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REGISTERED NUMBER: 00970902







STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ASTON & FINCHER LIMITED

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


ASTON & FINCHER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: O J M Fincher
R C Fincher
D S Winnington





SECRETARY: D S Winnington





REGISTERED OFFICE: Pavilion Drive
Off Holford Drive
Birmingham
B6 7BB





REGISTERED NUMBER: 00970902





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

The Directors present their strategic report of the company for the year ended 31 December 2023. This strategic review is written in the context of the risks and uncertainties faced by the company and is consistent with the size and non-complex nature of the company's operations.

REVIEW OF BUSINESS
The directors are satisfied with the results of the company given the challenging market conditions and general economic climate that prevailed during the year. The company supplies the hair and beauty industry and saw a small decline of 2.6% in turnover compared to the previous year. This is primarily attributed to the natural lifecycle of a non-exclusive brand and a full year impact following the closure of a store in 2022. These have been offset by a large degree by increases in sales of other brands and products, together with additional sales following the hive-up in the year from a business purchased at the end of 2022. The company has also seen rising costs, in particular, payroll, rates and utility costs as a result of legislative changes, removal of Covid relief and inflationary pressures. Despite these factors, the company have reported a robust profit and an increase in Net Assets. The company continues to have a high level of cash reserves which puts it in a strong position to exploit future trading opportunities as and when they arise.

The company is always evolving, adding new products to its offering, and devising strategies to grow the business with existing customers as well as attracting new customers. The directors remain committed to sustainably growing the business by growing the company's customer base and continuing to invest in the team, technology and new products. Since the year end, the company has continued to trade in line with the directors' expectations.

PRINCIPAL RISKS AND UNCERTAINTIES
The risks faced by the company are regularly reviewed by the board and appropriate management strategies are put in place to monitor and mitigate them.

As for many companies of this size the business environment continues to be challenging, the market is highly competitive and as a result there is always downward pressure on margins. Due to the company's dedication to customer care and extensive product range priced competitively and representing value for money the company enjoys a loyal and longstanding customer base. The directors, having reflected upon the current position of the company, consider it is operationally and financially well placed to face the challenges of the continuing economic uncertainty.

The company holds a significant level of stock and therefore there is a potential risk of stock obsolescence. Stock is actively managed and reviewed frequently to identify slow moving stock lines so that management can act accordingly to mitigate the risk of obsolete stock.

The company is also exposed to foreign currency exchange risk due to a reasonable proportion of purchases being made from overseas suppliers.

The quality of staff is an integral factor of the company's performance, in particular the branch managers. The resignation of key individuals and the possibility of not being able to recruit people with the necessary skills to replace them represent a key risk to the business. To mitigate this issue the company has had, for a number of years, schemes linked to their results that are designated to retain key individuals.


ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

SECTION 172(1) STATEMENT
The Board of Directors always consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in s172(1) (a)-(f) of the Companies Act 2006, in the decisions taken during the year ended 31 December 2023 and this is exhibited within this report.

The directors understand the business and the environment in which it operates. This is key when considering the likely consequences of any long term decisions.

We are committed to respecting and upholding human rights within our business and within our supply chain. We recognise our responsibility to identify and address potential or actual human rights infringements linked to the products and services we provide. We encourage our suppliers to uphold the same standards as we apply to ourselves.

The company is committed to conducting its operations in a socially responsible manner and will not tolerate any form of bribery or corruption from its employees, suppliers or any other parties. The company conducts its business with honesty and integrity and expects all of the employees to maintain high standards. Both the antibribery and Whistle Blowing policies are available upon request.

Where possible the company works with its suppliers to reduce the impact on the environment by utilising reusable packaging materials. Additionally the company seeks to recycle materials where it is able to do so.

The company recognises that its employees and their skills are key to business success and seeks to train and support its employees in the delivery of its excellent products and services. Employee welfare and wellbeing are of utmost importance and the company engages with them all through regular internal communications.

The company has policies in place which are designed to ensure that all IT and other communication equipment and resources, are used properly and kept secure. The company has various monitoring, firewalls and anti-virus software with structured file access in place to protect against the risk of IT security breaches.

FINANCIAL KEY PERFORMANCE INDICATORS
The Directors consider the return on capital employed as being the key performance indicator as this communicates the financial performance and strength of the company as a whole. The company saw a decrease in turnover from £41,261,710 in 2022 to £40,196,468 in 2023, return on capital employed (operating profit, excluding exceptional items, expressed as a percentage of total assets less current liabilities) was 5.34%, (2022: 17.83%).

ON BEHALF OF THE BOARD:





O J M Fincher - Director


25 September 2024

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
Dividends of £596,000 (2022: £697,667) were paid on Ordinary shares in the year.

