REGISTERED NUMBER: 11717113 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
ASTON GROUP HOLDINGS LIMITED |
REGISTERED NUMBER: 11717113 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
ASTON GROUP HOLDINGS LIMITED |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 7 |
Report of the Independent Auditors | 10 |
Consolidated Statement of Comprehensive Income | 14 |
Consolidated Balance Sheet | 15 |
Company Balance Sheet | 16 |
Consolidated Statement of Changes in Equity | 17 |
Company Statement of Changes in Equity | 18 |
Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Cash Flow Statement | 20 |
Notes to the Consolidated Financial Statements | 22 |
ASTON GROUP HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JULY 2023 |
The directors present their strategic report of the company and the group for the year ended 31 July 2023. |
REVIEW OF BUSINESS |
The statement of comprehensive income is set out on page 13 and shows a profit before tax of £3,156,188 for the period. Turnover for the period amounted to £86,333,190. |
The group continues to increase its sales, with 7.5% growth on the previous year, although cost inflation caused profits to reduce in the year, but EBITDA remained in line with prior year reflecting the impact of interest rate increases and investment in the estate. |
The group's core strategy delivers growth through increased sales and performance, plus expansion of outlets. The group operates a mix of freehold and leasehold properties, providing a strong framework for expansion. |
During the period, the group opened three sites in Tonbridge, Sheffield and Wellingborough, and closed one site in Oxford, taking the total number of sites to 132. The group expects to continue to expand in the next financial year. |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JULY 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and execution of the group's strategy are subject to a number of risks. The principal risks and uncertainties affecting the group are considered to relate to competition from both national and independent retailers, employee retention, product availability and cost inflation. |
Competition remains fierce, which ultimately benefits the customer through lower pricing and reduced margins. Increasing the group's market share through expansion and customer retention enables the group to continue to grow. |
Recruiting and retaining the best staff continues to be a key focus of the group. This year has been a challenge, albeit not unique to this industry, but the group does believe the challenge is starting to ease a little. The group is investing in its staff through wage increases and the introduction of enhanced employee benefits. |
The group views open discussion with employees as vital to understanding how it can continually improve, with such communication taking place via site visits, face to face meetings and written notices. |
Recognition of skills continues, with assistance towards further education and qualifications being offered. |
Since having obtained industry standard training recognition, the group has continued to sponsor many applicants to the government-controlled MOT authorised examiner status. This qualification brings with it career growth, employee financial reward and greater skills knowledge. The group continues to pro-actively increase the number of people gaining the MOT qualification. |
The group has recently increased the number of apprentices after two successful cohorts and views this as a future growth opportunity to recruit, train and promote high quality personnel. |
To mitigate the risk of product availability, the group continues to have available a large number of authorised suppliers to enable a wider range of products to be made available to the group's customers. This has resulted in multiple suppliers for similar products, to ensure that the mix of products meet the group's customer demands. Each supplier is important to the group for providing effective, timely and accurate product supply to the local centre. |
The group works hard to ensure timely delivery to our sites to meet customer demand and offers customers same day options for both walk-in and online customers. |
Cost inflation has had a large impact on profit during the year, including wages, business rates, direct product costs and interest rates. While the labour market may not be as challenging as previous years, the wages being offered by competitors are increasing although the group has seen a number of staff return as they realise the dream they were sold was not completely accurate. |
The group has been impacted during the year by a material increase in business rates and continues to challenge these as it believes the increases applied are unreasonable. |
The group is in the middle of a three-year energy contract which has helped to avoid further cost increases, and has recently committed to an additional twelve-month supply contract, guaranteeing the purchase price until October 2025. |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JULY 2023 |
