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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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ASE PLC
COMPANY INFORMATION
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ASE PLC
CONTENTS
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ASE PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 30 December 2024.
In 2024, ASE Plc continued to advance its strategic agenda across leadership, innovation, and operational integration. Building on the foundations laid in prior years, the company further aligned internal structures and systems to enhance efficiency, scalability, and collaboration.
A significant focus in the year was the initial investment into AI-driven customer value propositions, aimed at future-proofing ASE’s service offerings and strengthening competitive positioning. While still in the early stages, these developments reflect ASE’s intent to lead through innovation and digital transformation. Although the business experienced a decline in revenue and profitability metrics during the year, these results reflect deliberate investment choices intended to support long-term value creation. With a resilient operational base and a renewed focus on customer-centric technology, ASE Plc is well positioned to build upon these initiatives into 2025 and 2026. New partnerships, improvements in customer platforms, and expanded support services have helped reinforce ASE’s market presence and prepare the business for future growth. For the year ended 31 December 2024, revenue was £5,589,265 (PY: £7,238,887) and the operating loss before tax was £1,502,916 (PY: £549,590). These figures reflect transitional challenges alongside proactive reinvestment in growth capacity and service innovation. The figures also include significant exceptional expenditure for the write off of irrecoverable intercompany debtors and investments. A greater reflection of the underlying performance of the Company is the EBITDA before exceptionals which is £771,729 (2023: £726,907).
Turnover has decreased by 22% to £5,589,265 (2023 - £7,238,887).
Operating loss after exceptional items has increased to £1,551,089 (2023 - £547,337).
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ASE PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company encounters, through its operations, the following financial risks:
Credit risk; Liquidity risk; Market risk, being: (a) Interest rate risk; and (b) Currency risk
Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company does not consider that it has significant credit risk based upon the financial strength and creditworthiness of its customers.
Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. The Company’s main day-to-day banking arrangements are with HSBC plc. The Company does not enter into derivatives to manage credit risk, although, in certain cases, may take steps to mitigate such risk if it is sufficiently concentrated.
Liquidity risk
Liquidity risk arises from the Company’s management of working capital. It is the risk that the Company will encounter difficulty in meeting its financial obligations as they fall due.
The Company finances its operations through a mix of shareholder loans and external borrowings. The Company’s objective is to provide funding for future growth and achieve a balance between continuity and flexibility through its borrowing arrangements.
Customer payment terms vary from contract to contract and can involve extended periods of time before invoices are raised. The liquidity risk is managed through use of the facilities available. Regular cash flow forecasts are prepared for the Board and the executives which, together with information on cash balances, allow the directors to ensure that the Company will have sufficient cash to meet its liabilities when they become due and thus mitigate liquidity risk.
Market risk
Interest rate risk
The Company’s external borrowings at the balance sheet date comprise a bank overdraft and finance lease and hire purchase liabilities. These borrowings all attract interest at variable rates. The directors do not seek to fix interest rates on these borrowings as the Board consider the exposure to interest rate risk acceptable.
Currency risk
Currency risk arises because the Company operates in various parts of the world where the functional currencies are different from that of the Company. The Company’s policy, where possible, is to sign contracts that are denominated in its functional currency (primarily Sterling) and to match the currency to that in which expenses are incurred.
The Company’s major non-functional currency exposures are to US Dollar and the Euro.
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ASE PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors of ASE PLC (the "Company") are committed to fulfilling their duties under Section 172(1) of the Companies Act 2006. In doing so, the Directors act in good faith to promote the long-term success of the Company for the benefit of its members as a whole, while having due regard to the interests of stakeholders, the environment, and the wider community.
Long-Term Decision Making
The Company’s strategy is focused on sustainable, long-term growth through innovation in automotive software-as-a-service (SaaS) solutions. Our decisions are made with a forward-looking perspective, considering market trends, regulatory developments, and the continued digital transformation of the automotive sector. A key element of our strategy is AI-led product development, which enables us to deliver smarter, data-driven insights to our customers, enhance user experience, and improve operational efficiency. Alongside these innovations, we continue to invest in cyber security, scalable infrastructure, and customer support capabilities to ensure resilience and sustainable growth.
Stakeholder Engagement
Employees
Our employees are central to our success. We support them through structured training programmes, career progression opportunities, and initiatives that promote wellbeing, diversity, and flexible working. We also provide specialist training in artificial intelligence and data analytics to ensure our teams remain at the forefront of technological change. Engagement surveys and open forums allow us to understand employee needs and shape our people strategy.
Customers
We work closely with our automotive clients, including dealerships, OEMs, and service providers, to deliver software solutions that drive efficiency, compliance, and profitability. Feedback is gathered through user groups, innovation workshops, and regular account reviews. The use of AI-led development has allowed us to respond more effectively to customer needs, providing predictive analytics, automation, and actionable insights that strengthen their competitive advantage.
