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Registered number: 10179644
Ashe Roofing Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Strategic Report 1—3
Directors' Report 4—6
Independent Auditor's Report 7—10
Statement of Income and Retained Earnings 11
Balance Sheet 12—13
Notes to the Financial Statements 14—22
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Review of the Business
Ashe Roofing manages the renewal and construction of both flat and pitched roofs primarily for public sector clients, within the education sector. Ashe Roofing has continued to build on its strong foundation, delivering robust financial performance and achieving significant milestones in 2024. Our commitment to quality and customer satisfaction remains at the forefront of our operations.
Business Model
The business operates out of its office within Hitchin, North Hertfordshire, where it serves its local clients across Hertfordshire, Bedfordshire, Buckinghamshire and Greater London. Our business model focuses on providing high-quality roofing solutions to our client base, with a sharp focus on safety and quality. We leverage our skilled workforce and years of construction knowledge to deliver exceptional value, leading to high customer satisfaction and recurring revenue. 
Strategy
The strategy of the business continues to be a focus on local frameworks and partnerships, whilst at the same time managing and mitigating any exposure to risk. In 2024 there were multiple strategically important frameworks renewed, as well as new partnerships formed. 
Market Overview
The UK Construction Industry recorded an overall increase in output of 0.4% in 2024, however the key statistic is that overall output is still down 0.8% from 2022, with a 10.7% contraction in new build, compared to a 14.9% increase in refurbishment works. This highlights that clients are opting to improve existing assets, as opposed to build new ones. Ashe Roofing has positioned itself more within the refurbishment of existing roofs, as opposed to working with contractors on installing new roofs. 
Reference: Office of National Statistics – Construction Ouput
In 2024, the UK roofing and cladding industry experienced a period of relative stability despite seasonal fluctuations and broader economic uncertainty. While workload and enquiries generally increased, this growth was not consistent across all quarters, and challenges like skills shortages and rising costs persisted. There was an overall net increase in workload and enquiries, however, confidence within the sector dipped slightly in Q4.
Reference: National Federation of Roofing Contractors – 2024 Survey
Performance Review
Revenue of £19.28 million was achieved in 2024, with a corresponding rise in net profit to £1.52 million, compared to £19.80 million and £1.33 million. Customer satisfaction scores remained high, reflecting our dedication to quality service. 
Financial KPIs:
  • Revenue Per Employee: £0.69 million (2024) vs £0.76 million (2023)
  • Gross Profit Margin: 16.7% (2024) vs 15.2% (2023)
  • Net Profit Margin: 7.5% (2024) vs 6.8% (2023)
  • Liquidity Ratio: Current Ratio: 1.67 (2024) vs 1.35 (2023), Quick Ratio: 1.30 (2024) vs 1.04 (2023)
Page 1
Page 2
Principal Risks and Uncertainties
  1. Inflation: Rising inflation rates have increased the cost of materials and labour, putting pressure on operating margins
  2. Supply Chain Issues: Supply chain disruptions and shortages of skilled workers have been significant challenges 
  3. Economic Uncertainty: The level of government expenditure which is under pressure owing to societal needs and funding requirements
  4. Regulatory Compliance: Contractors must adhere to stringent regulatory requirements, which can pose challenges in project execution
  5. Skilled Workforce: Shortages of skilled workers in the construction industry can impact the ability to meet project demands
Future Developments
The UK Construction Purchasing Managers Index (PMI) was at a reading of 53 in December, highlighting that of the construction companies surveyed there has been an overall expansion occurring within the industry. 
Looking ahead, we plan to invest in new and existing relationships within the public sector, with an emphasis on continuing to serve our local communities. We remain optimistic about our prospects for 2025, with the business securing its highest level of orderbook going into the new year.
Corporate Governance
We have strengthened our governance practices, ensuring transparency and accountability. Best practice learned through the groups 50 years of experience has been embraced, with an emphasis on compliance and safety. 
Commitment to a Reduction in Carbon Emissions
Ashe, as a group rather than individual entity, is committed to a sustainable future. We actively seek to reduce carbon emissions and integrating environmental commitments into our operations.
