REGISTERED NUMBER: |
ASH & LACY HOLDINGS LIMITED |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
ASH & LACY HOLDINGS LIMITED |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
ASH & LACY HOLDINGS LIMITED (REGISTERED NUMBER: 07693633) |
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 | 12 |
ASH & LACY HOLDINGS LIMITED |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
CUBO Birmingham |
3rd Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
ASH & LACY HOLDINGS LIMITED (REGISTERED NUMBER: 07693633) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | 11 | ( |
) | ( |
) |
Net assets |
ASH & LACY HOLDINGS LIMITED (REGISTERED NUMBER: 07693633) |
Statement of Financial Position - continued |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Capital and reserves |
Called up share capital | 12 |
Capital redemption reserve | 13 |
Retained earnings | 13 |
Shareholders' funds |
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. |
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 |
ASH & LACY HOLDINGS LIMITED (REGISTERED NUMBER: 07693633) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
Ash & Lacy Holdings Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised when the significant risks and rewards of ownership have transferred to the customer. For the supply of goods 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. |
ASH & LACY HOLDINGS LIMITED (REGISTERED NUMBER: 07693633) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years: |
The estimated useful lives range as follows: |
Patents | 5 years |
Goodwill | 10 years |
Software | 3 to 5 years |
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. |
Depreciation is provided on the following basis: |
Long-term leasehold property | 3 to 10 years |
Plant and machinery | 3 to 20 years |
Motor vehicles | 4 years |
Fixtures and fittings | 3 to 5 years |
Computer equipment | 3 to 5 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 HOLDINGS LIMITED (REGISTERED NUMBER: 07693633) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investments in subsidiaries are measured at cost less accumulated impairment. |
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. |
Hire purchase and leasing commitments |
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 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 HOLDINGS LIMITED (REGISTERED NUMBER: 07693633) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Financial instruments |
The company only enters into basic financial instrument 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. |
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. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Patents |
and | Computer |
Goodwill | licences | software | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Amortisation |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
ASH & LACY HOLDINGS LIMITED (REGISTERED NUMBER: 07693633) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
5. | Tangible fixed assets |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
ASH & LACY HOLDINGS LIMITED (REGISTERED NUMBER: 07693633) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
The above investment represents the company's holding of the entire issued share capital of A&L Perforators Limited, a company which has been dormant throughout the current and preceding year. |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' loan accounts | 165,000 | 295,283 |
Prepayments |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Corporation tax | ( |
) |
Social security and other taxes |
VAT | 283,009 | 201,999 |
Other creditors |
Accruals and deferred income |
ASH & LACY HOLDINGS LIMITED (REGISTERED NUMBER: 07693633) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Hire purchase contracts |
10. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 258,684 | 383,795 |
Bank loans are secured by a multilateral guarantee dated 29 December 2021 between several companies all under common control. Further details are given in note 18 - contingent liabilities. |
Liabilities under hire purchase contracts are secured on the individual assets concerned. |
11. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Tax losses carried forward | ( |
) |
Other timing differences | - | (2,660 | ) |
30,481 | 3,833 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
ASH & LACY HOLDINGS LIMITED (REGISTERED NUMBER: 07693633) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
12. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | 0.01 | 160,000 | 160,000 |
Ordinary B | 0.01 | 40,000 | 40,000 |
200,000 | 200,000 |
13. | Reserves |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 2,391,284 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 2,128,024 |
Capital redemption reserve |
The capital redemption reserve represents the par value of shares which the company has bought back during prior periods. |
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 (2021: £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. |
ASH & LACY HOLDINGS LIMITED (REGISTERED NUMBER: 07693633) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
15. | Related party disclosures |
As at 31 December 2023, J L Evans owed the company £165,000 (2022: £295,283) in respect of his director's loan account. This amount was subsequently repaid within 9 months of the period end. |
Ash & Lacy Building Systems 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 Building Systems Limited | 5,018,201 | 301,690 | 787,454 | 895,526 |
Ash & Lacy Solutions Limited | 1,519,320 | 1,734 | 322,839 | 1,333,265 |
Ash & Lacy Finishes Limited | 136,608 | - | 628,541 | 609,673 |
Ash & Lacy Perforating Limited | 520,926 | 18,702 | (74,315 | ) | (36,821 | ) |
Ash & Lacy Automotive Limited | 253,070 | - | (275,170 | ) | 211,449 |
Halo Solar Limited | 15,325 | - | 1,438,230 | 1,474,259 |
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. | Controlling party |
By virtue of share ownership of the parent company, J L Evans remains the the ultimate controlling party. |