Suppliers and Partners
We value collaborative, transparent relationships with our suppliers and technology partners. We work with them to ensure high service standards, ethical practices, and alignment on shared innovation goals. Our partnerships in AI research and cloud computing are particularly important in supporting the Company’s growth strategy.
Community and Environment
ASE PLC recognises its responsibility to the wider community and the environment. We support local employment and skills development through apprenticeships, university partnerships, and technology outreach programmes. We are committed to reducing our environmental footprint by optimising data centre efficiency, digitising processes to reduce paper use in the automotive industry, and aligning with sustainable business practices.
Shareholders
We actively engage with shareholders through transparent financial and operational reporting, regular updates, and the Annual General Meeting. The Board ensures that shareholders are kept informed of strategic developments, including our investment in AI capabilities, and how these position the Company for sustainable long-term growth.
Business Conduct and Reputation
The Company is committed to maintaining the highest standards of integrity, governance, and compliance. Our decision-making framework balances risk and opportunity, supported by strong internal controls. We promote a culture of accountability, innovation, and ethical conduct. As AI continues to play a greater role in our product development, we apply rigorous oversight to ensure responsible, transparent, and secure use of technology, reinforcing our reputation as a trusted provider in the automotive SaaS sector.
Fairness Between Members
The Directors recognise the importance of treating all shareholders fairly and consistently. Decisions are taken with regard to the rights and interests of all members, ensuring no group is unfairly disadvantaged.
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ASE PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Conclusion
Through these practices, the Directors believe they have acted in a manner consistent with their Section 172 duty, promoting the long-term success of ASE PLC for the benefit of its members as a whole, while giving due consideration to employees, customers, suppliers, shareholders, and the wider community.
This report was approved by the board and signed on its behalf.
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ASE PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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;
∙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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £1,613,342 (2023 - loss £532,518).
During the year the Company paid interim dividends of £Nil (2023 - £Nil). The directors do not recommend the payment of a final dividend.
ASE Plc's future development plans revolve around expanding its product offerings, exploring new markets, prioritizing customer satisfaction, and leveraging the collaboration with Valsoft Corporation. With a focus on innovation, market expansion, and strategic partnerships, ASE Plc is well-positioned to achieve sustainable growth and establish a strong presence in the automotive software solutions industry.
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
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ASE PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ASE PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASE PLC
We have audited the financial statements of ASE Plc (the 'Company') for the year ended 31 December 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the 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).
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 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.
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.
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ASE PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASE PLC (CONTINUED)
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.
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.
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ASE PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASE PLC (CONTINUED)
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.
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 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.
for and on behalf of
Chartered Accountants and Statutory Auditor
2 Communications Road
Greenham Business Park
Berkshire
RG19 6AB
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ASE PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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ASE PLC
REGISTERED NUMBER: 06897642
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 31 form part of these financial statements.
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ASE PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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ASE PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal activity of the Company during the year was the provision of data collection, publication, and other professional services to the automotive industry.
The company is a public limited company which is limited by shares and incorporated and registered in England and Wales (06897642).
The address of the registered office is 20-22 Wenlock Road, London, N1 7GU.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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.
Company law requires the directors 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 ultimate controlling party, Valsoft Corp Inc, in which a letter of support has been obtained.
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue is primarily derived from data collection services and dealership consultancy.
Data collections services are generally billed monthly in arrears, and recognised in the month in which the service is provided. The revenue from dealership consultancy is billed monthly or on completion of agreed milestones, with a final invoice due on the completion of a project. The revenue is recognised in accordance with the terms of the contract. Where there are specified milestones to be achieved, the revenue is recognised once the performance obligations have been met. In the absense of specified milestones, the revenue is recognised based on the stage of completion of the projects or the month in which the services are provided. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliable measured. Revenue is measured as the fair value of the consideration received or receiveable, excluding discounts, rebates, value added tax and other sales taxes.
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Intangible assets are amortised over their useful lives. Useful lives are based on the management's estimates of the period that the assets will generate revenue, which are periodically reviewed for appropriateness.
Analysis of turnover by country of destination:
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
This represents the amount subscribed for share capital in excess of the nominal value of the shares.
Capital redemption reserve
This represents the nominal value of shares repurchased by the Company.
Profit and loss account
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ASE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company by independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amount to £29,732 (2023 - £57,383). At the balance sheet date an amount of £8,311 (2023 - £9,583) was included within other creditors.
24.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 to the Toronto-Dominion Bank.
The Company's immediate parent is
The ultimate parent is The largest group to prepare consolidated financial statements is that of Valsoft Corporation Inc., whose registered office is 100-7405 Rte Transcanadienne, Saint-Laurent, Quebec, H4T 1Z2, Canada. Copies of the consolidated financial statements are available from that address.
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