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REGISTERED NUMBER: 08447836 (England and Wales)


















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

AINSCOUGH INDUSTRIAL SERVICES LIMITED

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 May 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Statement of Financial Position 13

Company Statement of Financial Position 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Statement of Cash Flows 17

Notes to the Consolidated Statement of Cash Flows 18

Notes to the Consolidated Financial Statements 20


AINSCOUGH INDUSTRIAL SERVICES LIMITED

COMPANY INFORMATION
for the Year Ended 31 May 2024







DIRECTORS: M M Ainscough
D A Cheers
R McLemon
S W Edge



SECRETARY: D A Cheers



REGISTERED OFFICE: Vanguard House
Bradley Lane
Standish
Wigan
Lancashire
WN6 0XF



REGISTERED NUMBER: 08447836 (England and Wales)



AUDITORS: Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: HSBC
4 Dale Street
Liverpool
Merseyside
L69 2BZ



SOLICITORS: Clarke Willmott
2nd Floor, 19 Spring Gardens
Manchester
M2 1FB

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

GROUP STRATEGIC REPORT
for the Year Ended 31 May 2024

The directors present their strategic report of the company and the group for the year ended 31 May 2024.

Review of Business
Ainscough Industrial Services is the UK's largest independent Group of Companies in the equipment and machinery moving and installation industry. Together with our partners in Europe, we have established ourselves as a leading International Group, servicing our valued and loyal client base, across the UK, Europe and the Rest of the World.
Our investment in our people and assets has proven to be a winning and successful formula, with Group results for the year to 31st May 2024 exceeding expectations.

We are a business that works hard to support customers in challenging sectors and hazardous locations, across the UK, throughout Europe and beyond. Combining specialist expertise, a wide-ranging, wholly-owned fleet of equipment, and a strategic branch network, we lift, move, install and decommission equipment and machinery.

We have grown by being good at what we do, investing wisely and treating both our team and our customers with fairness and integrity. For us, attention to detail and safety go hand in glove with a can-do attitude and a passion for delivering value.

With the global movement for efficiency, sustainability and reduced environmental impact, industries are reacting by adapting their production processes and facilities to fulfil their commitment to change. Ainscough Industrial Services is committed to delivering viable progressive solutions, working in partnership with its valued customers to effect this change.

The Group has two main trading subsidiaries; AIS Vanguard Limited, AIS Wind Energy Limited and a joint venture arrangement in AIS Eurelo Limited.

AIS Vanguard Limited
The company achieved turnover of £28.2m (2023 £17.3m), and EBITDA of £2.4m (2023 £1.3m) and has net assets exceeding £6m (2023 £4m).

AIS Vanguard continues to provide an 'unrivalled national service' for machinery installation, dismantling and removal across various industries in the UK, Europe and farther afield. As the largest independent company in the UK in this industry the directors' vision for future success is through carefully managed growth, supporting industrial developments and technological evolution.

The company continues to reassert its position in the market as the leader in heavy machinery installation in the UK, forging greater links with existing and new customers across several industrial sectors.


AIS Wind Energy Limited
The company achieved a turnover of £8.1m (2023 £9.6m), and EBITDA of £881k, (2023 £560K) and has net assets exceeding £1m (2023 £850k).

The worldwide investment into 'green energy' and 'sustainability' continues to drive innovation and the demand for on-shore wind turbines.
The directors key focus in the coming period is to ensure that an exceptional level of service is provided to our customers, which will be achieved by carefully considered growth, and recognition of the exceptional level of skilled operatives we have within the company. With an overriding ethos of safety underpinning every aspect of our operational activity and decision-making, the company will strive to achieve continued success, safely, strategically, and sustainably.

AIS Eurelo Limited
The company is a joint venture with a third party and acts as an intermediate holding company for 3 European subsidiaries. For the year ended 31 May 2024 there has been little trade but this is expected to increase in 2024/25.








AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

GROUP STRATEGIC REPORT
for the Year Ended 31 May 2024






Key performance indicators
KPI's include sales, margins, wages and direct costs by branch including individual contract performance which is monitored by the directors. Efficiencies and utilisation indicators are used to guide the strategy and direction of the Group with close monitoring of volumes and conversion of quoted work.

For the Group as a whole the following are key financial indicators:

2024 2023
£'000 £'000
Sales 33,792 25,521
Gross profit 9,723 6,903
Margin % 29% 27%
EBITDA 3,644 2,070
Cash generation from operating activities 2,674 2,160
Net Assets 6,621 4,637

Future Developments
Current year trading is strong, achieving above-budget results at the time of this report. The directors anticipate this trend to continue with exceptional levels of enquiries for the forthcoming months.

As part of the AIS Group's strategic plan to develop the capabilities and capacity of its offering for its customers, on 14th February 2025, Ainscough Industrial Services Ltd purchased 75% of the share capital of FFM Engineering Services Limited (FFM).

