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REGISTERED NUMBER: 11588892 (England and Wales)











GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

ASHCOURT GROUP LIMITED

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Streamlined Energy & Carbon Reporting (SE forming
part of the Report of the Directors

R)7

Report of the Independent Auditors 12

Consolidated Income Statement 15

Consolidated Other Comprehensive Income 17

Consolidated Statement of Financial Position 18

Company Statement of Financial Position 19

Consolidated Statement of Changes in Equity 20

Company Statement of Changes in Equity 21

Consolidated Statement of Cash Flows 22

Notes to the Consolidated Statement of Cash Flows 23

Notes to the Consolidated Financial Statements 25


ASHCOURT GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: K J Bousfield
L J Churchill
R P M Hartop
A J K Bousfield
E A C Summerson





REGISTERED OFFICE: Ashcourt Group
Halifax Way
Pocklington
East Yorkshire
YO42 1NR





REGISTERED NUMBER: 11588892 (England and Wales)





INDEPENDENT AUDITORS: Streets Audit LLP
Statutory Auditor
Halifax House
30 George Street
Hull
HU1 3AJ

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

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

REVIEW OF BUSINESS
The principal activities of the group are construction services, building products and logistics, primarily in Yorkshire and the North of England.

For the current financial year, the group reports a profit before tax of £14,349,825 (2023: £11,863,917). The directors are satisfied with this performance.

KEY PERFORMANCE INDICATORS
The group uses a range of financial indicators to monitor performance. The key performance indicators (KPI's) used by the group are as follows:

- Revenue: £243m (2023: £225m)
- Revenue growth: 7.3% (2023: 47.2%)
- Gross margin 23.9% (2023: 15.5%)
- EBITDA: (earnings before interest, tax, depreciation and amortisation): £36m (2023: £24.6m)
- Operating profit £24.9m (2023: £16.8m)
- Operating profit change: improvement of £8.1m

The last year has been successful with the group achieving significant progress against it's underlying objectives of sustainable growth through product offerings and performance quality, raising brand awareness in the market and strategic acquisitions and divestment.

To ensure the group continues to operate effectively, cost control measures have been implemented and are constantly monitored and we are working with our customer base to react to market factors.

The group has positioned itself as a valued partner to its customers and is expected to achieve continued growth through its expertise and dedicated workforce and we look forward to progressing our long term objectives and opportunities.

During the year the group continued to deliver on its strategy of undertaking targeted corporate acquisitions which offer both complementary revenue streams and expand the groups regional presence further in the North of England.

During the year the group also disposed of its subsidiary East Coast Construction (N.E.) Ltd in July 2024 as part of the group's continued strategic focus on supply of construction commodities, materials and waste management.

The directors intend to continue this strategy of strategic acquisitions and focus on core activities of supply of construction commodities, materials and waste management in future years to continue supporting the growth of the group.

PRINCIPAL RISKS AND UNCERTAINTIES
The group is subject to a number of trading and operational risks including employment, health & safety and public liability risks. The group mitigates these risks by ensuring that good working practices are always followed, and by maintaining adequate insurance cover where necessary.

The group also faces risk from competitive pressures and general economic conditions in the UK. Management constantly monitor the actions of their competitors and target customer base in order to be able to react quickly to changing conditions when necessary.


ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

SECTION 172(1) STATEMENT
The board of directors consider that they have at all times acted in a way they consider, in good faith, would be most likely to promote the success of the company and group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in Section 172 (1) (a-f) of the Companies Act 2006) when performing their duty as directors during the year.

The strategy of the board is to focus on providing excellent service and nurture client relationships. We strive to maintain high levels of client satisfaction by maintaining regular and open lines of communication with clients, seeking feedback and making improvements to the client experience where necessary. The company endeavours to resolve any issues arising in a timely and suitable manner. This has helped ensure that the company's customer base has continued to grow and developed and strengthened the company's position as one of the leading construction groups in the North of England.

The company seeks to maintain good working relationships with its suppliers by maintaining close and regular contact.

The company's employees are fundamental to the delivery of our strategy. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations.

Our strategy considers the impact of the company's operations on the environment, and our wider social responsibilities, and how we impact on our local community. We seek to support our local communities wherever possible.

As a board of directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating with the high standards of business conduct and governance expected for a business such as ours. In doing so, we believe these behaviours will contribute to the delivery of our plans. The intention is to nurture our reputation, through the development and delivery of our strategy, reflecting our responsible behaviour.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The business values its relationships with its key stakeholders, placing a high reliance on integrity. Our supplier and customer relationships are long term in nature and closely monitored, and the company has clearly defined policies and training on ethics.

EMPLOYEES
The group can only succeed if it surpasses the expectations of customers with the quality and timeliness of services provided. The group's employees play a key role in ensuring that high standards are achieved.

The group ensures that its employees possess the skills, equipment and training they need to flourish in their individual areas of responsibility. The board recognise the contribution that employees make on a daily basis and encourage them to strive to achieve their full potential.

DISABLED PERSONS
It is the group's policy to give full and fair consideration to applications for employment received from disabled persons, having regard to their particular aptitudes and abilities.

The group is committed to providing equal opportunities of employment, training, career development and promotion of disabled existing and potential employees, including employees whose disability status may change whilst employed by the group.


ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

GOING CONCERN
The financial statements have been prepared on the going concern basis of accounting, which assumes that the group is able to continue operating as a going concern.

Having considered all relevant factors, the board are of the opinion that the going concern basis of accounting remains appropriate.

ON BEHALF OF THE BOARD:





K J Bousfield - Director


20 March 2025

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024

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

DIVIDENDS
No dividends will be distributed for the year ended 31 July 2024.

RESEARCH AND DEVELOPMENT
The group has continued to invest in research and development throughout the year. The board see this as an important part of the group's development, to offer unique and innovative products, services and packages to customers and maintain a competitive advantage, whilst improving efficiency and therefore protecting the environment.

FUTURE DEVELOPMENTS
The board believe that there are significant growth opportunities in their chosen markets and regions. The group will continue to look to develop and diversify by both acquisitions and organic growth.

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

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

K J Bousfield
L J Churchill
R P M Hartop
A J K Bousfield
E A C Summerson

Other changes in directors holding office are as follows:

D Sorbie ceased to be a director after 31 July 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise bank balances, trade debtors, trade creditors, hire purchase contracts and bank loans. The main purpose of these instruments is to raise funds to finance the group's operations.

Due to the nature of the financial instruments used by the group there is no significant exposure to price or currency risk. The group's approach to managing other risks applicable to the financial instruments is as follows:

Cash flow and liquidity risk is managed by careful management of bank balances, and monitoring of future expected cash receipts and payments to ensure that the group remains within the terms of agreed bank facilities. Potential construction projects are carefully assessed at the outset to ensure that the timing of customer receipts are sufficient to ensure that supplier payments, group overheads and other commitments can be met on time.

Credit risks are managed through stringent credit control and monitoring, and by assessing credit terms offered to customers.

Bank loans and hire purchase agreements are used to fund the acquisition of plant, machinery and other fixed assets. Repayment terms are negotiated at the outset of the agreements and monitored throughout the repayment period to ensure they continue to be appropriate to the overall financial structure.


ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

ON BEHALF OF THE BOARD:





K J Bousfield - Director


20 March 2025

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

ENERGY AND CARBON REPORT
FORMING PART OF THE REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024

ASHCOURT GROUP
Reporting Period 1 August 2023 - 31 July 2024

EXECUTIVE SUMMARY
Organisational Structure and Qualification
This SECR report covers the carbon emissions of Ashcourt Group Consolidated, which consists of Ashcourt Group Limited as a separate (parent) entity, and all its subsidiaries. The group operates out of 15 sites across the UK. During this reporting period, the Group welcomed 3 new companies into the fold, while 1 company from the group was sold effectively as of the last month from the reporting period.

Of its 15 sites, 10 serve as offices for the group in various locations. On 5 locations the group has production facilities, garages, and waste recycling facilities.

In all of its sites the company is responsible for the purchase of electricity. Two locations utilise natural gas for general heating purposes, while at 2 locations there is equipment that burns kerosene (burning oil), as part of the production process.

The group also operates a fleet of 646 various types of vehicles, most of which are diesel, complimented by a small number of petrol-fuelled, hybrid and electric vehicles.

Business travel is conducted primarily by cars. Employees of Ashcourt who do not use company-owned vehicles commute either with their own vehicle or by bus.

It is important to be noted that the company continues to grow, and as it does it implements the standards of carbon reporting and carbon reduction measures into the new additions.

Streamlined Energy & Carbon Reporting
The following report details the energy used, emissions produced, actions taken to increase energy efficiency and improvements made to boost energy performance, as requested by the government policy Streamlined Energy and Carbon Reporting (SECR).

This policy is also applied in the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. The report covers everything under the operational and financial control of the legal entity. Furthermore, this report summarises the methodology used to calculate all the related figures hereafter.

As a UK-registered business, Ashcourt Group Consolidated is obliged under the SECR legislation to disclose its consumption of energy, and emissions derived from it, to provide comparable intensity metrics and to detail the executed (or in the process of) energy efficiency improvements for the last completed financial year. Where accurate data was not available, estimations were used, as detailed in the methodology appendix.

Ashcourt's Scope 1 direct emissions (combustion of natural gas, kerosene and transportation fuels) for this year of reporting are 24,729.58 tCO2e, resulting from the direct combustion of 97,344,018 kWh of fuel. This is a carbon increase of 27.05%, while energy usage has increased by 27.09% from last year.

Scope 2 indirect emissions (purchased electricity) for this year of reporting are 362.77 tCO2e, resulting from the consumption of 1,751,862 kWh of electricity purchased and consumed in day-to-day business operations. This is a carbon increase of 127.04%, while energy usage has increased 117.35% from last year.

Due to improved methodology for measuring Scope 3 indirect emissions, this reporting period there are 924.60 tCO2e from consumption of 3,571,548.36 kWh of energy, an increase of emissions by 58.13%, with energy usage also boosted by 49.47%, compared to the absolute numbers from last year.

Our operations have an intensity metric of 35.79 tCO2e per FTE for this reporting year. This represents an increase in operational carbon intensity of 12.80% from our previous reporting year. Energy usage has an intensity ratio of 141,221 kWh per FTE, which is an increase of 12.74%.

We note increase in both absolute numbers and intensity ratios, which are to be expected having in mind the growth of the group in total number of employees, number of companies and locations incorporated in its operations.

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

ENERGY AND CARBON REPORT
FORMING PART OF THE REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


Data Quality and Completeness
All the company's electricity and gas invoices have been entered into an energy database for the period up to 31 July 2024, and data quality checks have been conducted for data completeness and accuracy. Where data was not available, extrapolations and averages were used. All transport information has been entered into the energy database up to 31 July 2024. Data on employee commute has been calculated from the internal records we have on our employees.

Environmental Strategy and Targets
Ashcourt Group's mission is to help the working world thrive throughout life's moments, and we recognise that caring for the world around us has a positive environmental impact. Whilst we acknowledge that the direct impact from our operations is large relative to other sectors, minimising our environmental impacts is central to our responsible business strategy, and we are committed to supporting global efforts to keep the temperature rise this century below the 1.5 degrees celsius target set as part of the Paris Agreement.

Ashcourt Group is a values-driven and purpose led organisation with an operating model that is centred on doing good for society. Our mission is to do the right thing for all our stakeholders, including our customers, employees, communities and the environment.

Climate change remains one of the biggest challenges of our time and we are committed to our responsibility in the fight against climate change and are dedicated to reducing our environmental impact and ensuring a minimal impact from environmental issues on our business.

At Ashcourt Group, being an environmentally sustainable business means:

1. Taking steps to first understand, and then reduce our carbon footprint,

2. Reducing the environmental impact of the resources that we consume,

3. Challenging our key suppliers to reduce their carbon footprint and environmental impact, and

4. Helping our employees to make informed choices about their own carbon and environmental impact.

ENERGY EFFICIENCY ACTIONS
Ashcourt Group is actively looking to reduce its energy consumption and associated greenhouse gas emissions by striving to become more energy conscious across the group by reducing carbon emissions and being committed to its energy efficiency actions.

The primary focus has been on the following areas:

1. Continuing the introduction and delivery of an incentive scheme to encourage employees to move into EV
vehicles.
2. With a total fleet of 646 vehicles, our fleet now consists of 6 petrol and 604 diesel, 19 hybrid and 17 EV's.
Keeping in mind that 95% of our emissions are due to our vehicle usage, we have begun to research how to
implement a programme which will enable our successful transition to electric vehicles. We anticipate our
current car fleet will be all electric by 2035. We continue to move our vehicle fleet where possible towards EV
- an increasing number of our cars and vans are now being replaced with fully electric. We have installed 8 EV
charging points across our sites.
3. A significant proportion of our vehicle fleet is comprised of diesel heavy plant and fleet. We have been
evaluating and testing the first generation electric/hybrid alternatives and appraising the effectiveness of this
technology. As of the date of this report, we have decided that further analysis and live tests will be required.
The technology is fast-evolving, and we will monitor developments closely.
4. Following the successful installation of 2 aggregates wash- plants over the past two year, we continue to invest
in this area with 2 plants in production over our different geographical locations. This significantly reduces the
waste we are sending to landfill and will also reduce the number of journeys we need to make as a business to
tip the waste material at landfill. Whilst both these plants will increase our energy consumption, as noted they
will reduce the level of travel and waste of the business.

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

ENERGY AND CARBON REPORT
FORMING PART OF THE REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024

5. We are investing in renewable energy sources - a 1 megawatt wind turbine at our Foster Street site and a solar
farm (or another wind turbine) at our Pocklington site to offset the existing and future energy consumption on
our sites entirely.
6. We are also reviewing processes and operator habits to identify where efficiency, and thus fuel reduction, can
be improved.

MEASUREMENT METHODOLOGY
The reporting includes:
Scope 1 - Natural gas used for building space heating, kerosene used in production processes, fuel for company-owned vehicles,
Scope 2 emission sources - Electricity used for lighting, heating, ventilation, and air conditioning (HVAC), and the operation of equipment, machinery and tools, and
Scope 3 emissions from business travel which include land travel conducted with personal or rented vehicles, not owned by the company (Category 6) and employee commute (Category 7).

The footprint is calculated per The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (Revised Edition).

The electricity and gas consumption usage for the locations in which Ashcourt Group is directly responsible for the energy use is calculated using the data from the monthly invoices, deemed as verified and accurate as it originates from the automated readings of the meters.

For the one serviced office of Ashcourt Group, in which the company does not have access to the readings of the energy consumption meters, the energy consumption (kWh) was calculated using the primary energy use for the occupied space taken from the EPC rating (kWh/m2/yr), and from that the emissions (kg CO2e) were calculated.