SECTION 172(1) STATEMENT |
Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In this respect the Directors have had regard, amongst other matters, to the: |
- Likely consequences of any decisions in the long-term; |
- Interests of the Company's employees; |
- Need to foster the Company's business relationships with suppliers, customers and others; |
- Impact of the Company's operations on the community and environment; |
- Desirability of the Company maintaining a reputation for high standards of business conduct; |
and |
- Need to act fairly as between members of the Company. |
The Directors seek to ensure that their decision making process not only takes into account the Company's purpose, vision and values, together with its strategic priorities, but also reflects, as far as practical and possible, the interests of all stakeholders. |
KEY PERFORMANCE INDICATORS |
The group manages the business by reference to key performance indicators. Each trading outlet is |
recognised as a profit centre and is measured accordingly. Due to the varied nature of the business, the |
performance indicators will differ greatly from outlet to outlet, therefore individual monitoring is paramount and is measured daily. |
Competent management reporting tools are in place to provide essential current, timely reporting in a clear |
and precise manner. The principal indicators used by the group include, but are not limited to; |
1. Turnover - total turnover and like-for-like turnover |
2. Gross Margin - cash and percentage of sales |
3. EBITDA |
4. Wages and Employees - wages as a percentage of sales and number of employees |
The group is in the process of introducing more operational KPIs and expect to use these more during the coming year. |
2022/23 | vs Prior Year |
Turnover | £86,333,190 | 7.5% |
Gross Margin | £54,145,835 | 9.4% |
EBITDA | £6,646,121 | 10.0% |
Wages | £28,853,301 | 10.2% |
Employee Numbers | 843 | 7.4% |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JULY 2023 |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The group's operations expose it to a variety of financial risks that include the effects of price risk, credit risk, liquidity risk and interest rate cash flow risk. The group has in place policies and procedures that seek to limit the potentially adverse effects on the financial performance of the group of such risks. These policies are set by the directors. |
The group does not currently use derivative financial instruments to manage interest rate risks, but it has been reviewing this since the period end due to the increases seen in interest rates. |
Price risk |
Due to the market the group operates in, the group is exposed to price risk from its suppliers and competitors. However, given the size of the group's operations and in addition to the actions identified above, the group is able to manage the potential exposure through supplier agreements and rebate mechanisms. |
Credit risk |
The majority of the group's sales are not made on credit. However, for those sales made on credit, appropriate credit checks on customers who apply for credit accounts are made prior to the sale. The amount of any individual customer is subject to a limit and the exposure of the group as a whole is mitigated by multiple credit control procedures and the diverse nature of the customer base. |
Liquidity risk |
Liquidity risk is the risk that the group will encounter difficulty in meeting obligations associated with its financial liabilities. The risk is mitigated as the group has sufficient cash resources available to it through either its own funds or access to further bank facilities. |
Brexit |
The group continues to monitor the impact of Brexit and as shown in note 4 the group derives all of its income from within the UK, and primarily purchases from UK suppliers. Where suppliers bring goods into the UK, the group have discussed with their supplier their stockholding levels and continuity of supply such that the group anticipates that there will be no significant disruption to the supply chain. Additionally, the group is able to source products from different suppliers and is also not dependent on any one brand of product. |
Covid-19 |
The group remained open and traded throughout the COVID-19 pandemic and was classed as an "essential service" by the UK Government. Following the government's decision to extend MOT expiry dates during the first lockdown, the shape of the group's turnover shifted somewhat from April, May and June into August, September and October. The group has seen the shape of its turnover continue to return to pre-pandemic phasing over the last couple of years and expects to see one or perhaps two more years of realignment. |
Interest rate cash flow risk |
The group has interest-bearing liabilities in the form of a Revolving Credit Facility and a Term Loan from the group's bankers which accrue interest at floating rates of interest. |
At the end of the period, the group was not fully drawn on its revolving credit facility and expects the Term Loan to be fully repaid during the next financial year. |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JULY 2023 |
