Company registration number 11513588 (England and Wales)
ASHFIELD 2018 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
ASHFIELD 2018 LIMITED
COMPANY INFORMATION
Directors
Mr C E Davies
Mr W A McClue
Mr K W Sailsbury
Mr A M Bennett
Mr G A Tyers
Mr C Gardiner
Secretary
Mr P Ashworth
Company number
11513588
Registered office
Foss Islands House
Foss Islands Road
York
YO31 7UJ
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
ASHFIELD 2018 LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
ASHFIELD 2018 LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JULY 2024
- 1 -

The directors present their strategic report for the period ended 31 July 2024.

Fair review of the business

Ashfield 2018 Limited is the holding company of Arklow Engineering Limited and the ultimate holding company of Ashfield Extrusions Limited.

 

Ashfield Extrusion Limited operates in the aluminium extrusion market, specialising in countermeasures, medical, pyrotechnics and packaging. In the latter market, the emphasis on recycling continues to make aluminium an attractive alternative to plastic.

 

Results and performance

A strategic decision was taken by the Board to shorten the financial year for all group companies starting 1st January 2024 from the 31st December 2024 to 31st July 2024, a period of 7 months. Any comparisons to previous years will need to take in to account the shorter reporting period.

 

The results of the group for the period, as set out in the accompanying accounts, show an operating loss of £299,066 and a loss after tax of £426,327 for the period ending 31st July 2024.

 

The performance of the subsidiary, Ashfield Extrusion Limited, during 2024 suffered from the loss of two large customers:

 

Despite that, the performance of Ashfield Extrusion Limited during 2024 has shown good flexibility and resilience and produced some encouraging results. This is against a backdrop of higher raw material costs of all types as well as utility costs remaining high.

 

Business environment

Ashfield Extrusion Limited focuses on specialist markets across a wide range of industries and territories. It strives to provide the highest level of service and quality to those markets, using all of the expertise and experience obtained since its formation in 1984.

 

It also exports globally, the largest proportion being to North America.

 

Strategy

The use of aluminium is expected to increase in the long term, taking market share from both steel and plastics as new markets are established. The majority of finished aluminium products manufactured in Europe is sold domestically. In contrast, Ashfield Extrusion Limited has achieved considerable success through exporting and addressing specific market niches in the key sectors in which it operates. This is in line with management’s strategy to pursue niche product markets.

 

Ashfield Extrusion Limited will continue to consolidate its position and also explore new market opportunities. Customer service will remain a top priority.

 

As costs increase, we are investing in automation to improve productivity to remain competitive.

ASHFIELD 2018 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 2 -
Principal risks and uncertainties

Foreign currency risk

By the nature of its raw materials requirements and the markets it sells to, Ashfield Extrusion Limited undertakes significant purchases and sales in foreign currency, predominantly the US Dollar and Euro. This exposes it to foreign exchange risk. The company mitigates this risk by the use of forward foreign exchange contracts, where the company enters into contracts to buy or sell foreign currencies at future dates at exchange rates which are agreed at the date of entering into the contract.

 

Credit risk

Ashfield Extrusion Limited is exposed to the normal credit risk and cash flow risk associated with selling on credit. This is managed by credit control procedures, which include insuring sales ledger balances where possible.

 

General commercial risks

The situation in Ukraine continues to impact energy costs and we are still seeing increases in our costs from suppliers. We continue to manage this by buying material and currency contracts forward at opportune times and managing other costs as effectively as possible.

 

Post Brexit risks

We have seen no major impact on the business arising from the UK’s decision to leave the European Union. We work closely alongside freight forwarding companies who have assisted us with the procedural changes arising from that decision.

Key performance indicators

Ashfield Extrusion Limited has made significant progress during 2024 in relation to key elements of its strategy. Please note, the following KPI’s listed relate solely to Ashfield Extrusion Limited:

 

                2024        2023

 

Turnover                £4.60m        £12.04m    

 

Gross Margin             42%        46%

 

Operating loss/(profit)         (£299k)        £2,196k

 

Loss/(profit) after tax         £426k        £1,316k

Future developments

We continue to invest in new technology to further improve our efficiency and overall offer to the market as well as exploring new markets to maintain our diverse customer base and mitigate risk. The new financial year has started well, despite the general commercial risks mentioned above. The business is very much helped by its wide spread of markets, both by category and geographically.