Dividends of £72,062 (2022: £38,500) were paid on the Preference shares in the year.

FUTURE DEVELOPMENTS
This is covered within the strategic report on page 2.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

O J M Fincher
R C Fincher
D S Winnington

ENGAGEMENT WITH EMPLOYEES
The company places considerable value on the involvement of its employees and is committed to keeping employees as fully informed as possible with regard company's performance.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
This is covered within the strategic report on page 2.

STREAMLINED ENERGY AND CARBON REPORTING
The company has taken the exemption available to not disclose this information as it is included in the consolidated financial statements of its parents company Fincher Holdings Limited.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 company's auditors are aware of that information.

AUDITORS
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





O J M Fincher - Director


25 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ASTON & FINCHER LIMITED


Opinion
We have audited the financial statements of Aston & Fincher Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 December 2023 and of its 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 company 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ASTON & FINCHER LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ASTON & FINCHER LIMITED


We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.




Morgan Davies FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

26 September 2024

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £    £    £   

TURNOVER 4 40,196,468 41,261,710

Cost of sales 23,513,811 24,137,730
GROSS PROFIT 16,682,657 17,123,980

Distribution costs 841,303 847,911
Administrative expenses 15,131,636 13,694,092
15,972,939 14,542,003
709,718 2,581,977

Other operating income 89,906 -
OPERATING PROFIT 6 799,624 2,581,977

Income from shares in group
undertakings

500,000

300,000
Interest receivable and similar income 7 137,321 28,968
637,321 328,968
1,436,945 2,910,945

Interest payable and similar expenses 8 75,676 41,571
PROFIT BEFORE TAXATION 1,361,269 2,869,374

Tax on profit 9 298,684 547,682
PROFIT FOR THE FINANCIAL YEAR 1,062,585 2,321,692

Other comprehensive income - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,062,585

2,321,692

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 812,532 856,379
Tangible assets 12 1,380,442 1,421,426
Investments 13 60,340 160,340
2,253,314 2,438,145

CURRENT ASSETS
Stocks 14 6,316,284 6,323,473
Debtors 15 4,983,401 4,494,585
Investments 16 - 1,008,513
Cash at bank 6,136,195 4,259,944
17,435,880 16,086,515
CREDITORS
Amounts falling due within one year 17 4,715,437 4,041,267
NET CURRENT ASSETS 12,720,443 12,045,248
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,973,757

14,483,393

PROVISIONS FOR LIABILITIES 20 146,779 123,000
NET ASSETS 14,826,978 14,360,393

CAPITAL AND RESERVES
Called up share capital 21 12,492 12,492
Share premium 22 2,190 2,190
Capital redemption reserve 22 3,108 3,108
Retained earnings 22 14,809,188 14,342,603
SHAREHOLDERS' FUNDS 14,826,978 14,360,393

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





O J M Fincher - Director


ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 12,492 12,718,578 2,190 3,108 12,736,368

Changes in equity
Dividends - (697,667 ) - - (697,667 )
Total comprehensive income - 2,321,692 - - 2,321,692
Balance at 31 December 2022 12,492 14,342,603 2,190 3,108 14,360,393

Changes in equity
Dividends - (596,000 ) - - (596,000 )
Total comprehensive income - 1,062,585 - - 1,062,585
Balance at 31 December 2023 12,492 14,809,188 2,190 3,108 14,826,978

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Aston & Fincher Limited is a private company, limited by shares, registered in England. The company's registered number and registered office address can be found on the Company Information page. The principal activity of the company is the wholesale supply of hairdressing supplies and related products. The Company has branches throughout the country, with its head office based as the same address as the registered office.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Aston & Fincher Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Fincher Holdings Limited, Pavilion Drive, Birmingham, B6 7BB.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life 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.
Improvements to property - 15% on reducing balance
Fixtures and fittings - 15%/25% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost less accumulated losses.

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
(a) Trade and other debtors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

(b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

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

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Some of these estimates and judgements are inherently uncertain and subject to change. The impact of any change in accounting estimates is reflected in the period in which the estimate is revised, if the revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods. In this respect, the directors believe that the critical accounting policies where judgements or estimations are necessarily applied as follows:

Stock
The Company holds a significant level of goods for resale. Provision is made for slow-moving and potential obsolete stock: this, by its very nature, requires management to make judgements. These are based on historical experience and on other factors that are believed to be relevant in the circumstances.

Goodwill
Purchased goodwill is a significant figure in the balance sheet and the assessment of its useful economic life requires management to make judgements. These judgements, particularly relating to the rate of amortisation and any additional impairment, are based on the directors' knowledge and experience of the industry.

