TIDMKASH 
 
Kasei Holdings plc 
 
(`Kasei' or the `Company') 
 
Correction to Annual Report announcement 
 
Kasei Holdings PLC (AQSE: KASH), a digital asset and web 3.0 investment company, 
announces that further to the `Posting of Annual Report and Notice of AGM' 
announcement released on 22/12/2023 at 14:56 p.m., it has come to light that 
there is an error in the portfolio table disclosed in that announcement. 
 
The asset name in the second row of the portfolio table should have ETH and not 
BTC as originally stated. 
 
All other details remain unchanged. 
 
The full amended text of the announcement is shown below. 
 
For further information please contact: 
 
+-------------------------------------------------+---------------------------+ 
|Kasei Holdings PLC                               |Jai.patel@kaseiholdings.com| 
|                                                 |                           | 
|Jai Patel                                        |                           | 
|                                                 |                           | 
|Chief Investment Officer                         |                           | 
+-------------------------------------------------+---------------------------+ 
|VSA Capital Limited (AQSE Corporate Adviser)     |+44 (0)203 005 5000        | 
|                                                 |                           | 
|Simon Barton / Thomas Jackson (Corporate Finance)|                           | 
+-------------------------------------------------+---------------------------+ 
 
About Kasei Holdings 
 
Kasei is a team of experienced financial experts who came together through a 
shared interest in the digital asset ecosystem and the belief that blockchain 
technology will transform industries and have significant global economic 
impact. 
 
Kasei's cumulative 100 years plus experience in navigating traditional financial 
markets, in particular highly volatile asset classes, provides the Company with 
a solid grounding to build a balanced portfolio positioned to take advantage of 
the disruptive innovation in this space. 
 
Despite Kasei's belief that these assets are positioned for highly significant 
long-term gains, the Company employ a balanced risk-and-reward strategy. This 
provides shareholders with an actively managed portfolio of crypto assets, as 
well as exposure to investments in blockchain enabled companies and technology, 
all in the form of one listed security. 
 
LinkedIn: Kasei Holdings PLC: Overview | 
LinkedIn (https://www.linkedin.com/company/kasei-holdings 
-plc/?originalSubdomain=uk) 
 
For the Period Ended 31 July 2023 
 
Introduction 
 
Kasei Holdings PLC (AQSE: KASH) is a digital asset and Web 3.0 investment 
company established in July 2021 to provide investors with broad based exposure 
to the digital asset ecosystem. 
 
Business review 
 
Over the past 12 months, Kasei Holdings PLC. has navigated successfully the 
volatile and dynamic landscape of the blockchain digital asset industry. The 
company has strategically positioned itself during this period of uncertainty to 
capitalise on emerging trends, regulatory developments, and technological 
advancements in the blockchain space. This report provides a brief analysis of 
Kasei Holdings performance, key investment decisions, market insights, 
challenges faced, and future strategic directions in the blockchain digital 
asset space. 
 
The last 12 months has seen huge uncertainty within the crypto industry and has 
seen a fall in the company's NAV which is down 12% on the previous year. However 
during the year the company grew its income significantly from staking and 
option writing during the period which accounted for £33k of the company's 
turnover which was up significantly on the year previous. The management 
acknowledges there is still a significant amount of ground to recover from, the 
company is satisfied with its performance as it managed its costs and 
investments during this volatile period in the industry. Kasei has strategically 
positioned itself in key segments of the blockchain digital asset industry to be 
able to capitalise on the implementation of blockchain technology in this 
rapidly evolving sector. 
 
Navigating the regulatory landscape has been a constant challenge waiting for 
guidelines to ensure compliance with evolving legal frameworks. We believe this 
proactive approach will pay off in the long term and will enhance the company's 
credibility in the eyes of investors. 
 
Looking ahead, as the industry continues to mature Kasei Holdings and its 
management team remains confident in its focus on blockchain technology and 
digital assets and aims to capitalise on market conditions and improving 
sentiment around the approval of a Bitcoin ETF and the upcoming Bitcoin halving 
which is anticipated to occur in April 2024 including the increased integration 
of blockchain in traditional financial systems, further expansion into global 
markets and many other industries. 
 
Since the end of the financial year the company's NAV has seen a steady increase 
and as of the 31st October 2023 it was up 8%. 
 
