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REGISTERED NUMBER: 02373535 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2021

for

Ashe Construction Limited

Ashe Construction Limited (Registered number: 02373535)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Strategic Report 2

Report of the Directors 8

Report of the Independent Auditors 10

Income Statement 14

Other Comprehensive Income 15

Balance Sheet 16

Statement of Changes in Equity 17

Cash Flow Statement 18

Notes to the Cash Flow Statement 19

Notes to the Financial Statements 21


Ashe Construction Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: R J Clay
A R Morris
M J Petts
R A Blake
N R Blake
I C Robbins
D Armes
J L Howard



REGISTERED OFFICE: Ashe House
Cooks Way
Hitchin
Hertfordshire
SG4 0JE



REGISTERED NUMBER: 02373535 (England and Wales)



SENIOR STATUTORY AUDITOR: Roger Owen FCA



AUDITORS: Chancellers LLP
Statutory Auditors
64 Wilbury Way
Hitchin
Hertfordshire
SG4 0TP

Ashe Construction Limited (Registered number: 02373535)

Strategic Report
for the Year Ended 31 December 2021

The directors present their strategic report for the year ended 31 December 2021.

REVIEW OF BUSINESS
Introduction
Ashe is a construction business procuring projects which are generally between £2m and £15m in value for both the public and private sectors. Our normal regions of operation comprise the home counties, Thames Valley, East Anglia and the East Midlands. This year, we celebrate our 50th year of trading.

From our office in Hitchin, Hertfordshire we serve a range of markets and industries delivering new build, refurbishment, alteration and fit-out work. Most or our work is procured through public sector frameworks under a design and build arrangement and the company's primary sectors are education, health and community, industrial, leisure and office.

Business Review
Business conditions in 2021 continued to be challenging on account of the Coronavirus pandemic and its aftermath. As global markets recovered and became revived following the success of mass vaccination roll outs, significant supply deficiencies emerged across all sectors which generated sharp inflationary pressures and shortages of materials.

As a business, we averted much of the inflationary pressures by factoring in price increases at tender and negotiating appropriate cost increases with our customers once start dates were confirmed. We also placed orders earlier than normal and proposed products and designs, where practicable, that were more readily available and deliverable. Consequently, disruption and delays were minimised.

Nonetheless, the impact of COVID was to reduce the potential for growth on account of customers delaying start dates because of price uncertainty as well as constraints endured by the supply chain. Overall, however, we are pleased to have maintained our level of turnover in relation to the previous year but more importantly, in 2021 we improved our margin significantly.

We are proud of the way the business has operated and adapted throughout the pandemic. We continually improved the way our people were protected, both on site and in our offices, to ensure the impact of COVID was minimised. We increased our commitment to the health and wellbeing of our people, particularly in terms of providing mental health programmes and personal health assessments, and we embraced agile working to provide our workforce with greater flexibility and opportunity to work more sustainably and to maintain a healthy work - life balance.

During 2021, the company's focus on frameworks continued with great success. Education remained our largest and most important sector but the area of most growth has been health both in relation to NHS funded projects and private health care. Our primary frameworks continue to be Pagabo and SCAPE but we also work on numerous others, such as the NHS SBS, Central Bedfordshire and Hertfordshire County Council frameworks, that afford us the opportunity to work in sectors in which we thrive.

We place much value on repeat work with both customers, consultants and the supply chain to enhance our reputation and to reduce financial risk. Staff retainment in the business has remained high throughout 2021 and the business has continued to invest in its culture to reinforce our values, particularly in relation to safety, quality and people. We place huge importance on imbedding our values in our culture, not just amongst our teams, but also amongst our supply chain, because we want Ashe to be a place where our people and supply chain feel secure and can flourish.

Last year, we maintained a high level of social value including the recruitment, support and education of our proteges. Our level of apprenticeships in 2021 was over 5% and our staff continue to reflect the diversity of our community. Our commitment to training and development remains high, exceeding the industry average and, despite the pandemic, we have continued to celebrate success and reward our people for excellence across a range of disciplines and outcomes.

