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REGISTERED NUMBER: 00529602 (England and Wales)















ASH & LACY AUTOMOTIVE LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2023






ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 9


ASH & LACY AUTOMOTIVE LIMITED

Company Information
for the year ended 31 December 2023







Directors: Dr J L Evans
D B Nock
Y Tian
A D Waterhouse





Registered office: Ash & Lacy House
Bromford Lane
West Bromwich
West Midlands
B70 7JJ





Registered number: 00529602 (England and Wales)





Accountants: Cooper Parry Group Limited
CUBO Birmingham
3rd Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 315,731 354,960

Current assets
Stocks 5 920,203 446,745
Debtors 6 2,800,479 1,597,762
Cash at bank 9,638 65,829
3,730,320 2,110,336
Creditors
Amounts falling due within one year 7 2,116,465 904,812
Net current assets 1,613,855 1,205,524
Total assets less current liabilities 1,929,586 1,560,484

Creditors
Amounts falling due after more than
one year

8

(133,647

)

(185,262

)

Provisions for liabilities 11 (78,769 ) (75,394 )
Net assets 1,717,170 1,299,828

Capital and reserves
Called up share capital 12 50,000 50,000
Retained earnings 1,667,170 1,249,828
Shareholders' funds 1,717,170 1,299,828

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Statement of Financial Position - continued
31 December 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:




Dr J L Evans - Director



A D Waterhouse - Director


ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Notes to the Financial Statements
for the year ended 31 December 2023

1. Statutory information

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

2. Accounting policies

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

Going concern
The directors have assessed the company's ability to continue as a going concern. As a result of this assessment, no material uncertainties have been identified that cast doubt about the ability of the company to continue as a going concern.

The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore they continue to adopt the going concern basis of accounting in preparing these financial statements.

Revenue
Revenue is recognised when the significant risks and rewards of ownership have transferred to the customer. For the supply of goods this is at the point of dispatch.

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

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery 3 to 20 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. Accounting policies - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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 complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties.

Short term debtors are measured at the transaction price, less any impairment.

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

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

3. Employees and directors

The average number of employees during the year was 37 (2022 - 24 ) .

4. Tangible fixed assets
Plant and
machinery
£   
Cost
At 1 January 2023 401,398
Additions 22,234
At 31 December 2023 423,632
Depreciation
At 1 January 2023 46,438
Charge for year 61,463
At 31 December 2023 107,901
Net book value
At 31 December 2023 315,731
At 31 December 2022 354,960

5. Stocks
2023 2022
£    £   
Work-in-progress 349,924 77,688
Finished goods 570,279 369,057
920,203 446,745

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 2,487,586 1,160,008
Other debtors 115,383 2,251
Proceeds of factored debts 150,805 209,613
VAT 4,251 18,873
Prepayments 42,454 207,017
2,800,479 1,597,762

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Hire purchase contracts (see note 9) 50,526 50,526
Trade creditors 1,235,380 429,991
Corporation tax 176,707 89,028
Social security and other taxes 29,204 17,888
Proceeds of factored debts 63,646 -
Other creditors 340,681 201,009
Accruals and deferred income 220,321 116,370
2,116,465 904,812

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Hire purchase contracts (see note 9) 133,647 185,262

9. Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 50,526 50,526
Between one and five years 133,647 185,262
184,173 235,788

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 184,173 235,788

The receivables finance facility (proceeds of factored debts) is secured by both fixed and floating charges, including the book debts of the company.

Liabilities under hire purchase contracts are secured on the individual assets concerned.

The company provides cross-guarantee security to several other companies under common control. Further details are given in note 16 - contingent liabilities.

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

11. Provisions for liabilities
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 78,769 76,580
Other timing differences - (1,186 )
78,769 75,394

Deferred
tax
£   
Balance at 1 January 2023 75,394
Provided during year 3,375
Balance at 31 December 2023 78,769

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,000 Ordinary 1 50,000 50,000

13. Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £48,252 (2022: £32,039). Contributions totalling £5,926 (2022: £4,744) were payable to the fund at the balance sheet date and are included in creditors.

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

14. Contingent liabilities

n respect of amounts due to HSBC Bank plc, there is an Unlimited Multilateral Guarantee dated 29 December 2021 given by:

Ash & Lacy Group Limited, Ash & Lacy Holdings Limited, Ash & Lacy Building Systems Holdings Limited, Ash & Lacy Building Systems Limited, Ash & Lacy Automotive Holdings Limited, Ash & Lacy Automotive Limited, Ash & Lacy Solutions Holdings Limited, Ash & Lacy Solutions Limited, Ash & Lacy Finishes Holdings Limited, Ash & Lacy Finishes Limited, Ash & Lacy Perforating Holdings Limited, Ash & Lacy Perforating Limited, Accordial Holdings Limited and Halo Solar Limited.

The potential liability of the company at 31 December 2023 was £nil (2022: £nil).

The company is also party to a debenture dated 20 December 2022 providing cross-guarantee security to Ash & Lacy Group Limited as security trustee for all present and future liabilities of the following secured parties:

Ash & Lacy Holdings Limited, Ash & Lacy Building Systems Limited, Ash & Lacy Automotive Limited, Ash & Lacy Solutions Limited, Ash & Lacy Finishes Limited, Ash & Lacy Perforating Limited, and Halo Solar Limited.

15. Related party transactions

Ash & Lacy Automotive Limited undertook transactions and had balances debtors/(creditors) with the following companies under common control as shown below:

Balance Balance
Sales Purchases 2023 2022
£    £    £    £   
Ash & Lacy Holdings Limited - 253,070 (275,170 ) (211,449 )
Ash & Lacy Building Systems Limited 2,514 9,153 (4,403 ) (9,313 )
Ash & Lacy Solutions Limited - 12,105 (14,352 ) -
Ash & Lacy Finishes Limited - - - -
Ash & Lacy Perforating Limited 736 861,026 582,925 (200,413 )

The above balances are a combination of amounts within trade debtors, other debtors, trade creditors and other creditors which are allocated as such according to transaction type.

16. Ultimate controlling party

The company's immediate and ultimate parent company is Ash & Lacy Automotive Holdings Limited, whose registered office address is Ash & Lacy House, Bromford Lane, West Bromwich, West Midlands, B70 7JJ.

By virtue of share ownership of the parent company, Dr J L Evans is the ultimate controlling party.