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REGISTERED NUMBER: 00477955 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Ashley Wilde Group Limited

Ashley Wilde Group Limited (Registered number: 00477955)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


Ashley Wilde Group Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A L Brodin
S D Brodin
C Bennett
P Thoms
R D Goldwater FCCA





SECRETARY: A L Brodin





REGISTERED OFFICE: Emmanuel House
Travellers Close
Welham Green
Hertfordshire
AL9 7LD





REGISTERED NUMBER: 00477955 (England and Wales)





AUDITORS: Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Ashley Wilde Group Limited (Registered number: 00477955)

Strategic Report
for the Year Ended 31 December 2023

The business was formed in 1950 and has been under family ownership ever since. Today, 121 staff are employed in designing and delivering a wide range of beautiful home furnishing products to the retail trade both in the UK and overseas.

The directors believe the diversity of the company's customer base, the breadth of its product portfolio and its focus on design and brand exclusivity will continue to deliver long term sustainable results. This spread over so many products, markets and customers, avoids dependency on any one dominant influence and is considered a key strength to the business.

Demand for our products showed some weakening during the year due to inflation and increasing interest rates in the wider economy, but growing export markets compensated, driven by a strong product range and new products. Overall, sales were 3% below 2022.

During the year, the business of a subsidiary was disposed of, and consequently the inter-company debt is considered irrecoverable and has been provided for as an exceptional item, together with onerous property leases.

Despite this exception item and other inflation driven increases to operating costs, Profit before Tax remained slightly ahead of last year. All other key financial indicators reported satisfactory outcomes for the year.

Our employees have worked especially hard this year to help deliver customer service and productivity during the year. Their experience and commitment help us to deliver value and innovative products to our customers. We would like to thank all our staff members for their efforts.

New product development remains a key element of our business model. In-house designs as well as new and renewed licensed ranges, continue to drive demand from our customer base. Further new ranges in development for launch during 2024 are expected to further add to our leadership in the home furnishing sector.

The board considers the main risks for 2024 as Sterling exchange rate volatility against the US Dollar and inflation. Both these factors create uncertain demand and threaten retail volume and margin. In response to these risks, we maintain our cautious and careful approach to credit policy which limits our exposure to substantial bad debts, and currency hedging to cushion the effect of adverse exchange rate movements.

We have reviewed the present and foreseeable challenges and uncertainties which affect us and have assessed our working capital requirements accordingly. We remain satisfied that we have sufficient resources at hand, both financial and non-financial, to contend with a downturn and to exploit growth opportunities as they arise.

The financial year 2024 commenced in line with expectations. We remain cautiously optimistic about prospects for the remainder of 2024 and longer-term, given the uncertain impact of the stated risks on consumer demand.

SECTION 172(1) STATEMENT

In line with their duties under s172(1) of the Companies Act 2006, the Board of Directors act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole.

The Board will consider a range of matters detailed below when considering strategic decisions which affect the long-term success of the business.

Our stakeholders include our customers, employees, lenders, licensing partners, shareholders and suppliers. They will all be considered when making strategic decisions along with the environment and our community.

Our investments in product development are driven by available design resources and production capacity, customer demand and our assessment of financial return. Such investments have led to a portfolio of different products so as to provide the best blend of income streams for the long term.

The sale of the subsidiary business in the year gave rise to a conflict between the interests of the employees affected, and the long term financial interests of the company. It was decided that the long-term interests of the business should prevail and care was taken to ensure the employees affected were treated fairly and appropriately during the transition.


Ashley Wilde Group Limited (Registered number: 00477955)

Strategic Report
for the Year Ended 31 December 2023

Our staff are recognised as critical to the success of the business. We continuously monitor and improve their effectiveness by offering training and progression opportunities which reward good performance and encourage long service. We encourage staff to engage with the wider community with participation in charitable events.

The company is focused on managing and reducing its carbon footprint and energy reduction through a variety of measures on an ongoing basis.

Shareholder value remains at the core of all strategic decision making.

ON BEHALF OF THE BOARD:





A L Brodin - Director


20 August 2024

Ashley Wilde Group Limited (Registered number: 00477955)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of designing, converting and wholesale distribution of soft furnishing fabrics.