The company's high level of investment has also been maintained in both IT and infrastructure, both on site and in our offices. To this end over £100k has been invested in cyber security, video conferencing, facilities to promote agile working and infrastructure improvements to reduce the business' carbon footprint..

Ashe Construction Limited (Registered number: 02373535)

Strategic Report
for the Year Ended 31 December 2021

Our KPIs from 2021 demonstrate that the level of compliance in our work continues to rise, thereby improving the end product, reducing defects and their corresponding costs. Our customer care ensures post contract issues are addressed thoroughly and efficiently, and our customer health checks reflect a high level of customer satisfaction that continues to improve year on year.

The leadership team and workforce showed enormous determination and spirit in dealing with the challenges from the aftermath of the pandemic and, supported by a dedicated supply chain, we have delivered a fantastic array of projects to a high standard. Indeed, the business has evolved successfully in 2021 and by seeking to continually improve every element of the business, we have demonstrated that under challenging circumstances the business remains dynamic, enterprising and resilient.

Strategic Outlook
Our objective is to build on our reputation by developing a sustainable business that serves the community responsibly and provides it with a place of opportunity, security and progression.

Our ambition is to:
- Be a contractor of choice in the markets we serve;
- Be an employer of choice in our industry;
- Be a dynamic, enterprising, successful and exciting organisation;
- Harvest a culture of excellence with people at its core;
- Promote sustainable methods to reduce the impact on our planet;
- Provide social value to the community;
- Grow sustainably, commensurate with our level of capability;
- Invest to continually develop and improve;
- Maintain financial resilience and avert undue exposure to risk;
- Nurture new generations to embrace the business and continue its success.

The projects we deliver and the revenues they generate are dependent on our level of capability, as well as our ability to learn and adapt to the challenges we face. People are therefore at our heart and by seeking to embrace the diversity and talent of our community, we seek to ensure each member of our team has the opportunity to develop and thrive in an inclusive, fair and secure environment.

To ensure our long-term security and success we place great emphasis on the management of risk to protect liquidity and to ensure the company operates with a margin of safety that it can comfortably tolerate. A key objective therefore is to maintain a lean and dynamic organisation that is supported by strong business development, IT services and financial governance, underpinned by talented people and robust processes.

Finally, we seek to be a progressive construction business that not only embraces best practice and new ideas, but one which converts our learning and new initiatives into a better approach to building to differentiate us from the competition.

People
As an Investor in People Silver accredited employer, we continually invest in the development, health and wellbeing of our people. Our level of training exceeds the industry standard and the majority of our people are or have been supported in a formal training or educational programme to enhance their level of expertise.

At 5% our level of trainees and apprenticeships exceeds the industry norm and we pride ourselves on our problem solving approach to the construction process which is facilitated by the broad array of expertise on offer from our team. Our target is to achieve a level of apprenticeships of 10% by 2023.

Conscious of the need to attract new talent into the industry we support key educational establishments in providing opportunities for those seeking work to choose a career or trade in construction. We also have numerous construction ambassadors representing the business and our industry who regularly engage with our partners in education to encourage potential candidates to join Ashe or our supply chain.

Ashe Construction Limited (Registered number: 02373535)

Strategic Report
for the Year Ended 31 December 2021

Safety & Quality
In 2021, we achieved the British Safety Council's 5-star award and our objective is to maintain a high level of safety and welfare for our workforce and to actively improve our quality standards each year. We believe safety and quality go hand-in-hand and to this end, the company embraces a continuous programme of cultural excellence and leadership for all managers and construction teams.

Senior managers review SHEQ challenges on a weekly basis and regularly monitor the health and wellbeing of our employees, providing numerous vehicles for employee support, both physical and mental, and our Safety Leadership Team, comprising employee representatives from each construction discipline, consider new initiatives in developing our safety culture.

In terms of compliance, we continually audit the quality of our workmanship using external advisors to assess the performance of our staff and our supply chain to ensure we continuously learn from our experiences. The lessons we learn from each project are fed forward to shape how we develop the business.