The primary activities accounting for scope 1 and 2 emissions include the use of natural gas for heating, electricity (grid) to operate our offices and sites and fuel to run company vehicles, site plant and generators. The figures below are calculated according to the Greenhouse Gas Protocol and Streamlined Energy and Carbon Reporting (SECR) protocols. Our Scope 1, 2, and 3 (Category 6) greenhouse gas emissions align with the Environmental Reporting Guidelines issued by the Department of Environment, Food & Rural Affairs and the Department for Business, Energy & Industrial Strategy.
Carbon Emissions
Category
2021 Tonnes CO2e
2022 Tonnes CO2e
2023 Tonnes CO2e
2024 Tonnes CO2e
Scope 1 Total emissions
632.53
552.74
588.44
633.10
Scope 2 Total emissions
51.12
35.88
28.32
56.21
Scope 3 emissions (limited to Scope 5, 6 and 7)
591.05
572.74
593.55
569.55
Total emissions
1274.70
1161.37
1210.31
1258.87
Revenue (£m)
£70.5
£84.0
£87.0
£104.3
Carbon Intensity GCG tCO2e/£m revenue (Ashe Group)
18.08
13.83
13.91
12.07
Ashe Group - Scope 1, 2 and 3 (Category 6) emissions
...CONTINUED
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Commitment to a Reduction in Carbon Emissions - continued
Sustainability Initiatives
Our commitment to reducing our carbon emissions is reflected in the many measures we currently have in place which include:
• Establishing a path to net zero by 2045.
• Enhancing the thermal performance of all our offices and site cabins;
• Reducing energy consumption at head office via the introduction of PVs and phasing out  gas;
• Installing LED lights at all offices;
• Offering an EV salary sacrifice scheme to staff with current staff utilisation exceeding 20%;
• Providing EV charging at all offices and sites;
• Seeking to be paperless by 2030 and utilising cloud storage for all data;
• Providing video conferencing and mobile devices to enable remote and flexible working;
• Using hybrid generators on sites where the grid is unavailable;
• Using water coolers and re-usable bottles on all sites;
• Promoting the use of electric and battery tools on sites;
• Training staff in environmental awareness and sustainable methodologies;
• Continually measuring our emissions across a suite of metrics to provide a full picture of our impact on the environment in pursuit of our net zero target for 2045.
On behalf of the board
Mr N J Harrison
Director
31st July 2025
Page 3
Page 4
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal Activity
The company's principal activity continues to be that of roofing contractors.
Dividends
The value of dividends paid amounted to £700,000 .
The directors recommended no final dividend to be declared for the year.
Directors
The directors who held office during the year were as follows:
Mr R F Fone
Mr N J Harrison
Mr K G Hall
Qualifying Third-party and Pension Scheme Indemnity Provision
All directors are entitled to contractual indemnification from the company, as permitted by law, against claims and legal expenses incurred in the course of their duties. Qualifying third-party indemnity insurance is provided and remains in force as of the date of approving the Directors' Report.
Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Company
Promoting Future Success
As a family-owned business, our decision-making focuses on longevity and prosperity for future generations.
Our strategic goal is to be a preferred choice for clients, employees, partners, and the communities we serve. Our commitment includes fostering opportunities, security and progression which are aimed at enriching lives and societal well-being.
Strategic Focus on Risk Management and Innovation
Our strategy for sustained success involves meticulous risk management, safeguarding liquidity and ensuring operations are conducted within our established Margin of Safety. By adopting best practices and pioneering new initiatives, we aim to develop a more effective approach in our operations that distinguish us from our competitors.
Empowering Our People
Our people are encouraged to take ownership, make decisions and voice opinions. We value diversity and utilise the talents within our community to create an inclusive work environment. Our goal is to provide a fulfilling and ambitious place to work which enables every team member to thrive, supported by an equitable and secure workplace.  The development of our people is an essential ingredient of our long-term success which is born out by our Investors in People Gold status.
