REGISTERED NUMBER: 02557155 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
Ashley Wilde Holdings Limited |
REGISTERED NUMBER: 02557155 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
Ashley Wilde Holdings Limited |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
Ashley Wilde Holdings Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
The business was formed in 1950 and has been under family ownership ever since. This year, 148 staff were employed in designing and delivering a wide range of beautiful home furnishing products to the retail trade both in the UK and overseas. |
The director believes 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 in part, driven by a strong product range and new products. |
During the year, the business of a loss making subsidiary was disposed of, triggering losses on disposal of assets and onerous property leases have been provided for as an exceptional item. |
These factors together with other inflation driven increases to operating costs, reduced Turnover to 7% below 2022 and Profit before Tax to £949k. 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 Director 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. With the loss making subsidiary behind us, we remain 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 the duties under s172(1) of the Companies Act 2006, the Director acts in a way he considers, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole. |
The Director 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 group. 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 Holdings Limited (Registered number: 02557155) |
Group 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 group 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: |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Report of the Director |
for the Year Ended 31 December 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of designing, converting and wholesale distribution of soft furnishing fabrics. |
The principal activity of the company in the year under review was that of a holding company. |
DIVIDENDS |
An interim dividend of £415.90909 per share was paid on 24 November 2023. The director recommends that no final dividend be paid. |
The total distribution of dividends for the year ended 31 December 2023 will be £ 386,796 . |
DIRECTOR |
CHARITABLE DONATIONS |
Charitable donations for the year were £25,454, (2022 - £20,134). |
STREAMLINED ENERGY AND CARBON REPORTING |
Streamlined Energy & Carbon Report |
Description | Units | 2023 | 2022 |
UK energy use 1 | kWh | 410,456 | 477,391 |
Associated Greenhouse gas emission 2 |
TCO2e |
150 |
161 |
Turnover | £m | 48,820,255 | 52,569,279 |
Intensity ratio | TCO2e emissions per £1m Turnover |
3.1 |
3.1 |
Intensity ratio | kWh per sqft of buildings space |
4.5 |
5.3 |
1 UK energy use covers our building estate and vehicle fleet |
2 Associated Greenhouse gas emissions has been calculated using 2023 UK Government Greenhouse Gas Conversion factors for Company Reporting. |
During the year, we took the following energy efficiency actions. |
" Installed solar panels on our owned buildings and lobbied our landlords to install solar panels on leased buildings. |
" Maintained low power LED lighting across our estate. |
" Transitioned energy meters to smart meters. |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Report of the Director |
for the Year Ended 31 December 2023 |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Ashley Wilde Holdings Limited |
Opinion |
We have audited the financial statements of Ashley Wilde Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Ashley Wilde Holdings Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Ashley Wilde Holdings 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 Holdings 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. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Consolidated |
Income Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 48,820,255 | 52,569,279 |
Cost of sales | 31,183,148 | 30,311,463 |
GROSS PROFIT | 17,637,107 | 22,257,816 |
Distribution costs | 7,654,818 | 8,920,188 |
Administrative expenses | 9,080,508 | 10,840,837 |
16,735,326 | 19,761,025 |
901,781 | 2,496,791 |
Other operating income | 46,995 | 94,562 |
OPERATING PROFIT | 5 | 948,776 | 2,591,353 |
Exceptional item | 6 | 435,000 | - |
513,776 | 2,591,353 |
Interest receivable and similar income | 41,756 | 16,480 |
555,532 | 2,607,833 |
Interest payable and similar expenses | 7 | 162,233 | 121,607 |
PROFIT BEFORE TAXATION | 393,299 | 2,486,226 |
Tax on profit | 8 | 159,627 | 488,426 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 233,672 | 1,997,800 |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 233,672 | 1,997,800 |
OTHER COMPREHENSIVE INCOME |
Movement on hedging reserve | 111,966 | (158,983 | ) |
Property revaluation |
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 |
317,646 |
1,878,563 |
Total comprehensive income attributable to: |
Owners of the parent | 317,646 | 1,878,563 |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Consolidated Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | - | 81,764 |
Tangible assets | 12 | 11,465,945 | 11,991,240 |
Investments | 13 | - | - |
11,465,945 | 12,073,004 |
CURRENT ASSETS |
