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REGISTERED NUMBER: 09619606 (England and Wales)















ASHLEY KING GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Group Strategic Report 2 to 4

Report of the Directors 5

Report of the Independent Auditors 6 to 9

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Statement of Financial Position 12

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Statement of Cash Flows 16

Notes to the Consolidated Statement of Cash Flows 17

Notes to the Consolidated Financial Statements 18 to 32


ASHLEY KING GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: A J King
Mrs J King



REGISTERED OFFICE: 1 Goodison Road
Lincs Gateway Business Park
Spalding
Lincolnshire
PE12 6FY



REGISTERED NUMBER: 09619606 (England and Wales)



AUDITORS: Peters Elworthy & Moore
Salisbury House
Station Road
Cambridge
Cambridgeshire
CB1 2LA



BANKERS: HSBC Bank Plc
8 Market Place
Spalding
Lincolnshire
PE11 1SN

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and nature of the business.

The group's main focus of activity has been the construction and sale of new homes through the 'Ashwood Homes' brand. The group is also involved in a more diverse range of activities including both commercial and affordable housing developments.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being revenue, gross profit and profit before tax and exceptional items.


2024 2023 2022 2021 2020

Revenue £36,515,623 £57,837,077 £57,636,827 £54,710,862 £38,113,090
Gross profit £5,478,906 £9,236,023 £14,888,392 £8,328,474 £8,460,526
Gross profit % 15.00% 15.97% 25.83% 15.22% 22.20%
Profit before tax and £2,027,250 £5,806,804 £11,374,519 £5,485,634 £5,327,706
exceptional items

In the face of severely challenging economic conditions revenue and profit have decreased during the year to 30th June 2024. The principal reason for this has been the significant decrease in demand for new houses caused by interest rate rises and the increased cost of living. Despite this the group has remained profitable.

The group's focus on high specification developments with a quality build is helping it to form an enviable reputation with high levels of customer satisfaction. The professional customer service team also plays no small part in this on-going success.

Gross profit has decreased by £3,757,117 from £9,236,023 to £5,478,906 and a lower gross profit margin of 15.00%, down from 15.97% in 2023. Cost pressures associated with the reduced levels of demand contributed to holding the core housing gross profit margin below 20%.

Taking these factors into account, the underlying trading performance remains very healthy. The directors are pleased considering the challenges that the last 12 months has brought and have confidence in the increased land bank to continue to deliver the group's targets.

Profit before tax and exceptional items has decreased by £3,779,554 from £5,806,804 to £2,027,250. This reflects the stability of the business in the face of the continuing economic turbulence and uncertainties.

In the current year, there continues to be some cost pressures in relation to material and labour costs, but due to its proactive sales approach, good cost and operational control the group has continued to achieve healthy gross profit margins. There are signs that demand levels are starting to improve, and the company is well placed to deal with this.

Overall, the directors are pleased with the results for the year and are confident of the future. There will undoubtedly be further challenges and uncertainties, such as the longer-term impact of both Brexit and interest rate uncertainty on the housing market. The group is however in a favourable position with a significant land bank and plots with planning permission that will allow current activity to be maintained into the coming year and beyond.

The group continues to identify new land for future development. Our flagship 1,000 home project in Holbeach is fully operational and producing completions, giving the business security for the future. There are also a number of new sites coming on stream in the next year as part of our overall 9-year supply of land.


ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks arising from the group's activities and the Board's policies for managing these risks are summarised below.

Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by revolving credit facilities.

Interest rate risk
The group finances its operations through a combination of bank borrowings, hire purchase, group loans and director financing loans. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and variable rate facilities. Interest on group loans and director financing loans is discretionary.

Government housing policy
Government housing policies have the ability to impact the market in both the short and long-term. Assistance to buyers through schemes such as Help to Buy have provided considerable support to buyers and following the withdrawal of the scheme and changes to stamp duty thresholds, we are monitoring the impact on our markets. We are constantly monitoring current commentary relating to future government policy and maintaining contact with current thinking through industry platforms and contacts.

