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REGISTERED NUMBER: 10805479 (England and Wales)















ASH & LACY PERFORATING LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2024






ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)






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 11


ASH & LACY PERFORATING LIMITED

Company Information
for the year ended 31 December 2024







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





Registered office: Ash & Lacy House
Bromford Lane
West Bromwich
West Midlands
B70 7JJ





Registered number: 10805479 (England and Wales)





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

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

Statement of Financial Position
31 December 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 4 811,438 846,833

Current assets
Stocks 5 297,076 276,310
Debtors 6 2,458,957 2,389,170
Cash at bank and in hand 111,576 91,062
2,867,609 2,756,542
Creditors
Amounts falling due within one year 7 3,389,660 2,051,702
Net current (liabilities)/assets (522,051 ) 704,840
Total assets less current liabilities 289,387 1,551,673

Creditors
Amounts falling due after more than
one year

8

(16,639

)

(37,734

)

Provisions for liabilities 11 (127,776 ) (134,743 )
Net assets 144,972 1,379,196

Capital and reserves
Called up share capital 12 1 1
Retained earnings 144,971 1,379,195
Shareholders' funds 144,972 1,379,196

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.

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

Statement of Financial Position - continued
31 December 2024


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 PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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

1. Statutory information

Ash & Lacy Perforating 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
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Government grants
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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

2. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

Depreciation is provided on the following basis:

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.

Hire purchase and leasing commitments
Assets held under finance leases are recognised initially at the fair value of the leased asset or, if lower, the present value of minimum lease payments at the inception of the lease. The corresponding liability is included in the statement of financial position as ‘obligations under finance leases’ with creditors. Lease payments are apportioned between finance charges and reduction of the lease liability using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Assets held under finance leases are included in tangible fixed assets and are depreciated and assessed for impairment losses in the same way as owned assets.

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.

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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

2. Accounting policies - continued

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.

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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

2. Accounting policies - continued

Foreign currencies
Functional and presentation currency
The Company's functional and presentational currency is GBP.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents a represented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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.

3. Employees and directors

The average number of employees during the year was 44 (2023 - 47 ) .

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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

4. Tangible fixed assets
Plant and
machinery
£
Cost
At 1 January 2024 1,249,966
Additions 158,089
At 31 December 2024 1,408,055
Depreciation
At 1 January 2024 403,133
Charge for year 193,484
At 31 December 2024 596,617
Net book value
At 31 December 2024 811,438
At 31 December 2023 846,833

5. Stocks
2024 2023
£ £
Raw materials 225,774 247,310
Finished goods 71,302 29,000
297,076 276,310

6. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 1,340,799 1,280,058
Other debtors 1,004,330 986,631
Prepayments 113,828 122,481
2,458,957 2,389,170

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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

7. Creditors: amounts falling due within one year
2024 2023
£ £
Hire purchase contracts (see note 9) 25,449 25,449
Trade creditors 875,531 1,188,738
Corporation tax - 36,411
Social security and other taxes 39,278 46,661
Proceeds of factored debts 718,167 491,115
VAT 84,358 78,094
Other creditors 1,646,206 106,745
Accruals and deferred income 671 78,489
3,389,660 2,051,702

8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Hire purchase contracts (see note 9) 16,639 37,734

9. Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 25,449 25,449
Between one and five years 16,639 37,734
42,088 63,183

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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

10. Secured debts

The following secured debts are included within creditors:

2024 2023
£ £
Hire purchase contracts 42,088 63,183
Receivables finance facility 718,167 491,115
760,255 554,298

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 16 - contingent liabilities.

11. Provisions for liabilities
2024 2023
£ £
Deferred tax
Accelerated capital allowances 127,776 134,743

Deferred tax
£
Balance at 1 January 2024 134,743
Provided during year (6,967 )
Balance at 31 December 2024 127,776

12. Called up share capital

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

13. Pension commitments

The company operates a defined contributions 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 £68,776 (2023: £56,140). Contributions totalling £8,302 (2023: £8,840) were payable to the fund at the balance sheet date and are included in creditors.

ASH & LACY PERFORATING LIMITED (REGISTERED NUMBER: 10805479)

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

14. 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.

15. Related party disclosures

Ash & Lacy Perforating 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 7,005 200,000 (202,987 ) 74,315
Ash & Lacy Building Systems Limited 320,903 5,324 487,720 405,681
Ash & Lacy Solutions Limited 280,143 1,320 (181,221 ) (17,626 )
Ash & Lacy Finishes Limited - 52,428 (100,513 ) (100,270 )
Ash & Lacy Automotive Limited 731,747 - 742,508 589,925

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.

16. Ultimate controlling party

The company's immediate and ultimate parent company is Ash & Lacy Perforating 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.