Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-31false22023-04-01falseNo description of principal activity2falsefalse 10272542 2023-04-01 2024-03-31 10272542 2022-04-01 2023-03-31 10272542 2024-03-31 10272542 2023-03-31 10272542 2022-04-01 10272542 1 2023-04-01 2024-03-31 10272542 d:Director1 2023-04-01 2024-03-31 10272542 d:Director2 2023-04-01 2024-03-31 10272542 d:Director2 2024-03-31 10272542 d:Director3 2023-04-01 2024-03-31 10272542 d:Director3 2024-03-31 10272542 d:Director4 2023-04-01 2024-03-31 10272542 d:Director4 2024-03-31 10272542 d:Director5 2023-04-01 2024-03-31 10272542 d:Director5 2024-03-31 10272542 d:RegisteredOffice 2023-04-01 2024-03-31 10272542 c:OfficeEquipment 2023-04-01 2024-03-31 10272542 c:ComputerEquipment 2023-04-01 2024-03-31 10272542 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 10272542 c:CurrentFinancialInstruments 2024-03-31 10272542 c:CurrentFinancialInstruments 2023-03-31 10272542 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 10272542 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 10272542 c:ShareCapital 2023-04-01 2024-03-31 10272542 c:ShareCapital 2024-03-31 10272542 c:ShareCapital 2022-04-01 2023-03-31 10272542 c:ShareCapital 2023-03-31 10272542 c:ShareCapital 2022-04-01 10272542 c:CapitalRedemptionReserve 2023-04-01 2024-03-31 10272542 c:CapitalRedemptionReserve 2024-03-31 10272542 c:CapitalRedemptionReserve 2022-04-01 2023-03-31 10272542 c:CapitalRedemptionReserve 2023-03-31 10272542 c:CapitalRedemptionReserve 2022-04-01 10272542 c:ForeignCurrencyTranslationReserve 2023-04-01 2024-03-31 10272542 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10272542 c:RetainedEarningsAccumulatedLosses 2024-03-31 10272542 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10272542 c:RetainedEarningsAccumulatedLosses 2023-03-31 10272542 c:RetainedEarningsAccumulatedLosses 2022-04-01 10272542 d:OrdinaryShareClass1 2023-04-01 2024-03-31 10272542 d:OrdinaryShareClass1 2024-03-31 10272542 d:OrdinaryShareClass1 2023-03-31 10272542 d:OrdinaryShareClass2 2023-04-01 2024-03-31 10272542 d:OrdinaryShareClass2 2024-03-31 10272542 d:OrdinaryShareClass2 2023-03-31 10272542 d:FRS102 2023-04-01 2024-03-31 10272542 d:Audited 2023-04-01 2024-03-31 10272542 d:FullAccounts 2023-04-01 2024-03-31 10272542 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10272542 c:Subsidiary1 2023-04-01 2024-03-31 10272542 c:Subsidiary1 1 2023-04-01 2024-03-31 10272542 c:Subsidiary2 2023-04-01 2024-03-31 10272542 c:Subsidiary2 1 2023-04-01 2024-03-31 10272542 c:Subsidiary3 2023-04-01 2024-03-31 10272542 c:Subsidiary3 1 2023-04-01 2024-03-31 10272542 d:Consolidated 2024-03-31 10272542 d:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 10272542 2 2023-04-01 2024-03-31 10272542 6 2023-04-01 2024-03-31 10272542 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 10272542







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


ASHBURY ENTERPRISES LIMITED






































img1043.png                        

 


ASHBURY ENTERPRISES LIMITED
 


 
COMPANY INFORMATION


Directors
J P Post 
R J Sorgdrager (appointed 23 December 2024)
B D Schuurs (appointed 23 December 2024)
J J Bruins (appointed 23 December 2024)




Registered number
10272542



Registered office
27 Furnival Street

London

EC4A 1JQ




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


ASHBURY ENTERPRISES LIMITED
 



CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated profit and loss account
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 30


 


ASHBURY ENTERPRISES LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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

