UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 13F

                               FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: June 30, 2008

Check here if Amendment [ ]; Amendment Number:
                                               -------
This Amendment (Check only one.):   [ ] is a restatement.
                                    [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:      Sanderson Asset Management Limited
Address:   Heathcoat House
           20 Savile Row, 6th Floor
           London W1S 3PR, United Kingdon

Form 13F File Number: 28-12124

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:    Richard Cawdron
Title:   Director
Phone:   001-212-223-6502

Signature, Place, and Date of Signing:


/s/ Richard Cawdron                     London, United Kingdom   7/09/2008
- -------------------------------------       [City, State]          [Date]
[Signature]

Report Type (Check only one.):

[X]  13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
     are reported in this report.)

[ ]  13F NOTICE. (Check here if no holdings reported are in this report, and all
     holdings are reported by other reporting manager(s).)

[ ]  13F COMBINATION REPORT. (Check here if a portion of the holdings for this
     reporting manager are reported in this report and a portion are reported by
     other reporting manager(s).)

List of Other Managers Reporting for this Manager: [If
there are no entries in this list, omit this section.]

Form 13F File Number     Name

28-
   ------------------    ------------------------------------------------

[Repeat as necessary.]


                                       9



                             FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:                  0

Form 13F Information Table Entry Total:             1

Form 13F Information Table Value Total:       149,499
                                          -----------
                                          (thousands)

List of Other Included Managers: NONE

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.

[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]

No.    Form 13F File Number          Name

       28-
- ----      ------------------------   --------------------------------------

[Repeat as necessary.]


                                       10



                           FORM 13F INFORMATION TABLE



       Column 1          Column 2    Column 3 Column 4           Column 5           Column 6  Column 7        Column 8
- --------------------- ------------- --------- -------- --------------------------- ---------- -------- ----------------------
                         TITLE OF               VALUE                         PUT/ INVESTMENT   OTHER     VOTING AUTHORITY
    NAME OF ISSUER        CLASS       CUSIP   (x$1000) SHRS OR PRN AMT SH/PRN CALL DISCRETION MANAGERS    SOLE    SHARED NONE
- --------------------- ------------- --------- -------- --------------- ------ ---- ---------- -------- ---------- ------ ----
                                                                                        
TAIWAN SEMICONDUCTOR
   MFG LTD            Sponsored ADR 874039100  149,499    13,702,900   SH          SOLE                13,702,900