FFM is a long-established family company with significant expertise in the machinery installation, haulage and storage industry. Specialist fields include facilitating a bespoke service for several multi-national medical equipment manufacturers. The addition of FFM together with the retention of the family owners, will result in an enhanced capability that will facilitate the expansion of the Group's scope of proficiencies.

PRINCIPAL RISKS AND UNCERTAINTIES
The Board are responsible for continually assessing the risks applicable to the business.

Credit risk is mitigated through credit insurance where available and the limiting of credit offered to overseas customers.

Liquidity risk is facilitated by the use of Group banking facilities and credit control procedures. The Directors have been in regular dialogue with the bank and are confident that the facilities will be renewed in 2024/25.

Other risks including financial constraints, commercial and contractual, are managed internally by holding regular senior managers meetings, board meetings and bi-monthly senior Directors meetings. We also use consultants to provide advice to assist the Directors in the decision making process.


AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

GROUP STRATEGIC REPORT
for the Year Ended 31 May 2024

EMPLOYEES
The Group employs 187 employees and the Board would like to thank them for their hard work and support during challenging times. Regular meetings are held involving directors, managers and supervisory staff to convey information to employees regarding company performance and other factors affecting the business.
The Group policy and practice is to encourage and assist the employment, training, career development and promotion of disabled staff.

HEALTH, SAFETY AND ENVIRONMENTAL ISSUES
The Group is committed to outstanding performance in health, safety and environmental matters through a policy of training, communication and co-operation applied consistently throughout all operations.
The safety of employees, customers, public and property is the priority for all group activities, and our rigorous attention to procedures is fundamental in achieving this goal. We have accreditation for ISO 9001, ISO 14001, OSHAS 18001, British Standards Mark, NICEIC amongst many others.

ON BEHALF OF THE BOARD:





D A Cheers - Secretary


19 February 2025

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

REPORT OF THE DIRECTORS
for the Year Ended 31 May 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of heavy haulage, machinery removals, warehousing and plant and machinery repairs, steel and plastic pipework fabricators and erectors, and offshore wind lifting and installation services.

DIVIDENDS
The total distribution of dividends for the year ended 31 May 2024 was £455,490 (2023 - £330,807).

Following the year end a further £443,280 of dividends have been declared.

EVENTS SINCE THE END OF THE PERIOD
As part of the AIS Group's strategic plan to develop the capabilities and capacity of its offering for its customers, on 14th February 2025, Ainscough Industrial Services Ltd purchased 75% of the share capital of FFM Engineering Services Limited (FFM).

FFM is a long-established family company with significant expertise in the machinery installation, haulage and storage industry. Specialist fields include facilitating a bespoke service for several multi-national medical equipment manufacturers. The addition of FFM together with the retention of the family owners, will result in an enhanced capability that will facilitate the expansion of the Group's scope of proficiencies.

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

M M Ainscough
D A Cheers
R McLemon
S W Edge

CHARITABLE DONATIONS
The Group contributed £105,525 (2023 - £60,303) to charities during the year. The Group actively participates in a number of charitable and community activities and contributes time and resources to local organisations and charities.

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;
- 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.

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

REPORT OF THE DIRECTORS
for the Year Ended 31 May 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:



D A Cheers - Secretary


19 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AINSCOUGH INDUSTRIAL SERVICES LIMITED

Opinion
We have audited the financial statements of Ainscough Industrial Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 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 31 May 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AINSCOUGH INDUSTRIAL SERVICES LIMITED


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
AINSCOUGH INDUSTRIAL SERVICES 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:

- we identified the laws and regulations applicable to the company through discussions with directors and other management, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on it's operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation and Health and Safety regulations.

- we enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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

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

- 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 were indicative of potential bias.

- we reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above;

- we enquired of the directors about actual and potential litigation and claims.

Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AINSCOUGH INDUSTRIAL SERVICES LIMITED


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




John B S Fairhurst BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

24 February 2025

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

CONSOLIDATED
INCOME STATEMENT
for the Year Ended 31 May 2024

2024 2023
Notes £    £   

TURNOVER 33,792,281 25,521,178

Cost of sales 24,069,799 18,617,884
GROSS PROFIT 9,722,482 6,903,294

Administrative expenses 7,297,472 6,440,760
2,425,010 462,534

Other operating income 99,613 557,707
OPERATING PROFIT 5 2,524,623 1,020,241

Interest receivable and similar income 12,017 8,477
2,536,640 1,028,718

Interest payable and similar expenses 6 235,227 450,641
PROFIT BEFORE TAXATION 2,301,413 578,077

Tax on profit 7 (137,560 ) (64,236 )
PROFIT FOR THE FINANCIAL YEAR 2,438,973 642,313
Profit attributable to:
Owners of the parent 2,353,089 557,760
Non-controlling interests 85,884 84,553
2,438,973 642,313

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the Year Ended 31 May 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,438,973 642,313


OTHER COMPREHENSIVE INCOME
Revaluation gain in the year on freehold - 624,982
property
Income tax relating to other comprehensive
income

