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REGISTERED NUMBER: 00529602 (England and Wales)















ASH & LACY AUTOMOTIVE LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2024






ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 10


ASH & LACY AUTOMOTIVE LIMITED

Company Information
for the year ended 31 December 2024







Directors: Dr J L Evans
D B Nock
Y Tian
A D Waterhouse
E Evans





Registered office: Ash & Lacy House
Alma Street
Smethwick
West Midlands
B66 2RL





Registered number: 00529602 (England and Wales)





Accountants: Cooper Parry Advisory Limited
CUBO Birmingham
4th Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Statement of Financial Position
31 December 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 4 645 -
Tangible assets 5 471,222 315,731
471,867 315,731

Current assets
Stocks 6 1,900,456 920,203
Debtors 7 3,703,110 2,800,479
Cash at bank 8,155 9,638
5,611,721 3,730,320
Creditors
Amounts falling due within one year 8 6,234,071 2,116,465
Net current (liabilities)/assets (622,350 ) 1,613,855
Total assets less current liabilities (150,483 ) 1,929,586

Creditors
Amounts falling due after more than
one year

9

(147,082

)

(133,647

)

Provisions for liabilities 12 (103,937 ) (78,769 )
Net (liabilities)/assets (401,502 ) 1,717,170

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Statement of Financial Position - continued
31 December 2024

2024 2023
Notes £ £ £ £
Capital and reserves
Called up share capital 13 50,000 50,000
Retained earnings (451,502 ) 1,667,170
Shareholders' funds (401,502 ) 1,717,170

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 July 2025 and were signed on its behalf by:




Dr J L Evans - Director



A D Waterhouse - Director


ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Notes to the Financial Statements
for the year ended 31 December 2024

1. Statutory information

Ash & Lacy Automotive 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.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors have assessed the company's ability to continue as a going concern. As a result of this assessment, no material uncertainties have been identified that cast doubt about the ability of the company to continue as a going concern.

The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore they continue to adopt the going concern basis of accounting in preparing these financial statements.

Revenue
Revenue is recognised when the significant risks and rewards of ownership have transferred to the customer. For the supply of goods this is at the point of dispatch.

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

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery 3 to 20 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. Accounting policies - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties.

Short term debtors are measured at the transaction price, less any impairment.

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 statement of financial position date.

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

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

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

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.

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

3. Employees and directors

The average number of employees during the year was 37 (2023 - 37 ) .

4. Intangible fixed assets
Other
intangible
assets
£
Cost
Additions 645
At 31 December 2024 645
Net book value
At 31 December 2024 645

5. Tangible fixed assets
Plant and
machinery
£
Cost
At 1 January 2024 423,632
Additions 227,437
At 31 December 2024 651,069
Depreciation
At 1 January 2024 107,901
Charge for year 71,946
At 31 December 2024 179,847
Net book value
At 31 December 2024 471,222
At 31 December 2023 315,731

6. Stocks
2024 2023
£ £
Work-in-progress 664,762 349,924
Finished goods 1,235,694 570,279
1,900,456 920,203

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

7. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 1,194,256 2,487,586
Other debtors 720,142 115,383
Proceeds of factored debts 115,984 150,805
Directors' current accounts 512,000 -
VAT 178,250 4,251
Prepayments 982,478 42,454
3,703,110 2,800,479

8. Creditors: amounts falling due within one year
2024 2023
£ £
Hire purchase contracts (see note 10) 69,878 50,526
Trade creditors 1,886,686 1,235,380
Corporation tax 19,838 176,707
Social security and other taxes 50,230 29,204
Proceeds of factored debts 152,557 63,646
Other creditors 4,017,650 340,681
Accruals and deferred income 37,232 220,321
6,234,071 2,116,465

9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Hire purchase contracts (see note 10) 147,082 133,647

10. Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 69,878 50,526
Between one and five years 147,082 133,647
216,960 184,173

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

11. Secured debts

The following secured debts are included within creditors:

2024 2023
£ £
Hire purchase contracts 216,960 184,173

The receivables finance facility (proceeds of factored debts) is secured by both fixed and floating charges, including the book debts of the company.

Liabilities under hire purchase contracts are secured on the individual assets concerned.

The company provides cross-guarantee security to several other companies under common control. Further details are given in note 17 - contingent liabilities.

12. Provisions for liabilities
2024 2023
£ £
Deferred tax
Accelerated capital allowances 103,937 78,769

Deferred tax
£
Balance at 1 January 2024 78,769
Provided during year 25,168
Balance at 31 December 2024 103,937

13. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
50,000 Ordinary 1 50,000 50,000

14. Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £57,299 (2023: £48,252). Contributions totalling £7,902 (2023: £5,926) were payable to the fund at the balance sheet date and are included in creditors.

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

15. Contingent liabilities and cross guarantees

In respect of amounts due to HSBC Bank plc, there is an Unlimited Multilateral Guarantee dated 29 December 2021 given by:

Ash & Lacy Group Limited, Ash & Lacy Holdings Limited, Ash & Lacy Building Systems Holdings Limited, Ash & Lacy Building Systems Limited, Ash & Lacy Automotive Holdings Limited, Ash & Lacy Automotive Limited, Ash & Lacy Solutions Holdings Limited, Ash & Lacy Solutions Limited, Ash & Lacy Finishes Holdings Limited, Ash & Lacy Finishes Limited, Ash & Lacy Perforating Holdings Limited, Ash & Lacy Perforating Limited, Accordial Holdings Limited and Halo Solar Limited.

The potential liability of the company at 31 December 2024 was £nil (2023: £nil).

The company is also party to a debenture dated 20 December 2022 providing cross-guarantee security to Ash & Lacy Group Limited as security trustee for all present and future liabilities of the following secured parties:

Ash & Lacy Holdings Limited, Ash & Lacy Building Systems Limited, Ash & Lacy Automotive Limited, Ash & Lacy Solutions Limited, Ash & Lacy Finishes Limited, Ash & Lacy Perforating Limited, and Halo Solar Limited.

16. Directors' advances, credits and guarantees

During the year, the company advanced a loan of £512,000 to Dr J L Evans. At 31 December 2024 the amounts outstanding was £512,000 (2023: nil). The loan was subsequently repaid wthin 9 months of the year end.

17. Related party transactions

Ash & Lacy Automotive Limited undertook transactions and had balances debtors/(creditors) with the following companies under common control as shown below:

Balance Balance
Sales Purchases 2024 2023
£    £    £    £   
Ash & Lacy Holdings Limited - 1,400,000 (1,325,172 ) (275,170 )
Ash & Lacy Building Systems Limited 42,091 5,533 487,726 (4,403 )
Ash & Lacy Solutions Limited - - (10,000 ) (14,352 )
Ash & Lacy Finishes Limited - - - -
Ash & Lacy Perforating Limited - 731,747 (742,508 ) 582,925

The above balances are a combination of amounts within trade debtors, other debtors, trade creditors and other creditors which are allocated as such according to transaction type.

ASH & LACY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 00529602)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

18. Ultimate controlling party

The company's immediate and ultimate parent company is Ash & Lacy Automotive Holdings Limited, whose registered office address is Ash & Lacy House, Alma Street, Smethwick, West Midlands, United Kingdom, B66 2RL

By virtue of share ownership of the parent company, Dr J L Evans is the ultimate controlling party.