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REGISTERED NUMBER: 10805186 (England and Wales)















ASH & LACY FINISHES LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2023






ASH & LACY FINISHES LIMITED (REGISTERED NUMBER: 10805186)






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




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


ASH & LACY FINISHES LIMITED

Company Information
for the year ended 31 December 2023







Directors: Dr J L Evans
Y Tian
A D Waterhouse





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





Registered number: 10805186 (England and Wales)





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

ASH & LACY FINISHES LIMITED (REGISTERED NUMBER: 10805186)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 1,451 -
Tangible assets 5 414,607 420,585
416,058 420,585

Current assets
Stocks 101,228 94,970
Debtors 6 341,154 451,067
Cash at bank 13,426 3,503
455,808 549,540
Creditors
Amounts falling due within one year 7 891,488 1,007,020
Net current liabilities (435,680 ) (457,480 )
Total assets less current liabilities (19,622 ) (36,895 )

Provisions for liabilities 10 76,961 34,689
Net liabilities (96,583 ) (71,584 )

Capital and reserves
Called up share capital 1 1
Retained earnings (96,584 ) (71,585 )
(96,583 ) (71,584 )

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 FINISHES LIMITED (REGISTERED NUMBER: 10805186)

Balance Sheet - 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 FINISHES LIMITED (REGISTERED NUMBER: 10805186)

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

1. Statutory information

Ash & Lacy Finishes 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
Ash & Lacy Finishes Limited is reliant on financial support and strategic advice from a number of other companies which are under common control of its Shareholders, namely Ash & Lacy Holdings Limited, Ash & Lacy Building Systems Limited, Ash & Lacy Solutions Limited and Ash & Lacy Perforators Limited. The Directors of these companies have agreed to provide sufficient competent management and adequate financial and other resources to enable Ash & Lacy Finishes Limited to continue as a going concern. Therefore the directors consider it appropriate to prepare the financial statements on a going concern basis.

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.

Depreciation is provided on the following basis:

Plant and machinery 3 to 20 years
Fixtures and fittings3 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 FINISHES LIMITED (REGISTERED NUMBER: 10805186)

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

ASH & LACY FINISHES LIMITED (REGISTERED NUMBER: 10805186)

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

2. Accounting policies - continued

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.

3. Employees and directors

The average number of employees during the year was 15 (2022 - 15 ) .

4. Intangible fixed assets
Other
intangible
assets
£   
Cost
Additions 1,451
At 31 December 2023 1,451
Net book value
At 31 December 2023 1,451

5. Tangible fixed assets
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
Cost
At 1 January 2023 507,662 5,032 512,694
Additions 48,659 1,143 49,802
At 31 December 2023 556,321 6,175 562,496
Depreciation
At 1 January 2023 89,007 3,102 92,109
Charge for year 54,719 1,061 55,780
At 31 December 2023 143,726 4,163 147,889
Net book value
At 31 December 2023 412,595 2,012 414,607
At 31 December 2022 418,655 1,930 420,585

ASH & LACY FINISHES LIMITED (REGISTERED NUMBER: 10805186)

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

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 162,646 421,565
Other debtors 144,157 1,196
Prepayments 34,351 28,306
341,154 451,067

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Hire purchase contracts (see note 8) - 5,971
Trade creditors 172,724 237,898
Social security and other taxes 7,507 7,011
VAT 21,782 31,136
Other creditors 663,603 714,926
Accruals and deferred income 25,872 10,078
891,488 1,007,020

8. Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year - 5,971

9. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 5,971

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 14 - contingent liabilities.

ASH & LACY FINISHES LIMITED (REGISTERED NUMBER: 10805186)

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

10. Provisions for liabilities
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 96,511 58,386
Tax losses carried forward (19,550 ) (23,412 )
Other timing differences - (285 )
76,961 34,689

Deferred
tax
£   
Balance at 1 January 2023 34,689
Provided during year 42,272
Balance at 31 December 2023 76,961

11. 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 £7,418 (2022: £7,015). Contributions totalling £1,367 (2022: £1,568) were payable to the fund at the balance sheet date and are included in creditors.

12. 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.

ASH & LACY FINISHES LIMITED (REGISTERED NUMBER: 10805186)

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

13. Related party disclosures

Ash & Lacy Finishes 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 - 136,608 (628,541 ) (584,634 )
Ash & Lacy Building Systems Limited 369,826 180,357 (235,637 ) (245,775 )
Ash & Lacy Solutions Limited 455,470 1,614 81,639 44,493
Ash & Lacy Perforating Limited 53,724 - 100,270 97,905

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.

14. Ultimate controlling party

The company's immediate and ultimate parent company is Ash & Lacy Finishes Holdings Limited.

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