Outputs are in kWh and CO2 equivalent (CO2e) using the most up-to-date conversions factors for the UK from the Department for Business, Energy & Industrial Strategy (BEIS). The energy and carbon footprint model and methodology has been externally verified by a UK-based independent professional services firm.

Transport emissions were determined from the mileage travelled on business in rented cars and personal vehicles (grey fleet). This information was obtained through the company's expense claim system. The average car conversion factor was used to convert the mileage into carbon dioxide equivalent emissions, and into energy consumed (kWh). Calculations were done with the assumption that all the vehicles were average-size diesel, as there were no mechanisms in place to establish the actual size and fuel type - something which will be implemented for future reports.

Employees who commute to work in their vehicle or by bus were taken into consideration when calculating the emissions for Employee commute. Again, the type of vehicle and fuel was estimated to be an average diesel vehicle. Distances were calculated based on home addresses available on record, and that figure was multiplied by the number of work days per year. The appropriate government- issued emissions factor was used to convert the miles to greenhouse gas emissions, and energy usage in kilowatt-hours.

ENVIRONMENTAL PERFORMANCE
Ashcourt Group's energy consumption and associated GHG emissions for the reporting period 1 August 2023 - 31 July 2024 (SECR Year 3) are shown below.

Total Energy Consumption
Total energy consumption and associated GHG emissions from Scope 1, Scope 2 and Scope 3 emissions for the SECR reporting period.


Energy type
Energy use
kWh

Split % kWh
Emissions
tCO2e/yr
Split %
tCO2e/yr
Scope 1 - Natural gas, kerosene, fuels 97,344,018 94.8% 24,729.58 95.1%
Scope 2 - Electricity 1,751,862 1.7% 362.77 1.4%
Scope 3 - Business travel, employee commute 3,571,548 3.5% 924.60 3.6%
TOTAL Scope 1, 2 & 3 102,667,428 100% 26,016.95 100%

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

ENERGY AND CARBON REPORT
FORMING PART OF THE REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


Conversion Factors
Electric Energy, Natural gas and Automotive Fuel to Carbon
Activity Unit Year KgCO2e/kWh
Electric energy -
Electricity

kWh

2024

0.20707
Fuels - Natural gas kWh 2024 0.20264
Fuels - Kerosene kWh 2024 2.54015



Fuel
Conversion
factor
(kgCO2e/litre)
Conversion
factor
(kWh/litre)
Conversion
factor
(kgCO2e/mile)
Diesel - Average car 2.51279 9.89100 0.27334
Petrol - Average car 2.08440 8.96900 0.26473

GHG Emissions: 3-year trend by scope
Energy Type SECR 2022 SECR 2023 SECR 2024
Scope 1 (direct emissions) 16,201.36 19,465.02 24,729.58
Scope 2 (indirect emissions) 74.48 159.78 362.77
Scope 3 (other indirect emissions) 575.80 584.71 924.60
TOTAL 16,851.64 20,209.51 26,016.95

GHG Total Emissions and energy consumption
Reporting Year Total GHG emissions (tCO2e) Total Energy Consumption (kWh)
SECR 2022 16,851.64 69,885,420
SECR 2023 20,209.51 79,792,052
SECR 2024 26,016.95 102,667,428

Intensity Ratios
Intensity ratios compare emissions data with an appropriate business metric or financial indicator. This allows a comparison of energy efficiency performance over time and with other similar types of organisations.

Ashcourt Group chose to compare overall energy consumption and associated emissions against the annual turnover figure, against the total number of full-time equivalent employees, as well as against the are of occupied space for the most recent reporting period (SECR Year 3 - FY ending 31 July 2024).

GHG vs. FTE employees
GHG emissions and energy consumption per Full Time Equivalent (FTE) Employees



Reporting year
Total GHG
emissions
(tCO2e)


FTE

Intensity ratio
tCO2e per FTE
Total energy
consumption
(kWh)

Intensity ratio
kWh/FTE
SECR 2022 16,851.64 375 44.94 69,885,420 186,361
SECR 2023 20,209.51 637 31.73 79,792,052 125,262
SECR 2024 26,016.95 727 35.79 102,667,428 141,221

GHG vs. FTE Turnover
Intensity ratios: GHG emissions and energy consumption per £1m of turnover




Reporting year

Total GHG
emissions
(tCO2e)



Annual turnover
Intensity ratio
tCO2e per
£1,000,000 of
turnover

Total energy
consumption
(kWh)
Intensity ratio
kWh per
£1,000,000 of
turnover
SECR 2022 16,851.64 152,100.000 110.79 69,885,420 459,470
SECR 2023 20,209.51 225,271,316 89.71 79,792,052 354,204
SECR 2024 26,016.95 251,339,638 103.51 102,667,428 408,481

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

ENERGY AND CARBON REPORT
FORMING PART OF THE REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


GHG vs. area
GHG emissions vs. energy consumption per m2 of the occupied area



Reporting year
Total GHG
emissions
(tCO2e)


Floor area M2
Intensity ratio
floor area
tCO2e/m2
Total energy
consumption
(kWh)
Intensity ratio
floor area
kWh/m2
SECR 2022 16,851.64 5,506 3.06 69,885,420 12,691.67
SECR 2023 20,209.51 5,356 3.77 79,792,052 14,896.58
SECR 2024 26,016.95 6,143 4.23 102,667,428 16,711.83







REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FORMING PART OF THE REPORT OF THE DIRECTORS
ASHCOURT GROUP LIMITED

Opinion
We have audited the financial statements of Ashcourt Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 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 July 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
FORMING PART OF THE REPORT OF THE DIRECTORS
ASHCOURT GROUP 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 six, 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.

Auditors' responsibilities for the audit of the financial statements
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was that we identified the material laws and regulations applicable to the group through discussions with management, and from our commercial knowledge and experience of the group and various sectors in which it operates. We then assessed the extent of compliance with these laws and regulations through making enquiries of management.

We assessed the susceptibility of the group'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.

To address the risk of fraud through management bias and override of controls we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and we investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to agreeing financial statement disclosures to underlying supporting documentation and reviewing correspondence with relevant regulators.

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FORMING PART OF THE REPORT OF THE DIRECTORS
ASHCOURT GROUP 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.




Mark Bradshaw (Senior Statutory Auditor)
for and on behalf of Streets Audit LLP
Statutory Auditor
Halifax House
30 George Street
Hull
HU1 3AJ

25 March 2025

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

31.7.24 31.7.24 31.7.24
Continuing Discontinued Total
Notes £    £    £   

REVENUE 3 202,703,311 40,220,940 242,924,251
Cost of sales (151,551,562 ) (33,260,480 ) (184,812,042 )
GROSS PROFIT 51,151,749 6,960,460 58,112,209

Administrative expenses (27,491,860 ) (5,769,633 ) (33,261,493 )
23,659,889 1,190,827 24,850,716

Other operating income 33,257 13,131 46,388


OPERATING PROFIT 5 23,693,146 1,203,958 24,897,104

Interest receivable and similar income 266,116 1,526 267,642
Interest payable and similar expenses 7 (10,630,411 ) (184,510 ) (10,814,921 )
PROFIT BEFORE TAXATION 13,328,851 1,020,974 14,349,825
Tax on profit 8 (4,465,918 ) 208,259 (4,257,659 )
PROFIT FOR THE FINANCIAL YEAR 8,862,933 1,229,233 10,092,166
Profit attributable to:
Owners of the parent 10,092,166

