REGISTERED NUMBER: 10988432 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
FOR |
ASCIA HOLDINGS LIMITED |
REGISTERED NUMBER: 10988432 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
FOR |
ASCIA HOLDINGS LIMITED |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
ASCIA HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Chris Hession |
INDEPENDENT AUDITORS: |
Azzurri House |
Walsall Business Park |
Aldridge |
Walsall |
West Midlands |
WS9 0RB |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
The directors present their strategic report of the company and the group for the period 1 January 2023 to 30 April 2024. |
REVIEW OF BUSINESS |
Ascia Construction is an independent, privately owned building contracting company based on the Hampshire / West Sussex border, working on construction projects between £500,000 and £10m in value. |
Ascia Construction works within all sectors of construction including education, commercial, industrial, residential, leisure, retail, health, community and refurbishments. |
The directors are passionate about collaborative working and are focused on retaining loyal client, consultant and supplier relationships. |
During this financial period (extended to 16 months), Ascia has experienced a period of planned growth, increasing turnover from £20m to £34m. |
Over the course of this period, Ascia Construction has invested in new project management software to centralise our record keeping and to enhance collaboration, thus ensuring a higher level of control throughout the business. This in turn aligns with the controls implemented in achieving the businesses ISO 9001, 14001, 45001 accreditations. This digital transformation has not only reduced paperwork but has also improved communication, made reporting more efficient and positioned Ascia for continued growth and innovation. |
It is the aim of the business to continue with managed growth targeting a turnover of £35M entering the 2024/2025 12-month period. |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
- Health and Safety. The construction industry is an inherently high-risk industry which means Ascia's staff and subcontractors are often carrying out or managing high risk activities. We therefore prioritise the management of Health and Safety above all other considerations. Ascia Construction employs the professional independent safety company LCS Health & Safety, to ensure that we perform to the highest safety standards and keep on top of current best practice and legislation. Ascia Construction is a proud member of Acclaim SSIP and is Constructionline Gold accredited, having been awarded accreditations for its commitment to achieving excellence in health and safety. |
- Economic and Political Uncertainty. Construction companies face a variety of economic risks that can impact their operations and profitability. These risks can stem from macroeconomic conditions, industry-specific challenges, and internal factors. All of these can cause market fluctuations, economic downturns, cost uncertainty, policy and contractual changes. During the last financial period both hyperinflation and wars within Europe have had to be considered, with both costs and availability of materials severely affected. All such uncertainties have a knock-on effect to clients and the supply chain alike. |
Ascia tracks and monitors the economic and political environment so that the business can react effectively and promptly to any significant changes. |
Because our work is across a broad range of sectors, with a significant percentage of it being within the public sector, any adverse effects of economic cycles are largely mitigated, since when one sector is in decline, another sector is often in growth. |
- Subcontractors and Suppliers - Ascia relies on the performance and professionalism of its subcontractors and supply chain to deliver results on its behalf. This can mean risks in respect of both safety and financial loss. Ascia Construction has implemented a robust subcontractor and supplier approval process to ensure that the subcontractors and suppliers used are not only operating safely on site but in addition, that they are financially secure, and able to perform at the highest level. |
- Staff Retention - Ascia relies on its staff to deliver quality results, which would not be possible without being able to attract and retain the highest quality labour. Ascia is proud of its high level of staff retention, achieved through the creation of a collaborative team environment, alongside competitive remuneration packages. |
POSITION AS YEAR END |
