Kasei Digital Assets Plc - Half year results and strategic review

Half year results, outcome of strategic review and proposed voluntary winding up The Board of Kasei Digital Assets PLC is pleased to announce its half year results as well as the outcome of its strategic review. Outcome of strategic review On 17th January, the Board announced that it intended to conduct a full strategic review of the future of the Company.  The Board has now completed its review and has considered in particular the cost burden that shareholders bear as a result of the Company's status as a public quoted company. After much consideration, the Board has concluded that the costs involved with being a publicly quoted Company are a significant burden.  These costs include maintaining the Company's presence on the Aquis Stock Exchange, the associated costs of advisers and auditors and the AIFMD regulatory costs involved with managing funds on behalf of investors, which involve either an external third party or investment in significant resources to bring in-house. Given the size of the Company, these combined costs have represented a substantial proportion of the returns that the Directors have generated from the Company's investment activities and, as a result, they have decided that the interests of shareholders will be best served if the Company ceases to be a publicly quoted company. The Board has therefore resolved to seek to wind the Company up by means of a members' voluntary liquidation process and to return the net assets of the Company to shareholders in the form of cash. The Company is solvent, has positive net assets and given that the bulk of the Company's assets are in the form of readily realisable crypto currencies or cash, the Board expects the process of distributing the Company's assets to shareholders to be a straightforward process, subject to the approval of shareholders. Shareholders need take no action at this point and nothing will change in the short term.  The Company will maintain its quotation on the Aquis Stock Exchange until the time that the Company's assets are distributed to shareholders in cash.  The Board plans to start a process of winding down the Company's portfolio of crypto-assets in an orderly fashion over the next few months, taking profits where appropriate and being mindful of opportunities to maintain or create value for shareholders.  The Board will, in parallel, commence the legal process of winding the Company up with a view to having completed the process by no later than 30 September 2025. The winding up of the Company will require shareholders' approval by means of a special resolution which will be proposed at a general meeting to be convened in due course.  Shareholders will be kept up to date by means of further announcements as appropriate. Half year results Kasei Digital Assets PLC (KASH) today releases their interim accounts for the period August 24-Jan 25. During the period we continued to sell down some of the investment holdings recording a profit on disposal of £580,669. The intangible assets increased during the period to £3,373,272 and the company held cash of £865,494 at the 31st January 2025. Since the period end the value of the Company's intangible assets has dropped due to a sell off in risk assets triggered by US trade policy. Recently however volatility has subsided and the Company intends to prudently manage portfolio risk in line with its objectives as set out above. As of the 31st March the investment portfolio comprised of Underlying Quantity Price Valuation BTC 17.50 83,415.00 1,459,775.01 ETH 175.70 1,845.00 324,159.42 QNT 1,750.00 68.50 119,875.00 ADS 1,000,000.00 0.10 95,000.00 SOL 750.00 126.50 94,875.00 DAG 1,750,000.00 0.0435 76,125.00 LINK 3,750.00 13.55 50,812.50 AR 2,500.00 6.50 16,250.00 AVAX 1,000.00 18.75 18,750.00 TAO 150.00 225.00 33,750.00 REALITY 100,000.00 STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 JANUARY 2025 6 months AUDITED ended 31 Note January Year ended 31 July 2024 2025 £ £ Turnover 17,915 54,327 Gross profit [image] [image] 17,915 54,327 Profit / (loss) on investment asset - 134,881 Profit / (loss) on disposal of 580,669 84,744 digital asset Administrative expenses (150,184) (273,319) Operating profit [image] [image] 448,400 633 Profit for the financial period [image][image] [image][image] 448,400 633 Other comprehensive income: Items that will not be reclassified to profit or loss: Fair value movements 802,508 1,106,409 Other comprehensive income for the [image] [image] period 802,508 1,106,409 Total comprehensive income for the [image] [image] period/year [image]1,250,908 [image]1,107,042 The notes on pages 5 to 10 form part of these financial statements. BALANCE SHEET AS AT 31 JANUARY 2025 31 January AUDITED 31 July Note 2025 2024 £ £ Fixed assets Intangible 5 3,373,272 2,737,186 assets [image] [image] 3,373,272 2,737,186 Current assets Debtors: 6 610,351 610,441 amounts falling due within one year Cash at 7 865,494 244,863 bank and in hand [image] [image] 1,475,845 855,304 Creditors: (22,611) (16,892) amounts falling due within one year Net current [image] 1,453,234 [image] 838,412 