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REGISTERED NUMBER: 01068783 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2021

for

Ashe Group Holdings Limited

Ashe Group Holdings Limited (Registered number: 01068783)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 20


Ashe Group Holdings Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: R S Blake
N R Blake
R A Blake



SECRETARY: Mrs L Blake



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



REGISTERED NUMBER: 01068783 (England and Wales)



SENIOR STATUTORY AUDITOR: Roger Owen FCA



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

Ashe Group Holdings Limited (Registered number: 01068783)

Group Strategic Report
for the Year Ended 31 December 2021

The directors present their strategic report of the company and the group for the year ended 31 December 2021.

REVIEW OF BUSINESS
Introduction
Our business is primarily construction and roofing.

Ashe Construction, the principal subsidiary of the group, delivers design and build projects for public and private sector customers in various sectors, notably in education, commercial, retail, industrial and health. This work embraces mainly new build, refurbishment and alteration work.

Ashe Roofing undertakes roofing works for primarily the public sector, notably for health, education and local community customers.

From the company's offices in Hitchin, Hertfordshire all businesses cover a similar geographical reach incorporating the eastern region, home counties, London, the Thames Valley and East Midlands.

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

As a group, we have averted much of the inflationary pressures by a combination of the following: negotiating appropriate cost increases with our customers, placing orders in the supply chain earlier than normal, buying materials in greater quantities up front and proposing products and designs, where practicable, that were more readily available and deliverable.

Overall, the effect of COVID has been to limit growth albeit margin has improved and consequently, investment within the company has been enhanced to ensure that the business is well prepared for the challenges that emerge post pandemic, e.g. recruitment, retainment, agile working and changes in revenue streams.

Revenue and liquidity levels have remained strong during 2021 and the company emerges from this financial year in a healthy position buoyed up by its success in securing a significant proportion of public sector work. Moreover, to ensure Ashe's reputation remains strong and to reduce financial risk the business has maintained a high level of repeat work with both customers, consultants and the supply chain.

Staff retainment in the group has remained high throughout 2021 and the business has maintained a high level of social value including the recruitment, support and education of our talent pool. Our level of apprenticeships in the group stands at over 7% and our commitment to training, reward and development exceeds industry norms.

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 group remains dynamic, enterprising and resilient.

Ashe Group Holdings Limited (Registered number: 01068783)

Group Strategic Report
for the Year Ended 31 December 2021

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

The business seeks to be an employer of choice and an organisation that is perceived to be dynamic, enterprising, successful and exciting.

To ensure its long-term security and success, emphasis is placed on the management of risk to protect liquidity and to ensure the organisation operates within a margin of safety that it can comfortably tolerate.

Indeed, the group seeks to be a progressive construction business that not only embraces best practice and new ideas, but one which converts its learning and new initiatives into a better approach to building to differentiate Ashe from its competition.

Sustainable Value & 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 our work has 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 commitment to social value and wider corporate and social responsibility ensures that we achieve social value at business and site levels which helps to ensure the buy-in of the local community and to create ownership of every project we undertake.

Our approach not only addresses how we work but how we ensure that by the end of the construction process we have created a legacy for all stakeholders involved.


Ashe Group Holdings Limited (Registered number: 01068783)

Group 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 group 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 group aims to maintain a high level of liquidity.

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.

Other threats might include significant claims, of which there are none at present, and customer and supply chain insolvency. To mitigate the impact of customer failure, the group generally focuses on public sector work 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 supply chain failure, the business procures most of its work through a tried and tested supply chain with whom many long-term relationships have been established.

Resources and Skills
A shortage of resources and skilled staff at all levels is a constraint on expansion. Hence, the group invests greatly in the training and development of its staff, particularly at trainee/apprentice level. The group's objective is to achieve a 10% level of apprenticeships with at least 5% trade based by the end of 2022.

Moreover, the group embraces new technology to enhance productivity, improve cyber security and to provide flexibility in the workplace which thereby reduces the business' carbon footprint.

