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Registered number: 02447224










ASE GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ASE GROUP LIMITED
 

COMPANY INFORMATION


Directors
D Felicissimo 
C Salameh (appointed 22 April 2024, resigned 17 October 2024)
M Assi (resigned 22 April 2024)
S Manos (resigned 22 April 2024)
J S S Messud (resigned 22 April 2024)




Registered number
02447224



Registered office
20-22 Wenlock Road

London

N1 7GU




Independent auditors
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Communications Road

Greenham Business Park

Newbury

Berkshire

RG19 6AB





 
ASE GROUP LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 6
Statement of Comprehensive Income
7
Balance Sheet
8
Statement of Changes in Equity
9
Notes to the Financial Statements
10 - 16


 
ASE GROUP LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
ASE Group Limited is the holding company for the wider ASE group. ASE group offer software solutions, specializing in supporting and enhancing the monitoring and performance management of automotive dealer networks. Their innovative tools and technologies help dealerships track and analyse performance metrics, make data-driven decisions and optimise their operations.

In 2022, the group underwent a restructuring process, which included streamlining operations and making strategic changes. As part of this restructuring, there were workforce adjustments and the surrendering of leases, all aimed at optimising the company’s cost base and improving overall efficiency. These actions will have a significant impact on the financial health of the business going forward, allowing the group to operate in a more streamlined and cost-effective manner.

Principal risks and uncertainties
 
As the Company is a holding company and does not trade, the principal risk is the diminution in the value of the Company's Investment in its subsidiaries.

Financial key performance indicators
 
Key financial performance indicators are:
Loss for the period was £931,762 (2022: £646).
Net assets at the year end are £602,315 (2022 :£1,534,077).

Other key performance indicators
 
Given the straightforward nature of the Company, there are no other key performance indicators.


This report was approved by the board on 4 March 2025 and signed on its behalf.





D Felicissimo
Director

Page 1

 
ASE GROUP LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

D Felicissimo 
C Salameh (appointed 22 April 2024, resigned 17 October 2024)
M Assi (resigned 22 April 2024)
S Manos (resigned 22 April 2024)
J S S Messud (resigned 22 April 2024)

Directors' responsibilities statement

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;

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 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £931,762 (2022 - loss £646).

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'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

There have been no significant events affecting the Company since the year end.

Page 2

 
ASE GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

The auditor, James Cowper Kreston Audit, replaced Crowe U.K. LLP as auditor on 19 June 2024 and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





D Felicissimo
Director

Date: 4 March 2025

Page 3

 
ASE GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASE GROUP LIMITED
 

Opinion


We have audited the financial statements of ASE Group Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 2023 and of its 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 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


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.


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 ReportOur 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.


Page 4

 
ASE GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASE GROUP LIMITED (CONTINUED)


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 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
 

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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out 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.


Page 5

 
ASE GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASE GROUP LIMITED (CONTINUED)


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 financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

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 2006Our 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.




Jonathan Baillie BA (Hons) ACA FCCA (Senior Statutory Auditor)
for and on behalf of
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor
2 Communications Road
Greenham Business Park
Newbury
Berkshire
RG19 6AB

4 March 2025
Page 6

 
ASE GROUP LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Administrative expenses
  
(983,863)
(646)

Exceptional administrative expenses
 3 
(340,203)
-

Other operating income
 4 
392,304
-

Operating loss
  
(931,762)
(646)

Loss for the financial year
  
(931,762)
(646)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 10 to 16 form part of these financial statements.

Page 7

 
ASE GROUP LIMITED
REGISTERED NUMBER: 02447224

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 7 
50,997
51,092

  
50,997
51,092

Current assets
  

Debtors: amounts falling due within one year
 8 
1,416,153
1,609,732

Cash at bank and in hand
 9 
5,513
2,532

  
1,421,666
1,612,264

Creditors: amounts falling due within one year
 10 
(870,348)
(129,279)

Net current assets
  
 
 
551,318
 
 
1,482,985

Total assets less current liabilities
  
602,315
1,534,077

  

Net assets
  
602,315
1,534,077


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Share premium account
  
1,000
1,000

Capital redemption reserve
  
1,356,550
1,356,550

Profit and loss account
  
(765,235)
166,527

  
602,315
1,534,077


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Felicissimo
Director

Date: 4 March 2025

The notes on pages 10 to 16 form part of these financial statements.

Page 8

 
ASE GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
10,000
1,000
1,356,550
166,527
1,534,077



Loss for the year
-
-
-
(931,762)
(931,762)


At 31 December 2023
10,000
1,000
1,356,550
(765,235)
602,315


The notes on pages 10 to 16 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
10,000
1,000
1,356,550
167,173
1,534,723



Loss for the year
-
-
-
(646)
(646)


At 31 December 2022
10,000
1,000
1,356,550
166,527
1,534,077


The notes on pages 10 to 16 form part of these financial statements.

