Registration number:
for the Year Ended 30 June 2024
ASHLEY GROUP HOLDINGS LIMITED
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Income Statement |
|
Income Statement |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Statement of Financial Position |
|
Statement of Financial Position |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
ASHLEY GROUP HOLDINGS LIMITED
Company Information
Directors |
Mr Peter Robert Allan Mrs Ellyn Mann |
Registered office |
|
Bankers |
|
Auditors |
|
ASHLEY GROUP HOLDINGS LIMITED
Strategic Report for the Year Ended 30 June 2024
The directors present their strategic report for the year ended 30 June 2024.
Principal activity
The principal activity of the company is during the year continued to be that of a holding company and through its subsidiaries that of the provision of shipping services, ship owning, ship management, ship chartering services to third party customers and to its fellow subsidiary companies and the purchase and sale of commodities from international suppliers to international customers respectively. There have been no significant changes in the Company's principal activities during the period and the Directors are not aware at the date of this report, of any likely changes in the Company's activities in the forthcoming year.
Results and performance
The Statement of Comprehensive Income for the year is set out on page 12. The Group's total comprehensive income for the year of £16,516,463 (2023: £5,227,904) has been transferred to reserves. The total Shareholders’ Funds for the year are £51,457,648 (2023: £41,235,894) of which the equity attributable to the owners of the company is £50,219,450 (2023: £37,282,527).
The Group’s asset management activity is carried out through its investment arm ACL Holding Ltd, and with selected strategic partners. And significantly the Group diversified its commercial activities through performing commercial management for vessels owned by third parties as well as for Group-owned vessels.
The purchase options on four 2019-2020 built dry bulk carriers which were acquired in October 2023 were exercised during the year as follows: -
• The option on the first vessel was exercised in March 2024 and the vessel subsequently sold and leased back on the same date.
• The option on the second vessel was exercised in April 2024 and the vessel was immediately sold.
• The option on the third vessel was exercised in May 2024 but was not completed until after the Balance Sheet date.
• The option on the fourth vessel has not yet been exercised.
Also, during the year, the Group disposed of three vessels and replaced them with newer vessels as part of a drive to renew the fleet with younger vessels.
Future developments
The Group is well positioned to take advantage of future opportunities in a highly competitive and cost-efficient market. Where possible the Company has responded with innovation and reorganisation to drive down costs and find better, more efficient solutions. A focused strategy has been effective in strengthening market position and changing the industry dynamics.
Going forward. the Group aims to continue growing in the UK and internationally. This will be achieved organically meeting clinical needs with existing products, through product development, and through acquisitions. With a dedicated team in place, we have confidence we will adapt to these rapid changes in the marketplace.
The period of global uncertainty looks set to continue, however with our continued investment and innovation, we remain confident in our ability to respond effectively to these challenges and maintain our robust operational and financial performance.
Directors' statutory responsibilities
The Directors are aware of the duties and responsibilities placed upon them by the Companies Acts and therefore they carry out the duties in a way that they consider would be most likely to promote the success of the Group for the benefit of its members, and in doing so have regard to a range of matters when making decisions for the short and long term.
ASHLEY GROUP HOLDINGS LIMITED
Strategic Report for the Year Ended 30 June 2024
They adhere to the overall Group policies laid out by the members. Their main responsibilities are:-
1. Setting the values used to guide the affairs of the Group. This includes the Group's commitment to achieving its health and safety goals and the Group's adherence to the highest ethical standards in all its operations worldwide.
2. Integrating environmental improvement into business plans and strategies and seeking to plant sustainability into the Group's business processes.
3. Overseeing the Group's compliance with its statutory and regulatory obligations and ensuring that systems and processes are in place to enable these obligations to be met.
4. Setting the strategy and targets of the Group.
5. Overseeing the Group's compliance with financial reporting and disclosure obligations.
6. Overseeing the risk management of the Group.
7. Ensuring the effective corporate governance of the Group.
Responsibilities during the period
During the year, the Directors set out a plan for their tasks for the ensuing year, which includes a review of strategy, objectives and their implementation, and the review and monitoring of the Group's financial performance.
It is the duty of the accounts function to provide the Directors with appropriate, precise, and timely information on the operations and financial performance of the Group which are documented and regularly reviewed.
Examples include: -
• Detailed forecasting and scenario testing.
• Regularly reviewing actual performance against budgets and forecasts.