The business finishes the year in a strong financial position with no borrowing, and a number of substantial projects secured to take forward into 2024/2025, with 72% of forecast turnover secured prior to the start of the new financial period. |
Ascia Construction have reported a turnover of £33.9m (2022: £19.6m) for the financial period, with a gross profit of £2.8m (2022: £1.57m), an increase in profit margin to 8.31% from 8.00% in 2022. There has been a managed increase in overheads to correspond directly with the growth of the business which has resulted in an increase in net profit to £0.63m (2022: £0.29m). |
We have managed to secure a solid foundation of staff with a very low level of turnover and in addition, have made several new key staff appointments in order to maintain and improve the production side of the business as it grows. Ascia has also continued to support several members of staff through apprenticeships and higher education whilst developing their skills within the workplace. |
ON BEHALF OF THE BOARD: |
28 January 2025 |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
The directors present their report with the financial statements of the company and the group for the period 1 January 2023 to 30 April 2024. |
DIVIDENDS |
An interim dividend of 251.188 per share was paid on 30 April 2024. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the period ended 30 April 2024 will be £ 251,188 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. |
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 group'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 group's auditors are aware of that information. |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
AUDITORS |
The auditors, BK Plus Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASCIA HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Ascia Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the 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 Group 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASCIA HOLDINGS LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASCIA HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was capable of detecting irregularities, including fraud. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company. |
- We obtained an understanding of how the company is complying with these frameworks through discussions with management. |
- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence. |
- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature. |
- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature. |
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. |
Other matters which we are required to address |
The comparative figures for year ended 31 December 2022 are unaudited. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASCIA HOLDINGS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Azzurri House |
Walsall Business Park |
Aldridge |
Walsall |
West Midlands |
WS9 0RB |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
CONSOLIDATED INCOME STATEMENT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
Notes | £ | £ |
TURNOVER | 3 | 33,988,660 | 19,660,342 |
Cost of sales | (31,163,403 | ) | (18,087,515 | ) |
GROSS PROFIT | 2,825,257 | 1,572,827 |
Administrative expenses | (2,201,835 | ) | (1,282,029 | ) |
OPERATING PROFIT | 5 | 623,422 | 290,798 |
Interest receivable and similar income | 27,424 | 280 |
650,846 | 291,078 |
Interest payable and similar expenses | 6 | (23,066 | ) | (14 | ) |
PROFIT BEFORE TAXATION | 627,780 | 291,064 |
Tax on profit | 7 | 565,932 | 390 |
PROFIT FOR THE FINANCIAL PERIOD |
Profit attributable to: |
Owners of the parent | 1,193,712 | 291,454 |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
Notes | £ | £ |
PROFIT FOR THE PERIOD | 1,193,712 | 291,454 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
1,193,712 |
291,454 |
Total comprehensive income attributable to: |
Owners of the parent | 1,193,712 | 291,454 |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
CONSOLIDATED BALANCE SHEET |
30 APRIL 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 27,018 | 21,721 |
Investments | 11 | - | - |
27,018 | 21,721 |
CURRENT ASSETS |
Stocks | 12 | 3,528,592 | 2,788,881 |
Debtors | 13 | 4,934,947 | 2,117,146 |
Cash at bank | 839,505 | 1,544,419 |
9,303,044 | 6,450,446 |
CREDITORS |
Amounts falling due within one year | 14 | 7,664,909 | 5,752,166 |
NET CURRENT ASSETS | 1,638,135 | 698,280 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,665,153 |
720,001 |
PROVISIONS FOR LIABILITIES | 15 | 6,755 | 4,127 |
NET ASSETS | 1,658,398 | 715,874 |
CAPITAL AND RESERVES |
Called up share capital | 16 | 100 | 100 |
Retained earnings | 17 | 1,658,298 | 715,774 |