Stocks | 14 | 7,868,597 | 11,074,647 |
Debtors | 15 | 13,514,655 | 9,203,600 |
Cash at bank and in hand | 198,779 | 264,678 |
21,582,031 | 20,542,925 |
CREDITORS |
Amounts falling due within one year | 16 | 6,391,374 | 6,948,576 |
NET CURRENT ASSETS | 15,190,657 | 13,594,349 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
26,656,602 |
25,667,353 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(2,858,828 |
) |
(1,774,978 |
) |
PROVISIONS FOR LIABILITIES | 22 | (1,612,765 | ) | (1,638,216 | ) |
NET ASSETS | 22,185,009 | 22,254,159 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 1,000 | 1,000 |
Fair value reserve | 24 | 6,866,666 | 6,978,806 |
Other reserves | 24 | 1,581,250 | 1,581,250 |
Hedging reserve | 24 | 56,677 | (27,297 | ) |
Retained earnings | 24 | 13,679,416 | 13,720,400 |
SHAREHOLDERS' FUNDS | 22,185,009 | 22,254,159 |
The financial statements were approved by the director and authorised for issue on 20 August 2024 and were signed by: |
A L Brodin - Director |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Company Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 386,796 | - |
The financial statements were approved by the director and authorised for issue on |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Consolidated 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 | 1,000 | 11,610,460 | 7,090,946 |
Changes in equity |
Total comprehensive income | - | 2,109,940 | (112,140 | ) |
Balance at 31 December 2022 | 1,000 | 13,720,400 | 6,978,806 |
Changes in equity |
Dividends | - | (386,796 | ) | - |
Total comprehensive income | - | 345,812 | (112,140 | ) |
Balance at 31 December 2023 | 1,000 | 13,679,416 | 6,866,666 |
Other | Hedging | Total |
reserves | reserve | equity |
£ | £ | £ |
Balance at 1 January 2022 | 1,581,250 | 91,940 | 20,375,596 |
Changes in equity |
Total comprehensive income | - | (119,237 | ) | 1,878,563 |
Balance at 31 December 2022 | 1,581,250 | (27,297 | ) | 22,254,159 |
Changes in equity |
Dividends | - | - | (386,796 | ) |
Total comprehensive income | - | 83,974 | 317,646 |
Balance at 31 December 2023 | 1,581,250 | 56,677 | 22,185,009 |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Company Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,114,840 | 1,687,609 |
Interest paid | (151,058 | ) | (115,750 | ) |
Interest element of hire purchase payments paid |
(11,175 |
) |
(5,857 |
) |
Tax paid | (300,499 | ) | (845,156 | ) |
Net cash from operating activities | 652,108 | 720,846 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (300,067 | ) | (511,212 | ) |
Sale of tangible fixed assets | 168,100 | 69,399 |
Interest received | 41,756 | 16,480 |
Net cash from investing activities | (90,211 | ) | (425,333 | ) |
Cash flows from financing activities |
New loans/repayments in year | (200,979 | ) | (208,255 | ) |
Capital repayments in year | (40,021 | ) | (17,939 | ) |
Equity dividends paid | (386,796 | ) | - |
Net cash from financing activities | (627,796 | ) | (226,194 | ) |
(Decrease)/increase in cash and cash equivalents | (65,899 | ) | 69,319 |
Cash and cash equivalents at beginning of year |
2 |
264,678 |
195,359 |
Cash and cash equivalents at end of year | 2 | 198,779 | 264,678 |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 393,299 | 2,486,226 |
Depreciation charges | 373,502 | 372,895 |
Loss/(profit) on disposal of fixed assets | 365,523 | (3,109 | ) |
Finance costs | 162,233 | 121,607 |
Finance income | (41,756 | ) | (16,480 | ) |
1,252,801 | 2,961,139 |
Decrease in stocks | 3,206,050 | 825,672 |
(Increase)/decrease in trade and other debtors | (2,915,433 | ) | 3,370,949 |
Decrease in trade and other creditors | (428,578 | ) | (5,470,151 | ) |
Cash generated from operations | 1,114,840 | 1,687,609 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 198,779 | 264,678 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 264,678 | 195,359 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 264,678 | (65,899 | ) | 198,779 |
264,678 | (65,899 | ) | 198,779 |
Debt |
Finance leases | (153,312 | ) | 40,021 | (113,291 | ) |
Debts falling due within 1 year | (219,438 | ) | (313 | ) | (219,751 | ) |
Debts falling due after 1 year | (1,662,445 | ) | 201,296 | (1,461,149 | ) |
(2,035,195 | ) | 241,004 | (1,794,191 | ) |
Total | (1,770,517 | ) | 175,105 | (1,595,412 | ) |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Ashley Wilde Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of accounting |
The consolidated financial statements incorporate the financial statements of the company and all its subsidiary undertakings. The accounting periods of all group companies are co-terminus. |
Related party exemption |
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 director has 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 Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated 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 group's ordinary activity. The director considers the business to comprise a single activity. |
Bank 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. |
Intangible assets |
Patents and licences are amortised on a straight line basis over the term of the related contracts. |
Intellectual property and goodwill is being amortised on a straight line basis over a period of ten years. |
Tangible fixed assets |
