REGISTERED NUMBER: |
ASH & LACY FINISHES LIMITED |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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 |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Provisions for liabilities | 10 |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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 |
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 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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 fittings | 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 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 |
4. | Intangible fixed assets |
Other |
intangible |
assets |
£ |
Cost |
Additions |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
5. | Tangible fixed assets |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Other debtors |
Prepayments |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Social security and other taxes |
VAT | 21,782 | 31,136 |
Other creditors |
Accruals and deferred income |
8. | Leasing agreements |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
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 |
Tax losses carried forward | ( |
) | ( |
) |
Other timing differences | - | (285 | ) |
76,961 | 34,689 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
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. |