 

Staff

On behalf of the Board I would like to thank our employees for their commitment during the year.

On behalf of the board

Mr C E Davies
Director
3 June 2025
ASHFIELD 2018 LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JULY 2024
- 3 -

The directors present their annual report and financial statements for the period ended 31 July 2024.

 

The financial statements for the period ended 31 July 2024 comprise the results for the period to 26 July 2024.

Principal activities

The principal activity of the company is that of non-trading holding company. The principal activity of the group is to manufacture aluminium impact extrusion products.

Results and dividends

The results for the period are set out on page 8.

No ordinary interim dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr C E Davies
Mr W A McClue
Mr K W Sailsbury
Mr A M Bennett
Mr G A Tyers
Mr C Gardiner
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr C E Davies
Director
3 June 2025
ASHFIELD 2018 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 JULY 2024
- 4 -

The directors are responsible 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ASHFIELD 2018 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASHFIELD 2018 LIMITED
- 5 -
Opinion

We have audited the financial statements of Ashfield 2018 Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 July 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cashflows 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 United Kingdom Accounting Standards, including FRS 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ASHFIELD 2018 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASHFIELD 2018 LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

 

ASHFIELD 2018 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASHFIELD 2018 LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Martin Davey (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
3 June 2025
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
ASHFIELD 2018 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 JULY 2024
- 8 -
Period
Year
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Turnover
3
4,594,622
12,037,072
Cost of sales
(2,664,137)
(6,557,895)
Gross profit
1,930,485
5,479,177
Distribution costs
(111,885)
(288,647)
Administrative expenses
(2,117,666)
(2,995,034)
Operating (loss)/profit
4
(299,066)
2,195,496
Interest receivable and similar income
7
3,480
-
0
Interest payable and similar expenses
8
(48,902)
(238,712)
Amounts written off/(on) investments
(2,097)
(23,961)
(Loss)/profit before taxation
(346,585)
1,932,823
Tax on (loss)/profit
9
(79,742)
(616,619)
(Loss)/profit for the financial period
(426,327)
1,316,204
Total comprehensive income for the period is all attributable to the owner of the parent company.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

ASHFIELD 2018 LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
2,383,027
3,032,942
Tangible assets
12
1,661,353
1,611,170
4,044,380
4,644,112
Current assets
Stocks
15
565,111
484,158
Debtors
16
2,279,324
2,348,254
Cash at bank and in hand
196,865
185,249
3,041,300
3,017,661
Creditors: amounts falling due within one year
19
(2,271,185)
(2,364,837)
Net current assets
770,115
652,824
Total assets less current liabilities
4,814,495
5,296,936
Creditors: amounts falling due after more than one year
20
(1,097,839)
(1,173,953)
Provisions for liabilities
Deferred tax liability
21
250,000
230,000
(250,000)
(230,000)
Net assets
3,466,656
3,892,983
Capital and reserves
Called up share capital
23
1,000
1,000
Profit and loss reserves
3,465,656
3,891,983
Total equity
3,466,656
3,892,983
The financial statements were approved by the board of directors and authorised for issue on 3 June 2025 and are signed on its behalf by:
03 June 2025
Mr C E Davies
Director
Company registration number 11513588 (England and Wales)
ASHFIELD 2018 LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
8,308,897
8,308,897
Current assets
Debtors
16
1,000
1,000
Creditors: amounts falling due within one year
19
(2,721,047)
(7,221,047)
Net current liabilities
(2,720,047)
(7,220,047)
Net assets
5,588,850
1,088,850
Capital and reserves
Called up share capital
23
1,000
1,000
Profit and loss reserves
5,587,850
1,087,850
Total equity
5,588,850
1,088,850

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £4,500,000 (2023 - £210,333 profit).