DIVIDENDS
An interim dividend of £3.75529 per share was paid on 24 November 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 386,796 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A L Brodin
S D Brodin
C Bennett
P Thoms
R D Goldwater FCCA

CHARITABLE DONATIONS
Charitable donations for the year were £25,454 (2022 - £20,134).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Ashley Wilde Group Limited (Registered number: 00477955)

Report of the Directors
for the Year Ended 31 December 2023


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

ON BEHALF OF THE BOARD:





A L Brodin - Director


20 August 2024

Report of the Independent Auditors to the Members of
Ashley Wilde Group Limited

Opinion
We have audited the financial statements of Ashley Wilde Group Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Ashley Wilde Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Ashley Wilde Group 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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

Audit response to risks identified
- the nature of the industry and sector, control environment and business performance;
- results of enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Company's documentation of their policies and
procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team and involving other internal specialists including tax
regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Audit response to risks identified
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
- obtained an understanding of provisions and held discussions with management to understand the basis of
recognition or non-recognition of tax provisions; and
- in addressing the risks of fraud through management override of controls, testing the appropriateness of journal
entries and other adjustments; assessing whether the judgements made in making accounting estimates are
indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual
or outside the normal course of business.We also communicated relevant identified laws and regulations and
potential fraud risks to all engagement team members, and remained alert to any indications of fraud or
noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Ashley Wilde Group 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.




Ian Sluckis BA FCA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

20 August 2024

Ashley Wilde Group Limited (Registered number: 00477955)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 44,453,543 45,846,831

Cost of sales 27,405,192 27,104,952
GROSS PROFIT 17,048,351 18,741,879

Distribution costs 6,550,274 7,085,453
Administrative expenses 7,034,818 7,995,211
13,585,092 15,080,664
3,463,259 3,661,215

Other operating income 165,250 165,250
OPERATING PROFIT 5 3,628,509 3,826,465

Exceptional item 6 1,396,000 1,705,000
2,232,509 2,121,465

Interest receivable and similar income 41,756 16,480
2,274,265 2,137,945

Interest payable and similar expenses 7 148,289 100,051
PROFIT BEFORE TAXATION 2,125,976 2,037,894

Tax on profit 8 229,712 489,459
PROFIT FOR THE FINANCIAL YEAR 1,896,264 1,548,435

Ashley Wilde Group Limited (Registered number: 00477955)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,896,264 1,548,435


OTHER COMPREHENSIVE INCOME
Movement on hedging reserve 111,966 (158,983 )
Income tax relating to other comprehensive
income

(27,992

)

39,746
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

83,974

(119,237

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,980,238

1,429,198

Ashley Wilde Group Limited (Registered number: 00477955)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 11,447,477 11,497,392
Investments 12 2 2
11,447,479 11,497,394

CURRENT ASSETS
Stocks 13 7,868,597 8,568,783
Debtors 14 12,073,177 9,385,256
Cash at bank and in hand 172,354 129,237
20,114,128 18,083,276
CREDITORS
Amounts falling due within one year 15 6,302,212 5,746,124
NET CURRENT ASSETS 13,811,916 12,337,152
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,259,395

23,834,546

CREDITORS
Amounts falling due after more than one
year

16

(1,538,773

)

(1,752,001

)

PROVISIONS FOR LIABILITIES 21 (1,612,765 ) (1,568,130 )
NET ASSETS 22,107,857 20,514,415

CAPITAL AND RESERVES
Called up share capital 22 103,000 103,000
Fair value reserve 23 6,866,666 6,978,806
Capital redemption reserve 23 2 2
Hedging reserve 23 56,677 (27,297 )
Retained earnings 23 15,081,512 13,459,904
SHAREHOLDERS' FUNDS 22,107,857 20,514,415

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





A L Brodin - Director


Ashley Wilde Group Limited (Registered number: 00477955)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Fair
share Retained value
capital earnings reserve
£    £    £   
Balance at 1 January 2022 103,000 11,799,329 7,090,946

Changes in equity
Total comprehensive income - 1,660,575 (112,140 )
Balance at 31 December 2022 103,000 13,459,904 6,978,806