Business review
 
The principle activity of the Group is provision of information and food labelling compliance services.
Turnover for the Group remained consistent in 2024 increasing by 7% on the prior year to £11,773,838 (2023 - £10,982,184). Growth has been attributable to resecuring existing long-term contracts and maintaining our customer base whilst improving our offerings.
Gross margins for the year were 38.2% of turnover (2023 – 34.5%). Operating profits were 5.7% of turnover (2023 – 5.9%). The business continued to improve efficiencies and control costs whilst continually investing in technology to create greater long-term returns.
Profits before tax for the year were £629,812 (2023: £595,568). After taxation and dividends, reserves have increased to £1,556,758. The stronger net asset position is reflected by a stronger cash balance and better control over trade debtors.
Growth across the business’ operating divisions has continued. The Directors of the business are pleased to show stronger margins have been realised and will continue to invest in technology to drive future operational efficiency.
 
Maintaining and improving service levels to our customers is of paramount importance and this is reflected by continued investment in our regulatory team. The board see that the Group is well positioned to expand its premium offering to the wider market.

Principal risks and uncertainties
 
The Group’s customer portfolio is niche and results in limited sales diversification. The UK market could also see new market entrants and is a continued risk to the Group. 
 
The Group manages risk by ensuring a high-quality level of service is sustained and that it continues to build and maintain strong relationships with its customers and employees. 
The current economic climate globally with the growing levels of inflation adds additional pressure to the business in terms of maintaining margins whilst considering its employees cost of living. In response to this environment, the business is adapting to utilise its full resource, both human and technological. 

Financial key performance indicators

2024
2023
Profitability ratios:

Gross profit (%)

38.2

34.5
 
Profit/(loss) before tax (%)

5.3

5.4
 
Employee ratios:

Number of  employees

198

186
 
Profit/(loss) per employee (£)

2362

2709
 

Development and other key performance indicators
 
The directors continue to investigate opportunities to grow the business outside of the UK and further expand its network of global advisors. Maintaining its market share of the UK market will help the Group realise it's targets.

Page 1

 


ASHBURY ENTERPRISES LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Post balance sheet events
 
Following the year end there was a commercial dispute that resulted in a net economic outflow of €150,000. 
On 23 December 2024, 60% of the ordinary share capital of Ashbury Enterprises Limited was acquired by Normec Holding UK Limited. 


This report was approved by the board and signed on its behalf.



J P Post
Director

Date: 14 February 2025

Page 2

 


ASHBURY ENTERPRISES LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Group's financial statements 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £467,761 (2023 - £503,824).

Dividends totaling £220,000 (2023 - £179,000) were paid during the year.

Directors

The directors who served during the year were:

J P Post 
S Post (resigned 23 December 2024)

Matters covered in the Group strategic report

The group has chosen in accordance with Section 414c(11) of the Companies Act 2006 (Strategic Report and Director's Report) Regulation 2013 to set out within the company's Strategic Report the Company's Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008. This included information that would have been included in the business review, details of principal risk and uncertainties and future developments.

Charitable contributions

The Company partnered with Natasha Allergy Reserach Foundation (NARF) in the year. Donations to UK charities amounted to £10,000 (2023 - £Nil).

Page 3

 


ASHBURY ENTERPRISES LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





J P Post
Director

Date: 14 February 2025

27 Furnival Street
London
EC4A 1JQ

Page 4

 


ASHBURY ENTERPRISES LIMITED
 


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHBURY ENTERPRISES LIMITED

Opinion


We have audited the financial statements of Ashbury Enterprises Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated profit and loss account, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 March 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The 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 ReportOur 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.

Page 5

 


ASHBURY ENTERPRISES LIMITED


img41c3.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHBURY ENTERPRISES LIMITED (CONTINUED)

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report 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 Directors' report.

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

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 Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

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:

The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including;

The Companies Act 2006;
Financial Reporting Standard 102;
Employment legislation;
UK health and safety legislation;
General Data Protection Regulations; and
Tax legislation.