-

(156,246

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

-

468,736
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,438,973

1,111,049

Total comprehensive income attributable to:
Owners of the parent 2,353,089 1,120,164
Non-controlling interests 85,884 (9,115 )
2,438,973 1,111,049

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - 38,429
Tangible assets 11 13,864,912 14,438,892
Investments 12 - -
Investment property 13 - -
13,864,912 14,477,321

CURRENT ASSETS
Debtors 14 9,812,411 8,820,773
Cash at bank and in hand 14,290 3,624
9,826,701 8,824,397
CREDITORS
Amounts falling due within one year 15 8,603,040 8,942,155
NET CURRENT ASSETS/(LIABILITIES) 1,223,661 (117,758 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,088,573

14,359,563

CREDITORS
Amounts falling due after more than one
year

16

(7,205,732

)

(8,605,288

)

PROVISIONS FOR LIABILITIES 20 (1,262,072 ) (1,116,990 )
NET ASSETS 6,620,769 4,637,285

CAPITAL AND RESERVES
Called up share capital 21 100 100
Share premium 22 3,999,900 3,999,900
Revaluation reserve 22 688,671 702,148
Capital redemption reserve 22 484,000 484,000
Retained earnings 22 1,186,753 (724,323 )
SHAREHOLDERS' FUNDS 6,359,424 4,461,825

NON-CONTROLLING INTERESTS 23 261,345 175,460
TOTAL EQUITY 6,620,769 4,637,285

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by:





M M Ainscough - Director


AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

COMPANY STATEMENT OF FINANCIAL POSITION
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 1,141,286 1,205,172
Investments 12 8,013,088 8,013,088
Investment property 13 2,392,555 2,392,555
11,546,929 11,610,815

CURRENT ASSETS
Debtors 14 13,482,639 10,720,589
Cash at bank and in hand 106,424 707
13,589,063 10,721,296
CREDITORS
Amounts falling due within one year 15 18,783,147 15,450,922
NET CURRENT LIABILITIES (5,194,084 ) (4,729,626 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,352,845

6,881,189

CREDITORS
Amounts falling due after more than one
year

16

(657,798

)

(747,751

)

PROVISIONS FOR LIABILITIES 20 (427,283 ) (573,428 )
NET ASSETS 5,267,764 5,560,010

CAPITAL AND RESERVES
Called up share capital 21 100 100
Share premium 22 3,999,900 3,999,900
Revaluation reserve 22 47,915 47,915
Capital redemption reserve 22 484,000 484,000
Other reserves 22 486,485 486,485
Retained earnings 22 249,364 541,610
SHAREHOLDERS' FUNDS 5,267,764 5,560,010

Company's profit for the financial year 163,244 118,490

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by:





M M Ainscough - Director


AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 May 2024

Called up
share Retained Share Revaluation
capital earnings premium reserve
£    £    £    £   
Balance at 1 June 2022 100 (964,753 ) 3,999,900 246,889

Changes in equity
Dividends - (330,807 ) - -
Total comprehensive income - 571,237 - 455,259
Balance at 31 May 2023 100 (724,323 ) 3,999,900 702,148

Changes in equity
Dividends - (455,490 ) - -
Total comprehensive income - 2,366,566 - (13,477 )
Balance at 31 May 2024 100 1,186,753 3,999,900 688,671
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 June 2022 484,000 3,766,136 184,575 3,950,711

Changes in equity
Dividends - (330,807 ) - (330,807 )
Total comprehensive income - 1,026,496 (9,115 ) 1,017,381
Balance at 31 May 2023 484,000 4,461,825 175,460 4,637,285

Changes in equity
Dividends - (455,490 ) - (455,490 )
Total comprehensive income - 2,353,089 85,884 2,438,973
Balance at 31 May 2024 484,000 6,359,424 261,344 6,620,768

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 May 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 June 2022 100 1,100,891 3,999,900

Changes in equity
Dividends - (330,807 ) -
Total comprehensive income - (228,474 ) -
Balance at 31 May 2023 100 541,610 3,999,900

Changes in equity
Dividends - (455,490 ) -
Total comprehensive income - 163,244 -
Balance at 31 May 2024 100 249,364 3,999,900
Capital
Revaluation redemption Other Total
reserve reserve reserves equity
£    £    £    £   
Balance at 1 June 2022 13,036 484,000 139,521 5,737,448

Changes in equity
Dividends - - - (330,807 )
Total comprehensive income 34,879 - 346,964 153,369
Balance at 31 May 2023 47,915 484,000 486,485 5,560,010

Changes in equity
Dividends - - - (455,490 )
Total comprehensive income - - - 163,244
Balance at 31 May 2024 47,915 484,000 486,485 5,267,764

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended 31 May 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,768,731 2,708,989
Interest paid (148,304 ) (135,462 )
Interest element of finance lease payments
paid

(86,923

)

(315,179

)
Tax paid 140,313 (98,235 )
Net cash from operating activities 2,673,817 2,160,113

