Company Registration No. 4903796 (England and Wales)
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
M Conway
O Rogge
T Togo
T Pross
T Nakashima
T Goto
Secretary
M-L Bryce
Company number
4903796
Registered office
199 Bishopsgate
London
UK
EC2M 3TY
Auditor
WP Audit Limited
5a Frascati Way
Maidenhead
Berkshire
SL6 4UY
Business address
199 Bishopsgate
London
UK
EC2M 3TY
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Income statement
7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 18
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present their strategic report for the year ended 31 December 2021.
Review of the business
The principal activity of the company is that of providing investment management services and advice. Due to stagnation in business development the directors have given notice to wind down the company during 2021.
Results and performance
The results of the company are set out on page 7.
The total assets under management as at 31 December 2021 were £nil (2020: £1.2bn).
The company’s turnover for the year amounted to £1.0m (2020: £2.3m) and its profits on ordinary activities before taxation were £0.1m (2020: £0.4m). The shareholders’ funds of the company total £2.1m (2020: £2.0m).
The results and financial position for the year end were considered satisfactory by the directors given the challenging business environment.
Principal risks and uncertainties
The company is governed by its Senior Management, including the Board of Directors (collectively the ‘Senior Management’) who determines its business strategy and its appetite to risk.
The company has in place a risk management framework with the risk management task delegated to its joint venture partner Allianz Global Investors GmbH independent risk management function. The framework establishes a firm wide program to assess and address risk from all sources (internal and external) which might impact the ability of the company to achieve its strategic objectives or impair its capital position.
Risks are continuously identified and monitored through a system of risk assessment and reporting. The Risk Committee determines the company's tolerance to varying levels or risk crystallisation and after consideration of key indicators and mitigating factors in place will assess each material risk identified.
The company has identified material risks arising from its operations and considers itself to be adequately mitigated against key person loss, fraud and theft, trading and accounting errors, investment legal and regulatory breaches, business interruption, concentration, credit and liquidity risk. Exposure to risks in relation to market risk and the performance of client portfolios are monitored by Senior Management on a continuous basis.
Future developments
The directors intend to wind down the company in accordance with the applicable provisions for striking off a limited company under Companies Act 2006.
M Conway
Director
21 December 2022
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
The directors present their report and the audited financial statements for the year ended 31 December 2021.
Tokio Marine Rogge Asset Management Limited provides investment management services and is registered in England No 4903796. The company is authorised and regulated by the Financial Conduct Authority.
Dividends
During the year the directors declared no dividend (2020: NIL).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Conway
O Rogge
T Togo
T Pross
T Nakashima
T Goto
Going concern
The company ceased to trade on 30 November 2021 and is due to be wound down. On this basis, it is not appropriate to prepare the financial statements on a going concern basis.
Employees
The Company is committed to making full use of the talents and resources of all its employees and to ensuring that no employee is subject to discrimination or unjustified less favourable treatment on the grounds of their colour, nationality, race, religion/belief, ethnic origin, sex, marital or civil partnership status, disability, part-time or fixed term status, pregnancy, maternity or parental responsibilities, age, sexual orientation or gender reassignment.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
M Conway
Director
21 December 2022
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-
make judgements 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 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 directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
- 4 -
Opinion
We have audited the financial statements of Tokio Marine Rogge Asset Management Limited (the 'company') for the year ended 31 December 2021 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 2021 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
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.
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to the strategic report which explains that the directors intend to wind down the company and therefore do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in accounting policies note 1.2. Our opinion is not modified in this respect of this matter.
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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
- 5 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport 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
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
.
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
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'
r
esponsibilities
s
tatement, 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.
Auditor's 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, outlines 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.
Extent to which the audit was considered capable of detecting irregularities, including fraud.
-
The engagement partners ensured that the engagement team collectively had the appropriate competence, capabilities and skill to identify or recognise non-compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the recruitment sector;
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
-
we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
-
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instance of non-compliance throughout the audit.
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
- 6 -
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
-
understanding the design of the company's remuneration policies.
To address the risk of fraud through management bias and override of controls, we;
-
performed analytical procedures to identify unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions;
-
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
-
investigated the rationale behind significant or unusual transactions.
Audit reponse to risks identified
In response to the risk of irregularities and non-compliance with laws and regulations; we designed procedures which included, but were not limited to;
-
agreeing financial statement disclosures to underlying supporting documentation;
-
enquiring of management as to actual and potential litigation and claims; and
-
reviewing correspondence with HMRC, relevant regulators and company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment of collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Philippa Duckworth, FCCA, BSc
Senior Statutory Auditor
21 December 2022
For and on behalf of WP Audit Ltd
Chartered Accountants
5a Frascati Way
Statutory Auditor
Maidenhead
Berkshire
SL6 4UY
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
2021
2020
Notes
£
£
Turnover
3
1,000,741
2,310,825
Administrative expenses
(851,686)
(1,934,312)
Operating profit
4
149,055
376,513
Tax on profit
8
(28,321)
(72,445)
Profit for the financial year
120,734
304,068
The income statement has been prepared on the basis that all operations are continuing operations.
There are no recognised gains and losses other than those passing through the income statement.