• Ensuring that exposure to foreign exchange is minimised through prompt payment of intergroup current accounts and managing currency balances as appropriate.
• Taking sufficient insurance cover including business interruption.
• Maintaing centralised policies and procedures.
Risk management and internal control
The Directors acknowledge their responsibility for the Group's system of internal control and for reviewing its effectiveness. The Group's system of internal control is designed to manage any potential operational or financial risks.
The Group adopts internal controls appropriate to its business activities and geographical spread and has in place clearly defined lines of responsibility and limits of delegated authority. Comprehensive procedures provide for the appraisal, approval, control, and review of capital expenditure.
In particular, the directors: -
• Conduct on-going financial monitoring and forecasting which ensures decision making can take place in the context of longer-term ambitions and with regard to longer term impacts.
• Recognise that the employees and the Group’s culture are key components of its success, and they ensure that the employees have an open line of communication with senior managers and the directors so that the directors and senior management may maintain an awareness of employee interests when making important decisions.
• Identify, assess and balance risks as part of their decision-making process.
• Recognise the importance of having regard to the interests of customers and business partners to ensure continued success of the Group’s operations.
ASHLEY GROUP HOLDINGS LIMITED
Strategic Report for the Year Ended 30 June 2024
Principal risks and uncertainties
The management of the business and the execution of the Group's strategy are subject to several risks. The Group is subject to management processes applicable to the entire Group. The Group's risk management programme seeks to limit the adverse effects of these factors on the financial performance of group companies. Information on how the risks to the Group arise are set out below, as are the objectives, policies and processes for their management and the methods used to measure each risk. The key business risks and uncertainties affecting the Group include:
Geographic risk
The Group operates in several countries worldwide, each with specific political, economic and social characteristics which can give rise to various risks and uncertainties that can, on occasion, adversely impact project execution and financial performance, including but not limited to: -
- Economic instability
- Legal, fiscal and regulatory uncertainty and change;
- Export controls
- Civil or political unrest; including war; and
- Regime change
Country or regional risks are identified and evaluated before and during Group operations in such markets. Appropriate risk responses are developed and implemented to mitigate the likelihood and impact of identified risks. The Group adopts a protective and rigorous approach to assessing and mitigating these risks.
Cash flow and liquidity risk
The Group's working capital position is affected by the timing of contract cash flows where the timing of receipts from customers may not necessarily match the timing of payments made to suppliers. The availability of short-term and long-term financing may be required to meet obligations as they fall due.
All the subsidiaries are part of the Group's centralised financing arrangements which, through committed banking facilities, seeks to meet the working capital requirements of all group companies and finance the acquisition or construction of new assets. The Group actively maintains a mixture of long-term and short-term committed facilities that are designed to ensure the Group has sufficient available funds for operations and planned expansions. The Group has access to committed external facilities and other sources of external finance which can be made available to the subsidiaries as required.
In the opinion of the Directors the Group is well placed to successfully manage the principal risks and uncertainties.
This report was approved by the
......................................... |
ASHLEY GROUP HOLDINGS LIMITED
Directors' Report for the Year Ended 30 June 2024
The directors present their report and the consolidated financial statements for the year ended 30 June 2024.
Directors' of the group
The directors, who held office during the year, were as follows:
Objectives and policies
The directors acknowledge their responsibility for the Company's system of internal control and for reviewing its effectiveness. The Company's system of internal control is designed to manage any potential operational or financial risks.
The Company adopts internal controls appropriate to its business activities and geographical spread and has in place clearly defined lines of responsibility and limits of delegated authority. Comprehensive procedures provide for the appraisal, approval, control, and review of capital expenditure.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
......................................... |
ASHLEY GROUP HOLDINGS LIMITED
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 UK adopted International Financial Reporting Standards (IFRSs). 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 group and the company 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 apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK adopted International Financial Reporting Standards (IFRSs) have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ASHLEY GROUP HOLDINGS LIMITED
Independent Auditor's Report to the Members of ASHLEY GROUP HOLDINGS LIMITED
Opinion
We have audited the financial statements of ASHLEY GROUP HOLDINGS LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and 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 UK adopted International Financial Reporting Standards (IFRSs).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with UK adopted IFRSs; 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 auditor 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 director's 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 or parent company’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
ASHLEY GROUP HOLDINGS LIMITED
Independent Auditor's Report to the Members of ASHLEY GROUP HOLDINGS LIMITED
Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 Strategic Report and the Directors' Report.