Our portfolio as of 31st July 2023 was as follows: 
 
Asset  Quantity      Price (£)  Valuation (£) 
BTC    27.73         22,740.09  630,582.66 
ETH    258.31        1,444.03   373,004.39 
ETHW   3.99          1.36       5.44 
LINK   4,990.00      5.87       29,288.98 
SOL    770.60        18.45      14,220.13 
AR     2,502.45      4.24       10,611.97 
USDT   40,032.39     0.78       31,153.26 
USDC   15,080.00     0.78       11,731.76 
ALGO   13,061.58     0.09       1,115.73 
AVAX   1,026.71      9.98       10,247.96 
QNT    2,500.00      85.04      212,599.19 
HBAR   249,890.00    0.04       10,165.51 
HNT    2,500.00      1.34       3,348.57 
LUNA   30.20         0.45       13.66 
LUNC   5,000.00      0.00       0.31 
DAG    2,500,000.92  0.03       78,321.95 
LTX    50,000.03     0.08       4,006.54 
ADS    275,000.00    0.05       13,591.68 
GBTC   6,000.00      14.86      89,156.28 
 
     Principal risks and uncertainties 
 
The digital asset industry is in an early stage of growth and adoption and as 
such carries significant risk. Asset prices are highly volatile and many of the 
protocols may ultimately fail. As such it is imperative for a diversified 
approach to be adopted as currently the winners are unclear. In addition, a 
stringent risk management framework is essential. We believe that the board's 
expertise in managing volatile asset classes stands us in good stead to navigate 
the volatile landscape. The company continues to believe that significant growth 
and adoption lies ahead and intends to navigate the many pitfalls diligently. 
 
Security of holding digital assets also remains challenging. However, more and 
more institutional grade custody solutions are appearing and the company 
continues to monitor the landscape in order to ensure all measures are taken to 
maximise security and custody of its assets using trusted partners and regulated 
entities. 
 
Bear markets and crypto winters are the perfect time for protocols to 
concentrate on building and for investors to analyse which projects have been 
battle tested and yet remain. As such we see the current malaise as an 
opportunity to concentrate resources and focus on the opportunities that will 
arise. 
 
Financial key performance indicators 
 
The company's business objective is to provide investors with broad based access 
to the digital asset ecosystem. Holding assets in a diversified manner and using 
yield generating strategies and stringent risk management has led to 
outperformance vs a core strategy of holding BTC or ETH. The price performance 
of Quant network (QNT), the company's largest altcoin position has been a key 
highlight and has enhanced the company's commitment to focus on utility within 
the asset class. 
 
Directors' statement of compliance with duty to promote the success of the Group 
 
This statement is intended by the Board of Directors to set out how they have 
approached and met their responsibilities under s172(1)(a) to (f) of the 
Companies Act 2006 in the year ending 31 July 2023. 
 
Stakeholders of the Company include employees, shareholders, suppliers, 
creditors of the business and the community in which it operates. 
 
The Directors, both collectively and individually, consider that they have acted 
in good faith to promote the success of the Company for the benefit of its 
stakeholders as a whole (having regard to the matters set out in s172 of the 
Act) in the decisions taken during the period. In particular: 
 
To ensure that the Board take account of the likely consequences of their 
decisions in the long-term, they receive regular and timely information on all 
the key areas of the business including financial performance, operational 
matters, health and safety, environmental reports, risks and opportunities. The 
Company's performance and progress is also reviewed regularly at Board meetings. 
 
The Directors' intentions are to behave responsibly towards all stakeholders and 
treat them fairly and equally, so that they all benefit from the long-term 
success of the Company. 
 
The Directors have overall responsibility for determining the Company's purpose, 
values and strategy and for ensuring high standards of governance. The primary 
aim of the Directors is to promote the long-term sustainable success of the 
Company, generating value for stakeholders and contributing to the wider 
society. In the future, the Board will continue to review and challenge how the 
Company can improve its engagement with its stakeholders. 
 
This report was approved by the board and signed on its behalf. 
 
Brendan Kearns Director 
 
20th December 2023 
 
     Directors' Report 
 
    For the Period Ended 31 July 2023 
 
The directors present their report and the financial statements for the year 
ended 31 July 2023. 
 
Directors' responsibilities statement 
 
The directors are responsible for preparing the Group Strategic Report, the 
Directors' Report and the consolidated financial statements in accordance with 
applicable law and regulations. 
 