 
Page 6

 


ASHBURY ENTERPRISES LIMITED


img0a89.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHBURY ENTERPRISES LIMITED (CONTINUED)

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Group is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Group financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included;

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; an
 Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

The application of inappropriate judgements or estimation to manipulate the Group's financial position;
Posting of unusual journals and complex transactions;
The use of management override of controls to manipulate results, or to cause the Group to enter into transactions not in its best interests;
The risk that inventories may be susceptible to misappropriation by employees; and
Management's use of judgement and estimation in determining the value of inventories at the year end, in order to manipulate the reported results.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Page 7

 


ASHBURY ENTERPRISES LIMITED


img20d2.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHBURY ENTERPRISES LIMITED (CONTINUED)

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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Caroline Milton FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

14 February 2025
Page 8

 


ASHBURY ENTERPRISES LIMITED
 


 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,773,838
10,982,184

Cost of sales
  
(7,281,357)
(7,196,165)

Gross profit
  
4,492,481
3,786,019

Administrative expenses
  
(3,822,627)
(3,133,755)

Other operating income
 5 
2,195
-

Operating profit
 6 
672,049
652,264

Interest receivable and similar income
 10 
18,530
1,670

Interest payable and similar expenses
 11 
(60,767)
(58,366)

Profit before tax
  
629,812
595,568

Tax on profit
 12 
(162,051)
(91,744)

Profit for the financial year
  
467,761
503,824

Profit for the year attributable to:
  

Owners of the parent
  
467,761
503,824

  
467,761
503,824

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of profit and loss.

The notes on pages 16 to 30 form part of these financial statements.

Page 9

 


ASHBURY ENTERPRISES LIMITED
REGISTERED NUMBER:10272542



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
154,581
-

Tangible assets
 15 
136,438
44,087

  
291,019
44,087

Current assets
  

Debtors: amounts falling due within one year
 17 
2,168,729
2,108,880

Cash at bank and in hand
  
1,097,557
1,242,640

  
3,266,286
3,351,520

Creditors: amounts falling due within one year
 18 
(1,705,012)
(1,592,978)

Net current assets
  
 
 
1,561,274
 
 
1,758,542

Total assets less current liabilities
  
1,852,293
1,802,629

Creditors: amounts falling due after more than one year
 19 
(318,647)
(497,902)

Provisions for liabilities
  

Deferred taxation
 21 
(7,951)
(5,580)

  
 
 
(7,951)
 
 
(5,580)

Net assets
  
1,525,695
1,299,147


Capital and reserves
  

Called up share capital 
 22 
52
52

Capital redemption reserve
 23 
48
48

Foreign exchange reserve
 23 
(31,163)
(9,950)

Profit and loss account
 23 
1,556,758
1,308,997

  
1,525,695
1,299,147


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





J P Post
Director

Date: 14 February 2025

The notes on pages 16 to 30 form part of these financial statements.

Page 10

 


ASHBURY ENTERPRISES LIMITED
REGISTERED NUMBER:10272542



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
100
100

  
100
100

Current assets
  

Debtors: amounts falling due within one year
 17 
353,238
325,704

  
353,238
325,704

Creditors: amounts falling due within one year
 18 
(100,000)
(201,504)

Net current assets
  
 
 
253,238
 
 
124,200

Total assets less current liabilities
  
253,338
124,300

  

  

Net assets
  
253,338
124,300


Capital and reserves
  

Called up share capital 
 22 
52
52

Capital redemption reserve
 23 
48
48

Profit and loss account brought forward
  
124,200
82,800

Profit for the year
  
349,038
220,400

Dividends paid

  

(220,000)
(179,000)

Profit and loss account carried forward
  
253,238
124,200

  
253,338
124,300


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J P Post
Director

Date: 14 February 2025

The notes on pages 16 to 30 form part of these financial statements.