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 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• |
enquiry of management about the Group’s policies, procedures and related controls regarding compliance
|
• |
examining supporting documents for all material balances, transactions and disclosures; |
• |
review of the board meeting minutes; |
• |
enquiry of management and review and inspection of relevant correspondence; |
• |
evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions; |
• |
analytical procedures to identify any unusual or unexpected relationships; |
ASHLEY GROUP HOLDINGS LIMITED
Independent Auditor's Report to the Members of ASHLEY GROUP HOLDINGS LIMITED
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 auditor’s report.
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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Suite 1, First Floor
Jack Dash House
2 Lawn House Close
E14 9YQ
ASHLEY GROUP HOLDINGS LIMITED
Consolidated Income Statement for the Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Revenue |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Other gains/(losses) |
|
( |
|
Operating profit |
|
|
|
Finance income |
|
|
|
Finance costs |
( |
( |
|
Net finance cost |
( |
( |
|
Profit before tax |
|
|
|
Income tax expense |
( |
( |
|
Profit for the year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
|
Non-controlling interests |
( |
( |
|
|
|
The above results were derived from continuing operations.
ASHLEY GROUP HOLDINGS LIMITED
Income Statement for the Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Revenue |
|
- |
|
Administrative expenses |
( |
( |
|
Operating loss |
( |
( |
|
Finance income |
|
|
|
Finance costs |
( |
- |
|
Net finance income |
|
|
|
Profit before tax |
|
|
|
Profit for the year |
|
|
ASHLEY GROUP HOLDINGS LIMITED
Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Profit for the year |
|
|
|
Items that may be reclassified subsequently to profit or loss |
|||
Foreign currency translation gains |
|
|
|
Total comprehensive income for the year |
|
|
|
Total comprehensive income attributable to: |
|||
Owners of the company |
|
|
|
Non-controlling interests |
( |
( |
|
|
|
ASHLEY GROUP HOLDINGS LIMITED
(Registration number: 13157800)
Consolidated Statement of Financial Position as at 30 June 2024
Note |
30 June |
30 June |
|
Assets |
|||
Non-current assets |
|||
Property, plant and equipment |
|
|
|
Right of use assets |
|
- |
|
Equity accounted investments |
|
|
|
Contract assets |
|
- |
|
|
|
||
Current assets |
|||
Inventories |
|
|
|
Trade and other receivables |
|
|
|
Cash and cash equivalents |
|
|
|
|
|
||
Total assets |
|
|
|
Equity and liabilities |
|||
Equity |
|||
Share capital |
(112,000) |
(112,000) |
|
Foreign currency translation reserve |
(1,655,064) |
(1,634,603) |
|
Retained earnings |
(48,452,386) |
(35,535,923) |
|
Equity attributable to owners of the company |
(50,219,450) |
(37,282,526) |
|
Non-controlling interests |
(4,238,198) |
(3,953,367) |
|
Total equity |
(54,457,648) |
(41,235,893) |
|
Non-current liabilities |
|||
Loans and borrowings |
( |
( |
|
Current liabilities |
|||
Trade and other payables |
( |
( |
|
Loans and borrowings |
( |
( |
|
Income tax liability |
( |
( |
|
( |
( |
||
Total liabilities |
( |
( |
|
Total equity and liabilities |
( |
( |
Approved by the
......................................... |
ASHLEY GROUP HOLDINGS LIMITED
(Registration number: 13157800)
Statement of Financial Position as at 30 June 2024
Note |
30 June |
30 June |
|
Assets |
|||
Non-current assets |
|||
Property, plant and equipment |
|
- |
|
Right of use assets |
|
- |
|
Investments in subsidiaries, joint ventures and associates |
|
|
|
|
|
||
Current assets |
|||
Trade and other receivables |
|
|
|
Cash and cash equivalents |
|
|
|
|
|
||
Total assets |
|
|
|
Equity and liabilities |
|||
Equity |
|||
Share capital |
(112,000) |
(112,000) |
|
Retained earnings |
(1,034,358) |
(431,700) |
|
Total equity |
(1,146,358) |
(543,700) |
|
Non-current liabilities |
|||
Loans and borrowings |
( |
- |
|
Current liabilities |
|||
Trade and other payables |
( |
( |
|
Loans and borrowings |
( |
- |
|
( |
( |
||
Total liabilities |
( |
( |
|
Total equity and liabilities |
( |
( |
Approved by the
......................................... |
ASHLEY GROUP HOLDINGS LIMITED
Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Share capital |
Foreign currency translation reserve |
Retained earnings |
Total |
Non-controlling interests |
Total equity |
|
At 1 July 2023 |
|
|
|
|
|
|