SHAREHOLDERS' FUNDS | 1,658,398 | 715,874 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by: |
Mr N V Cole - Director |
Mr R Emery - Director |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
COMPANY BALANCE SHEET |
30 APRIL 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 16 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 251,188 | 187,459 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 | 100 | 611,779 | 611,879 |
Changes in equity |
Dividends | - | (187,459 | ) | (187,459 | ) |
Total comprehensive income | - | 291,454 | 291,454 |
Balance at 31 December 2022 | 100 | 715,774 | 715,874 |
Changes in equity |
Dividends | - | (251,188 | ) | (251,188 | ) |
Total comprehensive income | - | 1,193,712 | 1,193,712 |
Balance at 30 April 2024 | 100 | 1,658,298 | 1,658,398 |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2024 |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (495,663 | ) | 528,379 |
Interest paid | (23,066 | ) | (14 | ) |
Tax paid | 56,328 | 101,970 |
Net cash from operating activities | (462,401 | ) | 630,335 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (26,039 | ) | (13,761 | ) |
Interest received | 27,424 | 280 |
Net cash from investing activities | 1,385 | (13,481 | ) |
Cash flows from financing activities |
Amount withdrawn by directors | 7,290 | 5,793 |
Equity dividends paid | (251,188 | ) | (187,459 | ) |
Net cash from financing activities | (243,898 | ) | (181,666 | ) |
(Decrease)/increase in cash and cash equivalents | (704,914 | ) | 435,188 |
Cash and cash equivalents at beginning of period |
2 |
1,544,419 |
1,109,231 |
Cash and cash equivalents at end of period |
2 |
839,505 |
1,544,419 |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Profit before taxation | 627,780 | 291,064 |
Depreciation charges | 18,343 | 8,685 |
Loss on disposal of fixed assets | 2,399 | - |
Finance costs | 23,066 | 14 |
Finance income | (27,424 | ) | (280 | ) |
644,164 | 299,483 |
Increase in stocks | (739,711 | ) | (2,261,636 | ) |
Increase in trade and other debtors | (2,359,643 | ) | (869,475 | ) |
Increase in trade and other creditors | 1,959,527 | 3,360,007 |
Cash generated from operations | (495,663 | ) | 528,379 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 30 April 2024 |
30.4.24 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 839,505 | 1,544,419 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,544,419 | 1,109,231 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,544,419 | (704,914 | ) | 839,505 |
1,544,419 | (704,914 | ) | 839,505 |
Total | 1,544,419 | (704,914 | ) | 839,505 |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Ascia Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The consolidated financial statements incorporate those of Ascia Construction Limited (i.e. entity that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries are consolidated using the purchase method. |
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. |
The comparative figures in the accounts are unaudited. |
Basis of consolidation |
In the parent company's financial statements, investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Work in progress |
For incomplete contracts the value of work in progress reflects the partial performance of the contractual obligations. For such contracts work in progress reflects the accrual of the right to consideration by reference to the value of work performed. |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. |
Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate if interest. |
Financial liabilities |
Financial liabilities are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. |
Equity instruments |
Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Impairment of financial assets |
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
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 the profit and loss. |
Derecognition of financial assets and financial liabilities |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Offsetting financial assets and financial liabilities |
Financial assets are liabilities are offset against and the net amount reported in the balance sheet when there is an 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. |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Construction | 33,988,660 | 19,660,342 |
33,988,660 | 19,660,342 |
An analysis of turnover by geographical market is given below: |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
United Kingdom | 33,988,660 | 19,660,342 |
33,988,660 | 19,660,342 |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Wages and salaries | 2,120,201 | 1,284,096 |
Social security costs | 248,998 | 150,874 |
Other pension costs | 128,926 | 123,746 |