The financial statements were approved by the board of directors and authorised for issue on 3 June 2025 and are signed on its behalf by:
03 June 2025
Mr C E Davies
Director
Company registration number 11513588 (England and Wales)
ASHFIELD 2018 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1,000
2,825,779
2,826,779
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,316,204
1,316,204
Dividends
10
-
(250,000)
(250,000)
Balance at 31 December 2023
1,000
3,891,983
3,892,983
Period ended 31 July 2024:
Loss and total comprehensive income
-
(426,327)
(426,327)
Balance at 31 July 2024
1,000
3,465,656
3,466,656
ASHFIELD 2018 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1,000
1,127,517
1,128,517
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
210,333
210,333
Dividends
10
-
(250,000)
(250,000)
Balance at 31 December 2023
1,000
1,087,850
1,088,850
Period ended 31 July 2024:
Profit and total comprehensive income
-
4,500,000
4,500,000
Balance at 31 July 2024
1,000
5,587,850
5,588,850
ASHFIELD 2018 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 JULY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
675,350
3,857,896
Interest paid
(48,902)
(192,646)
Income taxes paid
(388,373)
(728,246)
Net cash inflow from operating activities
238,075
2,937,004
Investing activities
Purchase of tangible fixed assets
(157,809)
(629,971)
Interest received
3,480
-
0
Net cash used in investing activities
(154,329)
(629,971)
Financing activities
Repayment of debentures
-
(2,393,478)
Proceeds from new bank loans
-
515,000
Repayment of bank loans
(40,940)
(59,954)
Payment of finance leases obligations
(28,745)
(28,613)
Dividends paid to equity shareholders
-
0
(250,000)
Net cash used in financing activities
(69,685)
(2,217,045)
Net increase in cash and cash equivalents
14,061
89,988
Cash and cash equivalents at beginning of period
182,804
92,816
Cash and cash equivalents at end of period
196,865
182,804
Relating to:
Cash at bank and in hand
196,865
185,249
Bank overdrafts included in creditors payable within one year
-
(2,445)
ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
- 14 -
1
Accounting policies
Company information

Ashfield 2018 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Foss Islands House, Foss Islands Road, York, England, YO31 7UJ.

 

The group consists of Ashfield 2018 Limited and all of its subsidiaries.

1.1
Reporting period

The reporting period is 7 months from 1 January 2024 to 31 July 2024. The comparative figures relate to a 12 month year to 31 December 2023. Therefore the comparatives figure are not wholly comparable to the new period.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ashfield 2018 Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% straight line
Plant and machinery
15% straight line
Fixtures, fittings and equipment
15% and 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.20

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation and amortisation

The depreciation and amortisation policies have been set according to management's experience of the useful lives of a typical asset in each category, something which is reviewed annually. The depreciation and amortisation charged during the year is at a level which the directors feel is a fair reflection of the benefits derived from the consumption of the intangible and tangible fixed assets in use during the period.

Forward foreign currency contracts

The group enters contracts to purchase and sell foreign currencies, which represent derivatives. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in or immediately as none are designated as an effective hedging instrument.

 

As at the year end the directors have made an assessment of the fair value of the derivatives based on the information available. However the assumptions used are subject to change over the coming months and accordingly this has been identified as a key estimate.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Aluminium extrusion products
4,594,622
12,037,072
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
2,240,446
3,624,186
Rest of Europe
612,152
1,436,535
Rest of the World
1,742,024
6,976,351
4,594,622
12,037,072
2024
2023
£
£
Other revenue
Interest income
3,480
-
ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 21 -
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the period is stated after charging/(crediting):
Exchange losses/(gains)
66,336
(122,937)
Depreciation of owned tangible fixed assets
83,598
139,089
Depreciation of tangible fixed assets held under finance leases
24,028
-
Amortisation of intangible assets
649,915
649,915
Operating lease charges
8,283
31,109
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,700
2,550
Audit of the financial statements of the company's subsidiaries
11,550
10,150
14,250
12,700
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
6
6
6
6
Clerical
3
4
-
-
Production
84
94
-
-
Technical
9
14
-
-
Total
102
118
6
6

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,821,560
3,523,928
-
0
-
0
Social security costs
161,566
320,057
-
-
Pension costs
85,666
112,756
-
0
-
0
2,068,792
3,956,741
-
0
-
0
ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 22 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,480
-
0
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
48,902
74,479
Interest on convertible loan notes
-
0
46,066
Other interest
-
118,167
Total finance costs
48,902
238,712
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
63,000
510,000
Adjustments in respect of prior periods
(3,258)
4,619
Total current tax
59,742
514,619
Deferred tax
Origination and reversal of timing differences
20,000
102,000
Total tax charge
79,742
616,619