Economic conditions
The health of the economy at local and national level, and any deterioration in it, will potentially have an impact on demand and selling prices for new homes. Revenue, profit and cash flow could be adversely affected. Current economic data is monitored to identify any potential triggers for a deterioration in market conditions, allowing the to group set build rates and plot releases as close as possible to anticipated demand levels. The group's level of gearing and cash reserves are also monitored as part of its liquidity risk assessment to ensure borrowing levels are manageable in the event of a sudden downturn.

Impact of Brexit
There has been a considerable degree of uncertainty with regard to Brexit over the last five years. The situation in early 2025 remains somewhat uncertain, with pressure now being felt in supply chain and logistics, resulting in increased material prices, longer lead times and most recently signs of an economy wide increase in inflation. The longer-term impact of Brexit remains uncertain, but the group manages this risk by monitoring the Government's Brexit preparations closely and assessing any potential impact on both the housing market and the company.

Mortgage regulation
The housing market is dependent on homeowners' ability to borrow money to buy homes. Any changes in regulations, money supply or interest rates may affect that ability with potential impact on revenue, profit and cash flow. This risk is managed by monitoring current commentary relating to finance and assessing its impact on levels of construction activity.

Price risk
Material and labour supply demands will vary according to overall levels of house building activity. Increased activity can lead to cost increases.

Currency and credit risks
Due to the nature of the financial instruments used by the group there is no exposure to currency risk and minimal exposure to credit risk with new homes being released on full payment of the asking price.

Environmental
The group is aware of its environmental responsibilities and of its carbon footprint and is starting to look in some detail at its impact on the community and the environment. Our fleet of company cars are all 100% electric with chargers installed at both the company's head office and the EV user's homes.

We also continue to assess and implement new technologies in order to make the homes we build more energy efficient and lower our carbon footprint, through small changes such as using LED lights to replacing gas boilers with thermal heating pumps.


ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

SECTION 172(1) STATEMENT
The directors set out their compliance statement in accordance with S172(1) of the Companies Act 2006.

The directors' key objective in decision making is to ensure the short and long term success of all business related activities. This promotes the sustainable growth of the business, to the benefit of all involved stakeholders, including customers and suppliers.

Consideration is also given to the impact of any such decisions on the welfare of the group's employees, to ensure that decisions are made equitably, in their best interests. The directors are committed to providing a working environment that promotes the long term well-being of all employees, whilst enhancing their performance and potential.

The group is mindful of its environmental and community responsibility, and sets a high standard of conduct for both employees and suppliers to follow. The directors set high standards of ethical behaviour to promote the reputation of the group both in its operating area and across the wider housebuilding industry.

ENERGY AND EMISSIONS REPORT
Year ended 30th June: 2024 2023
UK energy use (kWh) 178,757 225,872
Associated greenhouse gas emissions (tonnes CO2 equivalent). Being: 42.3 54.6
- Scope 1 31.1 43.6
- Scope 2 11.2 11.0
Intensity ratio (tonnes CO2 per employee) 0.7 0.9

UK energy use
This covers the group's management and administrative functions for all entities.

Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting guidelines. We have also used the GHG Reporting Protocol - Corporate standards and have used the 2023 UK Government's conversion factors for company reporting.

Measures taken to improve energy efficiency
- Use of electric vehicles
- LED office lighting with PIR controls
- Lower travel and use of technology for both internal and external meetings

ON BEHALF OF THE BOARD:





A J King - Director


12 February 2025

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

A J King
Mrs J King

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). 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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





A J King - Director


12 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ASHLEY KING GROUP LIMITED

Opinion
We have audited the financial statements of Ashley King Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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.

The other information comprises the information included in the Annual Report other than the financial
statements and our Auditors' 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ASHLEY KING GROUP 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 five, 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
ASHLEY KING GROUP 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:

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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the Group and the parent Company through discussions with directors and other management, and from our commercial knowledge and experience of the housebreaking sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence available: and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Group and the parent Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

To address the risk of fraud through management bias and override of controls, we;

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions;


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence made available to us such as correspondence with HMRC, relevant regulators and the company's legal advisors.



REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ASHLEY KING GROUP LIMITED

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

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Edward Napper Bsc FCA (Senior Statutory Auditor)
for and on behalf of Peters Elworthy & Moore
Salisbury House
Station Road
Cambridge
Cambridgeshire
CB1 2LA

12 February 2025

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

REVENUE 3 36,515,623 57,837,077

Cost of sales 31,036,717 48,601,054
GROSS PROFIT 5,478,906 9,236,023

Administrative expenses 2,734,949 3,546,975
2,743,957 5,689,048

Other operating income 147,418 367,477
OPERATING PROFIT 5 2,891,375 6,056,525

Loans forgiven 6 15,030 -
Profit/loss on sale of investments 6 2,747,188 9,426,569
5,653,593 15,483,094

Interest receivable and similar income 123,227 775,510
5,776,820 16,258,604

Interest payable and similar expenses 7 987,352 1,025,231
PROFIT BEFORE TAXATION 4,789,468 15,233,373

Tax on profit 8 613,399 1,519,802
PROFIT FOR THE FINANCIAL YEAR 4,176,069 13,713,571
Profit attributable to:
Owners of the parent 4,151,481 13,676,111
Non-controlling interests 24,588 37,460
4,176,069 13,713,571

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 4,176,069 13,713,571


OTHER COMPREHENSIVE INCOME
Revaluation on sale of stock intra-group 11,152 -
Income tax relating to other comprehensive
income

(25,256

)

-
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

(14,104

)

-
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 4,161,965 13,713,571

Total comprehensive income attributable to:
Owners of the parent 4,137,377 13,676,111
Non-controlling interests 24,588 37,460
4,161,965 13,713,571

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 179,348 269,020
Property, plant and equipment 12 2,371,591 3,517,847
Investments 13 285,733 285,733
Investment property 14 1,931,460 2,020,116
4,768,132 6,092,716

CURRENT ASSETS
Inventories 15 57,109,931 58,542,732
Debtors 16 2,431,459 4,239,221
Cash at bank 4,031,993 7,317,440
63,573,383 70,099,393
CREDITORS
Amounts falling due within one year 17 16,783,058 23,692,660
NET CURRENT ASSETS 46,790,325 46,406,733
TOTAL ASSETS LESS CURRENT LIABILITIES 51,558,457 52,499,449

CREDITORS
Amounts falling due after more than one year 18 (1,355,354 ) (90,350 )

PROVISIONS FOR LIABILITIES 23 (492,776 ) (860,737 )
NET ASSETS 49,710,327 51,548,362

CAPITAL AND RESERVES
Called up share capital 24 510,000 6,510,000
Revaluation reserve 25 824,937 1,921,071
Merger reserve 25 (4,683,899 ) (6,852,501 )
Retained earnings 25 52,902,066 49,837,157
SHAREHOLDERS' FUNDS 49,553,104 51,415,727

NON-CONTROLLING INTERESTS 26 157,223 132,635
TOTAL EQUITY 49,710,327 51,548,362

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by:





A J King - Director


ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

COMPANY STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Property, plant and equipment 12 - -
Investments 13 7,746,452 7,288,185
Investment property 14 - -
7,746,452 7,288,185

CURRENT ASSETS
Debtors 16 14,898,250 13,042,195
Cash at bank 35,582 68,883
14,933,832 13,111,078
CREDITORS
Amounts falling due within one year 17 357,370 311,117
NET CURRENT ASSETS 14,576,462 12,799,961
TOTAL ASSETS LESS CURRENT LIABILITIES 22,322,914 20,088,146

CAPITAL AND RESERVES
Called up share capital 24 510,000 6,510,000
Retained earnings 21,812,914 13,578,146
SHAREHOLDERS' FUNDS 22,322,914 20,088,146

Company's profit for the financial year 8,234,768 16,351,570

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by:





A J King - Director


ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 July 2022 6,510,000 30,327,889 4,236,032

Changes in equity
Dividends - (60,000 ) -
Total comprehensive income - 13,676,111 -
Deferred tax - (407,000 ) -
Revaluation transfer - 6,300,157 (6,300,157 )
Disposal of subsidiary company - - 3,985,196
Balance at 30 June 2023 6,510,000 49,837,157 1,921,071