Engagement with Employees |
Our employees are a key part of our operations. We share with them our strategy and actively engage with employees on significant decisions that may impact them. This is achieved through activities such as regular site visits, management and supervisor meetings, and company notices. |
Engagement with Suppliers, Customers and Others |
Our customers and suppliers are central to our business. We engage and build relationships via face to face interactions, events, promotional activity and visits to our sites. We constantly strive to improve working relationships with both suppliers and customers to ensure our continued strength and growth. We feel it is very important to have a good relationship with all our partners, including our suppliers, landlords, tenants and neighbours. |
Future developments |
The company continues to achieve growth by seeking and acquiring more sites. Post year end there are more |
sites in the pipeline to facilitate this growth and the group are always interested in new sites in prime locations. |
Employee involvement |
The company's policy is to consult and discuss the interests of employees through site visits, staff meetings and discussions. |
Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the 's company's performance. |
Disabled persons |
The company's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who have become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities. |
ON BEHALF OF THE BOARD: |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JULY 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 July 2023. |
DIVIDENDS |
Dividends distributed for the period ended 31 July 2023 amounted to £2,850,000 (2022: £2,375,000) The directors do not recommend the payment of a final dividend. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report. |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JULY 2023 |
STREAMLINED ENERGY AND CARBON REPORTING |
2023 | 2022 |
UK energy use kWh | KWh's | KWh's |
Gas | 404,053 | 553,175 |
Electricity | 4,252,216 | 4,228,612 |
Transport Fuel | 918,919 | 1,005,120 |
Expensed Mileage Fuel | 215,168 | 267,874 |
5,790,356 | 6,054,781 |
Associated Greenhouse gas emissions tC02e | tCO2e | tC02e |
Emissions from combustion of gas | 74.47 | 101.36 |
Emissions from purchased electricity | 880.52 | 817.73 |
Emissions from combustion of transport fuel | 229.97 | 242.44 |
Emissions from combustion of expensed mileage fuel | 52.17 | 65.70 |
1,237.14 | 1,227.23 |
Intensity ratio |
Sales revenue £1k | 86,333.19 | 80,289.76 |
Tonnes CO2 Equivalent | 1,237.14 | 1,227.23 |
Tonnes of CO2 per total £1k sales revenue | 1.43% | 1.53% |
Methodology |
All operations are UK Based, none are offshore or global. |
Consumption has been calculated using the following assumptions and data: |
Gas | - Meter readings at start and end of period to generate kWh usage. |
Electricity |
- Summation of smart meter and meter readings at start and end of reporting period to generate kWh usage |
Fuel used for transport |
- Company car mileage data was categorised by car size and fuel type. DEFRA conversion factors were then applied to calculate both energy use and emissions on a per mile basis. |
Gas usage has reduced for the third consecutive year. Electricity consumption increased by less than 0.5% but emissions increased by 7% as a result of a change to the DEFRA emissions factor. Fuel used in company vehicles and expenses mileage have both reduced for the third consecutive year. |
Energy Efficiency Action |
The group is in a period of reviewing the rollout of new heating and lighting solutions. Should this continue to demonstrate a reduction in energy consumption then the group expects to commit to further investment in this area. |
The group continues to monitor overnight energy consumption with daily alerts sent to its centres to make them aware of high consumption so action can be taken. |
As mentioned already in this report, the group is in the middle of a 3-year energy contract and has recently committed to an additional 12 months, guaranteeing the purchase price until October 2025. |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JULY 2023 |
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASTON GROUP HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Aston Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023 which comprise the Consolidated Statement of 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 July 2023 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASTON GROUP HOLDINGS LIMITED |
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. |
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 page nine, 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 |
ASTON 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: |
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and we considered the extent to which non-compliance might have a material effect on the financial statements. |