Profit/(loss) for the year |
- |
- |
|
|
( |
|
Other comprehensive income |
- |
|
- |
|
- |
|
Total comprehensive income |
- |
|
|
|
( |
|
Other reserve movements |
- |
- |
(3,600,000) |
(3,600,000) |
- |
(3,600,000) |
Non controlling interest dividends |
- |
- |
- |
- |
( |
( |
Acquisition of subsidiaries, increase or decrease in equity |
- |
- |
- |
- |
|
|
At 30 June 2024 |
|
|
|
|
|
|
Share capital |
Foreign currency translation reserve |
Retained earnings |
Total |
Non-controlling interests |
Total equity |
|
At 1 July 2022 |
|
|
|
|
|
|
Profit/(loss) for the year |
- |
- |
|
|
( |
|
Other comprehensive income |
- |
|
- |
|
- |
|
Total comprehensive income |
- |
|
|
|
( |
|
Non controlling interest dividends |
- |
- |
- |
- |
( |
( |
Acquisition of subsidiaries, increase or decrease in equity |
- |
- |
- |
- |
( |
( |
At 30 June 2023 |
112,000 |
1,634,603 |
35,535,923 |
37,282,526 |
3,953,367 |
41,235,893 |
ASHLEY GROUP HOLDINGS LIMITED
Statement of Changes in Equity for the Year Ended 30 June 2024
Share capital |
Retained earnings |
Total |
|
At 1 July 2023 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Other capital redemption reserve movements |
- |
(3,600,000) |
(3,600,000) |
At 30 June 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 July 2022 |
|
( |
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 30 June 2023 |
112,000 |
431,700 |
543,700 |
ASHLEY GROUP HOLDINGS LIMITED
Consolidated Statement of Cash Flows for the Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Depreciation on right of use assets |
68,350 |
- |
|
Profit on disposal of property plant and equipment |
( |
- |
|
Loss from disposals of investments |
|
|
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in inventories |
( |
( |
|
(Increase)/decrease in trade and other receivables |
( |
|
|
Decrease in trade and other payables |
( |
( |
|
Increase in contract assets |
( |
- |
|
Cash generated from operations |
( |
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of property plant and equipment |
( |
( |
|
Proceeds from sale of property plant and equipment |
|
|
|
Advances of loans, classified as investing activities |
|
|
|
Proceeds from disposal of investments in joint ventures and associates |
- |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
|
|
|
Net cash flows from financing activities |
|
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 July |
24,985,736 |
39,276,296 |
|
Cash and cash equivalents at 30 June |
10,879,390 |
24,985,736 |
ASHLEY GROUP HOLDINGS LIMITED
Statement of Cash Flows for the Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
- |
|
Depreciation on right of use assets |
68,350 |
- |
|
Finance income |
( |
( |
|
Finance costs |
|
- |
|
( |
( |
||
Working capital adjustments |
|||
Increase in trade and other receivables |
( |
( |
|
Increase in trade and other payables |
|
|
|
Net cash flow from operating activities |
( |
( |
|
Cash flows from investing activities |
|||
Acquisitions of property plant and equipment |
( |
- |
|
Dividend income |
|
|
|
Net cash flows from investing activities |
|
|
|
Cash flows from financing activities |
|||
Voluntary distribution |
( |
- |
|
Payments to finance lease creditors |
( |
- |
|
Net cash flows from financing activities |
( |
- |
|
Net increase in cash and cash equivalents |
|
- |
|
Cash and cash equivalents at 1 July |
1,000 |
1,000 |
|
Cash and cash equivalents at 30 June |
26,222 |
1,000 |
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated and domiciled in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Statement of compliance
The group financial statements have been prepared in accordance with International Financial Reporting Standards and its interpretations adopted by the UK ("UK adopted IFRSs").
Summary of material accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The financial statements have been prepared in accordance with adopted IFRSs and under historical cost accounting rules.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group's accounting policies.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the Group will generate sufficient working capital to continue in operational existence for the foreseeable future.
The directors have prepared cash projections for the Group for a period of at least 12 months from the date of approval of these financial statements. They believe the Group will generate sufficient working capital and cash flows to continue in operational existence and will have the ongoing support of its share-holders, if required.
