Fresche Solutions Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01795263 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

FRESCHE SOLUTIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R Madan Mohan

F A Preston

A Zarrehparvar

REGISTERED OFFICE:

Narrow Quay House

Narrow Quay

Bristol

BS1 4QA

REGISTERED NUMBER:

01795263 (England and Wales)

SENIOR STATUTORY AUDITOR:

John David Lee BA FCA

AUDITORS:

Xeinadin Audit Limited

8th Floor Becket House

36 Old Jewry

London

EC2R 8DD

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

28,825

28,825

28,825

28,825

CURRENT ASSETS

Debtors

6

6,099,092

4,429,293

Cash at bank

74,369

170,899

6,173,461

4,600,192

CREDITORS

Amounts falling due within one year

7

2,302,298

992,793

NET CURRENT ASSETS

3,871,163

3,607,399

TOTAL ASSETS LESS CURRENT LIABILITIES

3,899,988

3,636,224

CREDITORS

Amounts falling due after more than one year

8

4,080

46,113

NET ASSETS

3,895,908

3,590,111

CAPITAL AND RESERVES

Called up share capital

25,000

25,000

Retained earnings

3,870,908

3,565,111

3,895,908

3,590,111

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2023 and were signed on its behalf by:

A Zarrehparvar - Director

1.	STATUTORY INFORMATION

Fresche Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

Financial instruments

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.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

and 31 March 2023

7,121

DEPRECIATION

At 1 April 2022

and 31 March 2023

7,121

NET BOOK VALUE

At 31 March 2023

-

5.	FIXED ASSET INVESTMENTS

Interest

in other

participating

interests

£

COST

At 1 April 2022

and 31 March 2023

28,825

NET BOOK VALUE

At 31 March 2023

28,825

At 31 March 2022

28,825

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

170,587

140,537

Amounts owed by group undertakings

5,928,505

4,241,974

Other debtors

-

46,782

6,099,092

4,429,293

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

17,961

12,814

Amounts owed to group undertakings

1,577,972

319,972

Taxation and social security

43,472

1,060

Other creditors

662,893

658,947

2,302,298

992,793

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other creditors

4,080

46,113

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John David Lee BA FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

10.	RELATED PARTIES

At 31 March 2023 the amounts due from and to other group companies were as follows:

2023

2022

£

£

Amounts due from other group companies

Fresche Solutions Inc

0

162,947

Fresche Solutions USA Corporation

5,928,505

4,079,027

Total

5,928,505

4,241,974

Amounts due to other group companies

Fresche Solutions Inc

1,219,560

0

Looksoftware PTY

358,412

319,972

Total

1,577,972

319,972

No interest is charged on group company balances.

The controlling party is Modernization Holdings Inc, a company registered in America.

The ultimate controlling party is American Pacific Group, a company registered in America.

The company's accounts are consolidated with the group accounts of Modernization Holdings Inc. The registered address for this company is 129 Orange Street, Wilmington, DE 19801,USA and the trading address is 995 Wellington, Suite 200, Montreal, QC H3C 1V3, Canada.