Facilities & Systems
As one of the first privately owned construction companies to attain ISO 9001, 14001 and 18001 accreditations, we understand how systems can promote business efficiency when they are aligned to the requirements of the organisation.

In our pursuit to improve productivity, we continuously invest in new systems to enhance our ability to manage the complexities of the design and construction process. Our business continuity and disaster recovery plans have been developed from our own experiences and the importance we place on protecting the business in the face of a crisis.

IT and cyber security is therefore given much emphasis and investment to ensure the business exploits the systems available to enhance productivity and business security. Furthermore, we value our ability to work flexibly to maximise efficiency, improve employee welfare and to minimise the impact on the planet.

Corporate Social Responsibility
Our sustainability agenda embraces a vast amount of common initiatives from social value to carbon reduction, employee welfare to cyber security, from charity to diversity, people development and opportunity.

We want the work we do to yield a positive and lasting impact on the community and to reduce the carbon output arising from the spaces we create. Through our work we seek to
- demonstrate that Ashe is a progressive, responsible, resilient and sustainable enterprise;
- reduce the impact buildings have on the planet;
- demonstrate our sustainability credentials to our customers;
- earn the "right to play" in tomorrow's business world;
- adapt to meet the challenges of climate change.

Our recent achievements include a new school built to Passivhaus standards in Houghton Regis and a new teaching block for Bedford College with carbon positive credentials where the heat source from the River Ouse has been utilised. Currently, we are working on the design and delivery of two net zero carbon schools and several other carbon neutral schemes for the education sector.

Furthermore, our commitment to social value and wider corporate and social responsibility ensures that we achieve social value at business and site levels. Our project teams consistently add to the construction process by engaging and educating stakeholders and the local community, demonstrating what it is we do, embracing them as part of the team and supporting curriculum activity. This helps ensure the buy-in of the local community and creates ownership of every project we undertake.

We care about how our business impacts on society and on the planet and innovation plays a key role in helping us to improve the way we carry out our business. We continually monitor our performance and the innovations of our peers and of the wider industry to identify improvements we can make in our approach to maximising social, environmental and economic value.


Ashe Construction Limited (Registered number: 02373535)

Strategic Report
for the Year Ended 31 December 2021

Our approach not only addresses how we are going to build but how we ensure that by the end of the construction process we have created a legacy for all stakeholders involved.
Charity Work
Over the past year, the company has supported numerous initiatives within education and health that supported student engagement, NHS provision and the community at large. Moreover, the company has contributed to food banks and homeless shelters in targeted areas to maximise impact.

We continued to support specific charities precious to Ashe as well as our charity-based clients in raising funds and engaging with our supply chain partners to ensure an integrated fund-raising approach. In summary, charitable donations and social value exceeded £20,000 in 2021.

Customer Care
At Ashe, we maintain a healthy level of engagement with our customers post completion to ensure that the experience of Ashe remains a positive one after a building is handed over.

At each project completion our site managers remain on site as part of our government aligned soft-landing process that supports the end users in their onboarding into their new environment. Once the site team has left site, our dedicated customer care team takes over the management of each project, dealing with any subsequent matters promptly and professionally.

We hold regular post completion reviews to ensure any matters are addressed, a dialogue which we believe forms an essential part of managing and preserving customer relationships and one which enables us to disseminate the lessons learned throughout the organisation.

Future Outlook
Looking forwards and in the face of the current global challenges we face, the prospects are good with the company having secured its highest ever order book of over £55m. Tender enquires from the public sector are expected to remain healthy and the business is well placed within its frameworks to secure further work during 2022.

As the impact of the pandemic subsides, the biggest challenge will be managing inflation which, at the time of writing, stands at 9%. To this end we will ensure the inflationary risk is understood by and shared with our customers and that key packages are de-risked as far as possible by placing orders early with resilient and sustainable suppliers.