Changes in equity
Dividends - (386,796 ) -
Total comprehensive income - 2,008,404 (112,140 )
Balance at 31 December 2023 103,000 15,081,512 6,866,666
Capital
redemption Hedging Total
reserve reserve equity
£    £    £   
Balance at 1 January 2022 2 91,940 19,085,217

Changes in equity
Total comprehensive income - (119,237 ) 1,429,198
Balance at 31 December 2022 2 (27,297 ) 20,514,415

Changes in equity
Dividends - - (386,796 )
Total comprehensive income - 83,974 1,980,238
Balance at 31 December 2023 2 56,677 22,107,857

Ashley Wilde Group Limited (Registered number: 00477955)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Ashley Wilde Group Limited (Registered number: 00477955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates and value added tax from the provision of goods and services which fall within the company's ordinary activity. The directors consider the business to comprise a single activity.

Bank and other interest is recognised in the period in which it was received.

Grant income
Grants of a revenue nature are credited to income in the period to which they relate.

Patents and licences
Patents and licences are amortised on a straight line basis over the term of the related contracts.

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 properties - 1.25% on cost
Short leasehold - 20% on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Equipment - 33% on reducing balance and 20% on reducing balance

Freehold properties are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are preformed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the assets and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of freehold properties is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between the depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original cost is transfered from fair value reserve to retained earning.

Other tangible fixed assets are recorded at cost less accumulated depreciation and accumulated impairment losses.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

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


Ashley Wilde Group Limited (Registered number: 00477955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

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.

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.

Leasing and hire purchase commitments
Assets held under hire purchase contracts are capitalised and depreciated over their useful lives. The finance charges are allocated over the primary period of the lease in proportion to the capital element outstanding.

Amounts payable under operating leases are charged to the profit and loss account in the period in which they are incurred.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme covering certain of its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost represents the contributions payable to the pension scheme in respect of the accounting period.

Going concern
The company's financial statements for the year ended 31 December 2023 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Financial instruments
The company uses forward currency contracts to reduce exposure to foreign exchange rates.

The company considers it qualifies for hedge accounting when certain criteria are met :

Forward foreign currency contracts
The criteria for forward currency contracts are

- the instrument must be related to expected purchases in foreign currency,
- it must involve the same currency as the hedged item, and
- it must reduce the risk of foreign currency exchange movements in the company's operations

Foreign exchange forward contracts have been recognised at fair value at the end of the year with changes in fair value recognised in other comprehensive income as qualifying cash flow hedge..

Ashley Wilde Group Limited (Registered number: 00477955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. TURNOVER

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

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

2023 2022
£    £   
Sale of goods 44,453,543 45,846,831
44,453,543 45,846,831

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 33,849,783 36,972,768
Europe 1,899,638 2,180,537
Others 8,704,122 6,693,526
44,453,543 45,846,831

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,125,764 5,205,966
Social security costs 588,243 630,602
Other pension costs 128,854 203,505
4,842,861 6,040,073

The average number of employees during the year was as follows:
2023 2022

Selling and administrative 71 70
Warehouse 50 58
121 128

2023 2022
£    £   
Directors' remuneration 1,220,622 2,137,916
Directors' pension contributions to money purchase schemes 45,095 125,028

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

Money purchase schemes 5 5

Ashley Wilde Group Limited (Registered number: 00477955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 478,735 772,472
Pension contributions to money purchase schemes 9,350 9,350

5. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 263,160 245,822
Depreciation - assets on hire purchase contracts 38,228 20,270
Profit on disposal of fixed assets (19,493 ) (4,667 )
Auditors' remuneration 29,000 29,000
(Profit)/Loss on foreign currency translations 232,417 (1,040,753 )

6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Exceptional item (1,396,000 ) (1,705,000 )

The exceptional item relates to provisions for bad debts amounting to £961,000 in respect of amounts due from the subsidiary undertaking not considered recoverable by the directors. In addition, on disposal of the subsidiary undertaking, two commercial properties remained under lease pending disposal and the company has incurred £435,000 ongoing costs during the vacant period prior to disposal.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 126,093 75,613
Corporation tax interest 5,131 6,927
Other charges 12,000 14,932
Hire purchase 5,065 2,579
148,289 100,051