Page 11

 


ASHBURY ENTERPRISES LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2022 (as previously stated) (unaudited)
52
48
(14,694)
1,194,444
1,179,850

Prior year adjustment - correction of error
-
-
-
(210,271)
(210,271)


At 1 April 2022 (as restated) (unaudited)
52
48
(14,694)
984,173
969,579


Comprehensive income for the year

Profit for the year
-
-
-
503,824
503,824

Movement on foreign exchange
-
-
4,744
-
4,744
Total comprehensive income for the year
-
-
4,744
503,824
508,568


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(179,000)
(179,000)


Total transactions with owners
-
-
-
(179,000)
(179,000)



At 1 April 2023
52
48
(9,950)
1,308,997
1,299,147


Comprehensive income for the year

Profit for the year
-
-
-
467,761
467,761

Movement on foreign exchange
-
-
(21,213)
-
(21,213)
Total comprehensive income for the year
-
-
(21,213)
467,761
446,548


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(220,000)
(220,000)


Total transactions with owners
-
-
-
(220,000)
(220,000)


At 31 March 2024
52
48
(31,163)
1,556,758
1,525,695


The notes on pages 16 to 30 form part of these financial statements.

Page 12

 


ASHBURY ENTERPRISES LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022 (unaudited)
52
48
82,800
82,900


Comprehensive income for the year

Profit for the year
-
-
220,400
220,400
Total comprehensive income for the year
-
-
220,400
220,400


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(179,000)
(179,000)


Total transactions with owners
-
-
(179,000)
(179,000)



At 1 April 2023
52
48
124,200
124,300


Comprehensive income for the year

Profit for the year
-
-
349,038
349,038
Total comprehensive income for the year
-
-
349,038
349,038


Contributions by and distributions to owners

Dividends
-
-
(220,000)
(220,000)


Total transactions with owners
-
-
(220,000)
(220,000)


At 31 March 2024
52
48
253,238
253,338


The notes on pages 16 to 30 form part of these financial statements.

Page 13

 


ASHBURY ENTERPRISES LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
467,761
503,824

Adjustments for:

Amortisation of intangible assets
12,191
-

Depreciation of tangible assets
48,331
170,268

Interest paid
60,767
58,366

Interest received
(18,530)
(1,670)

Taxation charge
162,051
91,744

(Increase)/decrease in debtors
(59,849)
530,060

Increase/(decrease) in creditors
180,871
(124,946)

(Decrease)/increase in provisions
(32,785)
-

Corporation tax (paid)
(115,650)
(71,245)

Foreign exchange
(21,213)
4,744

Net cash generated from operating activities

683,945
1,161,145


Cash flows from investing activities

Purchase of intangible fixed assets
(166,772)
-

Purchase of tangible fixed assets
(140,682)
(12,635)

Interest received
18,530
1,670

HP interest paid
(833)
-

Net cash from investing activities

(289,757)
(10,965)

Cash flows from financing activities

Repayment of loans
(259,337)
(171,475)

Dividends paid
(220,000)
(179,000)

Interest paid
(59,934)
(58,366)

Net cash used in financing activities
(539,271)
(408,841)

Net (decrease)/increase in cash and cash equivalents
(145,083)
741,339

Cash and cash equivalents at beginning of year
1,242,640
501,301

Cash and cash equivalents at the end of year
1,097,557
1,242,640


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,097,557
1,242,640

1,097,557
1,242,640


The notes on pages 16 to 30 form part of these financial statements.

Page 14

 


ASHBURY ENTERPRISES LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
New finance leases
At 31 March 2024
£

£

£

£

Cash at bank and in hand

1,242,640

(145,083)

-

1,097,557

Debt due after 1 year

(497,902)

179,255

-

(318,647)

Debt due within 1 year

(265,395)

78,829

-

(186,566)

Finance leases

-

-

(76,042)

(76,042)


479,343
113,001
(76,042)
516,302

The notes on pages 16 to 30 form part of these financial statements.

Page 15

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Ashbury Enterprises Limited is a private Company limited by shares incorporated in England and Wales. Details of the Company's registered office and principal place of business are shown on the Company information page. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Foreign currency translation

Functional and presentation currency

The Group and Company's functional and presentational currency is GBP and the accounts are rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 16

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Leased assets: the Group as lessee

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 17

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
18 months

Intangible assets consist of computer software, namely Dynamics and GCS. Dynamics has not yet started to be amortised as the software is not yet available for use. GCS development costs were completed in September 2023 and the Company were able to reap the benefits from October. Therefore, the GCS software costs have been amortised for 6 months in the period. The Dynamics software project is expected to be completed by March 2025, at which point GCS will become redundant, and therefore GCS development costs are being amortised over a useful life of 18 months from October 2023.