Company law requires the directors to prepare financial statements for each 
financial year. Under that law the directors have elected to prepare the 
financial statements in accordance with applicable law and United Kingdom 
Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 
including Financial Reporting Standard 102 `The Financial Reporting Standard 
applicable in the UK and Republic of Ireland'. Under company law the directors 
must not approve the financial statements unless they are satisfied that they 
give a true and fair view of the state of affairs of the Company and the Group 
and of the profit or loss of the Group for that period. 
 
In preparing these financial statements, the directors are required to: 
 
  · select suitable accounting policies for the Group's financial statements and 
then apply them consistently; 
  · make judgments and accounting estimates that are reasonable and prudent; 
  · state whether applicable UK Accounting Standards have been followed, subject 
to any material departures disclosed and explained in the financial statements; 
  · prepare the financial statements on the going concern basis unless it is 
inappropriate to presume that the Group will continue in business. 
 
The directors are responsible for keeping adequate accounting records that are 
sufficient to show and explain the Company's transactions and disclose with 
reasonable accuracy at any time the financial position of the Company and the 
Group and to enable them to ensure that the financial statements comply with the 
Companies Act 2006. They are also responsible for safeguarding the assets of the 
Company and the Group and hence for taking reasonable steps for the prevention 
and detection of fraud and other irregularities. 
 
Principal activity 
 
The principal activity of the Company in the year under review was that of an 
investment company providing investors with broad based exposure to the digital 
asset ecosystem. 
 
Results and dividends 
 
The loss for the year, after taxation, amounted to £283,744 (2022 - loss 
£1,513,470). The Directors do not propose a dividend in respect of the year 
ended 31st July 2023. Directors 
 
The directors who served during the year were: 
 
Bryan Coyne (appointed 9 July 2021) 
 
Steven Davis (appointed 5 August 2021) 
 
Brendan Kearns (appointed 28 July 2021) 
 
Jai Patel (appointed 9 July 2021) 
 
Jane Thomason (appointed 4 August 2021) 
 
Future developments 
 
The company intends to continue to leverage the Board's expertise to identify 
compelling investments within the digital asset ecosystem. 
 
Disclosure of information to auditors 
 
Each of the persons who are directors at the time when this Directors' Report is 
approved has confirmed that: 
 
  · so far as the director is aware, there is no relevant audit information of 
which the Company and the Group's auditors are unaware, and 
  · the director has taken all the steps that ought to have been taken as a 
director in order to be aware of any relevant audit information and to establish 
that the Company and the Group's auditors are aware of that information. 
 
Auditors 
 
Under section 487(2) of the Companies Act 2006, Brindley Goldstein LTD will be 
deemed to have been reappointed as auditors 28 days after these financial 
statements were sent to members or 28 days after the latest date prescribed for 
filing the accounts with the registrar, whichever is earlier. 
 
This report was approved by the board and signed on its behalf. 
 
Brendan Kearns Director 
 
20th December 2023 
 
Independent Auditors' Report to the Members of KASEI HOLDINGS PLC 
 
Opinion 
 
We have audited the financial statements of KASEI HOLDINGS PLC (the 'parent 
Company') and its subsidiaries (the 'Group') for the year ended 31 July 2023, 
which comprise the Consolidated Statement of Comprehensive Income, the 
Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated 
Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the 
Company Statement of Changes in Equity and the related notes, including a 
summary of significant accounting policies. The financial reporting framework 
that has been applied in their preparation is applicable law and United Kingdom 
Accounting Standards, including Financial Reporting Standard 102 `The Financial 
Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom 
Generally Accepted Accounting Practice). 
 
In our opinion the financial statements: 
 
  · give a true and fair view of the state of the Group's and of the parent 
Company's affairs as at 31 July 2023 and of the Group's loss for the year then 
ended; 
  · have been properly prepared in accordance with United Kingdom Generally 
Accepted Accounting Practice; and 
  · have been prepared in accordance with the requirements of the Companies Act 
2006. 
 
Basis for opinion 
 
We conducted our audit in accordance with International Standards on Auditing 
(UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards 
are further described in the Auditors' responsibilities for the audit of the 
financial statements section of our report. We are independent of the Group in 
accordance with the ethical requirements that are relevant to our audit of the 
financial statements in the United Kingdom, including the Financial Reporting 
Council's Ethical Standard and we have fulfilled our other ethical 
responsibilities in accordance with these requirements. We believe that the 
audit evidence we have obtained is sufficient and appropriate to provide a basis 
for our opinion. 
 