assets Total [image] [image] assets less current 4,826,506 3,575,598 liabilities Net assets [image] [image] [image]4,826,506 [image]3,575,598 Capital and reserves Called up 332,284 332,284 share capital Share 3,946,878 3,946,878 premium account Capital (27,992) (27,992) redemption reserve Other 1,923,070 1,120,562 reserves Profit and (1,347,734) (1,796,134) loss account [image] [image] 4,826,506 3,575,598 [image] KASEI DIGITAL ASSETS PLC [image] STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 JANUARY 2025 Called up Share premium Capital redemption Other Profit and share capital account reserve reserves loss account Total equity £ £ £ £ £ £ At 1 August 2023 332,284 3,946,878 (27,992) 14,153 (1,796,767) 2,468,556 Profit for the year ---- 633 633 Other comprehensive income ---1,106,409 - 1,106,409 At 1 August 2024 332,284 3,946,878 [image] 1,120,562 [image] 3,575,598 (27,992) (1,796,134) Profit for the period ---- 448,400 448,400 Fair value movements in the year ---802,508 - 802,508 At 31 January 2025 332,284 3,946,878 [image][image] 1,923,070 [image] 4,826,506 (27,992) [image](1,347,734) The notes on pages 5 to 10 form part of these financial statements. Page 4 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JANUARY 2025 1.            General information England. Its registered office is 72 Charlotte Street Ground Floor, London, England, W1T 4QQ, United Kingdom. The Company's shares are traded on the Aquis Stock Exchange Growth Market under ticker KASH and ISIN number GB00BN950D98. The Company's aim is to provide investors with exposure to the digital assets ecosystem and an attractive rate of return by levaraging the Board's expertise, experience and networks in the cryptocurrency sector. The Company also intends to invest in venture capital and private equity investments in the blockchain ecosystem. 2.              Accounting policies 2.1     Basis of preparation of financial statements 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: 2.2     Foreign currency translation 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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JANUARY 2025 2.Accounting policies (continued) 2.3     Revenue 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: 2.4     Current and deferred taxation The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss 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. 2.5     Debtors 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. 2.6     Cash and cash equivalents 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. 2.7     Creditors 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. NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JANUARY 2025 3.Turnover An analysis of turnover by class of business is as follows: 31 January 31 July 2024 2025 £ £ Staking Income 11,913 20,072 Option Premium - 21,022 Interest Income 6,002 13,233 17,915 54,327 4. Employees 2025 2024 £ £ Wages and salaries 27,000 47,728 Social security costs 2,484 1,633 29,484 49,361 Within Wages and Salaries; £27,000 (2024 £47,728) related to Directors remuneration. The average monthly number of employees, including the directors, during the period was as follows: 31 January 31 July 2025 2024 No. No. Employees 2 2 . NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JANUARY 2025 5.Digital assets Digital Assets £ Cost At 1 August 20242,737,186 Additions100,725 Disposals(213,822) Revaluation surplus749,183 At 31 January 20253,373,272 Net book value At 31 January 20253,373,272 At 31 July 20242,737,186 6. Debtors Group Group Company Company AUDITED 31 AUDITED 31 31 July 31 January July January 2025 2024 2025 2024 £ £ £ £ Other debtors - 90 - 90 Prepayments and 11,280 11,280 11,280 11,280 accrued income Deferred 599,071 599,071 599,071 599,071 taxation 610,351 610,441 610,351 610,441 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JANUARY 2025 7.Cash and cash equivalents Group Group AUDITED 31 Company Company AUDITED 31 31 July 31 January July January 2025 2024 2025 2024 £ £ £ £ Cash at bank 865,494 244,863 865,494 244,863 and in hand 865,494 244,863 865,494 244,863 8.Creditors: Amounts falling due within one year Group Group Company Company AUDITED 31 AUDITED 31 31 July 31 January July January 2025 2024 2025 2024 £ £ £ £ Trade creditors 17,019 866 17,019 866 Amounts owed to - - 207,201 207,201 group undertakings Other taxation 2,392 2,026 2,392 2,026 and social security Accruals and 3,200 14,000 3,200 14,000 deferred income 22,611 16,892 229,812 224,093 9. Deferred taxation 2025 £ At beginning of 599,071 year At end of year 599,071 31 January AUDITED 31 July 2025 2024 £ £ Accelerated 599,071 599,071 capital allowances 599,071 599,071 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JANUARY 2025 10.Share capital 31 January AUDITED 31 July Allotted, called up and 2025 2024 fully paid £ £ 33,228,360 (2024 - [image]332,284 [image]332,284 33,228,360) Shares of £0.01 each Share Capital consists of 33,228,350 (2023: 33,228,350) subscribed Shares at £0.01 each. Of which 2,799.157 are unsubscribed Treasury Shares. This information was brought to you by Cision http://news.cision.com

Kasei Digital Assets Plc