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

In all other aspects the group continues to monitor its performance and the wellbeing of its people to enable it to act and improve the working environment as far as practicable and to maintain high levels of safety and wellbeing.

SECTION 172(1) STATEMENT
The board of directors of Ashe Group Holdings 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 group 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:





R S Blake - Director


26 August 2022

Ashe Group Holdings Limited (Registered number: 01068783)

Report of the Directors
for the Year Ended 31 December 2021

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

DIVIDENDS
Three Interim dividends of £1,300, £1,800 and £1,114 per share were declared on the 'B' Ordinary £1 shares during the year.

The total distribution of dividends for the year ended 31 December 2021 were £275,078 for the 'B' Ordinary shares.

FUTURE DEVELOPMENTS
As the business enters 2022, the group's order book exceeds £75 million and, despite the global challenges we face, the directors consider further sustainable growth is achievable based on its customer base and excellent reputation.

As the impact of the pandemic subsides, the biggest challenge will be managing inflation and we will carefully navigate inflationary pressures by being selective with our work and by ensuring the inflationary risk is understood by and shared with our customers.

Having demonstrated last year that, under challenging circumstances, the group is a dynamic, resilient and responsive organisation, we are confident that Ashe Group will continue to build on its reputation and be successful in 2022.

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

R S Blake
N R Blake
R A Blake

EMPLOYEES
The group is an equal opportunities employer and all applications for employment are considered fully on the basis of suitability for the job. All applications for employment from disabled persons are given full and fair consideration, bearing in mind the aptitudes and abilities of the applicant concerned. The policy for training, career development and promotion of disabled employees is, as far as possible, the same as that for other employees.

The group places considerable value on the involvement of its employees and endeavours to keep them fully informed of all relevant matters on a timely basis.The group has Investors in People accreditation.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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.


Ashe Group Holdings Limited (Registered number: 01068783)

Report of the Directors
for the Year Ended 31 December 2021

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R S Blake - Director


26 August 2022

Report of the Independent Auditors to the Members of
Ashe Group Holdings Limited

Opinion
We have audited the financial statements of Ashe Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2021 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 Group Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 pages five and six, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Ashe Group Holdings 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

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 Group Holdings 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 Group Holdings Limited (Registered number: 01068783)

Consolidated Income Statement
for the Year Ended 31 December 2021

31.12.21 31.12.20
Notes £    £   

TURNOVER 3 70,333,338 67,139,339

Cost of sales 66,116,604 63,844,833
GROSS PROFIT 4,216,734 3,294,506

Administrative expenses 2,946,323 2,555,729
1,270,411 738,777

Other operating income 263,018 538,147
OPERATING PROFIT 5 1,533,429 1,276,924

Interest receivable and similar income 475 15,403
PROFIT BEFORE TAXATION 1,533,904 1,292,327

Tax on profit 6 (18,264 ) 40,424
PROFIT FOR THE FINANCIAL YEAR 1,552,168 1,251,903
Profit attributable to:
Owners of the parent 1,552,168 1,251,903

Ashe Group Holdings Limited (Registered number: 01068783)

Consolidated Other Comprehensive Income
for the Year Ended 31 December 2021

31.12.21 31.12.20
Notes £    £   

PROFIT FOR THE YEAR 1,552,168 1,251,903


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,552,168

1,251,903

Total comprehensive income attributable to:
Owners of the parent 1,552,168 1,251,903

Ashe Group Holdings Limited (Registered number: 01068783)

Consolidated Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 182,768 257,729
Investments 10 - -
Investment property 11 1,575,000 1,300,000
1,757,768 1,557,729

CURRENT ASSETS
Inventories 12 417,390 304,477
Debtors: amounts falling due within one year 13 9,802,646 6,791,583
Debtors: amounts falling due after more than one
year