Client Relationships: The Foundation of Our Success
Our client-centric approach focuses on nurturing long-standing relationships. We strive to deliver exceptional projects that meet stringent financial objectives and high-quality standards. From project inception to completion and beyond, we ensure that every client enjoys a consistent Ashe experience which fosters trust, loyalty and advocacy for our brand.
Cultivating a Supportive and Safe Employee Culture
Our employees are integral to our success. We promote a safe, inclusive culture where staff can flourish. High retention rates reflect our strong organisational culture, where our values are practiced consistently, making our company a safe, rewarding and desirable workplace. 
...CONTINUED
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Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Company - continued
Strengthening Supply Chain Partnerships
We aim to build trust and foster long-term relationships with our supply chain partners. Through initiatives like upskilling, health and welfare awareness programs, best practice learning and apprenticeships, we collaborate to enhance workplace safety and productivity. Our commitment to fair payment practices underscores our commitment to mutual respect and continuous engagement.
Community Engagement and Social Responsibility
In 2024, our impact on social value and corporate social responsibility as a group using the Impact Evaluation Standard framework, Thrive exceeded £62 million. Moreover, our actual investment in social value as a group surpassed £170,000 (excluding the investment we made in our apprenticeship academy). 
Indeed, we support local charities and community initiatives that promote educational engagement and employment opportunities and our operations positively impact the community and environment through:
• Providing new, exciting spaces to work, learn, heal, and develop;
• Advancing renewable and intelligent building solutions to reduce carbon emissions;
• Offering rewarding career opportunities;
• Supporting businesses that benefit the local economy;
• Committing to innovative technologies that promote sustainable solutions;
• Delivering social value and supporting local charities;
• Embedding sustainability in both an environmental and business sense in our organisational ethos. 
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Chancellers LLP, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr N J Harrison
Director
31st July 2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of Ashe Roofing Limited for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(loss) 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 Auditor's 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 entity's ability to continue as a going concern for a period of at least 12 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. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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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 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:
  • 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 or 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 Directors' Responsibilities Statement set out on page 4—6, 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 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.
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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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
  • The nature of the industry and sector, control environment and business performance, including the Company's remuneration policies, key drivers for directors' remuneration, bonus levels, and performance targets.
  • Our enquiries of management regarding their own identification and assessment of the risks of irregularities.
  • Any matters identified from the Company's policies and procedures relating to - identifying, evaluating, and complying with laws and regulations and whether they had identified any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual or suspected fraud; the internal controls established to mitigate the risks of fraud or non-compliance with laws.
  • Matters raised by the audit team regarding how and where fraud might occur in the financial statements.
As a result of the above, we identified revenue recognition as a key audit matter relating to the potential risk of fraud.
The key risk in respect of revenue recognition is the valuation of work in progress at the year-end. The procedures we performed to address this were:
  • Identifying the relevant controls over the valuation process.
  • Testing supporting documentation and assessing any additional explanations obtained.
  • Reviewing in depth any projects that were highlighted as unusual or unexpected by our analytical review
  • Reviewing subsequent valuations of a selection of projects to assess the accuracy and consistency of the year-end valuations of those projects.
In addition to the above, our procedures to respond to risks identified included:
  • Reviewing the financial statement disclosures and testing supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
  • Enquiring of management concerning actual or potential litigation and claims.
  • Reviewing minutes of meetings. 
  • In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries. 
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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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 that 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.
Roger Owen FCA (Senior Statutory Auditor)
for and on behalf of Chancellers LLP , Statutory Auditor
31st July 2025
Chancellers LLP
64 Wilbury Way
Hitchin
Hertfordshire
SG4 0TP
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Statement of Income and Retained Earnings
2024 2023
Notes £ £
TURNOVER 4 19,275,901 19,800,532
Cost of sales (16,058,456 ) (16,792,843 )
GROSS PROFIT 3,217,445 3,007,689
Administrative expenses (1,976,852 ) (1,788,066 )
Other operating income 254,478 18,546
Other operating expenses (86,770 ) -
OPERATING PROFIT 6 1,408,301 1,238,169
Other interest receivable and similar income 11 111,821 89,551
PROFIT BEFORE TAXATION 1,520,122 1,327,720
Tax on Profit 12 (372,579 ) (315,093 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 1,147,543 1,012,627
RETAINED EARNINGS
As at 1 January 2024 1,871,546 1,358,919
Dividends paid (700,000) (500,000)
As at 31 December 2024 2,319,089 1,871,546
The notes on pages 14 to 22 form part of these financial statements.
