Company registration number 06532363 (England and Wales)
ASKERN HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ASKERN HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr D Murray
Ms M Murray
Company number
06532363
Registered office
28 Lidgate Crescent
Langthwaite Business Park
South Kirkby
Pontefract
United Kingdom
WF9 3NR
Auditor
Henton & Co LLP
Northgate
118 North Street
Leeds
England
LS2 7PN
ASKERN HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
ASKERN HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Principal activities

The principal activity of the company and group continued to be that of design and manufacture of cable reels.

Fair review of the business

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet accounts payable.

 

 

 

 

 

 

2024

2023

 

 

 

 

 

£

£

 

 

 

 

 

 

 

Turnover

 

 

 

 

10,308,333

12,316,702

Gross Profit

 

 

 

 

3,158,860

3,338,489

Gross Profit Percentage

 

 

 

31%

27%

Profit Before Tax

 

 

 

1,307,949

1,683,548

Net Current Assets

 

 

 

3,352,179

2,064,714

Net Assets

 

 

 

 

6,226,245

5,247,909

 

 

 

 

 

 

 

The challenging economic conditions as a result of the war in Ukraine and the cost of living crisis resulted in unprecedented increases in the cost of the group's raw materials. In year ended 31 March 2023, price increases absorbed these extra costs. Currently raw materials costs are stable or in some cases reduced ; allowing the group to reduce some sales prices. These reductions and a slowdown in activity is responsible for the fall in turnover this year.

 

The group's gross profit percentage has increased from 27% to 31%.

 

The group's overall balance sheet remains strong.

 

The post year end management accounts show the group continues to trade profitably.

 

The directors believe, that despite the currently challenging market conditions, the group remains well placed to take advantage of any opportunities that arise in the short to medium term.

Principal risks and uncertainties

The ongoing risks to the business due to the war in Ukraine are, in the opinion of the directors, limited to those that could affect all businesses. The directors feel that they have adequately replaced the supplies of materials that are now forbidden by the trade sanctions against Russia and Belarus and do not foresee any supply problems going forward.

 

The group continues to monitor its cost and supplier base to maintain and replenish its raw material stock levels at competitive prices.

 

Most sales are to UK customers and most suppliers are UK based, and accordingly the group has not entered into any hedging arrangements in respect of risk relating to trade debtors and creditors.

 

The group has operated throughout the year within its banking and invoice financing arrangements, thereby substantially eliminating liquidity and cash flow risks.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the monitoring of outstanding debts in terms of time and credit limits. Debts on the balance sheet are presented net of allowances for doubtful debtors.

 

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet accounts payable.

ASKERN HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

On behalf of the board

Mr D Murray
Director
12 November 2024
ASKERN HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D Murray
Ms M Murray
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

ASKERN HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
On behalf of the board
Mr D Murray
Director
12 November 2024
ASKERN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASKERN HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Askern Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

ASKERN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASKERN HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The prior period financial statements ending 31 March 2023 have been audited by another auditor and they have expressed an unmodified opinion on 20 December 2023.

ASKERN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASKERN HOLDINGS LIMITED
- 7 -

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 an auditor's report 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.

Chris Howitt (Senior Statutory Auditor)
For and on behalf of Henton & Co LLP
12 November 2024
Chartered Accountants
Statutory Auditor
Northgate
118 North Street
Leeds
England
LS2 7PN
ASKERN HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
10,308,333
12,316,702
Cost of sales
(7,149,473)
(8,978,213)
Gross profit
3,158,860
3,338,489
Administrative expenses
(1,878,441)
(1,617,167)
Other operating income
67,267
76,894
Operating profit
4
1,347,686
1,798,216
Interest payable and similar expenses
7
(39,737)
(114,668)
Profit before taxation
1,307,949
1,683,548
Tax on profit
8
(329,613)
(321,224)
Profit for the financial year
978,336
1,362,324
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 14 to 28 form part of these financial statements.

ASKERN HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
3,463,133
3,553,068
Current assets
Stocks
12
998,022
1,308,138
Debtors
13
2,846,947
3,541,171
Cash at bank and in hand
1,247,699
146,384
5,092,668
4,995,693
Creditors: amounts falling due within one year
14
(1,740,489)
(2,930,979)
Net current assets
3,352,179
2,064,714
Total assets less current liabilities
6,815,312
5,617,782
Creditors: amounts falling due after more than one year
15
(426,910)
(200,662)
Provisions for liabilities
Deferred tax liability
18
162,157
169,211
(162,157)
(169,211)
Net assets
6,226,245
5,247,909
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
6,226,145
5,247,809
Total equity
6,226,245
5,247,909