The directors have, at the time of approving the financial statements, an expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, it continues to adopt the going concern basis of accounting in preparing the financial statements.
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Changes in accounting policy
None of the standards, interpretations and amendments effective for the first time from 1 July 2023 have had a material effect on the financial statements.
None of the standards, interpretations and amendments which are effective for periods beginning after 1 July 2023 and which have not been adopted early, are expected to have a material effect on the financial statements.
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Revenue recognition
Recognition
The group earns revenue from the provision of services relating to Revenue from time charters is accounted for on a straight-line basis over the rental periods of such charters. Revenue from voyage charters are accounted for as voyage charter income and recognised on a straight-line basis over the rental periods of such charters, as performance obligations are fulfilled, to the end of the financial reporting period.
In discharging its obligations under such charters, revenue is disaggregated into a lease component (bareboat charter), the charterer is provided with an identified asset, specified in the respective charter party with little or no right of substitution, and a non-lease component (contract fulfilment costs) since the charterer obtains substantially all of the economic benefits from using the vessel and has the right to direct how and for what purpose the vessel will be used during the contract term but the crew and technical management of the vessel are borne by the Company. For these reasons, the revenue attributable to each component is disclosed separately in the revenue note being two distinct income streams.
Revenue from the pool distribution and As Earned Vessel ("AEV") revenue is recognised over the performance period during which the performance obligation under the contract is fulfilled, irrespective of when the revenue is distributed, ensuring that revenue is accrued as the obligations are fulfilled by the end of the financial reporting period.
The Group recognises revenue from a profit-sharing agreement with counterparties of certain vessels, under which the company is entitled to 25% of the net profits generated by the vessel’s commercial operations. Revenue is recognised as the company becomes entitled to its share of the profits, typically monthly as it is earned. The amount of consideration is variable and depends on the performance of the vessel's operations. The company applies a constraint to the variable consideration, recognising revenue only when it is highly probable that there will not be a significant reversal.
A contract asset arises when the company has satisfied its performance obligation, but the payment is not yet due. As at the reporting date, the contract asset represents the initial working capital contribution as per the profit share agreement expected to be received. The contract asset is derecognised and reclassified a receivable when the company’s right to payment becomes unconditional. . This revenue is recognised in the accounting period when the services are rendered at an amount that reflects the consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers.
The principles in IFRS are applied to revenue recognition criteria using the following 5 step model:
1. Identify the contracts with the customer
2. Identify the performance obligations in the contract
3. Determine the transaction price
4. Allocate the transaction price to the performance obligations in the contract
5. Recognise revenue when or as the entity satisfies its performance obligations
Foreign currency transactions and balances
the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the
respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary
items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when
the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Property, plant and equipment
The group’s vessels are carried at cost less any accumulated depreciation and less any accumulated impairment losses.
The vessels’ residual value and useful lives are reviewed and adjusted if appropriate at each reporting date.
Where the carrying amount of an asset is greater than its estimated recoverable amount, the asset is written down immediately to its recoverable amount.
Expenditure for repairs and maintenance of vessel is charged to profit or loss of the year in which it is incurred. The cost of major renovations and other subsequent expenditure are included in the carrying amount of the asset when it is probable that future economic benefits in excess of the originally assessed standard of performance of the existing asset will flow to the Company. Major renovations are depreciated over the remaining useful life of the related asset.
Gains and losses on disposal of the vessel are determined by comparing proceeds with carrying amount and are included in profit or loss in the statement of comprehensive income.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Vessels |
25 years - straight line |
FF and equipment |
25% - reducing balance |
Short leasehold property |
15% - straight line |
Drydocking and special survey costs
Significant expenditure on drydocking and special survey costs is capitalised and depreciated through profit or loss in the statement of comprehensive income on a straight-line basis over the period until the next anticipated drydocking/special survey which approximately takes place every 24 months. When im-pairment is recognised against the carrying value of the vessel the unamortised amount of the drydock and special survey costs is amortised on a straight-line method over the remaining 24 months period.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Amortisation
Significant expenditure on drydocking and special survey costs is capitalised and depreciated through profit or loss in the statement of comprehensive income on a straight-line basis over the period until the next anticipated drydocking/special survey which approximately takes place every 24 months. When im-pairment is recognised against the carrying value of the vessel the unamortised amount of the drydock and special survey costs is amortised on a straight-line method over the remaining 24 months period.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Trade receivables
Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Borrowings
All borrowings are initially recorded at the amount of proceeds received, net of transaction costs. Borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in finance costs.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
Leases
Definition
A lease is a contract, or a part of a contract, that conveys the right to use an asset or a physically distinct part of an asset (“the underlying asset”) for a period of time in exchange for consideration. Further, the contract must convey the right to the group to control the asset or a physically distinct portion thereof. A contract is deemed to convey the right to control the underlying asset if, throughout the period of use, the group has the right to:
· Obtain substantially all the economic benefits from the use of the underlying asset, and;
· Direct the use of the underlying asset (e.g. direct how and for what purpose the asset is used)
Initial recognition and measurement
The group initially recognises a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term.