Cash flows from investing activities
Purchase of tangible fixed assets (287,154 ) (343,497 )
Sale of tangible fixed assets 284,016 168,094
Interest received 12,017 8,477
Net cash from investing activities 8,879 (166,926 )

Cash flows from financing activities
Loan repayments in year (83,817 ) (88,013 )
Loan to related undertaking (110,379 ) (185,575 )
Capital repayments in year (1,763,306 ) (1,170,435 )
Amount introduced by directors 9,098 265,406
Amount withdrawn by directors (103,719 ) (409,778 )
Dividends paid to minority interests - (93,668 )
Equity dividends paid (455,490 ) (330,807 )
Net cash from financing activities (2,507,613 ) (2,012,870 )

Increase/(decrease) in cash and cash equivalents 175,083 (19,683 )
Cash and cash equivalents at beginning of
year

2

(160,793

)

(141,110

)

Cash and cash equivalents at end of year 2 14,290 (160,793 )

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended 31 May 2024

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

2024 2023
£    £   
Profit before taxation 2,301,413 578,077
Depreciation charges 1,179,780 1,152,925
Profit on disposal of fixed assets (60,649 ) (103,128 )
Finance costs 235,227 450,641
Finance income (12,017 ) (8,477 )
3,643,754 2,070,038
(Increase)/decrease in trade and other debtors (739,500 ) 1,096,396
Decrease in trade and other creditors (135,523 ) (457,445 )
Cash generated from operations 2,768,731 2,708,989

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 31 May 2024
31/5/24 1/6/23
£    £   
Cash and cash equivalents 14,290 3,624
Bank overdrafts - (164,417 )
14,290 (160,793 )
Year ended 31 May 2023
31/5/23 1/6/22
£    £   
Cash and cash equivalents 3,624 3,732
Bank overdrafts (164,417 ) (144,842 )
(160,793 ) (141,110 )


AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended 31 May 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/6/23 Cash flow changes At 31/5/24
£    £    £    £   
Net cash
Cash at bank
and in hand 3,624 10,666 14,290
Bank overdrafts (164,417 ) 164,417 -
(160,793 ) 175,083 14,290
Debt
Finance leases (9,410,863 ) 1,763,306 (503,584 ) (8,151,141 )
Debts falling due
within 1 year (773,055 ) (2,229 ) - (775,284 )
Debts falling due
after 1 year (661,868 ) 86,046 - (575,822 )
(10,845,786 ) 1,847,123 (503,584 ) (9,502,247 )
Total (11,006,579 ) 2,022,206 (503,584 ) (9,487,957 )

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Ainscough Industrial Services 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.

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.

Basis of consolidation
The group financial statements consolidate the financial statements of Ainscough Industrial Services Limited and its subsidiary undertakings for the year to 31 May 2024.

Profits arising from intra-group transactions are eliminated in full. On acquisition of a subsidiary it's assets and liabilities at the date of acquisition are recorded at their fair value reflecting their condition at that date.

The consolidated financial statements include the results of the activities described in the Strategic Report.

The parent company acts as a holding company for it's subsidiaries AIS Projects Limited, AIS Vanguard Limited, AIS Offshore Renewables Limited, AIS Integrated Services Limited, Seward Wyon Limited, AIS Wind Energy Limited and AIS Eurelo Limited.

The following subsidiaries are exempt from the requirements of the Companies Act relating to the audit of their accounts by virtue of section 479A Companies Act 2006:
AIS Integrated Services Limited
AIS Projects Limited

Seward Wyon Limited and AIS Offshore Renewables Limited have not been audited as they are dormant companies.

AIS Eurelo Limited is a joint venture with a third party and this company acts as an intermediate holding company for European subsidiaries. For the year ended 31 May 2024 this has been assessed as immaterial to the group under section 405 of the Companies Act 2006. Therefore the joint venture has not been accounted for under the equity method as this is not a material departure from the standards.

The company has taken advantage of the exemption given in section 408 of the Companies Act 2006 not to produce its own profit and loss account and has also adopted the disclosure exemption to present a statement of cash flows and related notes.

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

a) Long term contracts
The valuation of the final outcome of long term contracts is estimated using information and assessments by experienced management. The basis on which this is calculated is set out in the accounting policies for turnover and long term contracts.
b) Fixed asset investments
In the individual company accounts the fixed asset investments includes directors' valuation of the carrying value.
c) Investment property
The carrying value of investment property has been assessed by the directors, taking into account current market conditions.
d) Useful economic lives
The useful economic lives of tangible and intangible fixed assets are assessed on an annual basis on the latest available information. Management believe that the useful economic lives being used currently are still appropriate.
e) Goodwill
The useful economic life of goodwill has been considered by the directors as being reasonable.

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided and is shown net of VAT. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer, which is usually at the point the customer has signed for the goods.

Turnover from long term contracts is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably.The stage of completion is calculated by comparing costs incurred for work performed to date, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

The whole of the turnover is attributable to the group's principal activities. The turnover and operating profit are principally generated in the UK.

