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Registered number: 02373535
Ashe Construction Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Strategic Report 1—4
Directors' Report 5—7
Independent Auditor's Report 8—11
Statement of Comprehensive Income 12
Balance Sheet 13—14
Statement of Changes in Equity 15
Statement of Cash Flows 16
Notes to the Statement of Cash Flows 17
Notes to the Financial Statements 18—29
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Review of the Business
Financial Performance
With the pressures of high inflation and a tight labour market easing in 2024, the financial results for the year reflect improvement, growth and an excellent set of results.
Company turnover increased by 42% to £89.6m (2023: £63.2m) and pre-tax profit rose significantly to £6.5m (2023: £2.4m). These outcomes stem in part from the procurement of larger contracts without incurring a significant rise in overhead costs or supply chain exposure, i.e. the Company has benefitted from economies of scale and internal efficiencies. 
Additionally, the impact of supply chain failures, which has riddled the industry of late, fell in 2024 on account of an enhanced level of scrutiny being given to financial due diligence and ensuring that the values of the supply chain are aligned to those of the Company. 
Business liquidity continues to be carefully controlled, ensuring accounts are settled early and retentions secured without undue delay and since the Company continues to grow organically, it has no debt and therefore, the business’ cash deposits have benefited from high interest rates.
Margins have been further bolstered by higher asset returns in relation to property and investments and liquidity has remained robust throughout the year, ending with a net cash position of over £20m (2023: £15m).
Finally, during the year the Company invested over £400k in social value, apprenticeship programmes, workplace infrastructure and reducing the carbon emissions of our operations and we continue to prioritise the training and development of our people to ensure we deliver excellence, consistently. 
Business Review
Despite facing a relatively stagnant construction market in which sector demand has remained subdued, 2024 has been a year marked by resilience and growth for the Company. 
Indeed, in 2024 inflationary pressures eased slightly and labour and material costs stabilised. However, the fall-out from high inflation has been a relatively high level of company failures arising throughout the construction industry. To counter such challenges, we adopt a collaborative approach with both clients and the supply chain to ensure that the contracts we undertake have been sustainable and financially viable for all parties. 
Furthermore, we place great emphasis on being selective both in terms of the clients we work for and the supply chain we employ. Accordingly, we work with subcontractors and clients who are financially robust and with whom we can develop longstanding relationships. This is further advanced by our investment in developing our supply chain to ensure they share our ethos of delivering with excellence as it is the supply chain that has the greatest impact on our reputation. 
Revenue growth has been particularly strong within the education and health sectors and, in spite of a subdued level of public sector capital expenditure, we have been able to increase market share. Indeed, our commercial work and framework agreements have expanded, promoting sustainable technologies, providing more learning opportunities and generating significant social value.
Principal Risks and Uncertainties
Financial Risk Management
The Company maintains a strong financial position, operating without debt and with a healthy level of liquidity.
Ashe Construction is financially self-sufficient and works collaboratively with the rest of the Group to manage such matters as financial risk, sharing best practice, training, innovation and the development of AI. We proactively manage liquidity based on projected revenues from secured projects and maintain healthy cash reserves for quick and easy access.
...CONTINUED
Page 1
Page 2
Principal Risks and Uncertainties - continued
The Directors consider that the main financial risks currently are inflation, the impact of tariffs on price stability, the geo-political climate and supply chain failures. Moreover, the Company has identified a potential risk attributable to safety remedial works in respect of which a provision has been made in these accounts. 
Finally, maintaining high levels of liquidity has always been an essential ingredient in Ashe’s objective for prudency and resilience to offset sudden financial shocks (e.g. 2008) and crisis (e.g. covid) arising from unforeseen risks.
Business Risks
Ashe Construction’s risk management strategy is integral to our operations. We ensure the highest standards in relation to site safety, health and well-being, design and build compliance, fire safety, environmental protection and contractual due diligence.
Key business risks currently include:
Inflation
We communicate inflation risks to clients and incorporate risk-sharing and contingencies in our contracts, and contractual obligations are agreed back-to-back with our supply chain.
Supply Chain Failure
We rigorously vet subcontractors and potential clients against a range of financial metrics and performance criteria, and prioritise long-term partners to mitigate risks, accordingly.
Contractual Risk 
Each project undergoes a commercial and technical viability assessment at several stages throughout the procurement process, with contract conditions negotiated to balance the business’ exposure to risk.
Health & Safety
We maintain an unwavering commitment to safety with continuous improvements supported by comprehensive training and rigorous auditing. We develop safety programmes and strategies which aim to enhance our processes and to promote a safety culture of care and good practice. In 2024, we retained our British Safety Council 5 star accreditation.