Freehold properties | - |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Equipment | - |
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 revaluation reserve to retained earning. |
Other tangible fixed assets are recorded at cost less accumulated depreciation and accumulated impairment losses. |
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 Consolidated 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 Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated 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 the transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing 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 group operates a defined contribution pension scheme covering certain of its employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost represents the contributions payable to the pension scheme in respect of the accounting period. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
The group uses forward currency contracts to reduce exposure to foreign exchange rates. |
The group 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 group'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 the hedging reserve. |
Going concern |
The consolidated financial statements for the year ended 31 December 2023 have been prepared on a going concern basis as, after making appropriate enquiries, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated 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 group. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 38,080,501 | 43,322,650 |
Europe | 2,024,063 | 2,507,008 |
Others | 8,715,691 | 6,739,621 |
48,820,255 | 52,569,279 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 5,062,486 | 6,980,467 |
Social security costs | 671,312 | 810,891 |
Other pension costs | 142,474 | 237,251 |
5,876,272 | 8,028,609 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Senior management and administration | 89 | 108 |
Warehouse | 59 | 72 |
2023 | 2022 |
£ | £ |
Director's remuneration | 354,312 | 732,935 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 354,312 | 732,935 |
No emoluments have been paid by Ashley Wilde Holdings Limited. |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 328,734 | 339,543 |
Depreciation - assets on hire purchase contracts | 38,228 | 20,270 |
Loss/(profit) on disposal of fixed assets | 365,523 | (3,109 | ) |
Intellectual property and goodwill amortisation | 6,541 | 13,082 |
Auditors' remuneration | 50,650 | 54,000 |
Foreign exchange translations | 232,417 | (1,040,753 | ) |
6. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Exceptional item | (435,000 | ) | - |
On the disposal of the subsidiary undertakings business, two commercial properties remained under lease pending disposal. The group 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 |
Other interest | 5,131 | 6,927 |
Other charges | 19,834 | 33,210 |
Hire purchase | 11,175 | 5,857 |
162,233 | 121,607 |
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 | (53,442 | ) | 27,485 |
Tax on profit | 159,627 | 488,426 |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated 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 higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 393,299 | 2,486,226 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
98,325 |
472,383 |
Effects of: |
Expenses not deductible for tax purposes | 594 | - |
Depreciation in excess of capital allowances | 74,326 | 25,336 |
Adjustments to tax charge in respect of previous periods | - | (8,951 | ) |
Other timing differences | (216 | ) | (342 | ) |
Adjustment for change of rate | (13,402 | ) | - |
Total tax charge | 159,627 | 488,426 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Movement on hedging reserve | 111,966 | (27,992 | ) | 83,974 |
Property revaluation |
111,966 | (27,992 | ) | 83,974 |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Movement on hedging reserve | (158,983 | ) | 39,746 | (119,237 | ) |
Property revaluation |
(158,983 | ) | 39,746 | (119,237 | ) |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Interim | 386,796 | - |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Intellectual |
Patents | property |
and | and |
licences | goodwill | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 300,000 | 130,823 | 430,823 |
Disposals | - | (130,823 | ) | (130,823 | ) |
At 31 December 2023 | 300,000 | - | 300,000 |
AMORTISATION |
At 1 January 2023 | 300,000 | 49,059 | 349,059 |
Amortisation for year | - | 6,541 | 6,541 |
Eliminated on disposal | - | (55,600 | ) | (55,600 | ) |
At 31 December 2023 | 300,000 | - | 300,000 |
NET BOOK VALUE |
At 31 December 2023 | - | - | - |
At 31 December 2022 | - | 81,764 | 81,764 |
12. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and |
properties | leasehold | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 11,080,000 | 79,403 | 479,655 |
Additions | - | - | 2,603 |
Disposals | - | - | (482,258 | ) |
At 31 December 2023 | 11,080,000 | 79,403 | - |
DEPRECIATION |
At 1 January 2023 | 138,500 | 18,135 | 181,837 |
Charge for year | 138,500 | 15,881 | 28,825 |
Eliminated on disposal | - | - | (210,662 | ) |
At 31 December 2023 | 277,000 | 34,016 | - |
NET BOOK VALUE |
At 31 December 2023 | 10,803,000 | 45,387 | - |
At 31 December 2022 | 10,941,500 | 61,268 | 297,818 |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor |
fittings | vehicles | Equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 256,492 | 540,160 | 792,171 | 13,227,881 |
Additions | 131,817 | 141,654 | 23,993 | 300,067 |
Disposals | - | (303,336 | ) | (70,247 | ) | (855,841 | ) |
At 31 December 2023 | 388,309 | 378,478 | 745,917 | 12,672,107 |
DEPRECIATION |
At 1 January 2023 | 142,155 | 193,824 | 562,190 | 1,236,641 |
Charge for year | 40,443 | 91,453 | 51,860 | 366,962 |
Eliminated on disposal | - | (150,892 | ) | (35,887 | ) | (397,441 | ) |
At 31 December 2023 | 182,598 | 134,385 | 578,163 | 1,206,162 |
NET BOOK VALUE |
At 31 December 2023 | 205,711 | 244,093 | 167,754 | 11,465,945 |
At 31 December 2022 | 114,337 | 346,336 | 229,981 | 11,991,240 |
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 | 378,478 | 745,917 | 5,042,222 |
378,478 | 745,917 | 12,672,107 |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
If freehold property had not been revalued it 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 |
Freehold properties were valued on an open market basis on 9 February 2022 by BNP Paribas Real Estate. The director does 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 | 196,567 |
Additions | 31,254 |
Disposals | (38,995 | ) |
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 | 174,049 |
13. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
Held by Ashley Wilde Holdings Limited | Class and proportion of share capital held |
Ashley Wilde Group Limited | 100% of the ordinary shares of £1 each |
Held by Ashley Wilde Group Limited |
Ashley Wilde Designs Limited | 100% of the ordinary shares of £1 each |
(Formerly Voyage Maison Limited) |
The above companies are all registered in England and Wales. |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Goods for resale | 7,868,597 | 11,074,647 |
15. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 6,862,413 | 6,687,244 |
Amounts owed by group undertakings | - | - |
Other debtors | 3,384,144 | 1,446,605 |
Derivative financial assets | 75,571 | - | - | - |
VAT | 57,710 | - |
Prepayments | 538,353 | 946,896 |
10,918,191 | 9,080,745 |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | 1,320,054 | - |
Other debtors | 1,276,410 | 122,855 |
2,596,464 | 122,855 |
Aggregate amounts | 13,514,655 | 9,203,600 |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 219,751 | 219,438 |
Hire purchase contracts (see note 19) | 35,667 | 40,779 |
Trade creditors | 3,293,952 | 3,531,097 |
Tax | 138,720 | 226,150 |
Social security and other taxes | 929,606 | 1,364,521 |
Other creditors | 47,237 | 185,700 |
Accrued expenses | 1,726,441 | 1,344,496 |
Derivative financial liabilities | - | 36,395 | - | - |
6,391,374 | 6,948,576 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 18) | 1,461,149 | 1,662,445 |
Hire purchase contracts (see note 19) | 77,624 | 112,533 |
Amounts owed to group undertakings | 1,320,055 | - |
2,858,828 | 1,774,978 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
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 loans more 5 yr by instal | 582,145 | 784,693 |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year | 41,354 | 44,892 |
Between one and five years | 91,017 | 127,513 |
132,371 | 172,405 |
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 | 40,779 |
Between one and five years | 77,624 | 112,533 |
113,291 | 153,312 |
Group |
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 |
20. | SECURED DEBTS |
Bank loans, bank overdrafts and other loans are secured by a fixed and floating charge over the assets of the group. |
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 group. |
The obligations under hire purchase contracts and finance leases are secured over the assets to which they relate. |
21. | 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. |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
22. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 1,612,765 | 1,638,216 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 1,638,216 |
Provided during year | (53,443 | ) |
Hedging reserve | 27,992 |
Balance at 31 December 2023 | 1,612,765 |
Analysis of deferred tax balance |
2022 | 2022 |
£ | £ |
Accelerated capital allowances | 191,328 | 244,771 |
Property fair value reserve | 1,402,543 | 1,402,543 |
Hedging reserve | 18,894 | (9,098 | ) |
1,612,765 | 1,638,216 |
23. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
24. | RESERVES |
Group |
Fair |
Retained | value | Other | Hedging |
earnings | reserve | reserves | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 January 2023 | 13,720,400 | 6,978,806 | 1,581,250 | (27,297 | ) | 22,253,159 |
Profit for the year | 233,672 | 233,672 |
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 | 13,679,416 | 6,866,666 | 1,581,250 | 56,677 | 22,184,009 |
Ashley Wilde Holdings Limited (Registered number: 02557155) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
24. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
25. | CONTINGENT LIABILITIES |
The company has guaranteed the bank facilities of the group companies 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. | RELATED PARTY DISCLOSURES |
Other related parties |
2023 | 2022 |
£ | £ |
Amount due from related party | 24,355 | 24,355 |
The ultimate controlling party is A L Brodin. |