Page 18

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Straight line
Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The following estimate and judgment has the most significant effect on amounts recognised in these financial statements:
Deferred income
The Group enters into commercial contracts with customers for services to be provided. At the year end the Group has an obligation to transfer services to a customer for which it has received consideration or the amount is due from the customer. Management estimate the cost to complete based on an up to date progress review.
Accrued income
The Group enters into commercial contracts with customers for services to be provided. Where revenue is earned from services provided, but not yet invoiced at the year end, management estimate the cost incurred based on the stage of completion and the resulting amount of accrued income to be recognised.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Advisory Services
11,773,838
10,982,184

11,773,838
10,982,184


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
8,767,099
8,352,836

Rest of Europe
1,083,956
800,590

Rest of the world
1,922,783
1,828,758

11,773,838
10,982,184



5.


Other operating income

2024
2023
£
£

Sundry income
2,195
-

2,195
-


Page 20

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
49,426
170,338

Exchange differences
18,091
2,059

Operating lease rentals
189,584
170,650

Amortisation of intangible fixed assets
12,191
-


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Group's auditors:


2024
2023
£
£

Fees payable to the Group's auditors for the audit of the Group and and company's subsidiaries
4,870
4,600

Fees payable to the Group's auditors in respect of:

The auditing of accounts of subsidiaries of the Company
26,000
24,850

Taxation compliance services
4,350
3,375

All non-audit services not included above
10,005
17,960


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
7,403,721
7,053,771

Social security costs
644,219
659,658

Cost of defined contribution scheme
568,483
239,342

8,616,423
7,952,771


Page 21

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.Employees (continued)

The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Administrative
27
19
-
-



Regulatory and operations
169
165
-
-

198
186
2
2


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
58,042
70,580

Group contributions to defined contribution pension schemes
14,995
6,208

73,037
76,788



10.


Interest receivable

2024
2023
£
£


Other interest receivable
18,530
1,670

18,530
1,670


11.


Interest payable and similar expenses

2024
2023
£
£


Bank loan interest payable
59,438
56,860

Other loan interest payable
496
1,506

Finance leases and hire purchase contracts
833
-

60,767
58,366

Page 22

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
130,155
123,879

Adjustments in respect of previous periods
(3,260)
-


126,895
123,879


Total current tax
126,895
123,879

Deferred tax


Origination and reversal of timing differences
35,156
(32,135)

Total deferred tax
35,156
(32,135)


Tax on profit
162,051
91,744

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 -lower than) the standard rate of corporation tax in the UK of 25% (2023 -19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
629,812
595,568


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -19%)
157,453
113,158

Effects of:


Fixed asset differences
-
(1,339)

Expenses not deductible for tax purposes
95,118
24,892

Income not deductible tax purposes
(87,260)
(39,951)

Remeasurement of deferred tax for changes in tax rates
-
(8,564)

Movement in deferred tax not recognised
-
3,548

Adjustments to tax charge in respect of prior periods
(3,260)
-

Total tax charge for the year
162,051
91,744


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 23

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Dividends

2024
2023
£
£


Dividends paid
220,000
179,000

220,000
179,000


14.


Intangible assets

Group





Computer software

£



Cost


Additions
166,772



At 31 March 2024

166,772



Amortisation


Charge for the year
12,191



At 31 March 2024

12,191



Net book value



At 31 March 2024
154,581



At 31 March 2023
-



The Company had no intangible assets.

Page 24

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Tangible fixed assets

Group






Office equipment
Computer equipment
Total

£
£
£



Cost 


At 1 April 2023
129,342
-
129,342


Additions
58,134
82,548
140,682



At 31 March 2024

187,476
82,548
270,024



Depreciation


At 1 April 2023
85,255
-
85,255


Charge for the year on owned assets
41,452
-
41,452


Charge for the year on financed assets
-
6,879
6,879



At 31 March 2024

126,707
6,879
133,586



Net book value



At 31 March 2024
60,769
75,669
136,438



At 31 March 2023
44,087
-
44,087

The Company had no tangible fixed assets.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Computer equipment
75,669
-

75,669
-

Page 25

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 April 2023
100



At 31 March 2024
100




The Group had no fixed asset investments.