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

31.7.23 31.7.23 31.7.23
Continuing Discontinued Total
Notes £    £    £   

REVENUE 3 178,491,565 46,779,751 225,271,316
Cost of sales (153,471,979 ) (36,975,966 ) (190,447,945 )
GROSS PROFIT 25,019,586 9,803,785 34,823,371

Administrative expenses (18,253,979 ) (5,357,043 ) (23,611,022 )
6,765,607 4,446,742 11,212,349

Other operating income 5,540,008 12,295 5,552,303


OPERATING PROFIT 5 12,305,615 4,459,037 16,764,652

Interest receivable and similar income 560,901 - 560,901
Interest payable and similar expenses 7 (5,365,861 ) (95,775 ) (5,461,636 )
PROFIT BEFORE TAXATION 7,500,655 4,363,262 11,863,917
Tax on profit 8 (1,760,544 ) (967,113 ) (2,727,657 )
PROFIT FOR THE FINANCIAL YEAR 5,740,111 3,396,149 9,136,260
Profit attributable to:
Owners of the parent 9,136,260

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

31.7.24 31.7.23
Notes £    £   

PROFIT FOR THE YEAR 10,092,166 9,136,260


OTHER COMPREHENSIVE INCOME
Property revaluation gain - 6,967,316
Income tax relating to other comprehensive
income

-

(1,017,876

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

-

5,949,440
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

10,092,166

15,085,700

Total comprehensive income attributable to:
Owners of the parent 10,092,166 15,085,700

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 JULY 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 26,625,770 22,110,961
Property, plant and equipment 11 132,547,133 103,839,534
Investments 12 - -
Investment property 13 1,439,546 1,298,796
160,612,449 127,249,291

CURRENT ASSETS
Inventories 14 4,022,533 5,818,007
Debtors 15 66,703,169 61,613,967
Cash at bank and in hand 18,667,325 12,619,997
89,393,027 80,051,971
CREDITORS
Amounts falling due within one year 16 107,208,422 94,741,043
NET CURRENT LIABILITIES (17,815,395 ) (14,689,072 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

142,797,054

112,560,219

CREDITORS
Amounts falling due after more than one
year

17

(65,076,440

)

(48,153,994

)

PROVISIONS FOR LIABILITIES 21 (14,691,327 ) (11,252,437 )
NET ASSETS 63,029,287 53,153,788

CAPITAL AND RESERVES
Called up share capital 22 100 100
Share premium 23 13,988,387 13,988,387
Revaluation reserve 23 5,949,440 5,949,440
Retained earnings 23 30,420,821 20,328,655
SHAREHOLDERS' FUNDS 50,358,748 40,266,582

NON-CONTROLLING INTERESTS 12,670,539 12,887,206
TOTAL EQUITY 63,029,287 53,153,788

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





K J Bousfield - Director


ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

COMPANY STATEMENT OF FINANCIAL POSITION
31 JULY 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Property, plant and equipment 11 4,789,269 3,101,216
Investments 12 65,404,667 70,444,544
Investment property 13 - -
70,193,936 73,545,760

CURRENT ASSETS
Debtors 15 13,338,815 6,940,569

CREDITORS
Amounts falling due within one year 16 44,825,357 44,266,459
NET CURRENT LIABILITIES (31,486,542 ) (37,325,890 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,707,394

36,219,870

CREDITORS
Amounts falling due after more than one
year

17

14,450,785

13,991,647
NET ASSETS 24,256,609 22,228,223

CAPITAL AND RESERVES
Called up share capital 22 100 100
Share premium 23 13,988,387 13,988,387
Retained earnings 23 10,268,122 8,239,736
SHAREHOLDERS' FUNDS 24,256,609 22,228,223

Company's profit for the financial year 2,028,386 5,708,829

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





K J Bousfield - Director


ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

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

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 August 2022 100 11,192,395 13,988,387

Changes in equity
Total comprehensive income - 9,136,260 -
100 20,328,655 13,988,387
Non-controlling interest arising on
business combination

-

-

-
Balance at 31 July 2023 100 20,328,655 13,988,387

Changes in equity
Total comprehensive income - 10,092,166 -
Balance at 31 July 2024 100 30,420,821 13,988,387
Revaluation Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 August 2022 - 25,180,882 - 25,180,882

Changes in equity
Total comprehensive income 5,949,440 15,085,700 - 15,085,700
5,949,440 40,266,582 - 40,266,582
Non-controlling interest arising on
business combination

-

-

12,887,206

12,887,206
Balance at 31 July 2023 5,949,440 40,266,582 12,887,206 53,153,788

Changes in equity
Dividends - - (216,667 ) (216,667 )
Total comprehensive income - 10,092,166 - 10,092,166
Balance at 31 July 2024 5,949,440 50,358,748 12,670,539 63,029,287

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 August 2022 100 2,530,907 13,988,387 16,519,394

Changes in equity
Total comprehensive income - 5,708,829 - 5,708,829
Balance at 31 July 2023 100 8,239,736 13,988,387 22,228,223

Changes in equity
Total comprehensive income - 2,028,386 - 2,028,386
Balance at 31 July 2024 100 10,268,122 13,988,387 24,256,609

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

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

31.7.24 31.7.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 35,774,312 32,475,543
Interest paid (6,726,339 ) (3,326,554 )
Interest element of hire purchase payments
paid

(4,088,582

)

(2,135,082

)
Tax 1,489,217 (17,520 )
Net cash from operating activities 26,448,608 26,996,387

Cash flows from investing activities
Purchase of intangible fixed assets (8,557,339 ) (11,806,020 )
Purchase of tangible fixed assets (29,825,205 ) (8,577,058 )
Purchase of investment property (140,750 ) (1,298,796 )
Sale of tangible fixed assets 12,653,669 9,527,960
Sale of fixed asset investments 3,149,352 -
Bank and cash on acquisition of business 530,686 2,362,113
Deferred consideration payments (6,332,000 ) (2,099,726 )
Interest received 267,642 560,901
Net cash from investing activities (28,253,945 ) (11,330,626 )

Cash flows from financing activities
New loans in year 26,549,415 15,856,494
Invoice financing facility 9,301,781 1,173,304
Repayment of loans (769,519 ) (8,862,259 )
HP contracts capital repayments in year (16,969,650 ) (15,539,227 )
Amount withdrawn by directors (2,015,903 ) (70,276 )
Net advances to associates (8,243,459 ) (3,814,804 )
Net cash from financing activities 7,852,665 (11,256,768 )

Increase in cash and cash equivalents 6,047,328 4,408,993
Cash and cash equivalents at beginning of
year

2

12,619,997

8,211,004

Cash and cash equivalents at end of year 2 18,667,325 12,619,997

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

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

31.7.24 31.7.23
£    £   
Profit before taxation 14,349,825 11,863,917
Depreciation charges 12,523,403 8,089,193
Profit on disposal of fixed assets (1,698,178 ) (290,291 )
Finance costs 10,814,921 5,461,636
Finance income (267,642 ) (560,901 )
35,722,329 24,563,554
Decrease/(increase) in inventories 1,795,474 (815,103 )
Decrease/(increase) in trade and other debtors 3,153,065 (11,576,123 )
(Decrease)/increase in trade and other creditors (4,896,556 ) 20,303,215
Cash generated from operations 35,774,312 32,475,543

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 July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 18,667,325 12,619,997
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 12,619,997 8,211,004


ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.8.23 Cash flow changes At 31.7.24
£    £    £    £   
Net cash
Cash at bank
and in hand 12,619,997 6,047,328 18,667,325
12,619,997 6,047,328 18,667,325
Debt
Finance leases (41,044,786 ) 16,969,650 (19,285,972 ) (43,361,108 )
Debts falling due
within 1 year (10,316,184 ) (5,209,888 ) - (15,526,072 )
Debts falling due
after 1 year (8,273,416 ) (20,570,008 ) - (28,843,424 )
(59,634,386 ) (8,810,246 ) (19,285,972 ) (87,730,604 )
Total (47,014,389 ) (2,762,918 ) (19,285,972 ) (69,063,279 )

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

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

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 the company and its subsidiary undertakings drawn up to 31 July each year. The results of the subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisitions are accounted for under the acquisition method. Where appropriate, merger accounting is applied to business combinations.

