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REGISTERED NUMBER: 10805479 (England and Wales)















ASH & LACY PERFORATING LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2023






ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)






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 11


ASH & LACY PERFORATING 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: 10805479 (England and Wales)





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

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 846,833 957,327

Current assets
Stocks 5 276,310 369,842
Debtors 6 2,389,170 2,994,322
Cash at bank and in hand 91,062 59,993
2,756,542 3,424,157
Creditors
Amounts falling due within one year 7 2,051,702 2,869,082
Net current assets 704,840 555,075
Total assets less current liabilities 1,551,673 1,512,402

Creditors
Amounts falling due after more than
one year

8

(37,734

)

(52,518

)

Provisions for liabilities 11 (134,743 ) (97,213 )
Net assets 1,379,196 1,362,671

Capital and reserves
Called up share capital 12 1 1
Retained earnings 1,379,195 1,362,670
Shareholders' funds 1,379,196 1,362,671

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 PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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 PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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

1. Statutory information

Ash & Lacy Perforating 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.

Government grants
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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

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.

Depreciation is provided on the following basis:

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.

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


ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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

2. Accounting policies - continued
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.

Foreign currencies
Functional and presentation currency
The Company's functional and presentational currency is GBP.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents a represented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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 PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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 47 (2022 - 54 ) .

4. Tangible fixed assets
Plant and
machinery
£   
Cost
At 1 January 2023 1,180,752
Additions 69,214
At 31 December 2023 1,249,966
Depreciation
At 1 January 2023 223,425
Charge for year 179,708
At 31 December 2023 403,133
Net book value
At 31 December 2023 846,833
At 31 December 2022 957,327

5. Stocks
2023 2022
£    £   
Raw materials 247,310 134,317
Work-in-progress - 45,619
Finished goods 29,000 189,906
276,310 369,842

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 1,280,058 1,557,550
Other debtors 986,631 912,520
Prepayments 122,481 524,252
2,389,170 2,994,322

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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) 25,449 25,449
Trade creditors 1,188,738 1,767,544
Corporation tax 36,411 -
Social security and other taxes 46,661 50,769
Proceeds of factored debts 491,115 818,376
VAT 78,094 24,761
Other creditors 106,745 98,563
Accruals and deferred income 78,489 83,620
2,051,702 2,869,082

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Hire purchase contracts (see note 9) 37,734 52,518

9. Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 25,449 25,449
Between one and five years 37,734 52,518
63,183 77,967

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 63,183 77,967
Receivables finance facility 491,115 818,376
554,298 896,343

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.

11. Provisions for liabilities
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 134,743 153,338
Tax losses carried forward - (52,103 )
Other timing differences - (4,022 )
134,743 97,213

Deferred
tax
£   
Balance at 1 January 2023 97,213
Provided during year 37,530
Balance at 31 December 2023 134,743

12. Called up share capital

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

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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

13. Pension commitments

The company operates a defined contributions 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 £56,140 (2022: £98,753). Contributions totalling £8,840 (2022: £16,088) were payable to the fund at the balance sheet date and are included in creditors.

14. Contingent liabilities

In 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 disclosures

Ash & Lacy Perforating 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 18,702 520,926 74,315 36,821
Ash & Lacy Building Systems Limited 158,776 8,490 405,681 542,972
Ash & Lacy Solutions Limited 412,281 69,106 (17,626 ) (17,203 )
Ash & Lacy Finishes Limited - 53,724 (100,270 ) (74,032 )
Ash & Lacy Automotive Limited 861,026 736 582,925 200,414

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.

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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

16. Ultimate controlling party

The company's immediate and ultimate parent company is Ash & Lacy Perforating 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.