Changes in equity
Redemption of shares (6,000,000 ) - -
Total comprehensive income - 3,064,909 (1,096,134 )
Balance at 30 June 2024 510,000 52,902,066 824,937
Merger Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 July 2022 3,298,910 44,372,831 95,175 44,468,006

Changes in equity
Dividends - (60,000 ) - (60,000 )
Total comprehensive income - 13,676,111 37,460 13,713,571
Deferred tax - (407,000 ) - (407,000 )
Disposal of subsidiary company (10,151,411 ) (6,166,215 ) - (6,166,215 )
Balance at 30 June 2023 (6,852,501 ) 51,415,727 132,635 51,548,362

Changes in equity
Redemption of shares - (6,000,000 ) - (6,000,000 )
Total comprehensive income 2,168,602 4,137,377 24,588 4,161,965
Balance at 30 June 2024 (4,683,899 ) 49,553,104 157,223 49,710,327

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 6,510,000 (87,610 ) 6,422,390

Changes in equity
Capital contribution - (2,625,814 ) (2,625,814 )
Dividends - (60,000 ) (60,000 )
Total comprehensive income - 16,351,570 16,351,570
Balance at 30 June 2023 6,510,000 13,578,146 20,088,146

Changes in equity
Redemption of shares (6,000,000 ) - (6,000,000 )
Total comprehensive income - 8,234,768 8,234,768
Balance at 30 June 2024 510,000 21,812,914 22,322,914

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,977,152 (6,575,571 )
Interest element of hire purchase payments paid (10,511 ) (16,328 )
Tax paid (1,513,988 ) (2,803,504 )
Net cash from operating activities 1,452,653 (9,395,403 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,775,411 ) (825,898 )
Purchase of fixed asset investments - (60,733 )
Sale of tangible fixed assets 36,140 981,450
Sale of investment property 223,993 414,940
Sale of subsidiaries 4,875,501 14,139,215
Cash disposed with subsidiary (11,410 ) (3,925 )
Interest received 123,227 775,510
Net cash from investing activities 3,472,040 15,420,559

Cash flows from financing activities
New capital loans in year 7,951,933 22,147,188
Loan capital repayments (11,552,469 ) (21,583,402 )
Bank loan interest (976,841 ) (1,008,903 )
HP repayments in year (178,583 ) (38,760 )
Amount introduced by directors 10,676,183 6,422
Amount withdrawn by directors (8,130,363 ) (5,393,315 )
Preference shares redeemed (6,000,000 ) -
Equity dividends paid - (60,000 )
Net cash from financing activities (8,210,140 ) (5,930,770 )

(Decrease)/increase in cash and cash equivalents (3,285,447 ) 94,386
Cash and cash equivalents at beginning of year 2 7,317,440 7,223,054

Cash and cash equivalents at end of year 2 4,031,993 7,317,440

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 4,789,468 15,233,373
Depreciation charges 485,196 497,946
Profit on disposal of fixed assets (30,881 ) (210,767 )
Loss on revaluation of fixed assets 11,152 -
Profit on sale of subsidiary (2,747,188 ) (9,426,569 )
Loan forgiven (15,030 ) -
Finance costs 987,352 1,025,231
Finance income (123,227 ) (775,510 )
3,356,842 6,343,704
Decrease/(increase) in inventories 1,131,384 (4,573,478 )
Increase in trade and other debtors (651,665 ) (8,267,620 )
Decrease in trade and other creditors (859,409 ) (78,177 )
Cash generated from operations 2,977,152 (6,575,571 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 4,031,993 7,317,440
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 7,317,440 7,223,054


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 7,317,440 (3,285,447 ) 4,031,993
7,317,440 (3,285,447 ) 4,031,993
Debt
Finance leases (271,203 ) 178,583 (92,620 )
Debts falling due within 1 year (12,608,144 ) 3,600,537 (9,007,607 )
(12,879,347 ) 3,779,120 (9,100,227 )
Total (5,561,907 ) 493,673 (5,068,234 )

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Ashley King Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

- the requirements of Section 7 Statement of Cash Flows

-
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44,
11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c)
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A

These disclosures are incorporated within these consolidated financial statements.