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 213,069 460,941

Deferred tax 16,643 28,518
Tax on profit 229,712 489,459

Ashley Wilde Group Limited (Registered number: 00477955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. TAXATION - continued

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 2,125,976 2,037,894
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

531,494

387,200

Effects of:
Expenses not deductible for tax purposes 240,844 323,950
Depreciation in excess of capital allowances 32,604 25,782
Adjustments to tax charge in respect of previous periods - (8,951 )
Group relief (561,828 ) (238,522 )
Change of tax rate (13,402 ) -
Total tax charge 229,712 489,459

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Movement on hedging reserve 111,966 (27,992 ) 83,974

2022
Gross Tax Net
£    £    £   
Movement on hedging reserve (158,983 ) 39,746 (119,237 )

9. DIVIDENDS
2023 2022
£    £   
Interim 386,796 -

Ashley Wilde Group Limited (Registered number: 00477955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 300,000
AMORTISATION
At 1 January 2023
and 31 December 2023 300,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Short and
properties leasehold fittings
£    £    £   
COST OR VALUATION
At 1 January 2023 11,080,000 79,403 256,492
Additions - - 131,817
Disposals - - -
At 31 December 2023 11,080,000 79,403 388,309
DEPRECIATION
At 1 January 2023 138,500 18,135 142,155
Charge for year 138,500 15,881 40,443
Eliminated on disposal - - -
At 31 December 2023 277,000 34,016 182,598
NET BOOK VALUE
At 31 December 2023 10,803,000 45,387 205,711
At 31 December 2022 10,941,500 61,268 114,337

Ashley Wilde Group Limited (Registered number: 00477955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. TANGIBLE FIXED ASSETS - continued

Motor
vehicles Equipment Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 268,727 722,612 12,407,234
Additions 124,699 23,304 279,820
Disposals (77,205 ) - (77,205 )
At 31 December 2023 316,221 745,916 12,609,849
DEPRECIATION
At 1 January 2023 78,042 533,010 909,842
Charge for year 61,411 45,153 301,388
Eliminated on disposal (48,858 ) - (48,858 )
At 31 December 2023 90,595 578,163 1,162,372
NET BOOK VALUE
At 31 December 2023 225,626 167,753 11,447,477
At 31 December 2022 190,685 189,602 11,497,392

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Freehold Short and
properties leasehold fittings
£    £    £   
Valuation in 2000 1,180,640 - -
Valuation in 2016 1,369,245 - -
Valuation in 2021 5,080,000 - -
Cost 3,450,115 79,403 388,309
11,080,000 79,403 388,309

Motor
vehicles Equipment Totals
£    £    £   
Valuation in 2000 - - 1,180,640
Valuation in 2016 - - 1,369,245
Valuation in 2021 - - 5,080,000
Cost 316,221 745,916 4,979,964
316,221 745,916 12,609,849

If freehold properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 3,450,115 3,450,115
Aggregate depreciation 1,045,866 1,002,740

Ashley Wilde Group Limited (Registered number: 00477955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. TANGIBLE FIXED ASSETS - continued

Freehold properties were valued on an open market basis on 9 February 2022 by BNP Paribas Real Estate. The directors do not consider the market value to be materially different as at 31 December 2023.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 January 2023 157,572
Additions 31,254
At 31 December 2023 188,826
DEPRECIATION
At 1 January 2023 22,518
Charge for year 38,228
At 31 December 2023 60,746
NET BOOK VALUE
At 31 December 2023 128,080
At 31 December 2022 135,054

12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 2
NET BOOK VALUE
At 31 December 2023 2
At 31 December 2022 2

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

Ashley Wilde Designs Limited (Formerly Voyage Maison Limited)
Registered office: United Kingdom
Nature of business: Soft furnishing wholesalers
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (3,954,343 ) (1,229,890 )

Ashley Wilde Group Limited (Registered number: 00477955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. STOCKS
2023 2022
£    £   
Goods for resale 7,868,597 8,568,783

14. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 6,851,632 6,101,297
Other debtors 3,218,140 1,446,605
Derivative financial assets 75,571 -
Prepayments 500,425 483,042
10,645,768 8,030,944

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,320,054 1,231,457
Other debtors 107,355 122,855
1,427,409 1,354,312

Aggregate amounts 12,073,177 9,385,256

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 17) 219,751 219,438
Hire purchase contracts (see note 18) 35,667 29,070
Trade creditors 3,267,102 2,751,856
Amounts owed to group undertakings 4,751 4,751
Taxation 138,720 226,150
Social security and other taxes 929,606 1,175,375
Other creditors 23,487 41,347
Accruals 1,683,128 1,261,742
Derivative financial
liabilities - 36,395
6,302,212 5,746,124

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 17) 1,461,149 1,662,445
Hire purchase contracts (see note 18) 77,624 89,556
1,538,773 1,752,001

Ashley Wilde Group Limited (Registered number: 00477955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

17. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 219,751 219,438

Amounts falling due between one and two years:
Bank loans - 1-2 years 219,751 219,438

Amounts falling due between two and five years:
Bank loans - 2-5 years 659,253 658,314

Amounts falling due in more than five years:

Repayable by instalments
Bank loan over 5 years 582,145 784,693

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 41,354 33,183
Between one and five years 91,017 104,536
132,371 137,719

Finance charges repayable:
Within one year 5,687 4,113
Between one and five years 13,393 14,980
19,080 19,093

Net obligations repayable:
Within one year 35,667 29,070
Between one and five years 77,624 89,556
113,291 118,626

Ashley Wilde Group Limited (Registered number: 00477955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

18. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Between one and five years 591,605 833,847
In more than five years - 1,941,688
591,605 2,775,535

19. SECURED DEBTS

Bank loans, bank overdrafts and other loans are secured by a fixed and floating charge over the assets of the company.

The amounts due under hire purchase contracts are secured over the assets to which they relate.

Other creditors include an amount of £18,751 (2022: £35,080) which is secured by way of a fixed charge over the book debts and goods for resale of the company.

20. FINANCIAL INSTRUMENTS

Foreign exchange forward contracts are recognised at fair value at the end of the year with changes in fair value recognised in a hedging reserve.

21. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,612,765 1,568,130

Deferred
tax
£   
Balance at 1 January 2023 1,568,130
Provided during year 16,643
Hedging reserve 27,992
Balance at 31 December 2023 1,612,765

Analysis of deferred tax balance

2023 2022
£ £
Accelerated capital allowances191,328174,685
Property fair value reserve1,402,5431,402,543
Hedging reserve18,894(9,098)
1,612,7651,568,130

Ashley Wilde Group Limited (Registered number: 00477955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
103,000 Ordinary £1 103,000 103,000

23. RESERVES
Fair Capital
Retained value redemption Hedging
earnings reserve reserve reserve Totals
£    £    £    £    £   

At 1 January 2023 13,459,904 6,978,806 2 (27,297 ) 20,411,415
Profit for the year 1,896,264 1,896,264
Dividends (386,796 ) (386,796 )
Transfer to profit and loss
account 112,140 (112,140 ) - - -
Movement in cashflow hedging
reserve - - - 83,974 83,974
At 31 December 2023 15,081,512 6,866,666 2 56,677 22,004,857

24. ULTIMATE PARENT COMPANY

The company's ultimate parent undertaking at the balance sheet date is Ashley Wilde Holdings Limited, a company incorporated and registered in England. Copies of the consolidated financial statements of Ashley Wilde Holdings Limited can be obtained from the registered office of this company.

25. CONTINGENT LIABILITIES

The company has guaranteed the bank overdraft of Ashley Wilde Holdings Limited and Ashley Wilde Designs Limited which at 31 December 2023 amounted to £Nil.

26. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 150,137

27. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
S D Brodin
Balance outstanding at start of year - 100,000
Amounts repaid - (100,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

28. RELATED PARTY DISCLOSURES

Ashley Wilde Group Limited (Registered number: 00477955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

28. RELATED PARTY DISCLOSURES - continued

Other related parties
2023 2022
£    £   
Amount due from related party 24,355 24,355