Long term contracts
Profit on long term contracts is taken as the work is carried out, if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out by the year end by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract revenue costs incurred to date, compared to total expected costs for that contract. Revenue derived from variations on contracts is recognised only when they have been accepted by the customers. Full provision is made for losses on all contracts in the year in which they are foreseen.

Amounts recoverable/payable on contracts are stated at cost plus any attributable profit less any foreseeable losses and are included in debtors/creditors accordingly. Payments on account are included in creditors.

Rental income
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease unless the lease payments are structured to increase in line with expected general inflation in which case the income is recognised as revenue in accordance with the expected payments. Rental income is included in other income.

Goodwill
Goodwill on consolidation, being the amount paid in connection with the acquisitions of AIS Projects Limited, AIS Vanguard Limited, Seward Wyon Limited, AIS Offshore Renewables and AIS Integrated Services Limited, is being amortised over it's estimated useful life of ten years.

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.

Fixed asset investments
In the individual company accounts investments in subsidiaries are initially measured at cost. After initial recognition, fixed asset investments are measured at cost less any accumulated impairment losses.













AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without due cost or effort on an ongoing basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. No depreciation or amortisation is provided in respect of freehold investment properties or leasehold investment properties with over twenty years to run. This treatment represents a departure from the requirement of the Companies Act 2006 which requires that depreciation is charged to write off the value of the investment properties, less any residual value, over the period of the asset's useful economic life. The directors consider that the accounting policy adopted is necessary for the financial statements to give a true and fair view. Investment properties whose fair value cannot be measured reliably without due cost or effort on an ongoing basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses. The annual valuation at fair value is carried out by the directors on an open market basis supported by external professional valuations.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation and any impairment. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over it's estimated useful life.


Freehold property- 2% on cost
Improvements to property- 10%, 25% and 33.33% on cost and over the remaining term
of the lease
Plant and machinery- 5%,10%, 25% and 50% reducing balance and 25% on cost
Fixtures and fittings- 15% and 25% on reducing balance
Motor vehicles- 10% and 25% on reducing balance
Computer equipment- 25% and 33% on cost

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

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.


AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred taxation
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets are classified as finance leases when they transfer substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership are classified as operating leases. Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The liability is included in the balance sheet (statement of financial position) as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised immediately in the profit and loss account.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the company recognises annual rent expense equal to the amounts owed to the lessor.

Financial instruments
The company only holds basic financial instruments, as defined under Section 11 of FRS 102.

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term financial liabilities, including trade and other creditors, overdrafts and related party loans, are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due, those payable after one year should be measured at amortised cost, using the effective interest rate method.

Short term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account.

Interest bearing borrowings
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interst method.

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 10,134,263 8,963,762
Social security costs 1,114,713 1,043,928
Other pension costs 283,308 172,096
11,532,284 10,179,786

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

Operations 121 126
Administration 68 61
189 187

4. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 504,594 380,920
Directors' pension contributions to money purchase schemes 31,799 21,713

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

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 126,912 119,464
Pension contributions to money purchase schemes 6,455 4,393

5. OPERATING PROFIT

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

2024 2023
£ £
Depreciation - owned assets 412,657 290,728
Depreciation - assets held under finance leases 728,694 581,821
(Profit)/loss on disposal of fixed assets (60,649 ) (103,128 )
Goodwill amortisation 38,429 280,376
Auditors' fees 43,000 37,000
Non audit fees 7,050 6,500
(Gains)/losses on foreign exchange 48,985 (479,235 )
Pension costs 283,308 172,096
Operating leases - property 451,065 346,466
Operating leases - other 98,634 98.963

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 5,675 19,435
Bank loan interest 90,432 37,246
Loan interest 52,197 78,781
Leasing 86,923 315,179
235,227 450,641

7. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 607 (83,089 )
Prior year (over) provision (283,249 ) (170,340 )
Total current tax (282,642 ) (253,429 )

Deferred tax:
Current year 145,082 185,267
Prior year - 3,926
Total deferred tax 145,082 189,193

Tax on profit (137,560 ) (64,236 )

Reconciliation of total tax credit 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 2,301,413 578,077
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20 %)

575,353

115,615

Effects of:
Expenses not deductible for tax purposes (13,451 ) 17,546
Income not taxable for tax purposes - (170 )
and transfers
Fixed asset differences 50,735 (434,138 )
Chargeable gains/(losses) 1,435 -
Adjustments in respect of prior period deferred tax - 3,584
Remeasurement of deferred tax for changes in tax rates - 62,234
Deferred tax not recognised (468,383 ) 337,060
Losses carried back to prior periods - 4,373
Adjustment in respect of prior periods (283,249 ) (170,340 )
Total tax credit (137,560 ) (64,236 )

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 May 2024.

