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REGISTERED NUMBER: 01154966 (England and Wales)











Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2024

for

Ashe Controls Limited

Ashe Controls Limited (Registered number: 01154966)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Ashe Controls Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: J B Godbold
J O M Godbold
M O Godbold
S J Godbold
Mrs B M Godbold





SECRETARY: Mrs B M Godbold





REGISTERED OFFICE: St Johns Works
Bluestem Road
Ransomes Europark
Ipswich
Suffolk
IP3 9RR





REGISTERED NUMBER: 01154966 (England and Wales)





AUDITORS: Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Ashe Controls Limited (Registered number: 01154966)

Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS
As a company, we ended the Financial Year September 30th 2024, in a very strong position.

Our order book at this period of time was the best it had ever been for machine orders throughout the year 2024/2025. This was mainly due to increased orders from the USA, but not only USA, as we had a very good order from an existing customer in Spain, so we moved forward with confidence.

We did have one major disappointment when one of our existing USA customers ordered a machine from Germany and on further investigation, they really didn't understand our offer. This was mainly due to totally new management as this customer had been bought out by a private equity company. We did not let this pass, and we had ongoing communication with the customer trying to get them to understand the differences. We visited the customer at high board level, but I feel as though we haven't got very far. Although we have now pointed out what our machine is capable of compared to the German machine. However we have made up for the loss of this order by landing another big American company who came to see us at the Drupa Exhibition in Düsseldorf in late May.

We have had another disappointment in the development of the Sapphire S3 Slitter/Rewinder which we took to the Drupa Exhibition to show for the first time. Although we got a good response at the show, we have not sold any machines, and the enquiry level is low.
We are revamping the machine this year and intend to take this to the K Exhibition in Düsseldorf in October 2025.

Our order book is very healthy for the end of 2025, however with the difference in president in the USA and the tariffs being imposed we can see that business in the USA for the next year will likely slow.

We obviously will not give up trying but we might see a lower turnover possible in 25/26.
Unfortunately, we are in the hands of the politicians and there is nothing much we can do about it, apart from attending the exhibitions both in the USA and in Europe and advertising our products wherever we see fit.

ON BEHALF OF THE BOARD:





J O M Godbold - Director


19 May 2025

Ashe Controls Limited (Registered number: 01154966)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activities of the company during the year were the design, development, manufacture and distribution of electronic control equipment and automated slitting and rewind machines.

DIVIDENDS
An interim dividend of £350 per share was paid on . The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 September 2024 will be £ 1,400,000 .

RESEARCH AND DEVELOPMENT
The company engages in research and development activities to support its principal activities.

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

J B Godbold
J O M Godbold
M O Godbold
S J Godbold
Mrs B M Godbold

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

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

Ashe Controls Limited (Registered number: 01154966)

Report of the Directors
for the Year Ended 30 September 2024


AUDITORS
The auditors, Knights Lowe Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J O M Godbold - Director


19 May 2025

Report of the Independent Auditors to the Members of
Ashe Controls Limited

Opinion
We have audited the financial statements of Ashe Controls Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Ashe Controls Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Ashe Controls Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the companies operating sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC, relevant regulators including the Environment Agency and the company's legal advisors;


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

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


Report of the Independent Auditors to the Members of
Ashe Controls Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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




J Knights ACA (Senior Statutory Auditor)
for and on behalf of Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

19 May 2025

Ashe Controls Limited (Registered number: 01154966)

Income Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £    £   

TURNOVER 8,943,833 8,669,495

Cost of sales 3,622,110 3,820,782
GROSS PROFIT 5,321,723 4,848,713

Distribution costs 121,514 99,277
Administrative expenses 3,148,313 2,754,516
3,269,827 2,853,793
OPERATING PROFIT 5 2,051,896 1,994,920

Interest receivable and similar income 185,486 74,139
2,237,382 2,069,059

Interest payable and similar expenses 6 11,925 11,723
PROFIT BEFORE TAXATION 2,225,457 2,057,336

Tax on profit 7 445,387 357,421
PROFIT FOR THE FINANCIAL YEAR 1,780,070 1,699,915

Ashe Controls Limited (Registered number: 01154966)

Other Comprehensive Income
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,780,070 1,699,915


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,780,070

1,699,915

Ashe Controls Limited (Registered number: 01154966)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 812,325 748,304
Investments 10 3 3
812,328 748,307

CURRENT ASSETS
Stocks 11 751,634 755,820
Debtors 12 1,796,234 1,683,210
Cash at bank 6,346,414 5,964,797
8,894,282 8,403,827
CREDITORS
Amounts falling due within one year 13 2,347,185 2,190,610
NET CURRENT ASSETS 6,547,097 6,213,217
TOTAL ASSETS LESS CURRENT LIABILITIES 7,359,425 6,961,524