13

1,559,076

1,709,707
Cash at bank 11,652,087 12,392,541
23,431,199 21,198,308
CREDITORS
Amounts falling due within one year 14 13,994,745 12,594,856
NET CURRENT ASSETS 9,436,454 8,603,452
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,194,222

10,161,181

CREDITORS
Amounts falling due after more than one year 15 1,580,590 1,824,639
NET ASSETS 9,613,632 8,336,542

CAPITAL AND RESERVES
Called up share capital 20 7,927 7,927
Investment revaluation reserve 21 (227,470 ) (227,470 )
Consolidation reserve 21 474,721 474,721
Retained earnings 21 9,358,454 8,081,364
SHAREHOLDERS' FUNDS 9,613,632 8,336,542

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 A Blake - Director


Ashe Group Holdings Limited (Registered number: 01068783)

Company Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 45,240 14,019
Investments 10 200,100 200,100
Investment property 11 1,575,000 1,300,000
1,820,340 1,514,119

CURRENT ASSETS
Inventories 12 417,390 304,477
Debtors: amounts falling due within one year 13 1,445,876 929,637
Cash at bank 3,038,930 4,839
4,902,196 1,238,953
CREDITORS
Amounts falling due within one year 14 3,802,291 545,274
NET CURRENT ASSETS 1,099,905 693,679
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,920,245

2,207,798

CAPITAL AND RESERVES
Called up share capital 20 7,927 7,927
Investment revaluation reserve 21 (227,470 ) (227,470 )
Retained earnings 21 3,139,788 2,427,341
SHAREHOLDERS' FUNDS 2,920,245 2,207,798

Company's profit for the financial year 987,525 569,555

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 A Blake - Director


Ashe Group Holdings Limited (Registered number: 01068783)

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

Called up Investment
share Retained revaluation Consolidation Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 January 2020 7,927 7,075,861 (227,470 ) 474,721 7,331,039

Changes in equity
Dividends - (246,400 ) - - (246,400 )
Total comprehensive income - 1,251,903 - - 1,251,903
Balance at 31 December 2020 7,927 8,081,364 (227,470 ) 474,721 8,336,542

Changes in equity
Dividends - (275,078 ) - - (275,078 )
Total comprehensive income - 1,552,168 - - 1,552,168
Balance at 31 December 2021 7,927 9,358,454 (227,470 ) 474,721 9,613,632

Ashe Group Holdings Limited (Registered number: 01068783)

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

Called up Investment
share Retained revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 January 2020 7,927 2,104,186 (227,470 ) 1,884,643

Changes in equity
Dividends - (246,400 ) - (246,400 )
Total comprehensive income - 569,555 - 569,555
Balance at 31 December 2020 7,927 2,427,341 (227,470 ) 2,207,798

Changes in equity
Dividends - (275,078 ) - (275,078 )
Total comprehensive income - 987,525 - 987,525
Balance at 31 December 2021 7,927 3,139,788 (227,470 ) 2,920,245

Ashe Group Holdings Limited (Registered number: 01068783)

Consolidated 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 (87,884 ) 4,250,396
Government grants 58,324 358,206
Tax paid 224,025 93,003
Net cash from operating activities 194,465 4,701,605

Cash flows from investing activities
Purchase of tangible fixed assets (72,820 ) (215,151 )
Purchase of investment property (275,000 ) -
Sale of tangible fixed assets 68,400 57,300
Interest received 475 15,403
Net cash from investing activities (278,945 ) (142,448 )

Cash flows from financing activities
Capital movement in year (35,149 ) (5,715 )
Amount introduced by directors 825,551 -
Amount withdrawn by directors (1,109,841 ) (38,113 )
Equity dividends paid (275,078 ) (246,400 )
Net cash from financing activities (594,517 ) (290,228 )

(Decrease)/increase in cash and cash equivalents (678,997 ) 4,268,929
Cash and cash equivalents at beginning of year 2 12,331,084 8,062,155

Cash and cash equivalents at end of year 2 11,652,087 12,331,084

Ashe Group Holdings Limited (Registered number: 01068783)