Cyber Security 
In response to increasing cyber threats, significant investment has been made to secure our systems and to enhance organisational awareness of cyber risks. Staff are trained and tested regularly to ensure they are aware of the risks of cyber attack to protect both themselves and the business.
Regulatory Requirements 
We proactively review and prepare for new legislation to ensure compliance, best practice and continuous improvement.
People, Resources, and Skills 
Addressing industry-wide resource and skill shortages, we actively support career pathways in construction, with 15% of our workforce engaged in formal training and apprenticeships.
Quality & Design  
External experts review our designs for compliance and best practice, supported by rigorous on-site quality audits and lessons learned from each project experience.
Market Conditions 
We focus on stable sectors like education, health and defence while remaining agile to adapt quickly to market changes and new trends.
Site Security
Security arrangements on each site are continually monitored and assessed. Measures to prevent or deter trespass and criminal activities on and around sites are implemented with due consideration to the level of risk.
In summary, the Company is committed to exceptional project delivery, client satisfaction, and navigating challenges with strategic foresight and operational excellence.
Page 2
Page 3
Commitment to a Reduction in Carbon Emissions
Ashe 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 (Ashe Group)
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 Total 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 GHG tCO2e per £m revenue (Ashe Group)
18.08
13.83
13.91
12.07
Ashe Group – Scope 1,2, and 3 (Category 6) emissions.
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.
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Section 172(1) Statement
The board of directors of Ashe Construction Limited consider, both individually and together, that they have acted in the way they consider, in good faith, would most likely to promote the success of the company for benefit of its members as a whole having regard to the stakeholders and matters set out in S.172 (1)(a-f) of the Act in decision making during the year ended 31 December 2024.
On behalf of the board
Mr I C Robbins
Director
31st July 2025
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Page 5
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal Activity
Ashe Construction specialises in construction management, primarily delivering turn-key design and build projects for both the public and private sectors, with particular focus on the education, health, defence, commercial and industrial sectors. Projects include new build, refurbishment, alterations and decarbonisation programmes.
Future Developments
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.
Dividends
The value of dividends paid amounted to £5,500,000 .
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 J Clay
Mr A R Morris
Mr R A Blake
Mr N R Blake
Mr I C Robbins
Mr D Armes
Mr J L Howard
Qualifying Third-party and Pension Scheme Indemnity Provision
All directors are entitled to contractual indemnification from the company to the extent permitted by law against claims and legal expenses incurred in the course of their duties. Such qualifying third party indemnity insurance is provided and remains in force as at the date of approving the Director's Report.
Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Company
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. 
...CONTINUED
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Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Company - continued
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.
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.
Going concern
In determining the appropriate basis for the preparation of the Financial Statements, the directors are required to consider whether the Company can continue in operational existence for the foreseeable future.
The Company's business activities, together with factors which the directors consider are likely to affect its development, financial performance and financial position are set out in the Strategic Report. Any material financial and operational risks are described within the Strategic Report, with the impact and their mitigation outlined.
As at 31 December 2024, the Company had substantial cash balances, no debt and a strong forward secured orderbook. The directors regularly review the working capital requirements of the Company in the normal course of business and in doing so, consider a range of hypothetical stress testing scenarios.
In determining that the Company is a going concern, the directors considered the impact of regulatory changes in the UK and EU, more specifically the ongoing effects of Brexit, Coronavirus, the Cost of Living Crisis and the war in Ukraine and middle east.
Accordingly, the directors consider there to be no material uncertainties that may cast significant doubt on the Company's ability to continue to operate as a going concern. They have formed a judgement that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of signing of these Financial Statements. For this reason, they continue to adopt the going concern basis in preparation of these Financial Statements. 
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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.
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 I C Robbins
Director
31st July 2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of Ashe Construction Limited for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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) and cash flows for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law; 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 5—7, 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 to supporting documentation to assess compliance with provisions of relevant laws and regulation described as having a direct effect on the financial statements.
  • enquiring of management concerning actual or potential litigation and claims.
  • reviewing minutes of meeting.
  • in addressing the risk of fraud through management override of controls, testing the appropriateness of journal.