To mitigate risk further, our focus in 2022 is to procure negotiated work with public sector customers as far as practicable and to carefully navigate inflationary pressures by being selective with our work and agreeing contingencies with our customers for unexpected price increases.

With Ashe's strong reputation within the public sector and associated frameworks, together with a highly motivated and talented team, we are confident that the business will continue to deliver safely, successfully and profitably in 2022.


Ashe Construction Limited (Registered number: 02373535)

Strategic Report
for the Year Ended 31 December 2021

PRINCIPAL RISKS AND UNCERTAINTIES
The board of directors believe the following are the major risks and uncertainties that face the business:

Finance
The company does not depend on bank finance to provide its day-to-day working
capital.

However, debtors from both the private and public sector are not always prompt payers. Thus, the company aims to maintain a high level of liquidity. At the year end the company's current ratio was 1.6, indicating a healthy level of liquidity.

Other threats might include significant claims, of which there are none at present, and customer and sub-contractor insolvency.

The biggest impact on the business has arisen from the aftermath of the Coronavirus pandemic, notably in the form of labour and material shortages and inflation. However, by working closely with our customers and supply chain, risks are mitigated and alternative solutions can be found.

Moreover, to mitigate the impact of customer failure, the company generally focuses on public sector works and by seeking to maintain a sustainable margin of safety, we ensure project risk is spread across many contracts of varying values.

To minimise the threat of sub-contractor failure, the company procures most of its work through a tried and tested supply chain we call AsheForce within which we have established many long-term relationships.

Resources and Skills
Shortage of resources and skilled staff at all levels continues to be a constraint on expansion in the construction industry. There is no quick and easy solution but the company invests greatly in recruitment, education, training and developing talent at all ages and levels, particularly at trainee/apprentice level.

The company embraces new technology both in terms of IT systems and pre-fabricated/ off-site construction techniques including SIPS, modular, elemental build and pre-fabricated elements. All such initiatives feature in the company's project portfolio and Ashe continues to develop its expertise in new technology to reduce waste and its impact on the planet.

Health and Safety
In the aftermath of the pandemic the company has reviewed and enhanced its processes and approach to building to ensure our workplaces and the welfare of our people continually improve. New initiatives are regularly introduced to ensure that the measures implemented by the company are effective and pragmatic.

In all other aspects the company continues to monitor its performance and to act and improve all elements of the business as far as practicable to maintain its high levels of safety and welfare.


Ashe Construction Limited (Registered number: 02373535)

Strategic Report
for the Year Ended 31 December 2021

SECTION 172(1) STATEMENT
The board of directors of Ashe Construction Limited consider, both individually and together, that they have acted in the way they consider, in good faith, would most likely to promote the success of the company for benefit of its members as a whole having regard to the stakeholders and matters set out in S.172 (1)(a-f) of the Act in decision making during the year ended 31 December 2021.

ON BEHALF OF THE BOARD:



I C Robbins - Director


26 August 2022

Ashe Construction Limited (Registered number: 02373535)

Report of the Directors
for the Year Ended 31 December 2021

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of building contractors.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2021 was £850,000.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 January 2021 to the date of this report.

The directors shown below were in office at 31 December 2021 but did not hold any interest in the Ordinary shares of £1 each at 1 January 2021 or 31 December 2021.

R J Clay
A R Morris
M J Petts
R A Blake
N R Blake
I C Robbins
D Armes
J L Howard

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 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.

Ashe Construction Limited (Registered number: 02373535)

Report of the Directors
for the Year Ended 31 December 2021


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





I C Robbins - Director


26 August 2022

Report of the Independent Auditors to the Members of
Ashe Construction Limited

Opinion
We have audited the financial statements of Ashe Construction Limited (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

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.

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 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.

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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Ashe Construction Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page eight, 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 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.