Notes to the Consolidated 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 1,533,904 1,292,327
Depreciation charges 147,781 202,236
Profit on disposal of fixed assets (68,400 ) (43,575 )
Government grants (58,324 ) (358,206 )
Finance income (475 ) (15,403 )
1,554,486 1,077,379
Increase in inventories (112,913 ) -
(Increase)/decrease in trade and other debtors (2,524,510 ) 1,663,875
Increase in trade and other creditors 995,053 1,509,142
Cash generated from operations (87,884 ) 4,250,396

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 11,652,087 12,392,541
Bank overdrafts - (61,457 )
11,652,087 12,331,084
Year ended 31 December 2020
31.12.20 1.1.20
£    £   
Cash and cash equivalents 12,392,541 8,062,155
Bank overdrafts (61,457 ) -
12,331,084 8,062,155


Ashe Group Holdings Limited (Registered number: 01068783)

Notes to the Consolidated 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 12,392,541 (740,454 ) 11,652,087
Bank overdrafts (61,457 ) 61,457 -
12,331,084 (678,997 ) 11,652,087
Debt
Finance leases (44,232 ) 35,149 (9,083 )
(44,232 ) 35,149 (9,083 )
Total 12,286,852 (643,848 ) 11,643,004

Ashe Group Holdings Limited (Registered number: 01068783)

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

1. STATUTORY INFORMATION

Ashe Group Holdings 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 General 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.

Basis of consolidation
The group accounts consolidate the accounts of Ashe Group Holdings Limited and it's subsidiary undertakings for the year ended 31 December 2021.

Intra-group sales, profits and dividends are eliminated fully on consolidation.

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

The group'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

Investment property
In accordance with FRS 102, investment properties are valued annually on an open market basis. Changes in valuation are shown as movements on investment revaluation reserve and through Other Comprehensive Income. Companies Act 2006 requires fixed assets to be depreciated on an annual basis to reflect useful economic life of the asset. Compliance with FRS 102 is therefore a departure from Companies Act 2006 necessary to give a true and fair view.

Inventories
Inventories are valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Ashe Group Holdings Limited (Registered number: 01068783)

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

2. ACCOUNTING POLICIES - continued

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.

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 depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

At 31 December 2021, the group owed outstanding contributions of £33,311 (2020- £35,841).

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

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

31.12.21 31.12.20
£    £   
Construction contracts revenue 70,333,338 67,139,339
70,333,338 67,139,339

4. EMPLOYEES AND DIRECTORS
31.12.21 31.12.20
£    £   
Wages and salaries 7,707,676 7,138,695
Social security costs 866,205 820,925
Other pension costs 368,843 246,775
8,942,724 8,206,395

Ashe Group Holdings Limited (Registered number: 01068783)

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

4. EMPLOYEES AND DIRECTORS - continued

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

Administration 35 33
Production 76 86
111 119

31.12.21 31.12.20
£    £   
Directors' remuneration 304,098 222,758
Directors' pension contributions to money purchase schemes 80,000 15,000

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

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
31.12.21 31.12.20
£    £   
Emoluments etc 145,974 133,715
Pension contributions to money purchase schemes 40,000 7,500

5. OPERATING PROFIT

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

31.12.21 31.12.20
£    £   
Plant hire 1,353,767 1,232,031
Depreciation - owned assets 130,073 165,319
Depreciation - assets on hire purchase contracts 17,708 36,917
Profit on disposal of fixed assets (68,400 ) (43,575 )
Auditors' remuneration 36,128 32,861

Ashe Group Holdings Limited (Registered number: 01068783)

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

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
31.12.21 31.12.20
£    £   
Current tax:
UK corporation tax 364,691 246,590
Corporation tax Overprovided
in prior years (203,444 ) (164,016 )
R&D Tax credit (127,503 ) (112,407 )
Total current tax 33,744 (29,833 )