The notes on pages 14 to 28 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 12 November 2024 and are signed on its behalf by:
12 November 2024
Mr D Murray
Director
Company registration number 06532363 (England and Wales)
ASKERN HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,330
5,156
Investments
10
2
2
1,332
5,158
Current assets
Debtors
13
210,531
195,163
Cash at bank and in hand
1,675
1,785
212,206
196,948
Creditors: amounts falling due within one year
14
(22,668)
(23,105)
Net current assets
189,538
173,843
Net assets
190,870
179,001
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
190,770
178,901
Total equity
190,870
179,001

The notes on pages 14 to 28 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £11,869 (2023 - £16,862 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 November 2024 and are signed on its behalf by:
12 November 2024
Mr D Murray
Director
Company registration number 06532363 (England and Wales)
ASKERN HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
100
3,885,487
3,885,587
Year ended 31 March 2023:
Profit and total comprehensive income
-
1,362,324
1,362,324
Balance at 31 March 2023
100
5,247,811
5,247,911
Year ended 31 March 2024:
Profit and total comprehensive income
-
978,336
978,336
Balance at 31 March 2024
100
6,226,145
6,226,245

The notes on pages 14 to 28 form part of these financial statements.

ASKERN HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
100
162,039
162,139
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
16,862
16,862
Balance at 31 March 2023
100
178,901
179,001
Year ended 31 March 2024:
Profit and total comprehensive income
-
11,869
11,869
Balance at 31 March 2024
100
190,770
190,870

The notes on pages 14 to 28 form part of these financial statements.

ASKERN HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
2,437,741
1,548,911
Interest paid
(54,992)
(114,668)
Income taxes paid
(303,516)
(93,587)
Net cash inflow from operating activities
2,079,233
1,340,656
Investing activities
Purchase of tangible fixed assets
(58,453)
(192,364)
Proceeds from disposal of tangible fixed assets
10,000
11,500
Net cash used in investing activities
(48,453)
(180,864)
Financing activities
Repayment of borrowings
-
(961,415)
Repayment of bank loans
(904,482)
(375,593)
Purchase of derivatives
-
(27,896)
Payment of finance leases obligations
(24,983)
-
Net cash used in financing activities
(929,465)
(1,364,904)
Net increase/(decrease) in cash and cash equivalents
1,101,315
(205,112)
Cash and cash equivalents at beginning of year
146,384
351,496
Cash and cash equivalents at end of year
1,247,699
146,384

The notes on pages 14 to 28 form part of these financial statements.

ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Askern Holdings Limited is a private limited company domiciled and incorporated in England and Wales. The registered office 28 Lidgate Crescent, Langthwaite Business Park, South Kirkby, Pontefract, United Kingdom, WF9 3NR.

 

The group consists of Askern Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Askern Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

 

Freehold Land not depreciated.