Fair value of loans to related parties
The Company makes an assessment of the market rate of interest which would apply to loans to related parties, in order to determine whether there is any material difference between the loan carrying value and the fair value of cash flows arising from loans to related parties discounted at a market rate of interest. The carrying value of loans to related parties are not discounted where the difference is not material.

4. TURNOVER

The whole of the turnover is attributable to the one principal activity of the Company which was carried out wholly within the United Kingdom.

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 7,797,247 7,237,868
Social security costs 694,268 653,250
Other pension costs 603,543 554,650
9,095,058 8,445,768

The average number of employees during the year was as follows:
2023 2022

Selling and distribution 254 266
Administration 49 42
303 308

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 426,527 358,638
Directors' pension contributions to money purchase schemes 137,707 108,367

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 310,174 231,376
Pension contributions to money purchase schemes 16,249 2,119

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 1,928,884 1,787,293
Depreciation - owned assets 271,098 279,482
(Profit)/loss on disposal of fixed assets (6,421 ) 38,907
Goodwill amortisation 213,771 196,779
Auditors' remuneration 36,017 42,889

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Deposit account interest 135,451 27,421
Interest from HMRC 1,870 1,547
137,321 28,968

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 2,595 -
Interest to HMRC 1,019 -
Hire purchase - 3,071
Preference share dividends 72,062 38,500
75,676 41,571

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. 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 274,211 534,051
Over/ Under Tax Provision 694 4,631
Total current tax 274,905 538,682

Deferred tax 23,779 9,000
Tax on profit 298,684 547,682

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,361,269 2,869,374
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

320,170

545,181

Effects of:
Expenses not deductible for tax purposes 32,432 12,519
Income not taxable for tax purposes (117,600 ) (57,000 )
Depreciation in excess of capital allowances 27,333 37,388
Adjustments to tax charge in respect of previous periods 694 4,631
Profit and loss on disposal (1,510 ) -
Deferred tax change 23,779 (831 )
Other differences leading to an increase (decrease) in tax charge 13,386 5,794
Total tax charge 298,684 547,682

The corporation tax changed from 19% to 25% on 1st April 2023.

10. DIVIDENDS

Dividends paid during the year on Ordinary shares amounted to £596,000 (2022: £697,667).

Dividends paid during the year on Preference shares amounted to £72,062 (2022: £38,500).

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023 2,004,822
Additions 169,924
At 31 December 2023 2,174,746
AMORTISATION
At 1 January 2023 1,148,443
Amortisation for year 213,771
At 31 December 2023 1,362,214
NET BOOK VALUE
At 31 December 2023 812,532
At 31 December 2022 856,379

12. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 1,219,781 3,794,714 302,423 5,316,918
Additions 86,113 81,422 81,058 248,593
Disposals - - (37,168 ) (37,168 )
At 31 December 2023 1,305,894 3,876,136 346,313 5,528,343
DEPRECIATION
At 1 January 2023 959,567 2,831,398 104,527 3,895,492
Charge for year 48,241 162,983 59,874 271,098
Eliminated on disposal - - (18,689 ) (18,689 )
At 31 December 2023 1,007,808 2,994,381 145,712 4,147,901
NET BOOK VALUE
At 31 December 2023 298,086 881,755 200,601 1,380,442
At 31 December 2022 260,214 963,316 197,896 1,421,426

Leasehold improvements include long leasehold property at a cost of £99,077 (2022: £99,077).

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 January 2023 100,100 60,240 160,340
Disposals (100,000 ) - (100,000 )
At 31 December 2023 100 60,240 60,340
NET BOOK VALUE
At 31 December 2023 100 60,240 60,340
At 31 December 2022 100,100 60,240 160,340

The following were subsidiary undertakings of the Company:


Name
Registered
office
Principal
activity
Class of
shares

Holding
AKS Hair & Beauty Limited as parent Dormant Ordinary 100%
Direct Hairdressing Supplies Limited as parent Dormant Ordinary 100%
John Coldham (Norwich) Limited as parent Dormant Ordinary 100%


Sasha Hair & Beauty Limited


as parent
Wholesale of
hairdressing
supplies


Ordinary


100%

During the year, on 31 March 2023, the trade and assets of Sasha Hair & Beauty were hived up into Aston & Fincher Limited. Since the year end, on 27 August 2024, Sasha Hair & Beauty was dissolved.

Aston & Fincher also own 50% of the Ordinary share capital of The Avec Corporation Limited, a joint venture. The Avec Corporation Limited made a profit after taxation of £448,075 during the year ended 31 December 2023 and aggregate share capital and reserves of £3,360,466.