Deferred tax (52,008 ) 70,257
Tax on profit (18,264 ) 40,424

Reconciliation of total tax (credit)/charge 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 1,533,904 1,292,327
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2020 -
19 %)

291,442

245,542

Effects of:
Expenses not deductible for tax purposes 4,226 2,808
Capital allowances in excess of depreciation (636 ) (5,497 )
Adjustments to tax charge in respect of previous periods (230,735 ) (164,016 )
R&D Tax credit (127,503 ) (112,407 )

Deferred tax (52,008 ) 70,257
S.455 Charge 92,395 16,634
Pension Adj. 4,566 (337 )

Other adj. (11 ) (11 )
Group losses relief b/fwd - (12,549 )
Total tax (credit)/charge (18,264 ) 40,424

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Ashe Group Holdings Limited (Registered number: 01068783)

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

8. DIVIDENDS
31.12.21 31.12.20
£    £   
'B' Ordinary shares of £1 each
Interim 275,078 246,400

9. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2021 39,071 144,451 406,817
Additions 8,046 - 18,275
Disposals - (17,402 ) (72,109 )
At 31 December 2021 47,117 127,049 352,983
DEPRECIATION
At 1 January 2021 19,536 135,157 376,650
Charge for year 11,779 5,257 20,181
Eliminated on disposal - (17,402 ) (72,109 )
At 31 December 2021 31,315 123,012 324,722
NET BOOK VALUE
At 31 December 2021 15,802 4,037 28,261
At 31 December 2020 19,535 9,294 30,167

Ashe Group Holdings Limited (Registered number: 01068783)

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

9. TANGIBLE FIXED ASSETS - continued

Group

Motor Transit
vehicles vans Totals
£    £    £   
COST
At 1 January 2021 750,696 189,345 1,530,380
Additions 46,499 - 72,820
Disposals (168,341 ) 9,637 (248,215 )
At 31 December 2021 628,854 198,982 1,354,985
DEPRECIATION
At 1 January 2021 551,963 189,345 1,272,651
Charge for year 110,564 - 147,781
Eliminated on disposal (168,341 ) 9,637 (248,215 )
At 31 December 2021 494,186 198,982 1,172,217
NET BOOK VALUE
At 31 December 2021 134,668 - 182,768
At 31 December 2020 198,733 - 257,729

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2021 145,348
Transfer to ownership (43,905 )
At 31 December 2021 101,443
DEPRECIATION
At 1 January 2021 66,166
Charge for year 17,708
Transfer to ownership (25,611 )
At 31 December 2021 58,263
NET BOOK VALUE
At 31 December 2021 43,180
At 31 December 2020 79,182

Ashe Group Holdings Limited (Registered number: 01068783)

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

9. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2021 10,679 28,039 38,718
Additions 4,476 46,499 50,975
Disposals (10,679 ) - (10,679 )
At 31 December 2021 4,476 74,538 79,014
DEPRECIATION
At 1 January 2021 10,679 14,020 24,699
Charge for year 1,119 18,635 19,754
Eliminated on disposal (10,679 ) - (10,679 )
At 31 December 2021 1,119 32,655 33,774
NET BOOK VALUE
At 31 December 2021 3,357 41,883 45,240
At 31 December 2020 - 14,019 14,019

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2021
and 31 December 2021 200,100
NET BOOK VALUE
At 31 December 2021 200,100
At 31 December 2020 200,100

Ashe Group Holdings Limited (Registered number: 01068783)

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

10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Ashe Construction Limited
Registered office: Ashe House, Cooks Way, Hitchin SG4 0JE
Nature of business: Building contractors
%
Class of shares: holding
Ordinary 100.00
31.12.21 31.12.20
£    £   
Aggregate capital and reserves 5,463,580 5,520,829
Profit for the year 792,751 783,611

Ashe Roofing Limited
Registered office: Ashe House, Cooks Way, Hitchin SG4 0JE
Nature of business: Roofing contractors
%
Class of shares: holding
Ordinary 100.00
31.12.21 31.12.20
£    £   
Aggregate capital and reserves 1,134,494 808,014
Profit for the year 456,480 348,736