Freehold Buildings
2% Straigh line per annum
Plant and equipment
10% Straight line per annum
Fixtures and fittings
10% Straight line per annum
Computers
10% Straight line per annum
Motor vehicles
25% Straight line per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
10,203,940
12,204,694
Rendering of services
22,388
7,905
Rental income
82,005
104,103
10,308,333
12,316,702
2024
2023
£
£
Turnover analysed by geographical market
UK
9,778,948
11,283,580
Europ
529,385
1,033,122
10,308,333
12,316,702
2024
2023
£
£
Other revenue
Miscelleneous other operating income
71,692
76,894
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
140,088
135,256
Profit on disposal of tangible fixed assets
(1,700)
(8,160)
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
67
63
1
1
13
15
-
-
Total
80
78
1
1
ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,907,080
1,994,219
-
0
-
0
Social security costs
165,255
190,459
-
-
Pension costs
69,048
81,664
-
0
-
0
2,141,383
2,266,342
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
319,856
86,211
Company pension contributions to defined contribution schemes
-
4,260
319,856
90,471
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
54,709
60,036
Interest on convertible loan notes
(15,255)
54,151
Interest on finance leases and hire purchase contracts
283
481
Total finance costs
39,737
114,668
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
341,092
307,940
Adjustments in respect of prior periods
(4,425)
-
0
Total current tax
336,667
307,940
Deferred tax
Origination and reversal of timing differences
(7,054)
13,284
Total tax charge
329,613
321,224
ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,307,949
1,683,548
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
326,987
319,874
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1,224
Tax effect of income not taxable in determining taxable profit
(425)
-
0
Gains not taxable
250
-
0
Permanent capital allowances in excess of depreciation
(24,212)
(2,910)
Depreciation on assets not qualifying for tax allowances
35,022
-
Deferred tax adjustments in respect of prior years
(7,054)
3,189
Tax at marginal rate
(955)
-
0
Indexation allowance on capital gain
-
0
(153)
Taxation charge
329,613
321,224
9
Tangible fixed assets
Group
Freehold Buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
3,326,815
1,245,007
60,174
46,853
55,484
4,734,333
Additions
-
0
37,730
20,723
-
0
-
0
58,453
Disposals
-
0
(48,526)
-
0
-
0
-
0
(48,526)
At 31 March 2024
3,326,815
1,234,211
80,897
46,853
55,484
4,744,260
Depreciation and impairment
At 1 April 2023
329,242
753,965
21,541
26,170
50,347
1,181,265
Depreciation charged in the year
23,536
99,189
7,545
4,685
5,133
140,088
Eliminated in respect of disposals
-
0
(40,226)
-
0
-
0
-
0
(40,226)
At 31 March 2024
352,778
812,928
29,086
30,855
55,480
1,281,127
Carrying amount
At 31 March 2024
2,974,037
421,283
51,811
15,998
4
3,463,133
At 31 March 2023
2,997,573
491,042
38,633
20,683
5,137
3,553,068
ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Tangible fixed assets
(Continued)
- 24 -
Company
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
151,361
6,932
158,293
Disposals
(8,315)
-
0
(8,315)
At 31 March 2024
143,046
6,932
149,978
Depreciation and impairment
At 1 April 2023
146,501
6,636
153,137
Depreciation charged in the year
3,678
148
3,826
Eliminated in respect of disposals
(8,315)
-
0
(8,315)
At 31 March 2024
141,864
6,784
148,648
Carrying amount
At 31 March 2024
1,182
148
1,330
At 31 March 2023
4,860
296
5,156
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
2
2
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
2
Carrying amount
At 31 March 2024
2
At 31 March 2023
2
11
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Askern UK Limited
28 Lidgate Crescent, Langthwaite Business Park, South Kirkby, Pontefract, WF9 3NR, England
Ordinary share
100.00
Askern Properties (North) Limited
28 Lidgate Crescent, Langthwaite Business Park, South Kirkby, Pontefract, WF9 3NR, England
Ordinary share
100.00
12
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
798,146
896,897
-
-
Work in progress
43,574
131,751
-
-
Finished goods and goods for resale
156,302
279,490
-
0
-
0
998,022
1,308,138
-
-
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,600,197
3,219,207
1
-
0
Amounts owed by group undertakings
-
193,226
210,431
195,064
Other debtors
216,328
22,259
99
99
Prepayments and accrued income
30,422
106,479
-
0
-
0
2,846,947
3,541,171
210,531
195,163
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
16
182,009
1,337,141
-
0
-
0
Obligations under finance leases
17
24,400
24,983
-
0
-
0
Trade creditors
765,727
643,307
8,565
8,565
Amounts owed to group undertakings
-
0
85,245
8,500
8,500
Corporation tax payable
341,092
307,941
3,958
4,395
Other taxation and social security
236,986
327,813
-
-
Other creditors
88,157
3,927
-
0
-
0
Accruals and deferred income
102,118
200,622
1,645
1,645
1,740,489
2,930,979
22,668
23,105
ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
16
404,543
153,895
-
0
-
0
Obligations under finance leases
17
22,367
46,767
-
0
-
0
426,910
200,662
-
-
16
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
586,552
1,491,034
-
0
-
0
Bank overdrafts
-
0
2
-
0
-
0
586,552
1,491,036
-
-
Payable within one year
182,009
1,337,141
-
0
-
0
Payable after one year
404,543
153,895
-
0
-
0

The long-term loans are secured by fixed charges over 5 years.

 

17
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
24,400
24,983
-
0
-
0
In two to five years
22,367
46,767
-
0
-
0
46,767
71,750
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
324,314
338,422
Statutory database figures differ from the trial balance:
Deferred tax balances
162,157
169,211
Difference
162,157
169,211
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
169,211
-
Credit to profit or loss
(14,108)
-
Liability at 31 March 2024
155,103
-
Balance per TB
162,157
-
Warning - Difference exists; check stat db entries
7,054
-

[The deferred tax asset] set out above is expected to reverse within [12 months] and relates to the utilisation of tax losses against future expected profits of the same period. [The deferred tax liability] set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
69,048
81,664

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of 0p each
-
-
100
100
ASKERN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
Share capital
(Continued)
- 28 -
21
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
978,336
1,362,324
Adjustments for:
Taxation charged
329,613
321,224
Finance costs
39,737
114,668
Gain on disposal of tangible fixed assets
(1,700)
(8,160)
Depreciation and impairment of tangible fixed assets
140,088
135,256
Movements in working capital:
Decrease in stocks
310,116
597,817
Decrease/(increase) in debtors
694,224
(63,812)
Decrease in creditors
(52,673)
(910,406)
Cash generated from operations
2,437,741
1,548,911
22
Analysis of changes in net funds/(debt) - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
146,386
1,101,313
1,247,699
Bank overdrafts
(2)
2
-
0
146,384
1,101,315
1,247,699
Borrowings excluding overdrafts
(1,491,034)
904,482
(586,552)
Obligations under finance leases
(71,750)
24,983
(46,767)
(1,416,400)
2,030,780
614,380
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200Mr D MurrayMs M 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