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates. |
Audit procedures performed by the engagement team included: |
- enquiries with management, including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these; |
- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws; |
- understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities; |
- challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to valuation of investment property, impairment of investments in subsidiaries and the measurement and classification of exceptional items; |
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and postings by unusual users. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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 |
ASTON 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 Auditor |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 | 86,333,190 | 80,289,763 |
Cost of sales | (32,187,355 | ) | (30,781,090 | ) |
GROSS PROFIT | 54,145,835 | 49,508,673 |
Administrative expenses | (50,643,133 | ) | (45,433,347 | ) |
3,502,702 | 4,075,326 |
Other operating income | 667,337 | 663,024 |
OPERATING PROFIT | 5 | 4,170,039 | 4,738,350 |
Interest receivable and similar income | 111 | 2,695 |
4,170,150 | 4,741,045 |
Interest payable and similar expenses | 7 | (1,013,962 | ) | (632,005 | ) |
PROFIT BEFORE TAXATION | 3,156,188 | 4,109,040 |
Tax on profit | 8 | (471,030 | ) | (723,680 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,685,158 |
3,385,360 |
Profit attributable to: |
Owners of the parent | 2,685,158 | 3,385,360 |
Total comprehensive income attributable to: |
Owners of the parent | 2,685,158 | 3,385,360 |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
CONSOLIDATED BALANCE SHEET |
31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 6,576,433 | 6,904,637 |
Tangible assets | 12 | 19,747,625 | 19,735,122 |
Investments | 13 | - | - |
Investment property | 14 | 871,945 | 871,945 |
27,196,003 | 27,511,704 |
CURRENT ASSETS |
Stocks | 15 | 2,130,134 | 2,483,071 |
Debtors | 16 | 6,268,290 | 5,307,987 |
Cash at bank and in hand | 2,853,688 | 3,650,756 |
11,252,112 | 11,441,814 |
CREDITORS |
Amounts falling due within one year | 17 | (24,138,240 | ) | (23,551,379 | ) |
NET CURRENT LIABILITIES | (12,886,128 | ) | (12,109,565 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
14,309,875 |
15,402,139 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(12,279,963 |
) |
(13,259,620 |
) |
PROVISIONS FOR LIABILITIES | 22 | (677,411 | ) | (625,176 | ) |
NET ASSETS | 1,352,501 | 1,517,343 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 99,000 | 99,000 |
Retained earnings | 24 | 1,253,501 | 1,418,343 |
SHAREHOLDERS' FUNDS | 1,352,501 | 1,517,343 |
The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by: |
S L Hughes - Director |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
COMPANY BALANCE SHEET |
31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 2,889,665 | 2,350,916 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JULY 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2021 | 100,000 | 407,983 | 507,983 |
Changes in equity |
Issue of share capital | (1,000 | ) | - | (1,000 | ) |
Dividends | - | (2,375,000 | ) | (2,375,000 | ) |
Total comprehensive income | - | 3,385,360 | 3,385,360 |
Balance at 31 July 2022 | 99,000 | 1,418,343 | 1,517,343 |
Changes in equity |
Dividends | - | (2,850,000 | ) | (2,850,000 | ) |
Total comprehensive income | - | 2,685,158 | 2,685,158 |
Balance at 31 July 2023 | 99,000 | 1,253,501 | 1,352,501 |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JULY 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2021 |
Changes in equity |
Issue of share capital | ( |
) | - | ( |
) |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2023 |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 7,218,283 | 5,152,362 |
Interest paid | (941,427 | ) | (572,033 | ) |
Interest element of hire purchase payments paid |
(75,615 |
) |
(55,604 |
) |
Finance costs paid | - | (4,368 | ) |
Interest received on overpaid tax | 3,080 | - |
Tax paid | (554,353 | ) | (1,251,785 | ) |
Net cash from operating activities | 5,649,968 | 3,268,572 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (2,296,586 | ) | (5,253,795 | ) |
Sale of tangible fixed assets | 135,758 | 2,121,204 |
Interest received | 111 | 2,695 |
Net cash from investing activities | (2,160,717 | ) | (3,129,896 | ) |
Cash flows from financing activities |
New loans in year | 250,000 | 1,000,000 |
Loan repayments in year | (1,967,321 | ) | (2,040,000 | ) |
New Hire Purchases loans in the year | 389,038 | 1,243,853 |
Capital repayments in year | (94,115 | ) | (674,917 | ) |
Amount withdrawn by directors | (13,921 | ) | (3,456,134 | ) |
Equity dividends paid | (2,850,000 | ) | (2,375,000 | ) |
Net cash from financing activities | (4,286,319 | ) | (6,302,198 | ) |
Decrease in cash and cash equivalents | (797,068 | ) | (6,163,522 | ) |
Cash and cash equivalents at beginning of year |
2 |
3,650,756 |
9,814,278 |
Cash and cash equivalents at end of year |
2 |
2,853,688 |
3,650,756 |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 3,156,188 | 4,109,040 |
