MANAGEMENT LIMITED
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
Disclosure of information to auditors
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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'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's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the period end.
The auditors, Griffin Stone Moscrop & Co, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 22 April 2020 and signed on its behalf.
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Alastair King
Director
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NAISBITT KING ASSET MANAGEMENT LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAISBITT KING ASSET MANAGEMENT LIMITED
We have audited the financial statements of Naisbitt King Asset Management Limited (the 'Company') for the year ended 31 December 2019, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the 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 Company's affairs as at 31 December 2019 and of its 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.
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 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
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We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. 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.
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NAISBITT KING ASSET MANAGEMENT LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAISBITT KING ASSET MANAGEMENT LIMITED (CONTINUED)
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
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 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
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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 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, 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 directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.
Responsibilities of directors
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As explained more fully in the Directors' responsibilities statement on page 2, 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 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 Company or to cease operations, or have no realistic alternative but to do so.
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NAISBITT KING ASSET MANAGEMENT LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAISBITT KING ASSET MANAGEMENT LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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 financial statements.
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 of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' 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 Auditors' 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 Auditors' 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.
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NAISBITT KING ASSET MANAGEMENT LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAISBITT KING ASSET MANAGEMENT LIMITED (CONTINUED)
This report is made solely to the Company's members 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 for our audit work, for this report, or for the opinions we have formed.
Reema Mistry (Senior statutory auditor)
for and on behalf of
Griffin Stone Moscrop & Co
Chartered Accountants
Statutory Auditors
21-27 Lamb's Conduit Street
London
WC1N 3GS
22 April 2020
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NAISBITT KING ASSET MANAGEMENT LIMITED
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
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Profit for the financial year
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 13 to 19 form part of these financial statements.
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NAISBITT KING ASSET MANAGEMENT LIMITED
REGISTERED NUMBER:09922315
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BALANCE SHEET
AS AT 31 DECEMBER 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 April 2020.
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Alastair King
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The notes on pages 13 to 19 form part of these financial statements.
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NAISBITT KING ASSET MANAGEMENT LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
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Comprehensive income for the year
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The notes on pages 13 to 19 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
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Comprehensive income for the year
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Shares issued during the year
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The notes on pages 13 to 19 form part of these financial statements.
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NAISBITT KING ASSET MANAGEMENT LIMITED
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
Cash flows from operating activities
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Profit for the financial year
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(Increase)/decrease in debtors
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Increase in amounts owed by groups
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Increase/(decrease) in creditors
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Net cash generated from operating activities
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Cash flows from financing activities
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Net cash used in financing activities
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Net (decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 13 to 19 form part of these financial statements.
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NAISBITT KING ASSET MANAGEMENT LIMITED
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2019
The notes on pages 13 to 19 form part of these financial statements.
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NAISBITT KING ASSET MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Naisbitt King Asset Management Limited is a company limited by shares which was incorporated on 18 December 2015 in the United Kingdom. Its principal place of business is 7 Pilgrim Street, London, EC4V 6LB.
The principal activity of the company since incorporation and subsequent regulatory approval has been the provision of fund management and advisory services.
2.Accounting policies
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Basis of preparation of financial statements
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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Group accounts consolidation
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As the company has one subsidiary that is not material for the purpose of giving a true and fair view of the group, consolidated group accounts have not been prepared as permitted under Section 405 of Comapnies Act 2006.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.
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NAISBITT KING ASSET MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Tax is recognised in the Statement of comprehensive income, 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 balance sheet date in the countries where the Company operates and generates income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
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NAISBITT KING ASSET MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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.
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An analysis of turnover by class of business is as follows:
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Of the total turnover 59% (2018 - 60%) arose within the United Kingdom and 41% (2018 - 40%) arose outside the UK.
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The operating profit is stated after charging:
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The Company has no employees other than the directors, who did not receive any remuneration (2018 - £NIL)
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Current tax on profits for the year
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NAISBITT KING ASSET MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
6.Taxation (continued)
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Factors affecting tax charge for the year
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There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 19% (2018 - 19%).
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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Investments in subsidiary companies
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NAISBITT KING ASSET MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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The following was a subsidiary undertaking of the Company:
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Glendevon King (Guernsey) Limited
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Frances House, Sir William Place, St Peter Port, GY1 4HQ
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The aggregate of the share capital and reserves as at 31 December 2019 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
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Glendevon King (Guernsey) Limited
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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NAISBITT KING ASSET MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
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Authorised, allotted, called up and fully paid
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47,836 (2018 - 47,836) Ordinary shares of £1.00 each
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Profit and loss account
This reserve records the retained earning of the company as at the balance sheet date.
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NAISBITT KING ASSET MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Related party transactions
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Related party transactions not disclosed elsewhere in the accounts included:
Naisbitt King Limited (a company under the control of Mr A. J. N. King) that charged the following for services during the year:
- Administrative support £102,727 (2018 - £33,840);
- Consultancy £nil (2018 - £41,667); and
- Investment advisory £nil (2018 - £17,000).
At the balance sheet date, Naisbitt King Limited was owed £19,500 (2018 - £15,474) by the company. This loan is interest free and repayable on demand.
Glendevon King (Guernsey) Limited (a wholly owned subsidiary) charged an administrative support fee of £nil (2018 - £5,060).
At the balance sheet date, Glendevon King (Guernsey) Limited owed £43,766 (2018 - £14,215) to the company. This loan is interest free and repayable on demand.
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Naisbitt King Asset Management Limited is controlled by Mr A. J. N. King by virtue of his 90.1% shareholding of the company.
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