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 Comprehensive Income
2024 2023
as restated
Notes £ £
TURNOVER 4 89,566,517 63,197,047
Cost of sales (77,112,931 ) (55,507,525 )
GROSS PROFIT 12,453,586 7,689,522
Administrative expenses (6,648,305 ) (5,696,579 )
Other operating income 49,398 52,889
OPERATING PROFIT 6 5,854,679 2,045,832
Profit on disposal of fixed assets 74,398 51,201
Other interest receivable and similar income 11 563,876 344,235
PROFIT BEFORE TAXATION 6,492,953 2,441,268
Tax on Profit 12 (1,640,029 ) (260,461 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 4,852,924 2,180,807
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 4,852,924 2,180,807
The notes on pages 17 to 29 form part of these financial statements.
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Balance Sheet
Registered number: 02373535
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 14 617,771 458,841
617,771 458,841
CURRENT ASSETS
Debtors 15 12,230,161 13,648,216
Cash at bank and in hand 19,933,351 15,334,570
32,163,512 28,982,786
Creditors: Amounts Falling Due Within One Year 16 (21,255,625 ) (20,348,952 )
NET CURRENT ASSETS (LIABILITIES) 10,907,887 8,633,834
TOTAL ASSETS LESS CURRENT LIABILITIES 11,525,658 9,092,675
Creditors: Amounts Falling Due After More Than One Year 17 (2,216,095 ) (1,512,846 )
PROVISIONS FOR LIABILITIES
Provisions For Charges 19 (4,031,708 ) (1,670,818 )
Deferred Taxation 18 (15,920 ) -
NET ASSETS 5,261,935 5,909,011
CAPITAL AND RESERVES
Called up share capital 20 200,000 200,000
Profit and Loss Account 5,061,935 5,709,011
SHAREHOLDERS' FUNDS 5,261,935 5,909,011
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On behalf of the board
Mr R J Clay
Director
31st July 2025
The notes on pages 17 to 29 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2023 200,000 5,628,204 5,828,204
Profit for the year and total comprehensive income - 2,180,807 2,180,807
Dividends paid - (2,100,000) (2,100,000)
As at 31 December 2023 and 1 January 2024 as restated 200,000 5,709,011 5,909,011
Profit for the year and total comprehensive income - 4,852,924 4,852,924
Dividends paid - (5,500,000) (5,500,000)
As at 31 December 2024 200,000 5,061,935 5,261,935
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Statement of Cash Flows
2024 2023
as restated
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 10,641,458 6,574,028
Tax (paid)/refunded (726,977 ) 38,925
Net cash generated from operating activities 9,914,481 6,612,953
Cash flows from investing activities
Purchase of tangible assets (555,276 ) (384,960 )
Proceeds from disposal of tangible assets 135,801 67,476
Grants received 39,899 42,568
Interest received 563,876 344,235
Net cash generated from investing activities 184,300 69,319
Cash flows from financing activities
Equity dividends paid (5,500,000 ) (2,100,000 )
Increase in cash and cash equivalents 4,598,781 4,582,272
Cash and cash equivalents at beginning of year 2 15,334,570 10,752,298
Cash and cash equivalents at end of year 2 19,933,351 15,334,570
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
as restated
£ £
Profit for the financial year 4,852,924 2,180,807
Adjustments for:
Tax on profit 1,640,029 260,461
Interest income (563,876 ) (344,235 )
Depreciation of tangible assets 334,943 232,458
Profit on disposal of tangible assets (74,398) (51,201)
Grant income (39,899) (42,568)
Movements in working capital:
Decrease in trade and other debtors 1,410,782 1,049,405
Increase in trade and other creditors 3,080,953 3,288,901
Net cash generated from operations 10,641,458 6,574,028
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
as restated
£ £
Cash at bank and in hand 19,933,351 15,334,570
3. Analysis of changes in net funds
As at 1 January 2024 Cash flows As at 31 December 2024
£ £ £
Cash at bank and in hand 15,334,570 4,598,781 19,933,351
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Notes to the Financial Statements
1. General Information
Ashe Construction Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02373535 . 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. 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.
3.3. Turnover
All turnover is stated net of VAT.
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 recognised 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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3.4. 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:
Improvements to property
25% on cost
Plant & Machinery
20% on cost
Fixtures & Fittings
25% on cost
IT
33% on cost
Motor Vehicles
25% on cost
Vans
33% on cost
3.5. 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.
3.6. 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.
3.7. 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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3.8. Provisions and Contingencies
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.
1. Provisions on Live Projects (Risk Provisions) 
The company recognises provisions on live projects where, as a result of a past event, it has a present legal or constructive obligation, and it is probable that an outflow of economic benefits will be required to settle the obligation. These provisions typically relate to:
- Known project risks (e.g. design issues, procurement delays, or contractual penalties).
- Estimated costs to complete where overruns are expected.
- Potential claims from third parties or clients.
- Inflation risk.
- Defective work during construction.