Depreciation charges | 2,557,209 | 1,994,382 |
Profit on disposal of fixed assets | (80,680 | ) | (674,773 | ) |
Finance costs | 1,013,962 | 632,005 |
Finance income | (111 | ) | (2,695 | ) |
6,646,568 | 6,057,959 |
Decrease/(increase) in stocks | 352,937 | (184,884 | ) |
Increase in trade and other debtors | (960,303 | ) | (324,821 | ) |
Increase/(decrease) in trade and other creditors | 1,179,081 | (395,892 | ) |
Cash generated from operations | 7,218,283 | 5,152,362 |
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 July 2023 |
31.7.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 2,853,688 | 3,650,756 |
Year ended 31 July 2022 |
31.7.22 | 1.8.21 |
£ | £ |
Cash and cash equivalents | 3,650,756 | 9,814,278 |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JULY 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.8.22 | Cash flow | At 31.7.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,650,756 | (797,068 | ) | 2,853,688 |
3,650,756 | (797,068 | ) | 2,853,688 |
Debt |
Finance leases | (1,449,036 | ) | (294,923 | ) | (1,743,959 | ) |
Debts falling due within 1 year | (2,040,000 | ) | 510,000 | (1,530,000 | ) |
Debts falling due after 1 year | (12,457,321 | ) | 1,207,321 | (11,250,000 | ) |
(15,946,357 | ) | 1,422,398 | (14,523,959 | ) |
Total | (12,295,601 | ) | 625,330 | (11,670,271 | ) |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | STATUTORY INFORMATION |
Aston Group Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings, all of which are made up to 31 July 2023. All intra-group profits and transactions are eliminated on consolidation. |
Critical accounting judgements and key sources of estimation uncertainty |
No significant judgements have had to be made by management in preparing these financial |
statements. |
There were no key assumptions made concerning the future, and other key sources of estimation |
uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the |
carrying amounts of assets and liabilities within the next financial year. |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The group recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; and when it is probable that future economic benefits will flow to the entity. |
Interest income |
Interest income is recognised using the effective interest method. |
Dividend income |
Dividend income is recognised when the right to receive payment is established. |
Rental income |
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless the lease payments are structured to increase in line with expected general inflation in which case the income is recognised as revenue in accordance with the expected payments. |
Goodwill |
Goodwill was generated via the buyout of a share in the company, with the sole purpose of ensuring that ownership of the business was retained within the family. |
The family has run the business since its incorporation in 1979 and intends to continue to run it as a family business for many more years. |
Therefore, amortisation of the Goodwill over a 20 year period is more reasonable than 10 years. |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
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. |
Freehold Property - Held at cost from 01/08/19 (Previously 2% on cost) |
Long Leasehold - in accordance with the property |
Plant and Machinery - straight line over 6 years |
Motor Vehicles - 25% on cost |
Revaluation of tangible fixed assets |
Individual freehold and leasehold properties were carried at fair value on transition to FRS 102 less any subsequent accumulated depreciation and subsequent accumulated losses. Revaluations were undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. |
Fair values were determined from market-based evidence normally undertaken by professionally qualified valuers. |
Revaluation gains and losses are recognised in the Statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment properties are properties held to earn rentals and/or capital appreciation. Investment |
properties are initially measured at cost including transaction costs. Subsequently, investment |
properties whose fair value can be measured reliably without undue cost or effort on an on-going |
basis are measured at fair value. Gains and losses arising from changes in the fair value of |
investment properties are included in profit or loss in the period in which they arise. |
Investment properties whose fair value cannot be measured reliably without undue cost or effort on |
an on-going basis are included in plant, property and equipment at cost less accumulated |
depreciation and accumulated impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, being the estimated selling price less costs to disposal, after making due allowance for obsolete and slow moving items. Last cost is used to approximate cost. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to disposal. The impairment loss is recognised immediately in profit or loss, in the Statement of comprehensive income. |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. |
Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are 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. |
3. | TURNOVER |
Turnover comprises revenue recognised by the group in respect of goods and services supplied during the year, excluding VAT and trade discounts. Revenue is recognised when the risks and rewards of ownership transfer which is typically when the service is completed, or the goods provided. |
Property rental income is recognised by the group on an accrual basis, spread over the life of the lease arrangement. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 26,151,355 | 23,612,851 |
Social security costs | 2,305,866 | 2,193,683 |
Other pension costs | 396,080 | 373,001 |
28,853,301 | 26,179,535 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 8 | 8 |
Administrative | 70 | 70 |
Selling and distribution | 765 | 707 |
The average number of employees by undertakings that were proportionately consolidated during the year was 843 (2022 - 785 ) . |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
£ | £ |
Directors' remuneration | 1,973,683 | 2,161,892 |
The number of directors to whom retirement benefits were accruing was as follows: |
Defined benefit schemes | 2 | 2 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 450,170 | 532,327 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases | 7,255,551 | 6,938,755 |
Depreciation - owned assets | 1,822,669 | 1,691,811 |
Depreciation - assets on hire purchase contracts | 406,336 | 302,572 |
Profit on disposal of fixed assets | (80,680 | ) | (674,773 | ) |
Goodwill amortisation | 328,204 | - |
6. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fee payable to the company's auditor in respect of |
Audit of the company | 26,000 | 26,933 |
Audit of the financial statements of the group and subsidiary undertakings |
6,000 |
6,300 |
33,000 | 33,233 |
Non audit Services |
Taxation Compliance and Advisory Services | 9,500 | 8,820 |
Other Services | 9,000 | 9,660 |
18,500 | 18,480 |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest | 940,869 | 572,033 |
Other interest | 558 | - |
Hire purchase | 75,615 | 55,604 |
Interest on overdue tax | (3,080 | ) | 4,368 |
1,013,962 | 632,005 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 670,871 | 658,000 |
Prior year taxation under / (over) provision | (252,076 | ) | 102,546 |
Total current tax | 418,795 | 760,546 |
Deferred tax | 52,235 | (36,866 | ) |
Tax on profit | 471,030 | 723,680 |
Reconciliation of total tax 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: |
2023 | 2022 |
£ | £ |
Profit before tax | 3,156,188 | 4,109,040 |
Profit multiplied by the standard rate of corporation tax in the UK of 21.005 % (2022 - 19 %) |
662,957 |
780,718 |
Effects of: |
Expenses not deductible for tax purposes | 45,153 | 37,975 |
Capital allowances in excess of depreciation | (20,292 | ) | (119,880 | ) |
deduction |
Profit on disposal of assets | (16,947 | ) | (128,207 | ) |
Deferred Tax movement | 52,235 | (36,866 | ) |
Chargeable gains | - | 87,394 |
Prior year taxation Under / (Over) Provision | (252,076 | ) | 102,546 |
Total tax charge | 471,030 | 723,680 |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
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. |
10. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim | 2,850,000 | 2,375,000 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 August 2022 |
and 31 July 2023 | 8,418,019 |
AMORTISATION |
At 1 August 2022 | 1,513,382 |
Amortisation for year | 328,204 |
At 31 July 2023 | 1,841,586 |
NET BOOK VALUE |
At 31 July 2023 | 6,576,433 |
At 31 July 2022 | 6,904,637 |
In 2020 the Directors changed the accounting policy of fixed asset investments from that of fair value less impairment to Cost less impairment in the individual financial statements. |
This resulted in the writing down of fixed Asset Investments by £31,902,000 in relation to the 100% owned subsidiary Formula One Auto Centres Limited. |
The Amortisation policy of the company for Goodwill is 20 years for this acquisition. As £1,513,382 was amortised within year one of this amount in 2019, during the year a further £328,204 of amortisation was included taking the total amortised Goodwill to £1,841,586 which is 4 years of amortisation under the 20 year policy. |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
12. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2022 | 8,722,426 | 9,963,056 | 5,071,735 | 1,342,224 | 25,099,441 |
Additions | 22,528 | 696,346 | 1,188,674 | 389,038 | 2,296,586 |
Disposals | - | (5,750 | ) | - | (294,991 | ) | (300,741 | ) |
At 31 July 2023 | 8,744,954 | 10,653,652 | 6,260,409 | 1,436,271 | 27,095,286 |
DEPRECIATION |
At 1 August 2022 | (8,628 | ) | 2,834,680 | 2,169,722 | 368,545 | 5,364,319 |
Charge for year | - | 949,931 | 871,693 | 407,381 | 2,229,005 |
Eliminated on disposal | - | - | - | (245,663 | ) | (245,663 | ) |
At 31 July 2023 | (8,628 | ) | 3,784,611 | 3,041,415 | 530,263 | 7,347,661 |
NET BOOK VALUE |
At 31 July 2023 | 8,753,582 | 6,869,041 | 3,218,994 | 906,008 | 19,747,625 |