Report of the Independent Auditors to the Members of
Ashe Construction Limited


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

- the nature of the industry and sector, control environment and business performance including the Company's
remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets
- our enquiries of management regarding their own identification and assessment of the risks of irregularities
- any matters identified from the Company's policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they had identified any instances
of non-compliance
- detecting and responding to the risks of fraud and whether they have knowledge of any actual or suspected
fraud
- the internal controls established to mitigate the risks of fraud or non-compliance with laws
- matters raised by the audit team regarding how and where fraud might occur in the financial statements

As a result of the above we identified revenue recognition as a key audit matter relating to the potential risk of fraud

The key risk in respect of revenue recognition is the valuation of work in progress at the year end. The procedures we performed to address this were:

- identifying the relevant controls over the valuation process
- testing supporting documentation and assessing any additional explanations obtained
- reviewing in depth any projects that were highlighted as unusual or unexpected by our analytical review
- reviewing subsequent valuations of a selection of projects to assess the accuracy and consistency of the year
end valuations of those projects

In addition to the above our procedures to respond to risks identified included:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with
provisions of relevant laws and regulation described as having a direct effect on the financial statements
- enquiring of management concerning actual or potential litigation and claims
- reviewing minutes of meeting
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal
entries and other adjustments, assessing whether the judgements made in accounting estimates are indicative of a
potential bias and evaluating the business of any significant transactions that are unusual or outside the normal
course of business

In general we remained alert to any indications of fraud or non compliance with laws and regulations throughout the audit.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Ashe Construction Limited


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 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 a Report of the Auditors 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.




Roger Owen FCA (Senior Statutory Auditor)
for and on behalf of Chancellers LLP
Statutory Auditors
64 Wilbury Way
Hitchin
Hertfordshire
SG4 0TP

26 August 2022

Ashe Construction Limited (Registered number: 02373535)

Income Statement
for the Year Ended 31 December 2021

31.12.21 31.12.20
Notes £    £   

TURNOVER 3 60,004,192 60,069,462

Cost of sales 55,084,530 56,267,593
GROSS PROFIT 4,919,662 3,801,869

Administrative expenses 4,036,500 3,559,545
883,162 242,324

Other operating income 64,812 366,616
OPERATING PROFIT 5 947,974 608,940

Interest receivable and similar income 414 19,654
PROFIT BEFORE TAXATION 948,388 628,594

Tax on profit 6 (139,777 ) (155,017 )
PROFIT FOR THE FINANCIAL YEAR 1,088,165 783,611

Ashe Construction Limited (Registered number: 02373535)

Other Comprehensive Income
for the Year Ended 31 December 2021

31.12.21 31.12.20
Notes £    £   

PROFIT FOR THE YEAR 1,088,165 783,611


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,088,165

783,611

Ashe Construction Limited (Registered number: 02373535)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 136,768 240,583

CURRENT ASSETS
Debtors: amounts falling due within one year 9 10,328,174 5,253,232
Debtors: amounts falling due after more than one
year

9

1,487,761

1,639,792
Cash at bank 7,451,361 11,306,607
19,267,296 18,199,631
CREDITORS
Amounts falling due within one year 10 12,064,480 11,120,590
NET CURRENT ASSETS 7,202,816 7,079,041
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,339,584

7,319,624

CREDITORS
Amounts falling due after more than one year 11 1,580,590 1,798,795
NET ASSETS 5,758,994 5,520,829

CAPITAL AND RESERVES
Called up share capital 16 200,000 200,000
Retained earnings 17 5,558,994 5,320,829
SHAREHOLDERS' FUNDS 5,758,994 5,520,829

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2022 and were signed on its behalf by:





R J Clay - Director


Ashe Construction Limited (Registered number: 02373535)

Statement of Changes in Equity
for the Year Ended 31 December 2021

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2020 200,000 4,887,218 5,087,218

Changes in equity
Dividends - (350,000 ) (350,000 )
Total comprehensive income - 783,611 783,611
Balance at 31 December 2020 200,000 5,320,829 5,520,829

Changes in equity
Dividends - (850,000 ) (850,000 )
Total comprehensive income - 1,088,165 1,088,165
Balance at 31 December 2021 200,000 5,558,994 5,758,994

Ashe Construction Limited (Registered number: 02373535)