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

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

Significant judgements and estimates
In the application of the group's accounting policies, which are described further in this note, management are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

Key sources of estimation and uncertainty
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Useful economic lives of tangible assets
The annual amortisation and depreciation charges for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the notes to the financial statements for the carrying amount of the property, plant and equipment and the useful economic lives of each class of assets.

Amounts recoverable on contracts
The group makes applications for payments based on valuations on works done. Until the contract is completed in full this can include a small estimate of the recoverable value of amounts recoverable on contracts. When assessing valuations, management considers factors including the current position of the contract, the ageing profile of the contract and historical experience.

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

In respect of long term construction contracts, revenue represents the value of work done in the year, including amounts certified by customers as being completed, amounts for works completed for which applications for certification have been made, and also works done which are partly complete where it is considered these works are recoverable.

Goodwill
Goodwill, being amounts paid in connection with business acquisitions, is being amortised evenly over its estimated useful life of ten years. Ten years rather than five years (as recommended under FRS102) is considered by the directors to be more in line with the useful life of the acquisitions.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets and depreciation
Depreciation on freehold property is charged at 2% per annum on the buildings element (i.e. excluding the land element). Assets under construction are not depreciated until brought into use.

In respect of non-property assets, depreciation is provided at varying rates in order to systematically write off the cost of each individual asset less their estimated residual values over their estimated useful economic lives as follows:

Plant and machinery10-30% straight line
Motor vehicles20-25% reducing balance
Fixtures and fittings15-20% reducing balance
Computer equipment15% reducing balance / 10% straight line

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

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing inventories to their present location and condition.

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The group's main financial instruments comprise bank loans, hire purchase agreements, director's loans and bank balances. The function of these instruments is to maintain funds to finance group operations and ensure the company always has sufficient cash to meet it's obligations.

Due to the nature of the financial instruments used by the group, there is no exposure to price or currency risk. The group's approach to managing other risks applicable to the financial instruments is detailed below.

Bank loans are used to finance business and property acquisitions. Potential acquisitions are critically analysed before committing to them, to ensure that they will bring economic benefits to the group as a whole, sufficient to meet loan repayment obligations.

The group manages its liquidity risk by monitoring cash flows to ensure it has sufficient funds to meet liabilities as they fall due.

The group uses hire purchase agreements to finance the acquisition of fixed assets. Interest is paid at a fixed rate on a monthly basis, together with capital repayments.

The group uses director's loans to provide additional working capital to finance organic growth.

The group manages liquidity risk by agreeing appropriate payment terms with customers and matching those terms with those granted by suppliers. The company always aims to maintain a cash reserve to guard against customer payments not being received on time.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the income statement in the period to which they relate.

3. REVENUE

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

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

31.7.24 31.7.23
£    £   
Building services and products 200,179,581 181,747,099
Fuel 32,994,072 32,955,532
Haulage 4,011,672 4,475,705
Machinery and vehicle sales 3,535,784 3,652,015
Plant hire 2,203,142 2,440,965
242,924,251 225,271,316

All revenue is generated in the United Kingdom.

4. EMPLOYEES AND DIRECTORS
31.7.24 31.7.23
£    £   
Wages and salaries 28,348,199 20,016,005
Social security costs 2,939,018 2,177,257
Other pension costs 539,479 382,848
31,826,696 22,576,110

The average number of employees during the year was as follows:
31.7.24 31.7.23

Directors 6 6
Management, operations & administration 591 484
597 490

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

4. EMPLOYEES AND DIRECTORS - continued

31.7.24 31.7.23
£    £   
Directors' remuneration 426,743 431,591
Directors' pension contributions to money purchase schemes 3,963 5,138

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

Defined benefit schemes 3 4

Information regarding the highest paid director is as follows:
31.7.24 31.7.23
£    £   
Emoluments etc 117,243 100,741
Pension contributions to money purchase schemes 1,321 1,321

5. OPERATING PROFIT

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

31.7.24 31.7.23
£    £   
Hire of plant and machinery 6,248,524 5,059,189
Other operating leases 601,311 449,344
Depreciation - owned assets 2,360,776 2,406,753
Depreciation - assets on hire purchase contracts 7,134,102 4,099,574
Profit on disposal of fixed assets (1,698,178 ) (290,291 )
Goodwill amortisation 3,028,525 1,582,865
Auditors' remuneration 115,000 100,000
Auditors' remuneration for non audit work 182,214 6,906
Foreign exchange differences - (3,175 )

6. EXCEPTIONAL ITEMS
31.7.24 31.7.23
£    £   
Exceptional income - technical project
development funding

-

572,761

Income from technical project development funding
In the prior year the company recognised as income non-refundable funding received from an unconnected third party in connection with the development of a technical software project. This income was included within other operating income in the Consolidated Income Statement.

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.7.24 31.7.23
£    £   
Bank interest 4,621 611
Bank loan interest 761,542 123,564
Other interest 538,873 87,851
Loan interest & finance costs 2,924,261 1,918,767
Invoice financing costs 2,497,042 1,195,761
Hire purchase 4,088,582 2,135,082
10,814,921 5,461,636

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.7.24 31.7.23
£    £   
Current tax:
UK corporation tax 480,500 315,195
Prior years tax adjustments (257,941 ) 9,815
Total current tax 222,559 325,010

Deferred tax 4,035,100 2,402,647
Tax on profit 4,257,659 2,727,657

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

31.7.24 31.7.23
£    £   
Profit before tax 14,349,825 11,863,917
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 21 %)

3,587,456

2,491,423

Effects of:
Expenses not deductible for tax purposes 100,585 87,846
Depreciation in excess of capital allowances 253,886 126,266
Adjustments to tax charge in respect of previous periods 294,537 9,815
Chargeable gains 21,195 12,307
Total tax charge 4,257,659 2,727,657

Tax effects relating to effects of other comprehensive income

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


ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

8. TAXATION - continued
31.7.23
Gross Tax Net
£    £    £   
Property revaluation gain 6,967,316 (1,017,876 ) 5,949,440

9. INDIVIDUAL INCOME STATEMENT

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


10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 August 2023 24,425,880
Additions 8,557,339
Disposals (1,596,597 )
At 31 July 2024 31,386,622
AMORTISATION
At 1 August 2023 2,314,919
Amortisation for year 3,028,525
Eliminated on disposal (582,592 )
At 31 July 2024 4,760,852
NET BOOK VALUE
At 31 July 2024 26,625,770
At 31 July 2023 22,110,961