2023
Gross Tax Net
£    £    £   
Revaluation gain in the year on freehold 624,982 (156,246 ) 468,736
property
624,982 (156,246 ) 468,736

8. INDIVIDUAL INCOME STATEMENT

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


9. DIVIDENDS
2024 2023
£    £   
B Ordinary shares of £1 each
Final - 39,725
Interim 28,872 25,675
C Ordinary shares of 50p each
Final - 19,864
Interim 57,746 12,838
D Ordinary shares of 50p each
Final - 19,867
Interim 28,872 12,838
A1 Ordinary shares of 50p each
Final 306,000 180,000
A2 Ordinary shares of 50p each
Final 34,000 20,000
455,490 330,807

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 2,818,756
AMORTISATION
At 1 June 2023 2,780,327
Amortisation for year 38,429
At 31 May 2024 2,818,756
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 38,429

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 June 2023 2,580,000 336,803 13,441,000
Additions - 9,698 593,629
Disposals - - (558,723 )
At 31 May 2024 2,580,000 346,501 13,475,906
DEPRECIATION
At 1 June 2023 - 292,415 1,870,675
Charge for year 51,601 16,216 985,659
Eliminated on disposal - - (354,832 )
At 31 May 2024 51,601 308,631 2,501,502
NET BOOK VALUE
At 31 May 2024 2,528,399 37,870 10,974,404
At 31 May 2023 2,580,000 44,388 11,570,325

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 June 2023 79,998 255,749 599,961 17,293,511
Additions 10,230 143,815 33,366 790,738
Disposals - (105,403 ) - (664,126 )
At 31 May 2024 90,228 294,161 633,327 17,420,123
DEPRECIATION
At 1 June 2023 42,513 164,579 484,437 2,854,619
Charge for year 5,948 30,100 51,827 1,141,351
Eliminated on disposal - (85,927 ) - (440,759 )
At 31 May 2024 48,461 108,752 536,264 3,555,211
NET BOOK VALUE
At 31 May 2024 41,767 185,409 97,063 13,864,912
At 31 May 2023 37,485 91,170 115,524 14,438,892

Cost or valuation at 31 May 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2019 173,725 - -
Valuation in 2023 500,129 - -
Cost 1,906,146 346,501 13,475,906
2,580,000 346,501 13,475,906

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2019 - - - 173,725
Valuation in 2023 - - - 500,129
Cost 90,228 294,161 633,327 16,746,269
90,228 294,161 633,327 17,420,123

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

11. TANGIBLE FIXED ASSETS - continued

Group

If freehold property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,906,146 1,906,146
Aggregate depreciation 327,222 289,099

Freehold property was valued on an open market basis on 6 October 2022 by Eddisons Real Estate and Business Valuers .

The directors do not consider the valuation to differ materially from the net book values as at 31 May 2024.

The net book value of tangible fixed assets includes £9,567,513 (2023 - £10,329,779) in respect of assets held under finance leases.

Company
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 June 2023 187,445 98,729 1,730,989
Additions - - 8,000
Disposals - - (32,556 )
At 31 May 2024 187,445 98,729 1,706,433
DEPRECIATION
At 1 June 2023 - 63,659 854,230
Charge for year 3,749 10,252 139,937
Eliminated on disposal - - (22,135 )
At 31 May 2024 3,749 73,911 972,032
NET BOOK VALUE
At 31 May 2024 183,696 24,818 734,401
At 31 May 2023 187,445 35,070 876,759

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

11. TANGIBLE FIXED ASSETS - continued

Company

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 June 2023 22,917 105,402 359,595 2,505,077
Additions - 136,315 17,377 161,692
Disposals - (105,403 ) - (137,959 )
At 31 May 2024 22,917 136,314 376,972 2,528,810
DEPRECIATION
At 1 June 2023 11,761 81,432 288,823 1,299,905
Charge for year 1,673 10,174 29,896 195,681
Eliminated on disposal - (85,927 ) - (108,062 )
At 31 May 2024 13,434 5,679 318,719 1,387,524
NET BOOK VALUE
At 31 May 2024 9,483 130,635 58,253 1,141,286
At 31 May 2023 11,156 23,970 70,772 1,205,172

Cost or valuation at 31 May 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2019 5,628 - -
Valuation in 2023 37,510 - -
Cost 144,307 98,729 1,706,433
187,445 98,729 1,706,433

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2019 - - - 5,628
Valuation in 2023 - - - 37,510
Cost 22,917 136,314 376,972 2,485,672
22,917 136,314 376,972 2,528,810

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

11. TANGIBLE FIXED ASSETS - continued

Company

If freehold property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 144,307 144,307
Aggregate depreciation 24,508 21,622

Freehold property was valued on an open market basis basis on 6 October 2022 by Eddisons Real Estate and Business Valuers .

The directors do not consider the valuation to differ materially from the net book values as at 31 May 2024.

The net book value of tangible fixed assets includes £358,814 (2023 - £611,120) in respect of assets held under finance leases.