Cash Flow Statement
for the Year Ended 31 December 2021

31.12.21 31.12.20
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (3,346,282 ) 3,917,634
Government grants received 58,324 356,243
Tax paid 326,412 112,406
Net cash from operating activities (2,961,546 ) 4,386,283

Cash flows from investing activities
Purchase of tangible fixed assets (21,845 ) (215,151 )
Sale of tangible fixed assets 68,400 57,300
Interest received 414 19,654
Net cash from investing activities 46,969 (138,197 )

Cash flows from financing activities
Capital repayments in year (29,212 ) 4,702
Equity dividends paid (850,000 ) (350,000 )
Net cash from financing activities (879,212 ) (345,298 )

(Decrease)/increase in cash and cash equivalents (3,793,789 ) 3,902,788
Cash and cash equivalents at beginning of year 2 11,245,150 7,342,362

Cash and cash equivalents at end of year 2 7,451,361 11,245,150

Ashe Construction Limited (Registered number: 02373535)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2021

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.21 31.12.20
£    £   
Profit before taxation 948,388 628,594
Depreciation charges 125,660 177,601
Profit on disposal of fixed assets (68,400 ) (43,575 )
Advanced by group undertakings - 695,300
Advanced to group undertakings (2,940,118 ) -
Government grants (58,324 ) (356,243 )
Finance income (414 ) (19,654 )
(1,993,208 ) 1,082,023
(Increase)/decrease in trade and other debtors (1,972,686 ) 1,471,688
Increase in trade and other creditors 619,612 1,363,923
Cash generated from operations (3,346,282 ) 3,917,634

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 7,451,361 11,306,607
Bank overdrafts - (61,457 )
7,451,361 11,245,150
Year ended 31 December 2020
31.12.20 1.1.20
£    £   
Cash and cash equivalents 11,306,607 7,342,362
Bank overdrafts (61,457 ) -
11,245,150 7,342,362


Ashe Construction Limited (Registered number: 02373535)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2021

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.21 Cash flow At 31.12.21
£    £    £   
Net cash
Cash at bank 11,306,607 (3,855,246 ) 7,451,361
Bank overdrafts (61,457 ) 61,457 -
11,245,150 (3,793,789 ) 7,451,361
Debt
Finance leases (34,831 ) 29,212 (5,619 )
(34,831 ) 29,212 (5,619 )
Total 11,210,319 (3,764,577 ) 7,445,742

Ashe Construction Limited (Registered number: 02373535)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Ashe Construction 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the value of goods and services provided, excluding value added tax.

The company's accounting policy in respect of revenue recognition follows the requirements of FRS 102 section 23.

Tangible fixed assets
Tangible fixed assets are capitalised at cost.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Transit vans - 33% on cost
IT - 33% on cost

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.

Ashe Construction Limited (Registered number: 02373535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciate over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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.

At 31 December 2021, the company owed outstanding contributions of £33,311 (2020 - £31,413).

Operating lease commitments
Payments made under operating leases are charged in the profit and loss account as incurred.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.21 31.12.20
£    £   
Construction contracts revenue 60,004,192 60,069,462
60,004,192 60,069,462

4. EMPLOYEES AND DIRECTORS
31.12.21 31.12.20
£    £   
Wages and salaries 6,134,354 5,925,860
Social security costs 694,299 690,970
Other pension costs 253,289 204,635
7,081,942 6,821,465

The average number of employees during the year was as follows:
31.12.21 31.12.20

Administration 30 25
Production 61 76
91 101

Ashe Construction Limited (Registered number: 02373535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. EMPLOYEES AND DIRECTORS - continued

31.12.21 31.12.20
£    £   
Directors' remuneration 1,188,724 1,008,729
Directors' pension contributions to money purchase schemes 108,969 59,687

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 6 6

Information regarding the highest paid director is as follows:
31.12.21 31.12.20
£    £   
Emoluments etc 287,249 229,331
Pension contributions to money purchase schemes 15,000 14,436

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.21 31.12.20
£    £   
Plant hire 873,745 900,650
Depreciation - owned assets 107,952 140,684
Depreciation - assets on hire purchase contracts 17,708 36,917
Profit on disposal of fixed assets (68,400 ) (43,575 )
Auditor's remuneration 21,603 19,558
Government grants 58,324 356,243

Auditors remuneration charge to companies associated with Ashe Construction Limited totals £14,525.

