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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Statutory Auditor |
Halifax House |
30 George Street |
Hull |
HU1 3AJ |
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 |
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 |
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 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Share premium | 23 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 July 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 July 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 machinery | 10-30% straight line |
Motor vehicles | 20-25% reducing balance |
Fixtures and fittings | 15-20% reducing balance |
Computer equipment | 15% 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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
Additions |
Disposals | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
Amounts owed by group undertakings | - | - |
Amounts owed by associates | 21,775,619 | 13,532,160 |
Amounts recoverable on contracts | 1,333,176 | 2,135,142 |
Other debtors | 5,958,923 | 4,347,791 |
Tax | 121,524 | 122,716 |
VAT | - | - |
Deferred tax asset | - | - | 481,554 | 1,306,369 |
Prepayments & accrued income | 2,495,676 | 10,198,776 |
66,703,169 | 61,613,967 |
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 |
Other loans (see note 18) | 14,442,178 | 10,275,977 |
Hire purchase contracts (see note 19) | 12,000,245 | 11,560,645 |
Trade creditors | 27,175,549 | 38,182,516 |
Amounts owed to group undertakings | - | - |
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 |
VAT | 5,182,156 | 1,285,394 | - | 551,493 |
Other creditors | 8,887,022 | 2,383,391 |
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 |
107,208,422 | 94,741,043 |
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 |
Hire purchase contracts (see note 19) | 31,360,863 | 29,484,141 |
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 |
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 | - | - |
Bank loans | 1,083,894 | 40,207 |
Other loans | 14,442,178 | 10,275,977 |
15,526,072 | 10,316,184 |
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 |
22,844,956 | 785,720 |
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 |
1,027,826 | 7,487,696 |
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 |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
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 |
Between one and five years |
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 | - | - |
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 |
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 | ( |
) |
Utilised during year |
Balance at 31 July 2024 | ( |
) |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.24 | 31.7.23 |
value: | £ | £ |
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 | 22,228,123 |
Profit for the year | - |
At 31 July 2024 | 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 |