PROVISIONS FOR LIABILITIES 16 100,626 82,795
NET ASSETS 7,258,799 6,878,729

CAPITAL AND RESERVES
Called up share capital 17 4,000 4,000
Capital redemption reserve 18 4,000 4,000
Retained earnings 18 7,250,799 6,870,729
SHAREHOLDERS' FUNDS 7,258,799 6,878,729

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





J O M Godbold - Director


Ashe Controls Limited (Registered number: 01154966)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 4,000 5,170,814 4,000 5,178,814

Changes in equity
Total comprehensive income - 1,699,915 - 1,699,915
Balance at 30 September 2023 4,000 6,870,729 4,000 6,878,729

Changes in equity
Dividends - (1,400,000 ) - (1,400,000 )
Total comprehensive income - 1,780,070 - 1,780,070
Balance at 30 September 2024 4,000 7,250,799 4,000 7,258,799

Ashe Controls Limited (Registered number: 01154966)

Cash Flow Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,221,402 2,816,447
Interest paid (11,137 ) (8,517 )
Interest element of hire purchase payments
paid

(788

)

(3,206

)
Tax paid (524,850 ) (307,198 )
Net cash from operating activities 1,684,627 2,497,526

Cash flows from investing activities
Purchase of tangible fixed assets (163,429 ) (94,728 )
Purchase of fixed asset investments - (1 )
Interest received 185,486 74,139
Net cash from investing activities 22,057 (20,590 )

Cash flows from financing activities
Capital repayments in year (27,027 ) (33,865 )
Amount introduced by directors 102,146 -
Amount withdrawn by directors (186 ) (1,583,560 )
Equity dividends paid (1,400,000 ) -
Net cash from financing activities (1,325,067 ) (1,617,425 )

Increase in cash and cash equivalents 381,617 859,511
Cash and cash equivalents at beginning of
year

2

5,964,797

5,105,286

Cash and cash equivalents at end of year 2 6,346,414 5,964,797

Ashe Controls Limited (Registered number: 01154966)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2024

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

2024 2023
£    £   
Profit before taxation 2,225,457 2,057,336
Depreciation charges 99,408 106,844
Loss on disposal of fixed assets - 192
Finance costs 11,925 11,723
Finance income (185,486 ) (74,139 )
2,151,304 2,101,956
Decrease/(increase) in stocks 4,186 (93,015 )
(Increase)/decrease in trade and other debtors (113,024 ) 1,533,413
Increase/(decrease) in trade and other creditors 178,936 (725,907 )
Cash generated from operations 2,221,402 2,816,447

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 6,346,414 5,964,797
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 5,964,797 5,105,286


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank 5,964,797 381,617 6,346,414
5,964,797 381,617 6,346,414
Debt
Finance leases (27,027 ) 27,027 -
(27,027 ) 27,027 -
Total 5,937,770 408,644 6,346,414

Ashe Controls Limited (Registered number: 01154966)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Ashe Controls Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 402/405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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. Where long term build contracts are in place, revenue and profit is recognised based on the stage of completion and the estimated expected margin on the contract, where the margin can be reliably estimated. It is generally considered that the first point of reliable margin estimation to be on completion of the construction phase of the project, prior to delivery and installation.

Tangible fixed assets
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:

Land and buildings Freehold 2% on cost (buildings only)
Plant and machinery 20% to 33% reducing balance
Fixtures, fittings & equipment 20% reducing balance
Motor vehicles25% reducing balance

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 credited or charged to profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Ashe Controls Limited (Registered number: 01154966)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Machines are built to order however during the build phase the realisable value is considered to be uncertain by the directors due to the bespoke nature of the machines. Machines are built to high specification and therefore until machine build is fully complete the increase in stock value for the direct labour and allocated overheads is not considered to be realised and therefore is not included in the cost of stock. For this reason, until machine builds are fully complete, machines are only valued at materials value as, until completion, the materials value is considered to be the most realisable value of the unit. The full value of the machine build is recognised once the machine build has been completed. The directors consider this to be a prudent approach and an effective ongoing impairment of stock to ensure that the value of stock held in the balance sheet is never in excess of their minimum realisable value.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and costs, adjusted where applicable for any loss of service potential.

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.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.