The actual charge for the period can be reconciled to the expected (credit)/charge for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(346,585)
1,932,823
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(86,646)
454,600
Tax effect of expenses that are not deductible in determining taxable profit
-
0
353
Amortisation on assets not qualifying for tax allowances
163,954
152,860
(Under)/over provided in prior years
(3,258)
4,619
Other
5,692
4,187
Taxation charge
79,742
616,619
ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 23 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
250,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 July 2024
6,499,155
Amortisation and impairment
At 1 January 2024
3,466,213
Amortisation charged for the period
649,915
At 31 July 2024
4,116,128
Carrying amount
At 31 July 2024
2,383,027
At 31 December 2023
3,032,942
The company had no intangible fixed assets at 31 July 2024 or 31 December 2023.

Goodwill in the group represents the premium paid on the acquisition of the group's operations. The directors carry out impairment reviews on goodwill, making reference to the group's current and expected future performance. The directors have determined that no impairment of goodwill is required as at the year end.

ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 24 -
12
Tangible fixed assets
Group
Freehold buildings
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 January 2024
940,522
951,267
221,576
2,113,365
Additions
-
0
156,299
1,510
157,809
At 31 July 2024
940,522
1,107,566
223,086
2,271,174
Depreciation and impairment
At 1 January 2024
79,596
297,462
125,137
502,195
Depreciation charged in the period
15,459
75,757
16,410
107,626
At 31 July 2024
95,055
373,219
141,547
609,821
Carrying amount
At 31 July 2024
845,467
734,347
81,539
1,661,353
At 31 December 2023
860,926
653,805
96,439
1,611,170
The company had no tangible fixed assets at 31 July 2024 or 31 December 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
247,145
274,606
-
0
-
0

Freehold buildings have been pledged as security against long term bank loans by way of debentures containing fixed and floating charges.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
28
-
0
-
0
8,308,897
8,308,897
ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 July 2024
8,308,897
Carrying amount
At 31 July 2024
8,308,897
At 31 December 2023
8,308,897
14
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
67,067
69,164
-
-

The fair value of financial assets and liabilities has been determined by reference to the prevailing foreign currency exchange rates at the year end.

15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
356,214
235,754
-
-
Work in progress
156,509
175,938
-
-
Finished goods and goods for resale
52,388
72,466
-
0
-
0
565,111
484,158
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,471,030
1,479,697
-
0
-
0
Corporation tax recoverable
659,000
659,000
-
0
-
0
Derivative financial instruments
67,067
69,164
-
-
Other debtors
1,000
1,000
1,000
1,000
Prepayments and accrued income
81,227
139,393
-
0
-
0
2,279,324
2,348,254
1,000
1,000
ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
16
Debtors
(Continued)
- 26 -

Factored trade debtors are pledged as security against the group's invoice financing facility.

 

17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,018,155
1,059,095
-
0
-
0
Bank overdrafts
-
0
2,445
-
0
-
0
1,018,155
1,061,540
-
-
Payable within one year
92,157
90,022
-
0
-
0
Payable after one year
925,998
971,518
-
0
-
0

The debenture loans consisted of 5% secured loan stock which has been settled during the 2023 financial year.

 

The group has 3 long-term loans.

 

The first loan is secured by way of a fixed charge over freehold buildings and by way of debentures containing fixed and floating charges. It is repayable by September 2033 in quarterly instalments of £21,073 and interest is charged at 2.25% over base rate.

 

The second loan is secured by by way of a fixed charge over freehold buildings and by way of debentures containing fixed and floating charges. It is repayable by June 2043 in monthly instalments of £2,473 and interest is charged at 2.25% over base rate.

 

The third loan is secured by by way of a fixed charge over freehold buildings. It is repayable by April 2028 in monthly instalments of £3,741 and interest is charged at 2.25% over base rate.

