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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: A L Brodin





SECRETARY: S D Brodin





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
M3 2PJ





BUSINESS ADDRESS: Emmanuel House
Travellers Close
Welham Green
Hertfordshire
AL9 7LO





REGISTERED NUMBER: 02557155 (England and Wales)





AUDITORS: Freedman Frankl & Taylor
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:





A L Brodin - Director


20 August 2024

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
A L Brodin held office during the whole of the period from 1 January 2023 to the date of this report.

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:





A L Brodin - Director


20 August 2024

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.




Ian Sluckis BA FCA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

20 August 2024

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 233,672 1,997,800
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 80,000 80,000
80,000 80,000

CURRENT ASSETS
Debtors 15 4,750 4,750

CREDITORS
Amounts falling due within one year 16 23,750 23,750
NET CURRENT LIABILITIES (19,000 ) (19,000 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

61,000

61,000

CAPITAL AND RESERVES
Called up share capital 23 1,000 1,000
Retained earnings 24 60,000 60,000
SHAREHOLDERS' FUNDS 61,000 61,000

Company's profit for the financial year 386,796 -

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)

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 1,000 60,000 61,000

Changes in equity
Balance at 31 December 2022 1,000 60,000 61,000

Changes in equity
Dividends - (386,796 ) (386,796 )
Total comprehensive income - 386,796 386,796
Balance at 31 December 2023 1,000 60,000 61,000

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold properties - 1.25% on cost
Short leasehold - 20% on cost
Plant and machinery - 20% on reducing balance and Straight line over 7 years
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Equipment - 33% on reducing balance and 20% on reducing balance

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
148 180

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 80,000
NET BOOK VALUE
At 31 December 2023 80,000
At 31 December 2022 80,000


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 - - 4,750 4,750
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 4,750 4,750

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 4,750 4,750

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 23,750 23,750
Accrued expenses 1,726,441 1,344,496 - -
Derivative financial liabilities - 36,395 - -
6,391,374 6,948,576 23,750 23,750

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: £    £   
1,000 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 60,000
Profit for the year 386,796
Dividends (386,796 )
At 31 December 2023 60,000


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.