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2021 1,300,000
Additions 275,000
At 31 December 2021 1,575,000
NET BOOK VALUE
At 31 December 2021 1,575,000
At 31 December 2020 1,300,000

Ashe Group Holdings Limited (Registered number: 01068783)

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

11. INVESTMENT PROPERTY - continued

Group

The investment property (Network House, Kidlington) was revalued at an open market value on 1 January 2014. The revaluation was undertaken by CB Vecchione MA (Oxon) of Benedicts Consultant Surveyors.

The investment property has since been valued on an open market basis on 31 December 2021 by R S Blake MSc FRICS, a director, and concludes there are no material changes since the formal valuation in 2014.

Company
Total
£   
FAIR VALUE
At 1 January 2021 1,300,000
Additions 275,000
At 31 December 2021 1,575,000
NET BOOK VALUE
At 31 December 2021 1,575,000
At 31 December 2020 1,300,000

Fair value at 31 December 2021 is represented by:
£   
Valuation in 2014 (227,470 )
Cost 1,802,470
1,575,000

The investment property (Network House, Kidlington) was revalued at an open market value on 1 January 2014. The revaluation was undertaken by CB Vecchione MA (Oxon) of Benedicts Consultant Surveyors.

The investment property has since been valued on an open market basis on 31 December 2021 by R S Blake MSc FRICS, a director, and concludes there are no material changes since the formal valuation in 2014.

12. INVENTORIES

Group Company
31.12.21 31.12.20 31.12.21 31.12.20
£    £    £    £   
Inventories 417,390 304,477 417,390 304,477

Inventories in respect of the group and the company comprise of land stock totalling £225,000 (2020 - £225,000) and work-in-progress totalling £192,389 (2020 - £79,477).

Ashe Group Holdings Limited (Registered number: 01068783)

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

13. DEBTORS

Group Company
31.12.21 31.12.20 31.12.21 31.12.20
£    £    £    £   
Amounts falling due within one year:
Trade debtors 8,331,662 5,370,744 28,496 237
Amounts owed by group undertakings - - 250,000 100,000
Other debtors 4,885 5,763 - -
Directors' current accounts 1,109,841 825,551 1,109,841 825,551
Corporation tax - 376 - 376
Deferred tax asset 111,795 59,787 56,774 3,473
Prepayments and accrued income 244,463 529,362 765 -
9,802,646 6,791,583 1,445,876 929,637

Amounts falling due after more than one year:
Trade debtors 1,559,076 1,709,707 - -

Aggregate amounts 11,361,722 8,501,290 1,445,876 929,637

Deferred tax asset
Group Company
31.12.21 31.12.20 31.12.21 31.12.20
£    £    £    £   
Accelerated capital allowances 60,937 61,156 5,916 4,842
Trading losses 5,364 (46,863 ) 5,364 (46,863 )
Revaluation timing difference 45,494 45,494 45,494 45,494
111,795 59,787 56,774 3,473

Ashe Group Holdings Limited (Registered number: 01068783)

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

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.21 31.12.20 31.12.21 31.12.20
£    £    £    £   
Bank loans and overdrafts (see note 16) - 61,457 - -
Hire purchase contracts (see note 17) 9,083 34,366 - -
Trade creditors 1,007,557 892,321 976 17,813
Subcontractor creditors 8,759,195 9,192,405 - -
Amounts owed to group undertakings - - 3,301,956 349,988
Corporation tax 500,718 243,325 97,379 48,031
Other taxes and social
security 458,304 385,234 17,436 13,312
VAT 1,810,390 1,053,479 71,141 62,567
Other creditors 112,512 40,387 1,846 4,546
Wages control 14,814 - - -
Precision pay credit a/c 89,853 - - -
Directors' current accounts 500 500 500 500
Accruals and deferred income 1,231,819 691,382 311,057 48,517
13,994,745 12,594,856 3,802,291 545,274