The lease liability is measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments, purchase options at exercise price (where payment is reasonably certain), expected amount of residual value guarantees, termination option penalties (where payment is considered reasonably certain) and variable lease payments that depend on an index or rate.
The right-of-use asset is initially measured at the amount of the lease liability, adjusted for lease prepayments, lease incentives received, the group’s initial direct costs (e.g., commissions) and an estimate of restoration, removal and dismantling costs.
Subsequent measurement
After the commencement date, the group measures the lease liability by:
(a) Increasing the carrying amount to reflect interest on the lease liability;
(b) Reducing the carrying amount to reflect the lease payments made; and
(c) Re-measuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in substance fixed lease payments or on the occurrence of other specific events.
Interest on the lease liability in each period during the lease term is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. Interest charges are [presented separately as non-operating /included in finance cost] in the income statement, unless the costs are included in the carrying amount of another asset applying other applicable standards. Variable lease payments not included in the measurement of the lease liability, are included in operating expenses in the period in which the event or condition that triggers them arises.
The related right-of-use asset is accounted for using the Cost model in IAS 16 and depreciated and charged in accordance with the depreciation requirements of IAS 16 Property, Plant and Equipment as disclosed in the accounting policy for Property, plant and equipment. Adjustments are made to the carrying value of the right of use asset where the lease liability is re-measured in accordance with the above. Right of use assets are tested for impairment in accordance with IAS 36 Impairment of assets as disclosed in the accounting policy in impairment.
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Lease modifications
If a lease is modified, the modified contract is evaluated to determine whether it is or contains a lease. If a lease continues to exist, the lease modification will result in either a separate lease or a change in the accounting for the existing lease.
The modification is accounted for as a separate lease if both:
(a) The modification increases the scope of the lease by adding the right to use one or more underlying assets; and
(b) The consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract.
If both of these conditions are met, the lease modification results in two separate leases, the unmodified original lease and a separate lease. The group then accounts for these in line with the accounting policy for new leases.
If either of the conditions are not met, the modified lease is not accounted for as a separate lease and the consideration is allocated to the contract and the lease liability is re-measured using the lease term of the modified lease and the discount rate as determined at the effective date of the modification.
For a modification that fully or partially decreases the scope of the lease (e.g., reduces the square footage of leased space), IFRS 16 requires a lessee to decrease the carrying amount of the right-of-use asset to reflect partial or full termination of the lease. Any difference between those adjustments is recognised in profit or loss at the effective date of the modification.
For all other lease modifications which are not accounted for as a separate lease, IFRS 16 requires the lessee to recognise the amount of the re-measurement of the lease liability as an adjustment to the corresponding right-of-use asset without affecting profit or loss.
Short term and low value leases
The group has made an accounting policy election, by class of underlying asset, not to recognise lease assets and lease liabilities for leases with a lease term of 12 months or less (i.e., short-term leases).
The group has made an accounting policy election on a lease-by-lease basis, not to recognise lease assets on leases for which the underlying asset is of low value.
Lease payments on short term and low value leases are accounted for on a straight line bases over the term of the lease or other systematic basis if considered more appropriate. Short term and low value lease payments are included in operating expenses in the income statement.
Sub leases
If an underlying asset is re-leased by the group to a third party and the group retains the primary obligation under the original lease, the transaction is deemed to be a sublease. The group continues to account for the original lease (the head lease) as a lessee and accounts for the sublease as a lessor (intermediate lessor). When the head lease is a short term lease, the sublease is classified as an operating lease. Otherwise, the sublease is classified using the classification criteria applicable to Lessor Accounting in IFRS 16 by reference to the right-of-use asset in the head lease (and not the underlying asset of the head lease).