At 31 July 2022 | 8,731,054 | 7,128,376 | 2,902,013 | 973,679 | 19,735,122 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 August 2022 | 1,363,983 |
Additions | 389,038 |
Disposals | (294,921 | ) |
Transfer to ownership | (62,761 | ) |
Reclassification/transfer | 367,156 |
At 31 July 2023 | 1,762,495 |
DEPRECIATION |
At 1 August 2022 | 419,825 |
Charge for year | 406,336 |
Eliminated on disposal | (245,593 | ) |
Transfer to ownership | (45,763 | ) |
Reclassification/transfer | 339,898 |
At 31 July 2023 | 874,703 |
NET BOOK VALUE |
At 31 July 2023 | 887,792 |
At 31 July 2022 | 944,158 |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 August 2022 |
and 31 July 2023 |
PROVISIONS |
At 1 August 2022 |
and 31 July 2023 | 31,902,000 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
At 31 July 2023 the company held 100% of the allotted ordinary share capital of the following dormant |
entities: |
Formula Plus Autocentres Limited |
Formula Autocentres Limited |
Protium Holdings Limited |
PJS Automotive Limited |
Autowise Tyre and Autocentres Limited* |
*Investment held indirectly through the company's investment in PJS Automotive Limited. |
All subsidiaries were incorporated in England and Wales. |
The registered office for all of the subsidiaries is Aston House, Boulton Road, Stevenage, Hertfordshire SG1 4QX. |
During 2020 the investment in Protium was fully impaired due to the fact that the trade now operates from this company. |
During 2020 the Directors also changed the accounting policy of fixed asset investments from that of fair value less impairment to Cost less impairment in the individual financial statements. |
This resulted in the writing down of fixed Asset Investments by £31,902,000 in relation to the 100% owned subsidiary Formula One Auto Centres Limited. |
Formula One Auto Centres Limited is now held at cost. Which was as follows: |
£ |
Cash consideration | 8,000,000 |
Stamp duty | 199,865 |
Shares purchased at nominal value | 98,000 |
Total | 8,297,865 |
14. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
and 31 July 2023 | 871,945 |
NET BOOK VALUE |
At 31 July 2023 | 871,945 |
At 31 July 2022 | 871,945 |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
14. | INVESTMENT PROPERTY - continued |
Group |
Investment property relates to property held to receive rental income or capital appreciation. |
The value held within these accounts is the cost less accumulated depreciation. The valuation of this |
property was in line with this and therefore no revaluation has taken place as of the year end. |
15. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 2,130,134 | 2,483,071 |
Stock is measured at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items as well as sale or return stock. |
Cost is calculated on a last cost basis to approximate costs for each individual centre, this includes all |
costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their |
present location and condition. |
Net realisable value is based on estimated selling price less costs to complete and sell. |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 604,917 | 599,845 |
Other debtors | 418,993 | 223,045 |
Prepayments and accrued income | 5,244,380 | 4,485,097 |
6,268,290 | 5,307,987 |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 1,530,000 | 2,040,000 |
Hire purchase contracts (see note 20) | 713,996 | 646,737 |
Trade creditors | 13,239,738 | 12,631,461 |
Amounts owed to group undertakings | - | - |
Tax | 245,186 | 380,744 |
Social security and other taxes | 615,093 | 548,394 |
VAT | 1,313,562 | 1,023,695 | - | - |
Other creditors | 140,620 | 156,800 |
Directors' current accounts | 1,063,335 | 1,077,256 | 1,063,335 | 1,077,256 |
Accruals and deferred income | 5,276,710 | 5,046,292 |
24,138,240 | 23,551,379 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 19) | 11,250,000 | 12,457,321 |
Hire purchase contracts (see note 20) | 1,029,963 | 802,299 |
12,279,963 | 13,259,620 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 1,530,000 | 2,040,000 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 11,250,000 | 12,457,321 |
The bank loans and Revolving Credit Facility are secured by legal mortgages over the group's freehold and leasehold properties and a fixed and floating charge over the assets of the group. |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 713,996 | 646,737 |
Between one and five years | 1,029,963 | 802,299 |
1,743,959 | 1,449,036 |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 7,202,377 | 7,063,183 |
Between one and five years | 23,947,497 | 24,751,350 |
In more than five years | 28,131,709 | 30,961,462 |
59,281,583 | 62,775,995 |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
21. | SECURED DEBTS |
The bank loans and Revolving Credit Facility are secured by legal mortgages over the group's freehold and leasehold properties and a fixed and floating charge over the assets of the group. |
The following security is held by the subsidiary company's bank; |
First Legal Charge dated 29 March 2019 over Freehold Property known as 112A, Worcester |
Road, Kidderminster, Worcestershire, DY10 1JS |