18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
59,490
59,490
-
0
-
0
In two to five years
198,299
231,535
-
0
-
0
257,789
291,025
-
-
Less: future finance charges
(40,541)
(45,032)
-
0
-
0
217,248
245,993
-
0
-
0
ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
18
Finance lease obligations
(Continued)
- 27 -

Finance lease payments represent rentals payable by the group for certain pieces of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Liabilities under finance lease contracts are secured against the assets to which they relate.

19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
92,157
90,022
-
0
-
0
Obligations under finance leases
18
45,407
43,558
-
0
-
0
Trade creditors
660,538
676,927
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,715,147
7,215,247
Corporation tax payable
669,742
998,373
-
0
-
0
Other taxation and social security
139,771
95,351
-
-
Accruals and deferred income
663,570
460,606
5,900
5,800
2,271,185
2,364,837
2,721,047
7,221,047

Bank loans and overdrafts are secured as detailed in note 17 and obligations under finance leases are secured as detailed in note 18.

20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
925,998
971,518
-
0
-
0
Obligations under finance leases
18
171,841
202,435
-
0
-
0
1,097,839
1,173,953
-
-

Bank loans and overdrafts are secured as detailed in note 17 and obligations under finance leases are secured as detailed in note 18.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
250,000
230,000
ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
21
Deferred taxation
(Continued)
- 28 -
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the period:
£
£
Liability at 1 January 2024
230,000
-
Charge to profit or loss
20,000
-
Liability at 31 July 2024
250,000
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
85,666
112,756

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
450
450
450
450
Ordinary B shares of £1 each
550
550
550
550
1,000
1,000
1,000
1,000

All shares have equal voting rights. Dividends for each individual class of share are payable at the discretion of the directors.

24
Financial commitments, guarantees and contingent liabilities

At the balance sheet date the company was committed to sell US $1,200,000 (2023 - US $2,600,000) and buy €1,650,000 (2023 - €950,000) under forward foreign exchange contracts.

ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 29 -
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
80,048
121,554
-
-
Between two and five years
13,149
272,450
-
-
93,197
394,004
-
-
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
338,522
-
-
-
27
Controlling party

The directors of Ashfield 2018 Limited do not consider there to be an ultimate controlling party.

28
Subsidiaries

Details of the company's subsidiaries at 31 July 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Arklow Engineering Limited
England and Wales
Dormant
Ordinary
100.00
-
Ashfield Extrusion Limited
England and Wales
Manufacturing company
Ordinary
0
100.00

The registered offices of the above subsidiaries are as follows:

 

Arklow Engineering Limited - Foss Islands House, Foss Islands Road, York, YO31 7UJ.

Ashfield Extrusion Limited - Clover Street, Kirby in Ashfield, Nottinghamshire, NG17 7LH.

 

Ashfield Extrusion Limited is a wholly owned subsidiary of Arklow Engineering Limtied.

ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 30 -
29
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
198,394
440,325
Company pension contributions to defined contribution schemes
6,186
16,521
204,580
456,846
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
78,240
134,693
Company pension contributions to defined contribution schemes
3,552
7,005

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

30
Cash generated from group operations
2024
2023
£
£
(Loss)/profit for the period after tax
(426,327)
1,316,204
Adjustments for:
Taxation charged
79,742
616,619
Finance costs
48,902
238,712
Investment income
(3,480)
-
0
Amortisation and impairment of intangible assets
649,915
649,915
Depreciation and impairment of tangible fixed assets
107,626
139,089
Other gains and losses
2,097
23,961
Movements in working capital:
(Increase)/decrease in stocks
(80,953)
333,648
Decrease in debtors
66,833
1,248,071
Increase/(decrease) in creditors
230,995
(630,773)
Cash generated from operations
675,350
3,935,446
ASHFIELD 2018 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 31 -
31
Analysis of changes in net debt - group
1 January 2024
Cash flows
Market value movements
31 July 2024
£
£
£
£
Cash at bank and in hand
185,249
11,616
-
196,865
Bank overdrafts
(2,445)
2,445
-
-
0
182,804
14,061
-
196,865
Borrowings excluding overdrafts
(1,059,095)
43,037
(2,097)
(1,018,155)
Obligations under finance leases
(245,993)
28,745
-
(217,248)
(1,122,284)
85,843
(2,097)
(1,038,538)
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