Basis of consolidation
The consolidated accounts comprise those of Ashley King Group Limited and its subsidiaries for the year ended 30 June 2024. The consolidation has been accounted for using the merger accounting method with the exception of the Pinkswan Limited acquisition which was accounted for under the equity method.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key source of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements is described below:

Work in progress/cost of sales
The group recognises costs in the profit and loss account based on the expected margin after considering the total costs for each site.

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Revenue
Revenue from house sales is recognised on completion.

Crop sales are recognised on despatch from the farm or off-site storage to the customer.

Seasonal land income is recognised in the period to which it relates.

Revenue from long-term construction contracts is recognised when the outcome can be reliably estimated.

Revenue from consultancy and other services is recognised in the period to which it relates.

Goodwill
Goodwill is being amortised on a straight line basis over 10 years as the useful economic life cannot be reliably measured. This is because the end of the economic life of the goodwill will end only when the principal asset of the company acquired is sold. The date of a potential sale is uncertain and therefore the goodwill is amortised in accordance with FRS 102 19.23.

Property, plant & equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life to the group.
Freehold property- 5% on cost on certain buildings
Plant and machinery- 25% on cost and 20% on reducing balance
Fixtures and fittings- 25% on cost and 20% on reducing balance
Motor vehicles- 25% on cost

Freehold property is recognised under the revaluation model. All other fixed assets are recognised at cost less accumulated depreciation and impairment losses.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Inventories
Inventories comprise units in the course of construction and currently held for sale. Cost is measured as the cost of materials used, plus staff and other costs directly attributable to bringing the stock to its current condition.

Raw materials and work in progress are valued at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving and obsolete items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Inventories comprises the costs of growing crops in the ground including cultivations, seed/plants, fertilisers and sprays applied as professionally valued by Brown & Co, Chartered Surveyors, at the lower of cost and fair value less costs to complete and sell.

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

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 the profit and loss account, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest.

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. Accounts 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.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over the estimated useful lives.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

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.

Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.

Re-statement of comparative
There was a re-statement of the cashflow statement comparative figures for 2023. This included the 'increase in trade and other debtors' moving from £10,285,427 to £8,267,620 and 'Bank loan interest' moving from £1,008,903 to -£1,008,903.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the group.

An analysis of revenue by class of business is given below:

2024 2023
£    £   
House sales 35,791,054 53,522,540
Farming - 1,890,033
Land sales 450,000 2,200,000
Ground maintenance 17,243 9,442
Rent received 141,960 10,710
Equipment hire - 387
Consultancy and other services 115,366 203,965
36,515,623 57,837,077

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,295,096 1,452,885
Social security costs 144,205 174,049
Other pension costs 76,558 77,650
1,515,859 1,704,584

The average number of employees during the year was as follows:
2024 2023

Management 5 5
Administration 55 61
60 66

2024 2023
£    £   
Directors' remuneration 20,000 20,000

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 18,713 22,059
Depreciation - owned assets 395,523 408,271
(Profit)/loss on disposal of fixed assets (15,544 ) 210,767
Goodwill amortisation 89,672 89,672
Auditors' remuneration 15,126 12,600
Auditors' remuneration - audit of subsidiaries 26,003 22,760

6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Loans forgiven 15,030 -
Profit/loss on sale of investments 2,747,188 9,426,569
2,762,218 9,426,569

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 966,743 742,317
Interest on taxation 9,197 39,787
Mortgage interest - 167,249
Interest payable - 17
CBILS interest paid 901 59,533
Hire purchase interest 10,511 16,328
987,352 1,025,231

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 583,100 1,363,827
Adjustment re previous years 16,516 (30 )
Total current tax 599,616 1,363,797

Deferred tax 13,783 156,005
Tax on profit 613,399 1,519,802

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 4,789,468 15,233,373
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
20.495 %)

