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REGISTERED NUMBER: 10805186 (England and Wales)















ASH & LACY FINISHES LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2024






ASH & LACY FINISHES LIMITED (REGISTERED NUMBER: 10805186)






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




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 10


ASH & LACY FINISHES LIMITED

Company Information
for the year ended 31 December 2024







Directors: Dr J L Evans
Y Tian
A D Waterhouse





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





Registered number: 10805186 (England and Wales)





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

ASH & LACY FINISHES LIMITED (REGISTERED NUMBER: 10805186)

Balance Sheet
31 December 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 4 242 1,451
Tangible assets 5 358,554 414,607
358,796 416,058

Current assets
Stocks 136,764 101,228
Debtors 6 758,183 341,154
Cash at bank 10,138 13,426
905,085 455,808
Creditors
Amounts falling due within one year 7 1,194,042 891,488
Net current liabilities (288,957 ) (435,680 )
Total assets less current liabilities 69,839 (19,622 )

Provisions for liabilities 8 58,013 76,961
Net assets/(liabilities) 11,826 (96,583 )

Capital and reserves
Called up share capital 1 1
Retained earnings 11,825 (96,584 )
11,826 (96,583 )

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 FINISHES LIMITED (REGISTERED NUMBER: 10805186)

Balance Sheet - 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 FINISHES LIMITED (REGISTERED NUMBER: 10805186)

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

1. Statutory information

Ash & Lacy Finishes 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
Ash & Lacy Finishes Limited is reliant on financial support and strategic advice from a number of other companies which are under common control of its Shareholders, namely Ash & Lacy Holdings Limited, Ash & Lacy Building Systems Limited, Ash & Lacy Solutions Limited and Ash & Lacy Perforators Limited. The Directors of these companies have agreed to provide sufficient competent management and adequate financial and other resources to enable Ash & Lacy Finishes Limited to continue as a going concern. Therefore the directors consider it appropriate to prepare the financial statements on a going concern basis.

ASH & LACY FINISHES LIMITED (REGISTERED NUMBER: 10805186)

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

2. Accounting policies - continued

Turnover
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.

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
-
the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of two years.

ASH & LACY FINISHES LIMITED (REGISTERED NUMBER: 10805186)

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

2. Accounting policies - continued

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.

Depreciation is provided on the following basis:

Plant and machinery 3 to 20 years
Fixtures and fittings3 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.

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.


ASH & LACY FINISHES LIMITED (REGISTERED NUMBER: 10805186)

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

2. 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.

Hire purchase and leasing commitments
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.

3. Employees and directors

The average number of employees during the year was 15 (2023 - 15 ) .

ASH & LACY FINISHES LIMITED (REGISTERED NUMBER: 10805186)

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

4. Intangible fixed assets
Other
intangible
assets
£
Cost
At 1 January 2024
and 31 December 2024 1,451
Amortisation
Charge for year 1,209
At 31 December 2024 1,209
Net book value
At 31 December 2024 242
At 31 December 2023 1,451

5. Tangible fixed assets
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£ £ £ £
Cost
At 1 January 2024 556,321 6,175 - 562,496
Additions 550 2,127 883 3,560
At 31 December 2024 556,871 8,302 883 566,056
Depreciation
At 1 January 2024 143,726 4,163 - 147,889
Charge for year 58,211 1,328 74 59,613
At 31 December 2024 201,937 5,491 74 207,502
Net book value
At 31 December 2024 354,934 2,811 809 358,554
At 31 December 2023 412,595 2,012 - 414,607

ASH & LACY FINISHES LIMITED (REGISTERED NUMBER: 10805186)

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

6. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 509,052 162,646
Other debtors 207,364 144,157
Prepayments 41,767 34,351
758,183 341,154

7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 222,314 172,724
Tax 3,992 -
Social security and other taxes 8,988 7,507
VAT 37,051 21,782
Other creditors 852,422 663,603
Accruals and deferred income 69,275 25,872
1,194,042 891,488

8. Provisions for liabilities
2024 2023
£ £
Deferred tax
Accelerated capital allowances 58,013 96,511
Tax losses carried forward - (19,550 )
58,013 76,961

Deferred tax
£
Balance at 1 January 2024 76,961
Provided during year (18,948 )
Balance at 31 December 2024 58,013

9. 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 £8,991 (2023: £7,418). Contributions totalling £1,999 (2023: £1,367) were payable to the fund at the balance sheet date and are included in creditors.

ASH & LACY FINISHES LIMITED (REGISTERED NUMBER: 10805186)

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

10. Contingent liabilities

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.

11. Related party disclosures

Ash & Lacy Finishes 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 - 75,000 (702,071 ) (628,541 )
Ash & Lacy Building Systems Limited 308,505 431 (276,078 ) (235,637 )
Ash & Lacy Solutions Limited 628,123 - 474,866 81,639
Ash & Lacy Perforating Limited 52,428 - 101,260 100,270

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.

12. Ultimate controlling party

The company's immediate and ultimate parent company is Ash & Lacy Finishes 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 remains the the ultimate controlling party.