14. STOCKS
2023 2022
£    £   
Stocks 6,316,284 6,323,473

An impairment loss totalling £45,225 (2022: £157,588) has been recognised in profit and loss.

15. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,486,816 1,357,014
Amounts owed by group undertakings 460,417 360,417
Other debtors 507,341 473,920
Directors' current accounts 943,385 742,874
Prepayments 396,064 370,982
3,794,023 3,305,207

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Other debtors 1,189,378 1,189,378

Aggregate amounts 4,983,401 4,494,585

Statutory disclosures related to amounts due from the directors and related parties are given in note 24 to the financial statements.

16. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Amounts held on bank deposits - 1,008,513

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Preference shares (see note 18) 700,000 700,000
Trade creditors 2,717,331 2,275,877
Amounts owed to group undertakings 2,600 2,600
Tax 138,145 107,711
Social security and other taxes 317,027 229,489
Other creditors 63,343 75,076
Accrued expenses 776,991 650,514
4,715,437 4,041,267

18. PREFERENCE SHARES

An analysis of the maturity of preference shares is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Preference shares 700,000 700,000

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
700,000 Preference Shares £1 700,000 700,000

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


18. PREFERENCE SHARES - continued

The cumulative redeemable preference shares are redeemable at the option of the company. The holders of these shares are entitled to receive a dividend prior to ordinary shareholders of 12.64% per annum on each share which shall accrue on a daily basis and shall be due and payable in equal instalments on 30 June and 31 December in every year. In the event of the company being wound up the preference shareholders are entitled in preference to the ordinary shareholders to any arrears or deficiency of dividend and are to be repaid the nominal value of the shares. The holders of these shares shall not be entitled to any voting rights.

19. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 1,512,619 1,450,853
Between one and five years 3,722,494 3,826,445
In more than five years 2,715,218 3,075,529
7,950,331 8,352,827

20. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 146,779 123,000

Deferred
tax
£   
Balance at 1 January 2023 123,000
Charge to Statement of Comprehensive Income during year 23,779
Balance at 31 December 2023 146,779

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
12,492 Ordinary Shares £1 12,492 12,492

Rights attaching to the ordinary shares:
Upon the winding up of the company or otherwise, capital shall be applied first in repaying the holders of the preference shares as set out below. Thereafter the capital shall then be applied first in repaying holders of the ordinary shares one thousand times the amount of the nominal value and share premium paid up thereon and any balance shall be distributed amongst the holders of the ordinary shares.

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


22. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 14,342,603 2,190 3,108 14,347,901
Profit for the year 1,062,585 1,062,585
Dividends (596,000 ) (596,000 )
At 31 December 2023 14,809,188 2,190 3,108 14,814,486

Share premium account
Includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve
Includes all amounts transferred following the redemption of share capital.

Profit and loss account
Contains all current and prior period retained profits and losses.

23. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £603,543 (2022: £554,650). Contributions totalling £32,478 (2022: £26,927) were payable to the fund at the balance sheet date.

24. RELATED PARTY DISCLOSURES

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.

At the year end, total balances due from the directors amounted to £943,385 (2022: £742,874). These loans are interest free and repayable on demand.

During the year, the company made purchases from Avec Corporation Limited of £2,281,543 (2022: £2,131,987). At the year end there was an amount of £294,385 (2022: £186,008) due to that company.

During the year, a dividend was received from Avec Corporation Limited totalling £500,000 (2022: £300,000).

During the year the company paid rent and other charges of £314,000 (2022: £277,600) to a related party.

At the year end, a loan owed to the company from a related party totalled £1,189,378 (2022: £1,189,378). The loan carries an interest rate of 0% and is repayable with 367 days notice at the option of the company. The fair value of the loan discounted at a market rate of interest is not materially different from the carrying value and therefore the loan receivable has not been discounted.

At the end of the year, the company was owed £19,202 (2022: £44,564) by other related parties.

ASTON & FINCHER LIMITED (REGISTERED NUMBER: 00970902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


25. GUARANTEES

Total bank guarantees given on behalf of a related party which are not included in the balance sheet amount to £1,187,219 (2022: £1,250,140). This guarantee relates to a commercial mortgage underpinned by property assets held by the related party, which is secured on assets held by the company.

26. CONTROLLING PARTY

The ultimate controlling party was O.J. Fincher, a director of Aston & Fincher Limited and a director and shareholder of the immediate and ultimate parent company Fincher Holdings Limited.

Fincher Holdings Limited is the immediate and ultimate parent undertaking which is also the smallest and largest group for which consolidated financial statements are prepared. Consolidated financial statements are available from the company's registered office, Unit 2 Pavilion Drive, Off Holford Drive, Birmingham, West Midlands, United Kingdom, B6 7BB.