1,197,367

3,122,080

Effects of:
Expenses not deductible for tax purposes 612,979 110,546
Capital allowances in excess of depreciation (8,255 ) -
Depreciation in excess of capital allowances - 115,839
Adjustments to tax charge in respect of previous periods 16,516 (30 )
Losses not utilised 9,033 7,204
Other (27,027 ) 50,470
Chargeable gain 35,418 56,305
Profit on sale of investment (1,218,875 ) (1,931,975 )
Change in tax rate - (10,637 )
Loan forgiven (3,757 ) -
Total tax charge 613,399 1,519,802

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation on sale of stock intra-group 11,152 - 11,152

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim - 60,000

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 896,724
AMORTISATION
At 1 July 2023 627,704
Amortisation for year 89,672
At 30 June 2024 717,376
NET BOOK VALUE
At 30 June 2024 179,348
At 30 June 2023 269,020

12. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 July 2023 252,223 3,420,388 146,290 555,165 4,374,066
Additions - 1,702,398 25,277 47,736 1,775,411
Disposals (2,505,548 ) - - (73,363 ) (2,578,911 )
Reclassification/transfer 2,505,548 (2,505,548 ) - - -
At 30 June 2024 252,223 2,617,238 171,567 529,538 3,570,566
DEPRECIATION
At 1 July 2023 37,611 385,272 134,821 298,515 856,219
Charge for year 12,611 243,417 13,562 125,933 395,523
Eliminated on disposal - - - (52,767 ) (52,767 )
At 30 June 2024 50,222 628,689 148,383 371,681 1,198,975
NET BOOK VALUE
At 30 June 2024 202,001 1,988,549 23,184 157,857 2,371,591
At 30 June 2023 214,612 3,035,116 11,469 256,650 3,517,847

Cost or valuation at 30 June 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost 252,223 2,617,238 171,567 529,538 3,570,566

The directors do not deem the valuation of freehold property to be materially different from depreciated cost.

Included within plant and machinery and motor vehicles are assets with a net book value of £170,625 (2023 - £228,116) that are held under hire purchase agreements.

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. FIXED ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Shares in group undertakings - - 7,521,452 7,063,185
Other investments not loans 60,733 60,733 - -
Other loans 225,000 225,000 225,000 225,000
285,733 285,733 7,746,452 7,288,185

Additional information is as follows:

Group
Unlisted
investments
£   
COST
At 1 July 2023
and 30 June 2024 60,733
NET BOOK VALUE
At 30 June 2024 60,733
At 30 June 2023 60,733
Company
Shares in
group
undertakings
£   
COST
At 1 July 2023 7,063,185
Additions 458,268
Disposals (1 )
At 30 June 2024 7,521,452
NET BOOK VALUE
At 30 June 2024 7,521,452
At 30 June 2023 7,063,185

Group
Other
loans
£   
At 1 July 2023
and 30 June 2024 225,000

Company
Other
loans
£   
At 1 July 2023
and 30 June 2024 225,000

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. FIXED ASSET INVESTMENTS - continued


The company has the following subsidiary undertakings:

Subsidiaries
Name Shares held
Type %
Wilderness Resources Limited*** Ordinary 100
Ashley King (Developments) Limited** Ordinary 100
Ashwood Homes Limited Ordinary 99
Preference 100
Gold Duck Limited* Ordinary 100
Pinkswan Limited* Ordinary 100
King Group (East Anglia) Limited* Ordinary 100
Tallsteed Limited*** Ordinary 100
Saxondune Limited*** Ordinary 100
Courtscreen Limited*** Ordinary 100
Gateway South Management Limited* Ordinary 60
King Bros. (Butchers) Limited* Ordinary 100
Tudor Homes (Anglia) Limited* Ordinary 100

Sub-subsidiaries
Name Shares held
Type %
Ashwood Homes Contracting Limited* Ordinary 99

All of the above companies have their registered office at 1 Goodison Road, Lincs Gateway Business Park, Spalding, Lincolnshire, England, PE12 6FY.

Moulton Seas End Farm was sold during the year for £5,012,011 to an external buyer.

Viewcliff Limited, Helmguard Limited and Marbleshield Limited were dissolved during the year.

* These companies have taken advantage of s479A of the Companies Act 2006 to dispense with the need to have an audit. In order to qualify for this exemption, Ashley King Group Limited has provided a guarantee under this section of the Act.