Provisions are measured at the best estimate of the expenditure required to settle the obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the provision is discounted.
2. Provisions on Completed Projects (Defects Liability Period)
Upon project completion, the company may remain liable for rectification of defects during the contractual defects liability period. A provision is recognised where:
- There is a contractual or constructive obligation to remedy defects.
- Past experience or known issues indicate probable future outflows.
- Supply chain failure and the impact of insolvencies.
These provisions are reviewed regularly and adjusted based on updated information, including defect trends, subcontractor status, and client communications.
3. Safety Remedial Works
Where safety-related issues are identified post-completion, a provision is recognised if:
- There is a legal or constructive obligation to undertake remedial works (e.g. under health and safety legislation or building regulations).
- The obligation arises from past construction activity.
- It is probable that economic outflows will be required.
The provision is measured based on the estimated cost of remediation, including investigation, design, and construction costs, and is reviewed regularly for adequacy.
...CONTINUED
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3.8. Provisions and Contingencies - continued
Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
3.9. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
3.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.11. 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.
3.12. Functional currencies
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
as restated
£ £
Construction contracts 89,566,517 63,197,047
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5. Other Operating Income
2024 2023
as restated
£ £
Grant income 39,899 42,568
Other operating income 9,499 10,321
49,398 52,889
6. Operating Profit
The operating profit is stated after charging:
2024 2023
as restated
£ £
Bad debts - 204,966
Depreciation of tangible fixed assets 334,943 232,458
7. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
as restated
£ £
Audit Services
Audit of the company's financial statements 35,739 21,662
Auditors remuneration charge to companies associated with Ashe Construction Limited totals £30,500.
8. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
as restated
£ £
Wages and salaries 9,340,118 7,319,632
Social security costs 1,067,924 901,178
Other pension costs 669,199 640,784
11,077,241 8,861,594
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9. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Production 69 67
Non-production 34 32
103 99
10. Directors' remuneration
2024 2023
as restated
£ £
Emoluments 2,701,875 1,811,019
Company contributions to money purchase pension schemes 94,330 282,574
2,796,205 2,093,593
Information regarding the highest paid director was as follows:
2024 2023
as restated
£ £
Emoluments 566,705 397,925
Company contributions to money purchase pension schemes 17,200 16,081
583,905 414,006
11. Interest Receivable and Similar Income
2024 2023
as restated
£ £
Bank interest 563,707 344,235
Interest on tax overpaid 169 -
563,876 344,235
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12. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
as restated
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 25.0% 1,616,836 292,544
Prior period adjustment - (38,926 )
1,616,836 253,618
Deferred Tax
Deferred taxation 23,193 6,843
Total tax charge for the period 1,640,029 260,461
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 6,492,953 2,441,268
Tax on profit at 25% (UK standard rate) 1,623,238 610,317
Goodwill/depreciation not allowed for tax 65,136 45,315
Expenses not deductible for tax purposes 377,486 17,192
Capital allowances (63,196 ) (61,583 )
Short term timing differences 23,193 6,843
Research and Development tax credit (313,109 ) (345,908 )
Prior period adjustment - (38,926 )
Difference in tax rates - (40,113 )
Changes in pension fund prepayment (72,719 ) 67,324
Total tax charge for the period 1,640,029 260,461
Research and development credit reflects over provisions of corporation tax liability in prior years due to a R&D claim.
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13. Prior Period Adjustment
In accordance with FRS 102, certain adjustments have been made to the financial statements for the year ended 31 December 2024, impacting the comparative figures for the year ended 31 December 2023. These adjustments relate to the reclassification of provisions. Details of the adjustments are as follows:
Creditors:
The balance of creditors on the face of the balance sheet for the year ended 31 December 2023 has been revised from £22,019,770 to £20,348,952.
This revision is due to the reclassification of provisions and contingencies to provisions for liabilities. An amount of £1,670,818 has been reallocated from creditors to provisions for charges under the heading "Provision for liabilities".
There is no impact on the profit and loss account due to the above presentation changes.
These adjustments have been made to ensure accurate presentation and classification of balances in accordance with FRS 102.
14. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2024 414,029 127,049 583,376 411,464
Additions 133,385 - 250,570 59,758
Disposals - - (293,283 ) -
As at 31 December 2024 547,414 127,049 540,663 471,222
Depreciation
As at 1 January 2024 187,667 127,049 426,581 372,957
Provided during the period 127,086 - 111,197 37,124
Disposals - - (231,880 ) -
As at 31 December 2024 314,753 127,049 305,898 410,081
Net Book Value
As at 31 December 2024 232,661 - 234,765 61,141
As at 1 January 2024 226,362 - 156,795 38,507
Vans Total
£ £
Cost
As at 1 January 2024 231,797 1,767,715
Additions 111,563 555,276
Disposals (112,860 ) (406,143 )
As at 31 December 2024 230,500 1,916,848
...CONTINUED
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Depreciation
As at 1 January 2024 194,620 1,308,874
Provided during the period 59,536 334,943
Disposals (112,860 ) (344,740 )
As at 31 December 2024 141,296 1,299,077
Net Book Value
As at 31 December 2024 89,204 617,771
As at 1 January 2024 37,177 458,841
15. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 5,629,591 4,657,166
Amounts owed by group undertakings 4,137,796 6,097,092
Other debtors 509,023 432,363
10,276,410 11,186,621
Due after more than one year
Trade debtors 1,953,751 2,461,595
12,230,161 13,648,216
2024
2023
Total Trade debtors consists of:-
£
£
Trade debtors
2,275,148
2,867,035
Retention debtors
4,150,115
3,768,281
Amounts recoverable on contracts
1,158,079
483,446
image
image
7,583,342
image
7,118,762
image
16. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 824,350 791,227
Amounts owed to group undertakings 1,214,518 329,820
Other creditors 12,695,488 14,116,403
...CONTINUED
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Corporation tax 1,637,036 747,177
Taxation and social security 3,836,694 3,340,435
Accruals and deferred income 1,047,539 1,023,890
21,255,625 20,348,952
17. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Other creditors 2,216,095 1,512,846
18. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
as restated
£ £
Other timing differences 15,920 (7,273)
19. Provisions for Liabilities
Deferred Tax Other Provisions Total
£ £ £
As at 1 January 2024 (7,273 ) 1,670,818 1,663,545
Additions 23,193 2,360,890 2,384,083
Balance at 31 December 2024 15,920 4,031,708 4,047,628
Other provisions which make up provision for charges on the face of the balance sheet is made up of 'Risk Provisions', 'Defects Liability Period Provisons' and 'Safety Remedial Works Provisions'.
20. Share Capital
2024 2023
as restated
Allotted, called up and fully paid £ £
200,000 Ordinary Shares of £ 1.00 each 200,000 200,000
Ordinary shares carry full voting rights, full dividend rights and right to participate in any sale proceeds or distribution on winding up.
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21. 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 the profit and loss account in respect of defined contribution schemes was £669,199 (2023: £640,784).
At the balance sheet date contributions of £909 (2023: £226,224) were due to the fund and are included in creditors.
22. Dividends
2024 2023
as restated
£ £
On equity shares:
Interim dividend paid 5,500,000 2,100,000
23. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A 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.
During the year, the company made purchases made from Westover Building Consultants LLP totalling £1,440 (2023: £1,007). The LLP is a related entity by the virtue of the fact that the directors R A Blake and N R Blake are common partners of the LLP. At the year end the there was no outstanding balances with the LLP (2023: £Nil). 
During the year, the company made purchases from Perry Jensen Ltd totalling £64,008 (2023: £104,895). Additionally the company paid rent totalling £18,083 (2023: £16,625). Perry Jensen Ltd is a related entity by virtue of the fact that the directors R A Blake and N R Blake are common directors. As at the year end the company owed £Nil (2023: £8,586) to Perry Jensen Ltd. 
During the year, the company also paid rent to Colston Trustees Ltd totalling £54,250 (2023: £49,875). Colston Trustees Ltd are the trustees of the Blake Family Group SIPP. 
At the year end the company had accrued income of £150,567 (2023: £131,656) for unbilled work provided to R A Blake, a director of the company. The company invoiced £131,656 (2023: £Nil) during the current year for the same project. At the year end the company was owed £150,567 (2023: £308,712) from R A Blake which was included within debtors.
At the year end the company had accrued income of £439,432 (2023: £257,940) for unbilled work provided to N R Blake, a director of the company. The company invoiced £257,940 (2023: £Nil) during the current year for the same project. At the year end the company was owed £439,432 (2023: £65,497) from N R Blake which was included within debtors.
During the year, the company made sales totalling £5,524 (2023: £10,829) to D Armes. a director of the company. At the year end the company was owed £Nil (2023: £206) from D Armes.
During the year, the company made sales totalling £1,769 (2023: £1,786) to I C Robbins, a director of the company. At the year end the company was owed £Nil (2023: £207) from I C Robbins.
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24. Controlling Parties
The ultimate parent undertaking is Ashe Group Holdings Ltd (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 interest in the share capital of the company.
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