Conclusions relating to going concern 
 
In auditing the financial statements, we have concluded that the directors' use 
of the going concern basis of accounting in the preparation of the financial 
statements is appropriate. 
 
Based on the work we have performed, we have not identified any material 
uncertainties relating to events or conditions that, individually or 
collectively, may cast significant doubt on the Group's or the parent Company's 
ability to continue as a going concern for a period of at least twelve months 
from when the financial statements are authorised for issue. 
 
Our responsibilities and the responsibilities of the directors with respect to 
going concern are described in the relevant sections of this report. 
 
Other information 
 
The other information comprises the information included in the Annual Report 
other than the financial statements and our Auditors' Report thereon. The 
directors are responsible for the other information contained within the Annual 
Report. Our opinion on the financial statements does not cover the other 
information and, except to the extent otherwise explicitly stated in our report, 
we do not express any form of assurance conclusion thereon. Our responsibility 
is to read the other information and, in doing so, consider whether the other 
information is materially inconsistent with the financial statements or our 
knowledge obtained in the course of the audit, or otherwise appears to be 
materially misstated. If we identify such material inconsistencies or apparent 
material misstatements, we are required to determine whether this gives rise to 
a material misstatement in the financial statements themselves. If, based on the 
work we have performed, we conclude that there is a material misstatement of 
this other information, we are required to report that fact. 
 
We have nothing to report in this regard. 
 
Opinion on other matters prescribed by the Companies Act 2006 
 
In our opinion, based on the work undertaken in the course of the audit: 
 
  · the information given in the Group Strategic Report and the Directors' 
Report for the financial year for which the financial statements are prepared is 
consistent with the financial statements; and 
  · the Group Strategic Report and the Directors' Report have been prepared in 
accordance with applicable legal requirements. 
 
Matters on which we are required to report by exception 
 
In the light of the knowledge and understanding of the Group and the parent 
Company and its environment obtained in the course of the audit, we have not 
identified material misstatements in the Group Strategic Report or the 
Directors' Report. 
 
We have nothing to report in respect of the following matters in relation to 
which the Companies Act 2006 requires us to report to you if, in our opinion: 
 
  · adequate accounting records have not been kept by the parent Company, or 
returns adequate for our audit have not been received from branches not visited 
by us; or 
  · the parent Company financial statements are not in agreement with the 
accounting records and returns; or 
  · certain disclosures of directors' remuneration specified by law are not 
made; or 
  · we have not received all the information and explanations we require for our 
audit. 
 
Responsibilities of directors 
 
As explained more fully in the Directors' Responsibilities Statement set out on 
page 6, the directors are responsible for the preparation of the financial 
statements and for being satisfied that they give a true and fair view, and for 
such internal control as the directors determine is necessary to enable the 
preparation of financial statements that are free from material misstatement, 
whether due to fraud or error. 
 
In preparing the financial statements, the directors are responsible for 
assessing the Group's and the parent Company's ability to continue as a going 
concern, disclosing, as applicable, matters related to going concern and using 
the going concern basis of accounting unless the directors either intend to 
liquidate the Group or the parent Company or to cease operations, or have no 
realistic alternative but to do so. 
 
Auditors' responsibilities for the audit of the financial statements 
 
Our objectives are to obtain reasonable assurance about whether the financial 
statements as a whole are free from material misstatement, whether due to fraud 
or error, and to issue an Auditors' Report that includes our opinion. Reasonable 
assurance is a high level of assurance, but is not a guarantee that an audit 
conducted in accordance with ISAs (UK) will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are 
considered material if, individually or in the aggregate, they could reasonably 
be expected to influence the economic decisions of users taken on the basis of 
these Group financial statements. 
 
Irregularities, including fraud, are instances of non-compliance with laws and 
regulations. We design procedures in line with our responsibilities, outlined 
above, to detect material misstatements in respect of irregularities, including 
fraud. The extent to which our procedures are capable of detecting 
irregularities, including fraud is detailed below: 
 
The objectives of our audit are to identify and assess the risks of material 
misstatement of the financial statements due to fraud or error; to obtain 
sufficient appropriate audit evidence regarding the assessed risks of material 
misstatement due to fraud or error; and to respond appropriately to those risks. 
Owing to the inherent limitations of an audit, there is an unavoidable risk that 
material misstatements in the financial statements may not be detected, even 
though the audit is properly planned and performed in accordance with the ISAs 
(UK). 
 