** This company is exempt from audit as it is dormant under s480 of the Companies Act 2006.

*** These companies were dissolved after the statement of financial position date.

14. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 July 2023 2,020,116
Disposals (208,656 )
Reclassification/transfer 120,000
At 30 June 2024 1,931,460
NET BOOK VALUE
At 30 June 2024 1,931,460
At 30 June 2023 2,020,116

Included in fair value of investment property is freehold land of £1,645,025 (2023 - £1,853,681) which is not depreciated.

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

14. INVESTMENT PROPERTY - continued

Group

Investment property was subject to valuation by the director who is not a qualified valuer. The valuation is on an open market basis and the methods and assumptions used to ascertain the fair value are set out below.

The valuation was prepared having regard to the market based evidence for similar properties sold in the local area, subject to occupational leases where applicable. This included reference to recent transactions in similar property by other group entities.

15. INVENTORIES

Group
2024 2023
£    £   
Raw materials 2,312,508 3,101,341
Work-in-progress 54,797,423 55,441,391
57,109,931 58,542,732

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 453,739 241,724 - -
Amounts owed by group undertakings - - 14,241,581 11,487,391
Other debtors 1,757,865 1,383,676 317,971 300,000
Directors' current accounts - 2,428,890 338,066 1,249,532
Prepayments and accrued income 219,855 184,931 632 5,272
2,431,459 4,239,221 14,898,250 13,042,195

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 19) 9,007,607 12,608,144 - -
Hire purchase contracts (see note 20) 92,620 180,853 - -
Trade creditors 4,475,850 6,385,231 77,416 5,671
Taxation 304,511 1,225,542 - -
Other taxes and social security 390,836 454,035 - -
Other creditors 875,676 2,372,020 249,204 283,233
Directors' current accounts 116,930 - - -
Accruals and deferred income 1,519,028 466,835 30,750 22,213
16,783,058 23,692,660 357,370 311,117

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 20) - 90,350
Accruals and deferred income 1,355,354 -
1,355,354 90,350

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

19. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 9,007,607 12,608,144

Bank loans are utilised to fund land acquisition and development costs. Repayments are made in respect of individual plot sales as they are completed. Bank borrowings are provided on the bank's normal commercial terms.

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 92,620 180,853
Between one and five years - 90,350
92,620 271,203

The hire purchase contracts relate to a number of specialist machines for the construction and farming industries. The remaining lease terms range from one to four years. At the end of the lease, title of the assets passes to the group for a nominal fee.

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 295,795 191,454
Between one and five years 553,828 618,443
In more than five years 385,527 479,027
1,235,150 1,288,924

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 9,007,607 12,608,144
Hire purchase contracts 92,620 271,203
9,100,227 12,879,347

The bank loans are secured by fixed and floating charges over the group's assets.

The hire purchase liabilities are secured on the assets to which they relate.

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

22. FINANCIAL INSTRUMENTS

The group has the following financial instruments:

2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Fixed asset investment loans 225,000 225,000
Trade debtors 453,739 241,724
Other debtors 1,757,865 1,383,676
Directors' current accounts - 2,428,890

Financial liabilities measured at amortised cost
Bank loans 9,007,607 12,608,144
Trade creditors 4,475,850 6,385,231
Other creditors 875,676 2,372,020
Hire purchase contracts 92,620 271,203
Directors' current accounts 116,930 -

The total interest income and interest expense for financial assets and financial liabilities that are not measured at fair value through profit or loss was £123,227 (2023 - £775,510) and £987,352 (2023 - £1,025,231) respectively.

23. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 244,278 609,737
Other timing differences 248,498 251,000
492,776 860,737

Group
Deferred
tax
£   
Balance at 1 July 2023 860,737
Charge to Income Statement during year 13,783
Disposal of subsidiary (407,000 )
Property revaluation 25,256
Balance at 30 June 2024 492,776

The reversal of deferred tax timing differences is not expected to be significant in the forthcoming year.