Ashe Construction Limited (Registered number: 02373535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

6. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
31.12.21 31.12.20
£    £   
Current tax:
UK corporation tax 189,427 112,807
Corporation tax overprovided in prior years (112,807 ) (164,016 )
Inter-group tax adjustment (90,637 ) -
R&D Tax Credit (127,503 ) (112,407 )
Total current tax (141,520 ) (163,616 )

Deferred tax 1,743 8,599
Tax on profit (139,777 ) (155,017 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.21 31.12.20
£    £   
Profit before tax 948,388 628,594
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2020 -
19%)

180,194

119,433

Effects of:
Expenses not deductible for tax purposes 2,587 2,469
Capital allowances in excess of depreciation (2,160 ) (8,598 )
Adjustments to tax charge in respect of previous periods (109,088 ) (164,016 )


Pension creditor adjustments 5,087 (496 )
Deferred tax 1,743 8,598
R&D Tax credit (127,503 ) (112,407 )

Group relief cross charge (90,637 ) -
Total tax credit (139,777 ) (155,017 )

7. DIVIDENDS
31.12.21 31.12.20
£    £   
Interim 850,000 350,000

Ashe Construction Limited (Registered number: 02373535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2021 39,071 144,451 392,231
Additions 8,046 - 13,799
Disposals - (17,402 ) (61,429 )
At 31 December 2021 47,117 127,049 344,601
DEPRECIATION
At 1 January 2021 19,536 135,157 363,575
Charge for year 11,779 5,257 18,310
Eliminated on disposal - (17,402 ) (61,429 )
At 31 December 2021 31,315 123,012 320,456
NET BOOK VALUE
At 31 December 2021 15,802 4,037 24,145
At 31 December 2020 19,535 9,294 28,656

Motor Transit
vehicles vans Totals
£    £    £   
COST
At 1 January 2021 672,658 189,345 1,437,756
Additions - - 21,845
Disposals (168,341 ) 9,637 (237,535 )
At 31 December 2021 504,317 198,982 1,222,066
DEPRECIATION
At 1 January 2021 489,560 189,345 1,197,173
Charge for year 90,314 - 125,660
Eliminated on disposal (168,341 ) 9,637 (237,535 )
At 31 December 2021 411,533 198,982 1,085,298
NET BOOK VALUE
At 31 December 2021 92,784 - 136,768
At 31 December 2020 183,098 - 240,583

IT Equipment assets have been included in the Fixtures and Fittings total.

Ashe Construction Limited (Registered number: 02373535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2021 100,099
Transfer to ownership (43,905 )
At 31 December 2021 56,194
DEPRECIATION
At 1 January 2021 36,000
Charge for year 17,708
Transfer to ownership (25,611 )
At 31 December 2021 28,097
NET BOOK VALUE
At 31 December 2021 28,097
At 31 December 2020 64,099

9. DEBTORS
31.12.21 31.12.20
£    £   
Amounts falling due within one year:
Trade debtors 6,785,676 4,345,379
Amounts owed by group undertakings 3,301,956 349,988
Other debtors 3,864 5,763
Deferred tax asset
Accelerated capital allowances 55,165 56,908
Prepayments and accrued income 181,513 495,194
10,328,174 5,253,232

Amounts falling due after more than one year:
Trade debtors 1,487,761 1,639,792

Aggregate amounts 11,815,935 6,893,024

Ashe Construction Limited (Registered number: 02373535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans and overdrafts (see note 12) - 61,457
Hire purchase contracts (see note 13) 5,619 29,212
Trade creditors 674,052 681,488
Subcontractor creditors 8,058,830 8,667,346
Amounts owed to group undertakings 63,106 51,256
Corporation tax 294,433 109,541
Other taxation and social
security 307,956 294,445
VAT 1,642,654 688,749
Other creditors 110,666 31,413
Accruals and deferred income 907,164 505,683
12,064,480 11,120,590