·  In identifying and assessing risks of material misstatement in respect of 
irregularities, including fraud and non- compliance with laws and regulations, 
our procedures included the following: 
 
·   We obtained an understanding of the legal and regulatory frameworks 
applicable to the Group and the industry 
 
in which it operates. We determined that the following laws and regulations were 
most significant: FRS 102 and the Companies Act 2006. 
 
·  We obtained an understanding of how the Group is complying with those legal 
and regulatory frameworks by making enquiries of management. 
 
·  We challenged assumptions and judgments made by management in its significant 
accounting estimates. We did not identify any key audit matters relating to 
irregularities, including fraud. 
 
A further description of our responsibilities for the audit of the financial 
statements is located on the Financial Reporting Council's website  at: 
www.frc.org.uk/auditorsresponsibilities. This description  forms part  of our 
Auditors' Report. 
 
Use of our report 
 
This report is made solely to the Company's members, as a body, in accordance 
with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been 
undertaken so that we might state to the Company's members those matters we are 
required to state to them in an Auditors' Report and for no other purpose. To 
the fullest extent permitted by law, we do not accept or assume responsibility 
to anyone other than the Company and the Company's members, as a body, for our 
audit work, for this report, or for the opinions we have formed. 
 
Charles Goldstein (Senior Statutory Auditor) for and on behalf of 
 
Brindley Goldstein LTD 
 
Charted Accountants and Statutory Auditors Registered Auditors 
 
103 High Street Waltham Cross London 
 
EN8 7AN 
 
Date: 
 
[image] 
 
The financial statements were approved and authorised for issue by the board and 
were signed on its behalf on B Kearns 
 
Director 20/12/2022 
 
The notes on pages 22 to 34 form part of these financial statements. 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
FOR THE YEAR ENDED 31 JULY 2023 
 
               Called     Share        Treasury    Profit and              Total 
               up         premium      shares 
equity 
                          account                  Otherloss 
               share                   £                                   £ 
               capita     £                        reserveaccount 
 
               £                                   ££ 
At 1 August    290,617    3,796,753    -           157,500(1,513,470) 
2,731,400 
2022 
Loss for the   -          -            -           -(283,744) 
(283,744) 
year 
Other          -          -            -14,153- 
14,153 
comprehensive 
income 
Unsubscribed   -          -            (27,992) 
(27,992) 
shares                                 -- 
Shares issued  41,667     150,424      --- 
192,091 
during the 
year 
At 31 July     332,284    3,947,177    (27,992)    171,653(1,797,214) 
2,625,908 
2023 
 
The notes on pages 22 to 34 form part of these financial statements. 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
FOR THE YEAR ENDED 31 JULY 2022 
 
               Called      Share         Other       Profit and      Total 
               up          premium       reserve                     equity 
                           account                   loss 
               share                                 account 
               capital 
£                       {             £           £               £ 
Comprehensive 
income for 
the 
year 
Loss for the                                         (1,513,470)     (1,513,470) 
year 
Shares issued  290,617     3,796,753                                 4,087,370 
during the 
year 
Other reserve                            157,500                     157,500 
movement 
At 31 July     290,617     3,796,753     157,500     (1,513,470)     2,731,400 
2022 
 
The notes on pages 22 to 34 form part of these financial statements. 
 
COMPANY STATEMENT OF CHANGES IN EQUITY 
FOR THE YEAR ENDED 31 JULY 2023 
 
                      Called     Share        Treasury    Other         Profit 
and 
                      up         premium      shares 
                                 account                  reserve       loss 
                      share                                             account 
                      capital 
£                     £          £            £                    £ 
At 1 August 2022      290,617    3,639,253 
(1,513,023) 
Loss for the year 
(283,744) 
Othercomprehensive                                        14,153 
income 
Unsubscribed                                  (27,992) 
shares 
Shares issued         41,667     150,424 
during the year 
At 31July 2023        332,284    3,789,677    (27,992)    14,153 
(1,796,767) 
 
                               Total equity 
                                          £ 
 
At 1 August 2022                  2,416,847 
 
Loss for the year                 (283,744) 
 
Other comprehensive income           14,153 
Unsubscribed shares                (27,992) 
Shares issued during the year       192,091 
 
At 31July 2023                    2,311,355 
 
 
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