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Balance Sheet
Registered number: 10179644
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 17,173 26,164
17,173 26,164
CURRENT ASSETS
Debtors 14 4,354,813 3,665,483
Cash at bank and in hand 2,782,500 2,297,599
7,137,313 5,963,082
Creditors: Amounts Falling Due Within One Year 15 (4,735,653 ) (4,086,479 )
NET CURRENT ASSETS (LIABILITIES) 2,401,660 1,876,603
TOTAL ASSETS LESS CURRENT LIABILITIES 2,418,833 1,902,767
Creditors: Amounts Falling Due After More Than One Year 16 (8,581 ) (24,580 )
PROVISIONS FOR LIABILITIES
Provisions For Charges 18 (86,770 ) -
Deferred Taxation 17 (4,293 ) (6,541 )
NET ASSETS 2,319,189 1,871,646
CAPITAL AND RESERVES
Called up share capital 19 100 100
Profit and Loss Account 2,319,089 1,871,546
SHAREHOLDERS' FUNDS 2,319,189 1,871,646
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On behalf of the board
Mr N J Harrison
Director
31st July 2025
The notes on pages 14 to 22 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Ashe Roofing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10179644 . The registered office is Ashe House , Cooks Way, Hitchin, Hertfordshire, SG4 0JE.
2. Statement of Compliance
The 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
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention.
3.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
  • the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
3.3. Significant judgements and estimations
The preparation of accounts under FRS 102 requires the directors to make judgements, estimates and assumptions that affect the value of the turnover and profit reported in the profit and loss account for the financial year and the value of assets and liabilities recorded in the balance sheet.
Estimates and judgements are continually evaluated and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Useful economic lives of tangible fixed assets are set out in the tangible fixed assets and depreciation accounting policy. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate.
Construction contracts and valuation of work in progress are set out in the turnover accounting policy.
3.4. Turnover
Construction contracts
Turnover and profit on construction contracts is ascertained in a manner appropriate to the stage of completion of the contract. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. All certified and subsequently invoiced values are assessed by and agreed with a third-party professional. The assessment of the final outcome of each contract is determined by the regular review of revenues and cost to complete the contract.
Profit on contracts is only recognised when the Company is satisfied that the risks on a contract have been mitigated to a suitable level so that the outcome of work under the contract can be assessed with reasonable certainty. When it is probable that total contract costs will exceed contract turnover, the expected loss is ecognised as an expense immediately.
Variations and claims are recognised once there is sufficient certainty over the probability that they will be received, and the amount can be measured reliably.
Amounts recoverable on contracts represents the excess of the value of surveyed work over amounts invoiced or certified at the balance sheet date. Where amounts invoices or certified at the balance sheet date exceed the amount of work completed, the excess is included within payments on account.
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3.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% on cost
Motor Vehicles 33% on cost
Fixtures & Fittings 33% on cost
3.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
3.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.10. Functional currency
The financial statements are prepared in Great British Pound (£), which is the currency that the company's income is earned and expenditure is paid. Therefore the company has chosen to select the Great British Pound (£) as its functional and reporting currency.
4. Turnover
Analysis of turnover by class of business is as follows:
2024 2023
£ £
Construction contracts 19,275,901 19,800,532
5. Other Operating Income
2024 2023
£ £
Grant income 49,269 18,546
Other operating income 205,209 -
254,478 18,546
Other operating income amount of £205,209 is related to a guarantee charge made to a group company.