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 June 2023
and 31 May 2024 8,013,088
NET BOOK VALUE
At 31 May 2024 8,013,088
At 31 May 2023 8,013,088


AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

12. FIXED ASSET INVESTMENTS - continued


The company has interests in the following share capital of companies registered in England and Wales:



Subsidiary


Principal activity


% Holding
Direct/
indirect
holding
AIS Projects Limited Heavy haulage, machinery removals,
warehousing and plant and machinery
repairs
100% Direct
AIS Vanguard Limited Heavy haulage, machinery removals,
warehousing and plant and machinery
repairs
100% Direct
AIS Integrated Services Limited Lifting, moving and installation of heavy
machinery
100% Direct
AIS Wind Energy Limited Lifting, moving and installation of heavy
machinery
75% Direct
AIS Offshore Renewables
Limited
Dormant 100% Direct
Seward Wyon Limited Dormant 100% Indirect
AIS Eurelo Limited Holding company 50% Direct

Due to the Group's investment in AIS Eurelo Limited the Group also has interest in the following share capital of companies registered in Europe:


AIS Eurelo GmbH
Lifting, moving and installation of heavy
machinery

50%

Indirect

AIS Eurelo Poland
Lifting, moving and installation of heavy
machinery

50%

Indirect

AIS Eurelo Czechoslovakia
Lifting, moving and installation of heavy
machinery

50%

Indirect

13. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 2,392,555
NET BOOK VALUE
At 31 May 2024 2,392,555
At 31 May 2023 2,392,555

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2019 168,097
Valuation in 2023 462,619
Cost 1,761,839
2,392,555

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

13. INVESTMENT PROPERTY - continued

Company

If Investment property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,761,839 1,761,839

Investment property was valued on an open market basis on 6 October 2022 by Eddisons Real Estate and Business Valuers .

This valuation has been relied upon by the directors as at 31 May 2024.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 3,932,731 4,756,834 1,493,753 759,883
Amounts recoverable on
contracts 2,970,417 1,552,414 - -
Amounts owed by group undertakings 754,483 643,142 10,547,525 8,630,477
Amounts owed by related undertakings 12,859 13,821 12,859 12,859
Other debtors 119,809 32,179 10,910 25,092
Other loans 620,000 - 620,000 -
Director's current account 497,978 403,357 497,978 403,357
Corporation tax 430,623 383,485 42,361 139,078
Prepayments and accrued income 473,511 1,035,541 257,253 749,843
9,812,411 8,820,773 13,482,639 10,720,589

Included in trade debtors are assigned debts under the invoice discounting agreement.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 100,284 262,472 100,284 206,336
Other loans (see note 17) 675,000 675,000 675,000 675,000
Finance leases (see note 18) 1,521,231 1,467,443 103,120 147,008
Trade creditors 1,425,617 1,041,194 23,099 109,250
Amounts owed to group undertakings - - 17,455,591 13,883,492
Tax 9,247 104,438 607 113,078
Social security and other taxes 1,050,846 765,219 120,455 71,196
Other creditors 120,299 128,546 - -
Invoice financing 1,661,214 2,239,742 - -
Contract costs 1,005,061 744,426 - -
Accrued income and deferred
income 1,034,241 1,513,675 304,991 245,562
8,603,040 8,942,155 18,783,147 15,450,922

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 575,822 661,868 575,822 661,868
Finance leases (see note 18) 6,629,910 7,943,420 81,976 85,883
7,205,732 8,605,288 657,798 747,751

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 164,417 - 108,281
Bank loans 100,284 98,055 100,284 98,055
Other loans 675,000 675,000 675,000 675,000
775,284 937,472 775,284 881,336
Amounts falling due between one and two years:
Bank loans 102,564 100,284 102,564 100,284
Amounts falling due between two and five years:
Bank loans 321,896 314,741 321,896 314,741
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 151,362 246,843 151,362 246,843

Included in other loans is an amount for £675,000 (2023 - £675,000). This is a loan from the Martin Ainscough 2005/1 Life Interest Settlement Trust. This loan attracts interest of 12% per annum and is repayable on demand. The loan is unsecured.

A bank loan for the Wigan property is repayable by August 2030, carries an interest rate of 1.75% over the Bank of England base rate and is secured.

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 1,521,231 1,467,443
Between one and five years 6,629,910 7,943,420
8,151,141 9,410,863

Company
Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 103,120 147,008
Between one and five years 81,976 85,883
185,096 232,891

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 505,116 240,869
Between one and five years 1,668,960 471,821
In more than five years 827,500 75,000
3,001,576 787,690

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 55,800 -
Between one and five years 50,893 -
106,693 -

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank overdraft - 164,417 - 108,281
Bank loans 676,106 759,923 676,106 759,923
Finance leases 8,151,141 9,410,863 185,096 232,891
Invoice discounting 1,661,214 2,239,742 - -
10,488,461 12,574,945 861,202 1,101,095

The group bank overdraft is secured by a debenture and floating charge over all assets of the group. Also, a composite unlimited multilateral guarantee is in place between AIS Projects Limited, AIS Vanguard Limited, AIS Integrated Services Limited, Ainscough Industrial Services Limited and AIS Wind Energy Limited.

Bank loans are secured by fixed and floating charges over all the companies named in the cross guarantee and by first legal mortgages over the property concerned.