Ashe Controls Limited (Registered number: 01154966)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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


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

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

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

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

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

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

Ashe Controls Limited (Registered number: 01154966)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,559,098 2,431,956
Social security costs 144,789 147,196
Other pension costs 132,091 50,563
2,835,978 2,629,715

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

Directors 5 5
Employees 58 58
63 63

2024 2023
£    £   
Directors' remuneration 243,277 242,710
Directors' pension contributions to money purchase schemes 79,799 4,485

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 80,007 72,886
Pension contributions to money purchase schemes 26,411 1,689

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant & equipment 1,268 1,371
Depreciation - owned assets 83,025 86,364
Depreciation - assets on hire purchase contracts 16,383 20,480
Loss on disposal of fixed assets - 192
Auditors' remuneration 7,995 7,995
Foreign exchange differences 174,042 84,224

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank charges 10,838 8,517
VAT surcharges 299 -
Hire purchase interest 788 3,206
11,925 11,723

Ashe Controls Limited (Registered number: 01154966)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 434,747 355,196
Prior year adjustment (7,191 ) -
Total current tax 427,556 355,196

Deferred tax 17,831 2,225
Tax on profit 445,387 357,421

UK corporation tax was charged at 22%) in 2023.

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

2024 2023
£    £   
Profit before tax 2,225,457 2,057,336
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.008%)

556,364

452,779

Effects of:
Expenses not deductible for tax purposes 2,304 989
Capital allowances in excess of depreciation - (2,954 )
Deferred Tax Adjustment (1,175 ) 2,225
Enhanced R&D tax relief (102,289 ) (95,618 )
Short-term timing differences (2,625 ) -
Prior year adjustment (7,192 ) -

Total tax charge 445,387 357,421

8. DIVIDENDS
2024 2023
£    £   
Ordinary Share Capital shares of £1 each
Interim 1,400,000 -

Ashe Controls Limited (Registered number: 01154966)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 394,320 1,469,951 102,634 283,151 2,250,056
Additions 135,188 25,486 2,755 - 163,429
Reclassification/transfer - - 396 (396 ) -
At 30 September 2024 529,508 1,495,437 105,785 282,755 2,413,485
DEPRECIATION
At 1 October 2023 80,954 1,112,369 75,793 232,636 1,501,752
Charge for year 5,471 75,621 5,785 12,531 99,408
Reclassification/transfer - - 8 (8 ) -
At 30 September 2024 86,425 1,187,990 81,586 245,159 1,601,160
NET BOOK VALUE
At 30 September 2024 443,083 307,447 24,199 37,596 812,325
At 30 September 2023 313,366 357,582 26,841 50,515 748,304

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 October 2023 160,000
Transfer to ownership (160,000 )
At 30 September 2024 -
DEPRECIATION
At 1 October 2023 78,080
Charge for year 16,383
Transfer to ownership (94,463 )
At 30 September 2024 -
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 81,920

Ashe Controls Limited (Registered number: 01154966)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 3
NET BOOK VALUE
At 30 September 2024 3
At 30 September 2023 3

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Ashe Controls (Northern) Limited
Registered office: St Johns Works Bluestem Road, Ransome Industrial Estate, Ipswich, Suffolk, United Kingdom, IP3 9RR
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 3 3

This subsidiary is not consolidated in these financial statements as it is excluded from consolidation under Section 405 of the Companies Act 2006.

11. STOCKS
2024 2023
£    £   
Stocks 252,634 296,820
Work-in-progress 499,000 459,000
751,634 755,820

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,605,016 1,560,409
Other debtors 9,950 14,200
VAT 67,678 39,711
Prepayments 113,590 68,890
1,796,234 1,683,210

Ashe Controls Limited (Registered number: 01154966)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) - 27,027
Trade creditors 496,860 535,736
Corporation tax 257,902 355,196
Social security and other taxes 59,632 65,206
Other creditors 1,145,910 957,285
Directors' loan accounts 281,221 179,261
Accruals 105,660 70,899
2,347,185 2,190,610

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 27,027

Non-cancellable operating leases
2024 2023
£    £   
Within one year 22,757 32,794
Between one and five years 20,091 42,216
42,848 75,010

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 27,027

The hire purchase liabilities are secured on the assets concerned.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 100,626 82,795

Ashe Controls Limited (Registered number: 01154966)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 October 2023 82,795
Provided during year 17,831
Balance at 30 September 2024 100,626

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4,000 Ordinary Share Capital £1 4,000 4,000

18. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 October 2023 6,870,729 4,000 6,874,729
Profit for the year 1,780,070 1,780,070
Dividends (1,400,000 ) (1,400,000 )
At 30 September 2024 7,250,799 4,000 7,254,799

19. RELATED PARTY DISCLOSURES

Entities under common control
2024 2023
£    £   
Purchases 355,071 359,600
Amount due to related party 37,494 37,575