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

11. PROPERTY, PLANT AND EQUIPMENT

Group
Assets Improvements
Freehold Short under to
property leasehold construction property
£    £    £    £   
COST OR VALUATION
At 1 August 2023 45,223,650 3,586 3,659,258 50,942
Additions 11,442,295 - 14,654,053 -
Disposals (293,259 ) - - (41,891 )
Reclassification/transfer - - (1,336,255 ) (3,416 )
Acquisitions 233,867 102,771 - -
At 31 July 2024 56,606,553 106,357 16,977,056 5,635
DEPRECIATION
At 1 August 2023 96,041 3,586 - 43,936
Charge for year 162,869 21,427 - 4,189
Eliminated on disposal (1,209 ) - - (41,891 )
Reclassification/transfer - - - (6,234 )
Acquisitions - 34,756 - -
At 31 July 2024 257,701 59,769 - -
NET BOOK VALUE
At 31 July 2024 56,348,852 46,588 16,977,056 5,635
At 31 July 2023 45,127,609 - 3,659,258 7,006

Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 August 2023 51,420,057 153,504 25,102,889 806,000 126,419,886
Additions 11,850,304 121,686 10,649,387 393,452 49,111,177
Disposals (15,645,814 ) (150,064 ) (5,502,494 ) (280,707 ) (21,914,229 )
Reclassification/transfer 1,085,960 15,121 238,590 - -
Acquisitions 5,168,813 - - - 5,505,451
At 31 July 2024 53,879,320 140,247 30,488,372 918,745 159,122,285
DEPRECIATION
At 1 August 2023 16,636,654 71,515 5,395,181 333,439 22,580,352
Charge for year 5,181,007 14,729 4,026,145 84,512 9,494,878
Eliminated on disposal (6,261,949 ) (112,817 ) (2,225,802 ) (179,723 ) (8,823,391 )
Reclassification/transfer (124,776 ) 17,044 113,966 - -
Acquisitions 3,288,557 - - - 3,323,313
At 31 July 2024 18,719,493 (9,529 ) 7,309,490 238,228 26,575,152
NET BOOK VALUE
At 31 July 2024 35,159,827 149,776 23,178,882 680,517 132,547,133
At 31 July 2023 34,783,403 81,989 19,707,708 472,561 103,839,534

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

11. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Included in cost or valuation of land and buildings is freehold land of £33,497,246 (2023 - £33,497,246) which is not depreciated.

Cost or valuation at 31 July 2024 is represented by:

Assets Improvements
Freehold Short under to
property leasehold construction property
£    £    £    £   
Valuation in 2023 15,873,961 - - -
Cost 40,732,592 106,357 16,977,056 5,635
56,606,553 106,357 16,977,056 5,635

Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2023 - - - - 15,873,961
Cost 53,879,320 140,247 30,488,372 918,745 143,248,324
53,879,320 140,247 30,488,372 918,745 159,122,285

If the freehold land and building had not been revalued it would have been included at the following historical cost:

31.7.24 31.7.23
£    £   
Cost 40,732,592 29,349,689
Aggregate depreciation 126,135 45,557

The freehold property was revalued by the directors in July 2023 based upon valuations carried out by qualified professional valuers.

The net book value of property, plant and equipment includes £ 44,949,726 (2023 - £ 42,316,867 ) in respect of assets held under hire purchase contracts.

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

11. PROPERTY, PLANT AND EQUIPMENT - continued

Company
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2023 157,012 91,342 3,005,972 350,358 3,604,684
Additions 505,593 156,410 1,458,186 377,544 2,497,733
Disposals - - (284,422 ) - (284,422 )
At 31 July 2024 662,605 247,752 4,179,736 727,902 5,817,995
DEPRECIATION
At 1 August 2023 308 32,081 398,635 72,444 503,468
Charge for year 1,258 31,077 485,687 61,676 579,698
Eliminated on disposal - - (54,440 ) - (54,440 )
At 31 July 2024 1,566 63,158 829,882 134,120 1,028,726
NET BOOK VALUE
At 31 July 2024 661,039 184,594 3,349,854 593,782 4,789,269
At 31 July 2023 156,704 59,261 2,607,337 277,914 3,101,216

The net book value of property, plant and equipment includes £ 2,940,522 (2023 - £ 2,546,383 ) in respect of assets held under hire purchase contracts.

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 August 2023 70,444,544
Additions 12,646,920
Disposals (17,686,797 )
At 31 July 2024 65,404,667
NET BOOK VALUE
At 31 July 2024 65,404,667
At 31 July 2023 70,444,544


ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

12. FIXED ASSET INVESTMENTS - continued


Fixed asset investments are recognised at their historical cost value less any impairment and are made up of the following wholly owned subsidiaries of the company:

Ashcourt Contracts Limited
Ashcourt Concrete Limited
Ashcourt Construction Limited
Ashcourt Quarries Limited
Ashcourt Aggregates Limited
Ashcourt Fuels Limited
Ashcourt Highways Limited
Ashcourt Plant Limited
Ashcourt (Pocklington) Limited
Ashcourt Demolition Limited
Ashcourt Building Materials Limited
Ashcourt Logistics Limited
Ashcourt (Durham & Tees Valley) Limited (formerly John Wade (Haulage) Limited)
Aycliffe Landfill Limited (formerly Hull Aggregates Limited)
Edgar Ready Mix Concrete Limited
Mike Wakefield Tippers Limited
BGH (Hull) Limited
Humberside Excavations Limited
Eco Custom Homes Limited
Eko Custom Homes Limited
Eco Holiday Homes Limited
Eko Resorts Limited
Fleet Lane Limited
EC Surfacing Ltd
Swift Skips (Hull) Limited
Stonegrave Aggregates Limited
Hull Assets Limited
Brianplant Holdings Limited
Ashcourt (Lincolnshire) Limited (formerly Brianplant (Humberside) Limited)
Rhodes Asbestos Services Limited (100% subsidiary of Ashcourt Demolition Limited)

Fixed asset investments also includes a 51% ownership in Foster Street Limited.

All of the above subsidiaries are included within the company's consolidated accounts and all share the same registered office as Ashcourt Group Limited (the parent).

All principal activities are described in the group strategic report of the consolidated accounts.

On 25 July 2024 East Coast Construction (N.E.) Limited was sold and its investment disposed of from the group.

The Following subsidiaries have taken the audit exemption entitlement under Section 479A of the Companies Act 2006 relating to subsidiary companies:

Ashcourt Contracts Limited
Ashcourt Concrete Limited
Ashcourt Construction Limited
Ashcourt Quarries Limited
Ashcourt Aggregates Limited
Ashcourt Fuels Limited
Ashcourt Highways Limited
Ashcourt Plant Limited
Ashcourt (Pocklington) Limited
Ashcourt Demolition Limited

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

12. FIXED ASSET INVESTMENTS - continued

Ashcourt (Durham & Tees Valley) Limited (formerly John Wade (Haulage) Limited)
Aycliffe Landfill Limited (formerly Hull Aggregates Limited)
Edgar Ready Mix Concrete Limited
Mike Wakefield Tippers Limited
BGH (Hull) Limited
Humberside Excavations Limited
Eco Custom Homes Limited
EC Surfacing Ltd
Swift Skips (Hull) Limited
Stonegrave Aggregates Limited
Hull Assets Limited
Foster Street Limited
Brianplant Holdings Limited
Ashcourt (Lincolnshire) Limited (formerly Brianplant (Humberside) Limited)
Rhodes Asbestos Services Limited (100% subsidiary of Ashcourt Demolition Limited)

The following subsidiaries were dormant throughout the financial year and have opted not to file accounts:

Eko Custom Homes Limited
Eco Holiday Homes Limited
Eko Resorts Limited
Fleet Lane Limited
Ashcourt Building Materials Limited
Ashcourt Logistics Limited

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 August 2023 1,298,796
Additions 140,750
At 31 July 2024 1,439,546
NET BOOK VALUE
At 31 July 2024 1,439,546
At 31 July 2023 1,298,796

The Investment property was acquired on 31 January 2023 with improvements during the year. Cost is still considered to be fair value at 31 July 2024.