Page 9

 
ASE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of the Company during the year was that of a holding company. The Company is a private limited company which is limited by shares and incorporated and registered in England and Wales (02447224).The address of the registered office is 20-22 Wenlock Road, London, N1 7GU.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Valsoft UK Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

Company law requires the director to consider the appropriateness of the going concern basis when preparing the financial statements. After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Key to this assumption is the on-going support from the parent company, Valsoft Corporation Inc. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Page 10

 
ASE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The Company only enters inot basic financial instrument transactions that result in the recognition of financial assets and liabilties like trade and other debtros and creditors, loans from banks and other third parties, loans to related parties and investment in ordinary shares.
Financial assets are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.


3.


Exceptional items

2023
2022
£
£


Intercompany balance impairment
340,203
-

340,203
-

Page 11

 
ASE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Other operating income

2023
2022
£
£

Other operating income
392,304
-

392,304
-



5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors in respect of:

Audit of financial statements
10,000
2,000

Preparation of the financial statements
2,400
1,000


6.


Employees

2023
2022
£
£

Wages and salaries
865,861
-

Social security costs
23,309
-

Cost of defined contribution scheme
9,418
-

898,588
-


Wages and salaries expenditure relates to recharges from other group companies with no employees directly employed by the Company. 

Page 12

 
ASE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
51,092



At 31 December 2023

51,092



Impairment


Charge for the period
95



At 31 December 2023

95



Net book value



At 31 December 2023
50,997



At 31 December 2022
51,092

Page 13

 
ASE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

ASE plc
20-22 Wenlock Road London N1 7GU
Ordinary
100%
ASE Audit LLP
20-22 Wenlock Road London N1 7GU
LLP Partnership
96.9%
Automotive Fellowship International Limited*
20-22 Wenlock Road London N1 7GU
Ordinary
100%
Automotive Services Europe GmbH*
Eisenstr. 2-4 (Haus 2), 65428 Rüsselsheim, Germany
Ordinary
100%
Automotive Services Europe BV*
Bellweg 2a, 4104 BJ, Culemborg, Netherlands
Ordinary
100%
ASE Iberia*
Av. Cottinelli Telmo 6 R/C Esq. 2700-781 Amadora, Portugal
Ordinary
100%
ASE Italia SRL*
Via Fusina 2, 37023 Grezzana (Verona), Italia
Ordinary
100%
ASE France SARL*
200 Rue Serval, 59500 Douai
Ordinary
100%
ASE Poland Sp.Z.o.o.*
UL. Wladyslawa Broniewskiego 3 Akacjowy Park Warszawa 01-785 Poland
Ordinary
100%
ASE (Shanghai) Automotive Consulting Limited*
China (Shanghai) Pilot Free Trade Zone, Area A, 2nd Floor, No. 1200 Pudong Avenue
Ordinary
100%
ASE Iberica Automotive Solutions S.L.*
Avinguda de la Via Augusta, 71-73, planta 3 Sant Cugat del Vallès Barcelona 08174
Ordinary
100%
ASE Automotive Services Private Limited*
Lodha Supremus II, Office No. 231, North Wing, Road No.22, Thane (West), Maharashtra - 400604, India
Ordinary
100%
Edentity Software Solutions GmbH*
Columbusplatz 7-8/Stiege 1/DG, 1100 Wien, Austria
Ordinary
100%
ASE Americas LLC*
19321 US Hwy 19N Suite 407 27-1440263 Clearwater FL 33764
Ordinary
100%
ASE Australia*
Floor 1, 14 King Street, Rockdale, NSW 2216, Australia
Ordinary
100%

*- Indirect Subsidiary
Page 14

 
ASE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,416,153
1,410,191

Other debtors
-
199,541

1,416,153
1,609,732



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,513
2,532

5,513
2,532



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
857,386
90,152

Other creditors
-
39,127

Accruals and deferred income
12,962
-

870,348
129,279



11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at amortised cost
1,421,666
1,612,264


Financial liabilities


Financial liabilities measured at amortised cost
(857,386)
(90,152)


Financial assets measured at amortised cost comprise amounts owed to group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise of amounts owed to group companies. 

Page 15

 
ASE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.Other financial commitments

There is a fixed and floating charge of the assets of the Company in respect of the borrowings owed by Valsoft Corporation Inc to the Toronto-Dominion Bank.


13.


Related party transactions

The Company has taken advantage of the exemption under Financial Reporting Standard FRS 102 not to disclose details of transactions with other entities that are part of the same group, where group accounts are publicly available and 100% of the voting rights are controlled within the group.
During the year the Company received a profit share from ASE Audit LLP of £Nil (2022 - £Nil). At the balance sheet date £Nil (2022 - £379,425) was owed to the Company from ASE Audit LLP.

14.


Controlling party

The immediate parent undertaking is Valsoft UK Holdings Limited, a company incorporated and registered in England and Wales (registered number 0542326).

Valsoft UK Holdings Limited is a wholly owned subsidiary of Valsoft Corporation Inc., a company domiciled in Montreal, Canada. Valsoft Corporation Inc is the smallest and largest group that the company is a part of for which consolidated financial statements are produced. The ultimate parent company is Valsef Capital Inc., a company incorporated and domiciled in Canada.

The registered address of both Valsoft Corporation Inc and Valsef Capital Inc is 7405 Rte Transcandienne, Suite 100, Montreal, QC, H4T 1Z2, Canada.

Page 16