First Legal Charge dated 29 March 2019 over Freehold Property known as Aston House, |
Boulton Road, Stevenage, SG1 4QX |
First Legal Charge dated 29 March 2019 over Freehold Property known as Bilton Road, |
Bletchley, Milton Keynes, MK1 1HW |
First Legal Charge dated 29 March 2019 over Freehold Property known as 16 Gambrel Road, Northampton, Northamptonshire NN5 5BB |
First Legal Charge dated 29 March 2019 over Freehold Property known as Abtec House, 18B |
Boulton Road, Stevenage, SG1 4QX |
First Legal Charge dated 29 March 2019 over Freehold Property known as 451A Tamworth |
Road, Long Eaton, Derbyshire, NG10 3GL |
First Legal Charge dated 29 March 2019 over Freehold Property known as 14 Grafton Street, |
Northampton, Northamptonshire, NN1 2NW |
First Legal Charge dated 29 March 2019 over Freehold Property known as Arlington Way, |
Shrewsbury, Shropshire, SY1 4YA |
First Legal Charge dated 29 March 2019 over Freehold Property known as 217/219 Liverpool |
Road, Newcastle Under Lyme, Staffordshire, ST5 9HW |
First Legal Charge dated 29 March 2019 over Freehold Property known as Rocky Hill, |
London Road, Maidstone, ME16 8PY |
First Legal Charge dated 29 March 2019 over Freehold Property known as 202 Chesterfield |
Road North, Mansfield, Nottinghamshire, NG19 7JG |
First Legal Charge dated 29 March 2019 over Freehold Property known as 102 Hillmorton |
Road, Rugby, Warwickshire, CV22 5DQ |
First Legal Charge dated 29 March 2019 over Freehold Property known as Unit 1, Challenger |
Court, Tritton Road, Lincoln, LN6 7QY |
Composite Company Unlimited Multilateral Guarantee dated 15 February 2019 given by |
Formula One Auto Centres Limited, Aston Group Holdings Limited, |
Protium Holdings Limited, Autowise Tyre and Autocentres Limited, |
PJS Automotive Limited |
Debenture including Fixed Charge over all present freehold and leasehold property; First |
Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present |
and future; and First Floating Charge over all assets and undertaking both present and future |
dated 15 February 2019 |
22. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 677,411 | 625,176 |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
22. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 August 2022 | 625,176 |
Provided during year | 52,235 |
Balance at 31 July 2023 | 677,411 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 98,000 | 98,000 |
A Ordinary | £1 | 1,000 | 1,000 |
99,000 | 99,000 |
24. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 August 2022 | 1,418,343 |
Profit for the year | 2,685,158 |
Dividends | (2,850,000 | ) |
At 31 July 2023 | 1,253,501 |
Company |
Retained |
earnings |
£ |
At 1 August 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 July 2023 |
ASTON GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11717113) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
24. | RESERVES - continued |
Called up Share Capital |
The called-up share capital represents the nominal value of shares that have been issued. |
Revaluation Reserve |
Revaluation reserve included the revaluation surplus on freehold land and buildings. |
Other Reserves |
Other reserves are in respect of share-based payment charges relating to options that have not been |
cancelled or exercised at the year end. |
Profit and loss account |
The profit and loss account includes all current and prior year retained profits and losses less |
dividends paid. |
25. | CAPITAL COMMITMENTS |
Amounts contracted for but not provided in the consolidated financial statements in respect of the company amounted to £924,000 (2022: £5,010,840) in relation to a new site opening in the new financial year. The previous year also related to leases on new sites committed to opening at the start of the 2023 year. |
26. | RELATED PARTY DISCLOSURES |
Included within Directors Current Accounts is a balance of £542,036 due to P S Glencross (2022: amounts due to P S Glencross of £553,160) and £521,299 due to L Glencross (2022: amounts due to L Glencross of £524,095), both of whom were directors during the year and shareholders of the parent company. |
All of the directors have authority and responsibility for planning, directing and controlling the activities of the parent company and are considered to be key management, personnel as defined in FRS 102. Total remuneration in respect of these individuals is £1,925,054 (2021: £2,131,260). |
During the year the parent company paid dividends amounting to £2,850,000 (2022: £2,375,000) in respect of shares held by the directors and received dividends from the immediate subsidiary undertaking amounting to £3,050,000 (2022: £2,375,000). |
During the year the company loaned £149,866 to GP Care Now Limited who have ultimate owners in common. |
The parent company has taken advantage of the exemption in FRS 102 Chapter 33 Related Party Disclosures paragraph 33.1A not to disclose transactions with fellow subsidiaries of the Aston Group |
Holdings Limited group. |
27. | GOVERNMENT GRANTS |
Other income includes amounts recieved from the rates relief scheme. |