14. INVENTORIES

Group
31.7.24 31.7.23
£    £   
Stocks 4,022,533 5,570,425
Work-in-progress - 247,582
4,022,533 5,818,007

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Trade debtors 35,018,251 31,277,382 54,741 634,361
Amounts owed by group undertakings - - 1,611,556 -
Amounts owed by associates 21,775,619 13,532,160 7,344,573 -
Amounts recoverable on contracts 1,333,176 2,135,142 - -
Other debtors 5,958,923 4,347,791 2,941,867 1,964,561
Tax 121,524 122,716 - -
VAT - - 398,727 -
Deferred tax asset - - 481,554 1,306,369
Prepayments & accrued income 2,495,676 10,198,776 505,797 3,035,278
66,703,169 61,613,967 13,338,815 6,940,569

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Bank loans and overdrafts (see note 18) 1,083,894 40,207 3,399,826 6,464,004
Other loans (see note 18) 14,442,178 10,275,977 10,773,962 4,601,552
Hire purchase contracts (see note 19) 12,000,245 11,560,645 828,718 726,367
Trade creditors 27,175,549 38,182,516 1,208,485 3,736,208
Amounts owed to group undertakings - - - 20,199,284
Amounts owed to associates - - - 702,096
Tax 730,658 215,752 - -
Landfill tax payable 1,659,452 463,774 - -
Social security and other taxes 1,267,163 1,680,869 52,439 52,061
VAT 5,182,156 1,285,394 - 551,493
Other creditors 8,887,022 2,383,391 41,348 203
Deferred consideration 8,004,000 6,940,000 7,899,000 6,940,000
Invoice financing facility 20,304,075 11,002,402 20,304,075 -
Directors' current accounts 340,534 - - -
Deferred income 1,670,947 3,043,117 - -
Accrued expenses 4,460,549 7,666,999 317,504 293,191
107,208,422 94,741,043 44,825,357 44,266,459

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

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Bank loans (see note 18) 1,331,549 85,595 - -
Other loans (see note 18) 27,511,875 8,187,821 7,602,667 3,277,553
Hire purchase contracts (see note 19) 31,360,863 29,484,141 1,975,965 2,095,125
Deferred consideration 4,872,153 8,040,000 4,872,153 8,040,000
Directors' loan accounts - 2,356,437 - 578,969
65,076,440 48,153,994 14,450,785 13,991,647

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - - 3,399,826 6,464,004
Bank loans 1,083,894 40,207 - -
Other loans 14,442,178 10,275,977 10,773,962 4,601,552
15,526,072 10,316,184 14,173,788 11,065,556
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,311,952 40,207 - -
Other loans - 1-2 years 21,533,004 745,513 7,602,667 677,553
22,844,956 785,720 7,602,667 677,553
Amounts falling due between two and five years:
Bank loans - 2-5 years 19,597 45,388 - -
Other loans - 2-5 years 1,008,229 7,442,308 - 2,600,000
1,027,826 7,487,696 - 2,600,000
Amounts falling due in more than five years:
Repayable by instalments
Other loans more 5yrs instal 4,970,642 - - -

Short and medium term loans from various independent funders are utilised to assist with property financing and strategic acquisitions.

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.7.24 31.7.23
£    £   
Gross obligations repayable:
Within one year 13,501,419 12,973,968
Between one and five years 34,108,066 32,289,383
In more than five years 456,099 330,940
48,065,584 45,594,291

Finance charges repayable:
Within one year 1,501,174 1,413,323
Between one and five years 3,203,302 3,123,930
In more than five years - 12,252
4,704,476 4,549,505

Net obligations repayable:
Within one year 12,000,245 11,560,645
Between one and five years 30,904,764 29,165,453
In more than five years 456,099 318,688
43,361,108 41,044,786

Company
Hire purchase contracts
31.7.24 31.7.23
£    £   
Gross obligations repayable:
Within one year 1,072,879 940,361
Between one and five years 2,558,134 2,572,724
3,631,013 3,513,085

Finance charges repayable:
Within one year 244,161 213,994
Between one and five years 582,169 477,599
826,330 691,593

Net obligations repayable:
Within one year 828,718 726,367
Between one and five years 1,975,965 2,095,125
2,804,683 2,821,492

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

19. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
31.7.24 31.7.23
£    £   
Within one year 2,049,830 1,969,482
Between one and five years 3,761,553 2,612,359
In more than five years - 3,591
5,811,383 4,585,432

Company
Non-cancellable operating leases
31.7.24 31.7.23
£    £   
Within one year 10,303 17,036
Between one and five years 26,617 -
36,920 17,036

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Bank overdraft - - 3,399,826 6,464,004
Bank loans 2,415,443 125,802 - -
Other loans 41,954,053 18,463,798 18,376,629 7,879,105
Hire purchase contracts 43,361,108 41,044,786 2,804,683 2,821,492
Invoice financing facility 20,304,075 11,002,294 20,304,075 -
Deferred consideration 12,876,153 14,980,000 12,771,153 14,980,000
120,910,832 85,616,680 57,656,366 32,144,601

Bank loans, invoice financing facilities and other loans are secured by either debentures and/or charges over the property or entity being financed, along with inter-company guarantees where applicable from other companies in the group.

Hire purchase liabilities are secured by charges over the individual assets being financed.

Deferred consideration payments are secured via the terms of the respective sale and purchase agreement and in some instances via personal guarantees from the managing director and controlling shareholder, K J Bousfield. The vendors of Eco Custom Homes Limited and Brianplant Holdings Limited have an all assets debenture over Eco Custom Homes Limited and Brianplant Holdings Limited/Ashcourt (Lincolnshire) Limited in addition to the sale and purchase agreement security.

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

21. PROVISIONS FOR LIABILITIES

Group
31.7.24 31.7.23
£    £   
Deferred tax 14,691,327 11,252,437

Group
Deferred
tax
£   
Balance at 1 August 2023 11,252,437
Provided during year 4,035,100
On acquisitions 477,847
On disposals (1,074,057 )
Balance at 31 July 2024 14,691,327

Company
Deferred
tax
£   
Balance at 1 August 2023 (1,306,369 )
Utilised during year 824,815
Balance at 31 July 2024 (481,554 )

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary £1 100 100

23. RESERVES

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

At 1 August 2023 20,328,655 13,988,387 5,949,440 40,266,482
Profit for the year 10,092,166 - - 10,092,166
At 31 July 2024 30,420,821 13,988,387 5,949,440 50,358,648

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

23. RESERVES - continued

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 August 2023 8,239,736 13,988,387 22,228,123
Profit for the year 2,028,386 - 2,028,386
At 31 July 2024 10,268,122 13,988,387 24,256,509


24. CAPITAL COMMITMENTS
31.7.24 31.7.23
£    £   
Contracted but not provided for in the
financial statements - 6,375,536

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

25. OTHER FINANCIAL COMMITMENTS - GROUP FINANCING FACILITIES

The company is the parent of Ashcourt Group Limited (the 'Ashcourt Group'), and is a party to group-wide financing facilities.