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Ashbury Labelling Limited
27 Furnival Street, London, England, EC4A 1JQ
Ordinary
100%
Ashbury Labelling Pty Limited
15th Floor, 500 Bourke Street, Melbourne, VIC 3000
Ordinary
100%
Ashbury Labelling Inc
500 Montgomery Street, Suite 400. Alexandria, VA 22314, US
Ordinary
100%


17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,650,643
1,597,268
-
-

Amounts owed by group undertakings
-
-
253,238
225,704

Other debtors
240,473
240,502
100,000
100,000

Prepayments and accrued income
277,613
271,110
-
-

2,168,729
2,108,880
353,238
325,704


Amounts owed by group undertakings are interest free and repayable on demand.

Page 26

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
176,509
256,591
-
-

Trade creditors
203,458
116,130
-
-

Corporation tax
105,052
93,807
-
-

Other taxation and social security
510,608
550,456
-
-

Obligations under finance lease and hire purchase contracts
76,042
-
-
-

Other creditors
192,355
237,904
100,000
201,504

Accruals and deferred income
440,988
338,090
-
-

1,705,012
1,592,978
100,000
201,504


Amounts owed to group undertakings are interest free and repayable on demand.


19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
318,647
497,902

318,647
497,902


The Company had no amounts falling due after more than one year.

Page 27

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
176,509
256,591


176,509
256,591

Amounts falling due 1-2 years

Bank loans
184,557
191,002


184,557
191,002

Amounts falling due 2-5 years

Bank loans
134,090
306,900


134,090
306,900


495,156
754,493


The above bank loan is a loan granted under the Coronavirus Business Interruption Loan Scheme of £495,156 (2023 - £754,493). The loan is repayable over 72 months and carries interest at a rate of 4% above base rate. The Group has provided security for the loan via a fixed and floating charge over the Group's assets.
The directors have provided a joint and several guarantee against bank loans of £495,156 (2023 - £754,493). The amount so guaranteed at the balance sheet date was £200,000 (2023 - £200,000).
The Company had no loans.


21.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(5,580)
(37,715)


Charged to profit or loss
(2,371)
32,135



At end of year
(7,951)
(5,580)
Page 28

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
21.Deferred taxation (continued)






The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Short term timing differences
12,725
5,065

Fixed asset timing differences
(20,676)
(10,645)

(7,951)
(5,580)

The company had no deferred tax to recognise in the current or prior year.


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



26,000 (2023 -26,000) Ordinary shares of £0.001 each
26
26
26,000 (2023 -26,000) Ordinary A shares of £0.001 each
26
26

52

52

Each ordinary share carries voting rights and there are no restrictions on the distribution of dividends.



23.


Reserves

Capital redemption reserve

This reserve records the repurchase of 48 Ordinary shares from shareholders.

Foreign exchange reserve

This reserve records the foreign exchange differences on translation of subsidiaries.

Profit and loss account

This reserve records retained earnings and accumulated losses.


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. Contributions totalling £59,749 (2023 - £Nil) were payable to the fund at the reporting date and are included in creditors.

Page 29

 


ASHBURY ENTERPRISES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
129,620
-

Later than 1 year and not later than 5 years
100,828
99,385

230,448
99,385
The Company has no operating leases.


26.


Related party transactions

At the year end there was an outstanding balance owed by a company under common control Ashbury Educational
Services Limited of £117,594 (2023 - £116,905). During the year the Group charged costs to Ashbury Educational Services Limited of £8,503 (2023 - £16,714) and incurred training costs of £69,198 (2023 - £44,091).
Ashbury Educational Services Limited is under the common control of the Directors.


27.


Post balance sheet events

Following the year end there was a commercial dispute that resulted in a net economic outflow of €150,000.
On 23 December 2024, 60% of the ordinary share capital of Ashbury Enterprises Limited was acquired by Normec Holding UK Limited.


28.


Controlling party

At the year end the ultimate controlling parties were J P Post and S Post. Post year end due to the change in ownership there is no ultimate controlling party.

 
Page 30