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
2021
2020
£
£
Profit for the year
120,734
304,068
Other comprehensive income
-
-
Total comprehensive income for the year
120,734
304,068
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
31 December 2021
- 9 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
9
-
637,462
Cash at bank and in hand
2,125,070
1,809,224
2,125,070
2,446,686
Creditors: amounts falling due within one year
10
(28,799)
(471,149)
Net current assets
2,096,271
1,975,537
Capital and reserves
Called up share capital
12
300,000
300,000
Profit and loss reserves
1,796,271
1,675,537
Total equity
2,096,271
1,975,537
The financial statements were approved by the board of directors and authorised for issue on 21 December 2022
Signed on its behalf by:
M Conway
T Togo
Director
Director
Company Registration No. 4903796
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2020
300,000
1,371,469
1,671,469
Profit and total comprehensive income for the year
-
304,068
304,068
Balance at 31 December 2020
300,000
1,675,537
1,975,537
Profit and total comprehensive income for the year
-
120,734
120,734
Balance at 31 December 2021
300,000
1,796,271
2,096,271
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
13
388,347
342,149
Income taxes paid
(72,501)
(55,745)
Net cash inflow from operating activities
315,846
286,404
Net cash (used in)/generated from investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
315,846
286,404
Cash and cash equivalents at beginning of year
1,809,224
1,522,820
Cash and cash equivalents at end of year
2,125,070
1,809,224
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
1
Accounting policies
Company information
Tokio Marine Rogge Asset Management Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
199 Bishopsgate, London, UK, EC2M 3TY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006. The financial statements present information about the company as an individual undertaking.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
As exp
true
lained in the strategic report, t
he company
is due to be wound down
.
As required by UK accounting standards, the directors have prepared the financial statements on the basis that the company is no longer a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis.
1.3
Turnover
Turnover represents the invoiced value, excluding value added tax, of services rendered during the year.
Turnover is recognised on an accruals basis however where fees are contingent on future events they
are recognised as the fees crystallise and become due.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial assets
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as 'fair value through profit or loss' are measured at fair value.
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
Loans and receivables
Trade debtors
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Impairment of financial assets
Financial assets, other than those
held
at
'fair value through profit and loss'
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
1.6
Financial liabilities
Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as
'fair value through profit or loss'
are measured at fair value.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 14 -
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
The company contributes to a defined contribution pension scheme for the benefit of eligible employees. The company's liability is limited to the premiums actually paid which are charged to the profit and loss account in the period of payment.
1.11
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover
The company has only one class of business and derives its income from UK-based activities, which are supplied to clients in Japan.
4
Operating profit
2021
2020
Operating profit for the year is stated after charging:
£
£
Exchange losses
10,814
15,016
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Consultants and administrative staff
1
7
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
61,617
200,210
Social security costs
3,445
12,306
Pension costs
3,247
9,741
68,309
222,257
There was no key management personnel compensation in the year (2020: nil)
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 16 -
6
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
6,000
For other services
All other non-audit services
-
48,000
7
Directors' remuneration
The directors' remuneration for this year and last year was £nil.
8
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
28,320
72,500
Adjustments in respect of prior periods
1
(55)
Total current tax
28,321
72,445
Total tax charge
28,321
72,445
With effect from 1 April 2017 the main rate of Corporation Tax is 19%.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation on continued operations
149,055
376,513
Profit on ordinary activities before taxation multiplied by standard rate of corporation tax of 19% (2020 - 19%)
28,320
71,537
Tax effect of expenses that are not deductible in determining taxable profit
964
Under/(over) provided in prior years
1
(55)
(Under)/over provided
(1)
1
908
Tax expense for the year
28,321
72,445
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
9
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
627,481
Prepayments and accrued income
9,981
-
637,462
10
Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
28,320
72,500
Other taxation and social security
4,690
Other creditors
348,843
Accruals and deferred income
479
45,116
28,799
471,149
11
Retirement benefit schemes
Defined contribution schemes
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £3,247 (2020 - £9,741).
12
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300,000
300,000
300,000
300,000
The shares constitute a single class of shares with the same rights in respect of income, capital and voting.
TOKIO MARINE ROGGE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 18 -
13
Cash generated from operations
2021
2020
£
£
Profit for the year
120,734
304,068
Adjustments for:
Income tax expense recognised in profit or loss
28,321
72,445
Movements in working capital:
Decrease/(increase) in debtors
637,462
(20,667)
(Decrease) in creditors
(398,170)
(13,697)
Cash generated from operations
388,347
342,149
14
Control
The company is jointly controlled by Tokio Marine Asset Management Company Ltd and Allianz Global Investors GmbH.
15
Related party transactions
Under the terms of a joint venture agreement and amendments thereto together with a secondment and services agreement, the following related party transactions occurred:
2021
2020
£
£
Entities with control, joint control or significant influence over the company
Sales to such entities
996,388
2,302,050
Management charges, recharges and fees from such entities
705,212
1,675,933
Amounts due from such entities at the year end
-
537,378
Amounts due to such entities at the year end
-
348,843
16
Analysis of changes in net funds
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
1,809,224
315,846
2,125,070
2021-12-31
2021-01-01
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CCH Software
CCH Accounts Production 2022.300
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