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.21 31.12.20
£    £   
Hire purchase contracts (see note 13) - 5,619
Subcontractor creditors 1,580,590 1,793,176
1,580,590 1,798,795

12. LOANS

An analysis of the maturity of loans is given below:

31.12.21 31.12.20
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 61,457

Ashe Construction Limited (Registered number: 02373535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.21 31.12.20
£    £   
Gross obligations repayable:
Within one year 6,016 31,386
Between one and five years - 6,016
6,016 37,402

Finance charges repayable:
Within one year 397 2,174
Between one and five years - 397
397 2,571

Net obligations repayable:
Within one year 5,619 29,212
Between one and five years - 5,619
5,619 34,831

Non-cancellable operating leases
31.12.21 31.12.20
£    £   
Within one year 8,395 -
Between one and five years - 11,193
8,395 11,193

14. SECURED DEBTS

The following secured debts are included within creditors:

31.12.21 31.12.20
£    £   
Hire purchase contracts 5,619 34,831

Hire purchase contract and finance lease liabilities are secured on the assets to which they relate.

Ashe Construction Limited (Registered number: 02373535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

15. DEFERRED TAX
£   
Balance at 1 January 2021 (56,908 )
Charge to Income Statement during year 1,743
Balance at 31 December 2021 (55,165 )

The recovery of the deferred tax asset is dependent on future taxable profits in excess of the deferred capital allowances at the balance sheet date.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.21 31.12.20
value: £    £   
200,000 Ordinary £1 200,000 200,000

17. RESERVES
Retained
earnings
£   

At 1 January 2021 5,320,829
Profit for the year 1,088,165
Dividends (850,000 )
At 31 December 2021 5,558,994

18. ULTIMATE PARENT COMPANY

Ashe Group Holdings Limited is the Company's immediate and ultimate parent undertaking and holds 100% (2020 - 100%) of the controlling interests. The consolidated accounts of Ashe Group Holdings Limited can be obtained from Ashe House, Cooks Way, Hitchin, Herts SG4 0JE.

Ashe Construction Limited (Registered number: 02373535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

19. RELATED PARTY DISCLOSURES

As a wholly-owned subsidiary of Ashe Group Holdings Limited throughout the current and previous year, the Company claims exemption, under FRS 102, Section 33, Paragraph 1A, from disclosing transactions with other group companies.

During the year, the company made sales to Westover Building Consultants LLP totalling £480 (2020 - £1,024) and made purchases from Westover Building Consultants LLP totalling £2,043 (2020 - £562). The LLP is a related entity by the virtue of the fact that the directors R A Blake and N R Blake are common partners of the LLP. As at the year end the company was owed £37,587 (2020 - £84,000) from Westover Building Consultants LLP.

During the year, the company made purchases from Perry Jensen Ltd totalling £68,115 (2020 - £45,570). Additionally the company paid rent totalling £16,625 (2020 - £16,625). Perry Jensen Ltd is a related entity by the virtue of the fact that the directors R A Blake and N R Blake are common directors. As at the year end the company owed £6,030 (2020 - £Nil) to Perry Jensen Ltd.

During the year the company also paid rent totalling £49,875 (2020 - £49,875) to Colston Trustees Ltd who are the trustees of a SIPP for the directors R A Blake and N R Blake.

During the year, the company made sales to A Morris totalling £227 (2020 - £167), M J Petts totalling £Nil (2020 - £14,000) and J Howard totalling £Nil (2020 - £49l), who are all directors of the company.

At the year end the company had accrued income of £233,363 (2020 - £147,278) for unbilled work for R A Blake, a director of the company. The company invoiced £Nil (2020 - £Nil) during the current year for the same project.