After classification lessor accounting is applied to the sublease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the company’s financial statements in the period in which the dividends are approved by the company’s shareholders.
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
For defined contribution plans contributions are paid publicly or privately administered pension insurance plans on a mandatory or contractual basis. The contributions are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as an asset.
Financial instruments
Initial recognition
Financial assets and financial liabilities comprise all assets and liabilities reflected in the statement of financial position, although excluding property, plant and equipment, investment properties, intangible assets, deferred tax assets, prepayments, deferred tax liabilities and employee benefits plan.
The group recognises financial assets and financial liabilities in the statement of financial position when, and only when, the group becomes party to the contractual provisions of the financial instrument.
Financial assets are initially recognised at fair value. Financial liabilities are initially recognised at fair value, representing the proceeds received net of premiums, discounts and transaction costs that are directly attributable to the financial liability.
All regular way purchases and sales of financial assets and financial liabilities classified as fair value through profit or loss (“FVTPL”) are recognised on the trade date, i.e. the date on which the group commits to purchase or sell the financial assets or financial liabilities. All regular way purchases and sales of other financial assets and financial liabilities are recognised on the settlement date, i.e. the date on which the asset or liability is received from or delivered to the counterparty. Regular way purchases or sales are purchases or sales of financial assets that require delivery within the time frame generally established by regulation or convention in the market place.
Subsequent to initial measurement, financial assets and financial liabilities are measured at either amortised cost or fair value.
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Derecognition
Financial assets
The group derecognises a financial asset when;
- the contractual rights to the cash flows from the financial asset expire,
- it transfers the right to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred; or
- the group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of the consideration received is recognised as a gain or loss in the profit or loss.
Any cumulative gain or loss recognised in OCI in respect of equity investment securities designated as FVTOCI is not recognised in profit or loss on derecognition of such securities. Any interest in transferred financial assets that qualify for derecognition that is created or retained by the group is recognised as a separate asset or liability.
The group enters into transactions whereby it transfers assets recognised on its statement of financial position, but retains either all or substantially all of risks and rewards of the transferred assets or a portion of them. In such cases, the transferred assets are not derecognised.
When the group derecognises transferred financial assets in their entirety, but has continuing involvement in them then the entity should disclose for each type of continuing involvement at the reporting date:
(a) The carrying amount of the assets and liabilities that are recognised in the entity’s statement of financial position and represent the entity’s continuing involvement in the derecognised financial assets, and the line items in which those assets and liabilities are recognised.
(b) The fair value of the assets and liabilities that represent the entity’s continuing involvement in the derecognised financial assets;
(c) The amount that best represents the entity’s maximum exposure to loss from its continuing involvement in the derecognised financial assets, and how the maximum exposure to loss is determined
(d) The undiscounted cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee for the transferred assets
Financial liabilities
The group derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire.
Revenue |
The analysis of the group's revenue for the year from continuing operations is as follows:
2024 |
2023 |
|
Provision of shipping, ship chartering & associated services and commodity trading |
|
|
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2024 |
2023 |
|
Miscellaneous other operating income |
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
2024 |
2023 |
|
Gain or loss on disposal of property, plant and equipment |
|
- |
Gain or loss from disposals of investments |
( |
( |
|
( |
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Depreciation on right of use assets - property |
68,350 |
- |
Impairment loss |
- |
|
Profit on disposal of property, plant and equipment |
( |
- |
Finance income and costs |
2024 |
2023 |
|
Finance income |
||
Interest income on bank deposits |
|
|
Other finance income |
|
|
Total finance income |
|
|
Finance costs |
||
Interest on bank overdrafts and borrowings |
( |
( |
Interest on obligations under finance leases and hire purchase contracts |
( |
- |
Total finance costs |
( |
( |
Net finance costs |
( |
( |
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of these financial statements |