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
31.12.21 31.12.20
£    £   
Hire purchase contracts (see note 17) - 9,866
Subcontractor creditor 1,580,590 1,814,773
1,580,590 1,824,639

16. LOANS

An analysis of the maturity of loans is given below:

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

Ashe Group Holdings Limited (Registered number: 01068783)

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

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.21 31.12.20
£    £   
Gross obligations repayable:
Within one year 9,936 37,323
Between one and five years - 10,719
9,936 48,042

Finance charges repayable:
Within one year 853 2,957
Between one and five years - 853
853 3,810

Net obligations repayable:
Within one year 9,083 34,366
Between one and five years - 9,866
9,083 44,232

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.12.21 31.12.20
£    £   
Hire purchase contracts 9,083 44,232

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

Ashe Group Holdings Limited (Registered number: 01068783)

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

19. DEFERRED TAX

Group
£   
Balance at 1 January 2021 (59,787 )
Movement in year:-
Accelerated capital allowances 219
Trading losses (52,227 )
Balance at 31 December 2021 (111,795 )

Company
£   
Balance at 1 January 2021 (3,473 )
Movement in year:-
Accelerated capital allowances (1,074 )
Trading losses (52,227 )
Balance at 31 December 2021 (56,774 )

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.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.21 31.12.20
value: £    £   
7,850 'A' Ordinary £1 7,850 7,850
77 'B' Ordinary £1 77 77
7,927 7,927

21. RESERVES

Group
Investment
Retained revaluation Consolidation
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2021 8,081,364 (227,470 ) 474,721 8,328,615
Profit for the year 1,552,168 1,552,168
Dividends (275,078 ) (275,078 )
At 31 December 2021 9,358,454 (227,470 ) 474,721 9,605,705

Ashe Group Holdings Limited (Registered number: 01068783)

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

21. RESERVES - continued

Company
Investment
Retained revaluation
earnings reserve Totals
£    £    £   

At 1 January 2021 2,427,341 (227,470 ) 2,199,871
Profit for the year 987,525 987,525
Dividends (275,078 ) (275,078 )
At 31 December 2021 3,139,788 (227,470 ) 2,912,318


22. RELATED PARTY DISCLOSURES

As at the year end, the director's loan account within the group for R S Blake, a director of the parent company, was £500 (2020 - £500) in credit to him.

As at the year end, the director's loan account within the group for R A Blake, a director of the parent company, was £566,746 (2020 - £576,286) in debit from him. The group had accrued income due from R A Blake at the year end totalling £233,363 (2020 - £147,278) for unbilled work.

As at the year end, the director's loan account within the group for N R Blake, a director of the parent company, was £543,095 (2020 - £249,265) in debit from him.

During the year, the group made sales to Westover Building Consultants LLP totalling £480 (2020 - £1,024). The LLP is a related entity by the virtue of the fact that the directors of the parent company R S Blake, R A Blake and N R Blake are common partners of the LLP. The group also made purchases totalling £151,219 (2020 - £171,017) from the LLP. As at the year end the group was owed £33,785 (2020 - £66,600) from Westover Building Consultants LLP.

During the year, the group made purchases from Perry Jensen Ltd totalling £68,115 (2020 - £45,570). Additionally the group 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 group owed £6,030 (2020 - £Nil) to Perry Jensen Ltd.

During the year the group 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.

The group declared the following dividends to the shareholders (excluding inter-group dividends):-
For 'A' Ordinary Shares:- £Nil

For the 'B' Ordinary shares:-
- £37,926 to Mrs L A Blake, spouse of R S Blake
- £55,366 to Mr R A Blake
- £55,366 to Mr N R Blake
- £21,070 to each of the following Miss E A Blake, Miss K M Blake, Miss A Blake, Mr M R C Blake, Mr D R Blake and Mr B L Blake. These shareholders are the children of the directors.