Finance lease contracts are secured on the assets concerned.

The invoice discounting liability is secured by a fixed charge over the book debts, together with unlimited multilateral guarantees from Ainscough Industrial Services Limited, AIS Vanguard Limited and AIS Wind Energy Limited.

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 239,085 385,230 239,085 385,230
Other timing differences 188,198 188,198 188,198 188,198
Deferred tax 834,789 543,562 - -
1,262,072 1,116,990 427,283 573,428

Group
Deferred
tax
£   
Balance at 1 June 2023 1,116,990
Charge to Income Statement during year 145,082
Balance at 31 May 2024 1,262,072

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

20. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 June 2023 573,428
Credit to Income Statement during year (146,145 )
Balance at 31 May 2024 427,283

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class:
Nominal 2024 2023
value: £ £
162 A1 Ordinary £0.50 81.00 81.00
18 A2 Ordinary £0.50 9.00 9.00
10 B Ordinary £0.50 5.00 5.00
5 C Ordinary £0.50 2.50 2.50
5 D Ordinary £0.50 2.50 2.50
100.00 100.00

All of the Ordinary shares classes rank pari passu in all respects, other than:

i) the B, C and D Ordinary shares have to be transferred back to the company on cessation of employment; and
ii) each share class may receive a different allocation of dividends.

22. RESERVES

Group
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 June 2023 (724,323 ) 3,999,900 702,148 484,000 4,461,725
Profit for the year 2,353,089 - - - 2,353,089
Dividends (455,490 ) - - - (455,490 )
Reserves transfer 13,477 - (13,477 ) - -
At 31 May 2024 1,186,753 3,999,900 688,671 484,000 6,359,324

Company
Retained Share Revaluation
earnings premium reserve
£    £    £   

At 1 June 2023 541,610 3,999,900 47,915
Profit for the year 163,244 - -
Dividends (455,490 ) - -
At 31 May 2024 249,364 3,999,900 47,915

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

22. RESERVES - continued

Company
Capital
redemption Other
reserve reserves Totals
£    £    £   

At 1 June 2023 484,000 486,485 5,559,910
Profit for the year - - 163,244
Dividends - - (455,490 )
At 31 May 2024 484,000 486,485 5,267,664

Retained earnings includes all current and prior retained profits and losses.

Share premium represents the premium on the shares issued.

The capital redemption reserve includes the nominal value of redeemable preference shares repurchased by the company.

Revaluation and other reserves are non-distributable and relate to the revaluation gains on freehold and investment properties, net of deferred tax.

23. NON-CONTROLLING INTERESTS

Minority interests represents a holding of 25% in AIS Wind Energy Limited.

24. PENSION COMMITMENTS

The group operates a number of defined contribution pension scheme for certain senior management and other eligible employees. The assets of the scheme are held separately from those of the company in independently administered funds. Contributions to the scheme amounted to £283,308 (2023 - £172,096) and as at the year end there were £45,119 (2023 - £36,879) of unpaid contributions.

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
M M Ainscough
Balance outstanding at start of year 335,047 192,475
Amounts advanced 443,031 342,572
Amounts repaid (340,000 ) (200,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 438,078 335,047

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

R McLemon
Balance outstanding at start of year 34,155 33,255
Amounts advanced 29,560 33,605
Amounts repaid (28,872 ) (32,705 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 34,843 34,155

S W Edge
Balance outstanding at start of year 34,155 33,255
Amounts advanced 19,774 33,601
Amounts repaid (28,872 ) (32,701 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 25,057 34,155

Interest is charged at 2% and 3% on the overdrawn loan accounts.

During the year dividends of £455,490 (2023 - £330,807) were paid to certain directors.

Following the year end a further £443,280 of dividends have been declared.

26. RELATED PARTY DISCLOSURES

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

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

During the year the following transactions were entered into with related party:

AIS Eurelo Limited

A 50% joint venture

Advances of £26,325 (2023 - £337,465), recharges of £Nil (2023 - £Nil) and repayments of £137,666 (2023 - £104,167) were recorded in the year.
As at the year end the loan balance due to the company was £754,483 (2023 - £643,142).
Net sales of £78,607 (2023 - £1,922) were recorded, with £203,720 (2023 - £4,965) due as at 31 May 2024.

27. POST BALANCE SHEET EVENTS

As part of the AIS Group's strategic plan to develop the capabilities and capacity of its offering for its customers, on 14th February 2025, Ainscough Industrial Services Ltd purchased 75% of the share capital of FFM Engineering Services Limited (FFM).

FFM is a long-established family company with significant expertise in the machinery installation, haulage and storage industry. Specialist fields include facilitating a bespoke service for several multi-national medical equipment manufacturers. The addition of FFM together with the retention of the family owners, will result in an enhanced capability that will facilitate the expansion of the Group's scope of proficiencies.

AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

28. ULTIMATE CONTROLLING PARTY

The company and group is under the ultimate control of M M Ainscough.