Ashcourt Group Limited utilises a £25million invoice financing facility with Jardine Norton Capital Limited. The debt is secured by a debenture creating fixed and floating charges over all assets within certain subsidiaries (being Ashcourt Aggregates, Ashcourt Construction Limited, Ashcourt Fuels Limited, Ashcourt Highways Limited, Ashcourt Concrete Limited, BGH (Hull) Limited, Stonegrave Aggregates Limited and Ashcourt (Lincolnshire) Limited).

Other companies in the Ashcourt Group have, where applicable/required, commercial loan agreements with independent third party funders secured by first legal charges against freehold commercial properties owned by the group.

Subsidiary companies Ashcourt (Pocklington) Limited and Hull Assets Limited together with other related companies under common ownership but not part of the Ashcourt Group, are party to commercial property financing facilities totalling £45.3 million with ICG-Longbow Investment No.5 S.A.R.L.. This facility is repayable in November 2025, and included a £9.6 million committed facility for development capital to be utilised for property acquisitions and planned site development as incurred.

Of the total £45.3 million facility, £8.8 million is assigned to Ashcourt (Pocklington) Limited and Hull Assets Limited. The remaining £36.5 million is assigned to other related companies under common ownership but not part of the Ashcourt Group.

At the date of the signing of these financial statements, £40.4 million of the total £45.3 million facility had been utilised, with £7.6 million assigned to entities within the Ashcourt Group and £32.8 million assigned to other related companies under common control.

Primary security provided for the facility is by way of first legal charges over the portfolio of properties against which the commercial mortgages are granted with recent external valuations of £59 million providing an LTV ratio of 68.6%. Additional security is provided in the form of debentures over the assets of the relevant borrowing entity and first legal charges over the shares of each borrowing entity.

The only security granted to ICG Longbow within the Ashcourt Group is a charge in Ashcourt Group Limited over the shares in each of Ashcourt (Pocklington) Limited and Hull Assets Limited, and on a fixed and floating charge debenture in each of Ashcourt (Pocklington) Limited and Hull Assets Limited. Ashcourt Group Limited, nor any other entity within the group, guarantees the facility.

Therefore the exposure of Ashcourt Group Limited and it's subsidiary companies is limited to the value of the property and other assets held within each of Ashcourt (Pocklington) Limited and Hull Assets Limited only; not the full facility of £45.3 million.

On 12 December 2022 the subsidiary company Foster Street Limited, undertook a property refinancing exercise with Unite International Limited, resulting in Unite International Limited acquiring a non controlling interest of 49% interest in the ordinary share capital of Foster Street Limited, plus 10 non-voting redeemable preference shares in Foster Street Limited. The value attributed to the refinancing, including share premium, was £10 million. These cumulative redeemable preference shares carry the right to a fixed dividend equal to 6.5% per annum of the value of the shares including their premium. Upon repayment of these facilities, Ashcourt Group Limited has the right to re-purchase the 49% shareholding in Foster Street Limited at market value.

EC Surfacing Limited has entered into a £2 million invoice financing facility with Ultimate Finance Limited. The debt is secured by a debenture creating fixed and floating charges over the assets of EC Surfacing Limited and also a debenture creating fixed and floating charges over all assets owned by Ashcourt Group Limited (other than investments in the share capital of each of Ashcourt (Pocklington) Limited, Edgar Ready Mix Concrete Limited, Hull Assets Limited and Eco Custom Homes Limited (and its direct subsidiary undertakings).


ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024
The Ashcourt Group did not have any overdraft facilities in place with any bank, and did not have any overdrawn positions either at the end of the financial year or at the date of approval of these financial statements. Certain entities within the group form part of an offset facility with National Westminster Bank whereby individual company balances may be overdrawn at any one time so long as the aggregate total of the balances across all entities within the offset facility are in credit. The bank has a right of set-off over all bank balances within the offset facility. The offset facility was in credit overall as at 31 July 2024, and as at the date of approval of these financial statements.

26. RELATED PARTY DISCLOSURES

In the prior year a loan of £500,000 was received from Barry Geekie, a director of one of the subsidiary undertakings. The loan is subject to commercial interest charges and as at 31 July 2024 the total amount outstanding including interest was £537,397.

During the year to 31 July 2023 the group received management charges from the following companies which are under common ownership but not in the group:

£
Bankside Business Park Limited 475,000
Ashcourt Properties (Newland) Limited 415,704
Ashcourt Properties Limited 30,000
Ashcourt Farms Limited 24,000
Ashcourt (Stockholm Road) Limited 40,296
Simpson Quarries Limited 60,000

No management charges were received during the year to 31 July 2024 from the above companies.

The group also traded with the following companies which are under common ownership but not in the group:

Ashcourt Properties (Newland) Limited
Ashcourt Properties Limited
Ashcourt (Cavendish) Limited
Ashcourt (Durham) Limited
Ashcourt Farms Limited
Ashcourt Homes Limited
Ashcourt (Stockholm Road) Limited
Mansion Gate House Limited
Morton Homes Limited
Ashcourt (Bridlington) Limited
Ashcourt Developments Limited
Bankside Business Park Limited
David Flynn Limited
Mill Balk Quarry Limited
Simpson Quarries Limited
Swipe Living Limited
WELMC Limited
Gameslack Farm Limited
Driffield Dental Developments Limited

2024 2023
£ £
Sales of building products and services from the group 8,836,658 966,607
Purchases of building products and services to the group 619,183 1,591,665
Interest paid to the group from associates - 369,605
Interest paid by the group to associates - 102,489
Management charges received as detailed above - 1,045,000

Amounts owed from / (to) the associated companies are detailed in note 15 to the accounts.

The group also paid £720,000 (2023: £720,000) of rent to Foster Street Limited its 51% subsidiary.

ASHCOURT GROUP LIMITED (REGISTERED NUMBER: 11588892)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

27. POST BALANCE SHEET EVENTS

On 9 December 2024 the group acquired a 100% shareholding in J.M. Haulage (Leeds) Limited now known as Ashcourt (West Yorkshire) Limited.

On 23 December 2024 the group acquired a 100% shareholding in Jinky Services Limited.

28. ULTIMATE CONTROLLING PARTY

The controlling party is K J Bousfield.

29. BUSINESS COMBINATIONS

The following investments in subsidiary undertakings were made during this financial year:

Date of acquisition 21.12.23 02.02.24




Brianplant
HoldingsLimit
ed /Ashcourt
(Lincolnshire)

Rhodes
Asbestos
Limited *



Total
Consideration satisfied by: £ £ £
Cash 7,969,324 112,050 8,081,374
Deferred consideration 4,123,153 105,000 4,228,153
Total consideration 12,092,477 217,050 12,309,527

Net assets acquired:
Tangible fixed assets 2,111,263 70,875 2,182,138
Current assets 5,198,799 143,035 5,341,834
Cash at bank and in hand 443,444 87,242 530,686
Current liabilities (2,999,918 ) (276,263 ) (3,276,181 )
Provisions for deferred tax (477,847 ) - (477,847 )
4,275,741 24,889 4,300,630
Goodwill 7,816,736 192,161 8,008,897
Total consideration 12,092,477 217,050 12,309,527
Post acquisition profit
before tax

63,274

20,722

83,996

* Acquisition of Rhodes Asbestos Limited on 02 February 2024 by Ashcourt Demolition Limited, a 100% subsidiary of Ashcourt Group Limited