195,260 |
227,559 |
Income tax |
Tax charged/(credited) in the income statement
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Property, plant and equipment |
Group
Land and buildings |
Furniture, fittings and equipment |
Vessels / Dry dock |
Total |
|
Cost or valuation |
||||
At 1 July 2022 |
- |
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
- |
( |
( |
At 30 June 2023 |
- |
|
|
|
At 1 July 2023 |
- |
|
|
|
Additions |
|
|
|
|
Disposals |
- |
- |
( |
( |
At 30 June 2024 |
|
|
|
|
Depreciation |
||||
At 1 July 2022 |
- |
|
|
|
Charge for year |
- |
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 30 June 2023 |
- |
|
|
|
At 1 July 2023 |
- |
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 30 June 2024 |
|
|
|
|
Carrying amount |
||||
At 30 June 2024 |
|
|
|
|
At 30 June 2023 |
- |
|
|
|
At 1 July 2022 |
- |
|
|
|
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Company
Land and buildings |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
|||
Additions |
|
|
|
At 30 June 2024 |
|
|
|
Depreciation |
|||
Charge for the year |
|
|
|
At 30 June 2024 |
|
|
|
Carrying amount |
|||
At 30 June 2024 |
|
|
|
Right of use assets |
Group
Property |
Total |
|
Cost or valuation |
||
Additions |
|
|
At 30 June 2024 |
|
|
Depreciation |
||
Charge for the year |
|
|
At 30 June 2024 |
|
|
Carrying amount |
||
At 30 June 2024 |
|
|
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Company
Property |
Total |
|
Cost or valuation |
||
Additions |
|
|
At 30 June 2024 |
|
|
Depreciation |
||
Charge for the year |
|
|
At 30 June 2024 |
|
|
Carrying amount |
||
At 30 June 2024 |
|
|
Investments |
Group subsidiaries
Details of the group subsidiaries as at 30 June 2024 are as follows:
Name of subsidiary |
Principal activity |
Registered office |
Proportion of ownership interest and voting rights held |
2023 |
|
|
England & Wales |
|
|
|
|
England & Wales |
|
|
|
|
England & Wales |
|
|
|
|
Marshall Islands |
|
|
* indicates direct investment of the company
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Group associates
Details of the group associates as at 30 June 2024 are as follows:
Name of associate |
Principal activity |
Registered office |
Proportion of ownership interest and voting rights held |
2023 |
|
|
|
|
|
Alliance Bulk Inc
.
Summary of the company investments
30 June |
30 June |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 July 2022 |
|
At 30 June 2023 |
|
At 1 July 2023 |
|
At 30 June 2024 |
|
Provision |
|
Carrying amount |
|
At 30 June 2024 |
|
At 1 July 2022 |
|
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Inventories |
Group |
Company |
|||
30 June |
30 June |
30 June |
30 June |
|
Raw materials and consumables |
|
|
- |
- |
Trade and other receivables |
Group |
Company |
|||
Current |
30 June |
30 June |
30 June |
30 June |
Trade receivables |
|
|
- |
- |
Receivables from related parties |
- |
- |
|
|
Accrued income |
|
|
- |
- |
Prepayments |
|
|
|
- |
Other receivables |
|
|
|
- |
|
|
|
|
Cash and cash equivalents |
Group |
Company |
|||
30 June |
30 June |
30 June |
30 June |
|
Cash at bank |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
30 June |
30 June |
|||
No. |
£ |
No. |
£ |
|
|
|
112,000 |
|
112,000 |
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Loans and borrowings |
Group |
Company |
|||
30 June |
30 June |
30 June |
30 June |
|
Non-current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Finance lease liabilities |
|
- |
|
- |
|
|
|
- |
Group |
Company |
|||
30 June |
30 June |
30 June |
30 June |
|
Current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Finance lease liabilities |
|
- |
|
- |
|
|
|
- |
Security cover covenants
In accordance with the security cover covenant for the bareboat, Maritime Asset Partners Ltd has secured the rights as
• First priority mortgage over the vessel;
• Assignments of earnings, insurances, and requisition compensation in respect of the vessel;
• Charge over the operating account;
• Charge over the liquidity account;
• ISDA documentation and related security deed;
• Manager’ undertaking; and
• Pledge of the shares of the borrowers.
• Predetermined monthly repayment schedule
• LTV 75% min. during the first year of the Charter Period and 65% min for subsequent years
• Minimum deposit on blocked account
The Group is obliged to operate the vessels under certain conditions as defined by the lenders and failure to do so would give the bank the right to call an event of default. The Group was compliant with the loan facility conditions as at 30 June 2024.
ASHLEY GROUP HOLDINGS LIMITED
Notes to the Financial Statements for the Year Ended 30 June 2024
Trade and other payables |
Group |
Company |
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30 June |
30 June |
30 June |
30 June |
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Trade payables |
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- |
Accrued expenses |
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Other payables |
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- |
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Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £160,589 (2023 - £48,060).
Contributions totalling £Nil (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.
Ultimate controlling party |
The ultimate controlling party is
Non adjusting events after the financial period |
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