2,498,125 | 1,558,716 |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the period was as follows: |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
Directors | 2 | 2 |
Site management | 10 | 8 |
Construction management | 4 | 3 |
Quantity surveyors | 4 | 4 |
Technical | 4 | 4 |
Finance and administration | 6 | 6 |
The average number of employees by undertakings that were proportionately consolidated during the period was 30 (2022 - 27 ) . |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Directors' remuneration | 30,667 | 23,000 |
Directors' pension contributions to money purchase schemes | 36,154 | 64,998 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Hire of plant and machinery | 563,333 | 833,722 |
Other operating leases | 66,137 | 47,677 |
Depreciation - owned assets | 18,343 | 8,685 |
Loss on disposal of fixed assets | 2,399 | - |
Auditors' remuneration | 17,700 | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Other interest paid | 23,066 | 14 |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the period was as follows: |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax | (568,560 | ) | (1,355 | ) |
Deferred tax | 2,628 | 965 |
Tax on profit | (565,932 | ) | (390 | ) |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Profit before tax | 627,780 | 291,064 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
156,945 |
55,302 |
Effects of: |
Expenses not deductible for tax purposes | 29,410 | 521 |
Capital allowances in excess of depreciation | (1,902 | ) | (1,749 | ) |
Hybrid rate | (2,069 | ) | - |
R & D Refund | (749,828 | ) | (55,429 | ) |
Deferred tax | 2,628 | 965 |
Marginal relief | (1,116 | ) | - |
Total tax credit | (565,932 | ) | (390 | ) |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
9. | DIVIDENDS |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Ordinary shares of £1 each |
Interim | 251,188 | 187,459 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 33,594 | 8,554 | 21,073 | 63,221 |
Additions | 21,009 | 5,030 | - | 26,039 |
Disposals | (17,732 | ) | - | - | (17,732 | ) |
At 30 April 2024 | 36,871 | 13,584 | 21,073 | 71,528 |
DEPRECIATION |
At 1 January 2023 | 24,025 | 5,293 | 12,182 | 41,500 |
Charge for period | 12,612 | 2,767 | 2,964 | 18,343 |
Eliminated on disposal | (15,333 | ) | - | - | (15,333 | ) |
At 30 April 2024 | 21,304 | 8,060 | 15,146 | 44,510 |
NET BOOK VALUE |
At 30 April 2024 | 15,567 | 5,524 | 5,927 | 27,018 |
At 31 December 2022 | 9,569 | 3,261 | 8,891 | 21,721 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 31 December 2022 |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
12. | STOCKS |
Group |
2024 | 2022 |
£ | £ |
Work-in-progress | 3,528,592 | 2,788,881 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2022 |
£ | £ |
Trade debtors | 4,358,178 | 2,053,532 |
Other debtors | 41,339 | - |
Tax | 513,587 | 55,429 |
Prepayments | 21,843 | 8,185 |
4,934,947 | 2,117,146 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2022 | 2024 | 2022 |
£ | £ | £ | £ |
Trade creditors | 5,833,537 | 5,281,885 |
Amounts owed to group undertakings | - | - |
Tax | - | 54,074 |
Social security and other taxes | 126,080 | 98,395 |
VAT | 1,521,459 | 295,477 | - | - |
Other creditors | 8,583 | 2,293 |
Pension control | 10,303 | - | - | - |
Directors' current accounts | 24,432 | 17,142 | - | - |
Accrued expenses | 140,515 | 2,900 |
7,664,909 | 5,752,166 |
15. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 6,755 | 4,127 |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
15. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 4,127 |
Provided during period | 2,628 |
Balance at 30 April 2024 | 6,755 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Shares rank equally for voting rights, dividends and any distribution made. |
17. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2023 | 715,774 |
Profit for the period | 1,193,712 |
Dividends | (251,188 | ) |
At 30 April 2024 | 1,658,298 |
Company |
Retained |
earnings |
£ |
Profit for the period |
Dividends | ( |
) |
At 30 April 2024 |
18. | PENSION COMMITMENTS |
The total pension paid in respect of defined contributions was £128,826 (2022 : £123,746). |
The amount owing at the balance sheet date was £10,303 (2022 : £Nil). |
ASCIA HOLDINGS LIMITED (REGISTERED NUMBER: 10988432) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
19. | ULTIMATE CONTROLLING PARTY |
By virtue of their shareholdings, the directors, N Cole and R Emery, are considered to be the ultimate controlling parties of the group. |
20. | CHANGE OF ACCOUNTING PERIOD |
The company's year end has been extended to a 16 month period ending April 2024 per the company's strategic planning. |