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £

6,000 A Ordinary £1 6,000 6,000
4,000 B Ordinary £1 4,000 4,000
500,000 Preference £1 500,000 6,500,000
510,000 6,510,000


The preference shares have no voting rights but rank above the ordinary shares on winding up. Dividends can only be paid on the preference shares following an ordinary resolution. The preference shares are redeemable, with three months notice, at the option of the company. The preference shares are not redeemable at the option of the holder.

In all other respects, the preference shares rank pari passu with the ordinary shares.

6,000,000 £1 preference shares were redeemed during the year.

25. RESERVES

Group
Retained Revaluation Merger
earnings reserve reserve Totals
£    £    £    £   

At 1 July 2023 49,837,157 1,921,071 (6,852,501 ) 44,905,727
Profit for the year 4,151,481 - - 4,151,481
Disposal of subsidiary (1,086,572 ) (1,096,134 ) 2,168,602 (14,104 )
At 30 June 2024 52,902,066 824,937 (4,683,899 ) 49,043,104

Company
Retained
earnings
£   

At 1 July 2023 13,578,146
Profit for the year 8,234,768
At 30 June 2024 21,812,914

The merger reserve arose when the group was formed in a share-for-share exchange. This represents the net assets of the companies acquired using the merger method of accounting and subsequent downward revaluations of freehold property.

The revaluation reserve arose when freehold land and property within the group was revalued.

Retained earnings is the group's accumulated profit and loss.

26. NON-CONTROLLING INTERESTS

Movements in non-controlling interests are as shown in Statement of Changes in Equity.

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

27. CONTINGENT LIABILITIES

The group undertakes to perform "snagging work" on each new property up to six months after completion and sale. This work is budgeted for in the original sale price and a standard cost for the work is accrued at the point of sale. However, an unquantifiable contingent liability exists in respect of any work that may be necessary on properties sold at the statement of financial position date but inspected for snagging after that date where the standard cost may be exceeded. All structural work is covered by a separate insurance policy applicable to each property sold. This takes effect following the expiry of an initial maintenance period.

28. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
A J King and A J King
Balance outstanding at start of year 2,428,890 -
Amounts advanced 8,130,363 2,428,890
Amounts repaid (10,676,183 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (116,930 ) 2,428,890

The loan made to the directors was unsecured and repayable on demand. This is an interest free loan.

29. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)

During the year, total key management personnel compensation of £483,185 (2023: £560,630) was paid.

During the year, the group paid rent to the directors' pension scheme of £93,500 (2023: £93,500).

At the year end the group owed the directors £116,930 (2023: directors owed the group £2,428,890). This loan is interest free and repayable on demand.

Other related parties

Ashwood Homes Limited sub-lets office space to a company under the control of a director. During the year, this company was charged rent and rent insurance of £nil (2023: £5,844). At the statement of financial position date this company was owed £199 by Ashwood Homes Limited (2023: £1,911).

From time to time, Ashwood Homes Limited makes and receives financing loans to/from other group companies. At the statement of financial position date, that company owed other group companies £13,141,865 (2023: £12,175,445). Other group companies owed Ashwood Homes Limited £5,654,081 (2023: £6,349,258). These loans are interest free and repayable on demand.

On 27th February 2024 two directors redeemed £3,000,000 of preference shares each, leaving a holding of £250,000 preference shares each in Ashley King Group Limited.

During the year, Ashwood Homes Limited charged subsidiaries £4,098 (2023: £65,672) for recharge of expenses, £18,000 (2023: £nil) for management services and £nil (2023: £227,500) for the purchase of land. The parent and subsidiaries charged Ashwood Homes Limited £245,529 (2023: £nil) for recharge of expenses, £19,625 (2023: £14,874) for rental of land and £42,597 (2023: £442,311) for the hire of plant and machinery.

At the statement of financial position date, Ashwood Homes Limited was owed £38,243 (2023: £46,507) by a 60% owned related company. This loan is interest free and repayable on demand. Ashwood Homes Limited charged this company £3,836 (2023: £33,701) for recharge of expenses and services provided in the year.

30. SUBSEQUENT EVENTS

The remaining 500,000 £1 preference shares have been redeemed.

ASHLEY KING GROUP LIMITED (REGISTERED NUMBER: 09619606)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

31. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors, Mr and Mrs A J King.