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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Roger Owen FCA |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
64 Wilbury Way |
Hitchin |
Hertfordshire |
SG4 0TP |
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 |
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 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Inventories | 12 |
Debtors: amounts falling due within one year | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Investment revaluation reserve | 21 | ( |
) | ( |
) |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
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 |
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 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2020 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2021 | ( |
) |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
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 |
Registered office: Ashe House, Cooks Way, Hitchin SG4 0JE |
Nature of business: |
% |
Class of shares: | holding |
31.12.21 | 31.12.20 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Ashe House, Cooks Way, Hitchin SG4 0JE |
Nature of business: |
% |
Class of shares: | holding |
31.12.21 | 31.12.20 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
Additions |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
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 |
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 |
Amounts owed by group undertakings | - | - |
Other debtors | 4,885 | 5,763 |
Directors' current accounts | 1,109,841 | 825,551 | 1,109,841 | 825,551 |
Corporation tax | - | 376 |
Deferred tax asset | 111,795 | 59,787 | 56,774 | 3,473 |
Prepayments and accrued income | 244,463 | 529,362 |
9,802,646 | 6,791,583 |
Amounts falling due after more than one year: |
Trade debtors | 1,559,076 | 1,709,707 |
Aggregate amounts | 11,361,722 | 8,501,290 |
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 |
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 |
Subcontractor creditors | 8,759,195 | 9,192,405 | - | - |
Amounts owed to group undertakings | - | - |
Corporation tax | 500,718 | 243,325 |
Other taxes and social |
security | 458,304 | 385,234 |
VAT | 1,810,390 | 1,053,479 | 71,141 | 62,567 |
Other creditors | 112,512 | 40,387 |
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 |
13,994,745 | 12,594,856 |
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 | ( |
) |
Movement in year:- |
Accelerated capital allowances | (1,074 | ) |
Trading losses | (52,227 | ) |
Balance at 31 December 2021 | ( |
) |
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: | £ | £ |
'A' Ordinary | £1 | 7,850 | 7,850 |
'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 | ( |
) | 2,199,871 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2021 | ( |
) | 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. |