6. Operating Profit
The operating profit is stated after charging:
2024
2023
£
£
Warranty obligation
86,770
image
-
image
2024 2023
£ £
Depreciation of tangible fixed assets 21,752 17,498
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7. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 21,704 10,000
8. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 2,115,617 1,881,764
Social security costs 217,000 205,161
Other pension costs 50,217 45,477
2,382,834 2,132,402
9. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Production 21 21
Non-production 7 5
28 26
10. Directors' remuneration
2024 2023
£ £
Emoluments 848,182 801,668
Company contributions to money purchase pension schemes 25,760 24,423
873,942 826,091
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The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 3 3
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 283,849 267,394
Company contributions to money purchase pension schemes 8,587 8,141
292,436 275,535
11. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 109,831 89,551
Interest on corporation tax 1,990 -
111,821 89,551
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12. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 25.0% 386,446 311,910
Prior period adjustment (11,619 ) -
374,827 311,910
Deferred Tax
Deferred taxation (2,248 ) 3,183
Total tax charge for the period 372,579 315,093
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 1,520,122 1,327,720
Tax on profit at 25% (UK standard rate) 380,031 331,930
Goodwill/depreciation not allowed for tax 5,438 4,375
Expenses not deductible for tax purposes 5,209 1,606
Capital allowances (3,191 ) (6,499 )
Short term timing differences (2,248 ) 3,183
Prior period adjustment (11,619 ) -
Difference in tax rates - (19,620 )
Changes in pension fund prepayment (1,041 ) 118
Total tax charge for the period 372,579 315,093
Prior period adjustment reflects over provisions of corporation tax liability in prior years.
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13. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2024 - 99,994 6,407 106,401
Additions 12,761 - - 12,761
As at 31 December 2024 12,761 99,994 6,407 119,162
Depreciation
As at 1 January 2024 - 74,664 5,573 80,237
Provided during the period 4,254 16,665 833 21,752
As at 31 December 2024 4,254 91,329 6,406 101,989
Net Book Value
As at 31 December 2024 8,507 8,665 1 17,173
As at 1 January 2024 - 25,330 834 26,164
14. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,240,490 3,031,091
Amounts owed by group undertakings 511,963 10,638
Other debtors 189,295 158,160
3,941,748 3,199,889
Due after more than one year
Trade debtors 413,065 465,594
4,354,813 3,665,483
2024
2023
Total Trade debtors consists of:-
£
£
Trade debtors
1,423,176
1,167,733
Retention debtors
1,013,485
1,060,467
Amounts recoverable on contracts
1,216,894
1,268,485
image3,653,555
image
3,496.685
image
image
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15. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,145,006 1,168,133
Corporation tax 166,468 311,910
Other taxes and social security 334,176 301,422
VAT 249,656 130,810
Subcontractor-creditors 1,968,612 1,433,587
Precision pay credit account 123,570 198,398
Pension control - 7,428
Accruals and deferred income 34,250 27,410
Amounts owed to group undertakings 713,915 507,381
4,735,653 4,086,479
16. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 8,581 24,580
17. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 4,293 6,541
18. Provisions for Liabilities
Warranty provision Deferred Tax Total
£ £ £
As at 1 January 2024 - 6,541 6,541
Additions 86,770 - 86,770
Deferred taxation - (2,248 ) (2,248 )
Balance at 31 December 2024 86,770 4,293 91,063
Provisions for charges totalling £86,770 is entirely related to warranty provision.
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19. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
Ordinary shares carry full voting rights, full dividend rights and right to participate in any sale proceeds or distribution on winding up.
20. 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.
During the year the charge to profit or loss in respect of defined contribution schemes was £50,217 (2023: £45,477).
At the balance sheet there were no contributions due to the fund (2023: £7,428)
21. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 700,000 500,000
22. Related Party Disclosures
The company has taken advantage of exemption, under s.33 p33.7 of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
23. Controlling Parties
The ultimate parent undertaking is Ashe Group Holdings Limited (incorporated in England & Wales). Its registered office is Ashe House, Cooks Way, Hitchin, Herts SG4 0JE .
Copies of the group accounts may be obtained from the company's registered office.
The company's ultimate controlling party is R S Blake by virtue of their majority interest in Ashe Group Holdings Limited.
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