REGISTERED NUMBER: 10090444 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

ASH GROUP (UK) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

N A D Hassall

S L Kynaston

J P Fray

SECRETARY:

S L Haycock

REGISTERED OFFICE:

The Mill

Morton

Oswestry

Shropshire

SY10 8BH

REGISTERED NUMBER:

10090444 (England and Wales)

AUDITORS:

D.R.E. & Co. (Audit) Limited

Kingsland House

39 Abbey Foregate

Shrewsbury

Shropshire

SY2 6BL

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The group provides waste disposal and recycling services in the North West of England and North Wales.

The group have continued to consolidate on the previous years improved financial performance and continue to invest in operating equipment and new technology as well as expanding the areas of operation to encompass more of the country.

Key performance indicators

2025

2024

% change

Turnover

£55,408,376

£48,854,339

13.42%

Gross profit

£24,557,456

£21,385,948

14.83%

Operating profit

£8,572,952

£9,061,795

(5.40)%

Cash at bank

£5,863,046

£8,600,047

(31.83)%

EBITDA

£12,806,398

£12,656,538

1.18%

PRINCIPAL RISKS AND UNCERTAINTIES

The group operates in a very competitive and highly regulated market which is a continuing risk and may result in sales being lost to competitors. The group manages this risk by providing excellent service in all its activities and ensuring compliance with regulatory bodies.

Employees

Details of the number of employees and related costs can be found in note 5 to the financial statements.

Environment

The group continues to monitor the impact of its business on the environment.

SECTION 172(1) STATEMENT

The board of directors of ASH Group (UK) Limited Group collectively consider that they have acted in a way to promote the success of the business in the decisions taken in the year ended 31 March 2025 and the approval of the business plan for 2026.

Due to the nature and size of the group the directors fulfil their duties by utilising a governance framework and they delegate the day-to-day decision making to key management personnel, whilst maintaining the overall control of the processes and procedures the group operates.

Engagement with Suppliers, Customers and Employees

The group's board is committed to being a responsible business. Our behaviours and decision making are focused on growing a strong and stable business and we engage with all its customers, staff and suppliers.

Suppliers

The group sources products locally from suppliers. Our business is reliant on brand awareness and quality. As such, we place a significant emphasis on the supply chain and ensure we have strong mutually beneficial relationships with our suppliers. We endeavour to ensure all payments and any issues are resolved on a timely basis and uphold the principles upon which our business is built.

Customers

The board engages with all its customers through a very experienced sales and marketing network. We work very closely with them to both promote our band and ensure that we deliver on our promises. We promote our reputation for being a family owned business who listens to our customers.

EMPLOYEE INVOLVEMENT

The group's management has an open policy on the communication of information to employees concerning factors affecting their interests as employees and also the development of the group. It consults employees informally on a regular basis to ensure that their views are taken into account in making decisions on matters likely to affect their interests.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind aptitudes of the applicant concerned. In the event of a member of staff becoming disabled, every effort would be made to ensure that their employment with the group continues and that appropriate training is arranged. Disabled employees are eligible to participate in all training, career development and promotion opportunities available to staff.

ON BEHALF OF THE BOARD:

N A D Hassall - Director

10 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of waste disposal services.

DIVIDENDS

An interim dividend of £0.139999 per share on the Ordinary A £0.01 shares was paid on 17 April 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary B £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 March 2025 will be £ 2,800,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

N A D Hassall

S L Kynaston

J P Fray

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen, in accordance with s414C(11) of the Companies Act, to set out in the group's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the group.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N A D Hassall - Director

10 December 2025

Opinion

We have audited the financial statements of ASH Group (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the group and parent company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and parent company, including the Companies Act 2006, taxation legislation, Financial Conduct Authority, employment, environmental, health and safety legislation. We also consider regulations such as General Data Protection Regulations, Anti money laundering, Consumer Rights Act throughout the audit.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit; and

- we communicated with component auditors to request identification of any instances of non-compliance with laws and regulations that could give rise to a material misstatement of the group financial statements.

We assessed the susceptibility of the group and parent company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

- reviewing the client's system notes and internal controls.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- review of the cashbook to identify any large or unusual transactions that appear to have no commercial basis.

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 we are required to state to them in a Report of the Auditors 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.

Francis Nock F.C.C.A. (Senior Statutory Auditor)

for and on behalf of D.R.E. & Co. (Audit) Limited

Kingsland House

39 Abbey Foregate

Shrewsbury

Shropshire

SY2 6BL

10 December 2025

TURNOVER

4

55,778,795

48,854,339

Cost of sales

(30,850,920

)

(27,468,391

)

GROSS PROFIT

24,927,875

21,385,948

Administrative expenses

(16,374,190

)

(12,384,128

)

8,553,685

9,001,820

Other operating income

19,267

59,972

OPERATING PROFIT

6

8,572,952

9,061,792

Interest receivable and similar income

255,339

218,665

8,828,291

9,280,457

Interest payable and similar expenses

7

(301,619

)

(207,479

)

PROFIT BEFORE TAXATION

8,526,672

9,072,978

Tax on profit

8

(2,033,798

)

(2,050,345

)

PROFIT FOR THE FINANCIAL YEAR

6,492,874

7,022,633

Profit attributable to:

Owners of the parent

5,546,511

5,886,751

Non-controlling interests

946,363

1,135,882

6,492,874

7,022,633

PROFIT FOR THE YEAR

6,492,874

7,022,633

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

6,492,874

7,022,633

Total comprehensive income attributable to:

Owners of the parent

5,546,511

5,886,751

Non-controlling interests

946,363

1,135,882

6,492,874

7,022,633

FIXED ASSETS

Intangible assets

11

181,838

150,952

Tangible assets

12

31,575,464

26,497,775

Investments

13

-

-

31,757,302

26,648,727

CURRENT ASSETS

Stocks

14

522,956

636,650

Debtors

15

5,674,470

4,438,735

Cash at bank

5,863,046

8,600,047

12,060,472

13,675,432

CREDITORS

Amounts falling due within one year

16

9,528,153

9,087,132

NET CURRENT ASSETS

2,532,319

4,588,300

TOTAL ASSETS LESS CURRENT LIABILITIES

34,289,621

31,237,027

CREDITORS

Amounts falling due after more than one year

17

(3,899,456

)

(4,218,515

)

PROVISIONS FOR LIABILITIES

21

(2,692,486

)

(2,258,710

)

NET ASSETS

27,697,679

24,759,802

CAPITAL AND RESERVES

Called up share capital

22

200,003

200,003

Retained earnings

23

26,438,158

23,691,644

SHAREHOLDERS' FUNDS

26,638,161

23,891,647

NON-CONTROLLING INTERESTS

24

1,059,518

868,155

TOTAL EQUITY

27,697,679

24,759,802

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2025 and were signed on its behalf by:

N A D Hassall - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

11,875,084

11,126,790

Investments

13

200,262

200,537

12,075,346

11,327,327

CURRENT ASSETS

Debtors

15

15,661,039

10,951,587

Cash at bank

3,638,269

6,187,599

19,299,308

17,139,186

CREDITORS

Amounts falling due within one year

16

6,311,908

5,091,652

NET CURRENT ASSETS

12,987,400

12,047,534

TOTAL ASSETS LESS CURRENT LIABILITIES

25,062,746

23,374,861

CREDITORS

Amounts falling due after more than one year

17

(3,470,323

)

(3,632,200

)

PROVISIONS FOR LIABILITIES

21

(2,250,533

)

(2,006,131

)

NET ASSETS

19,341,890

17,736,530

CAPITAL AND RESERVES

Called up share capital

22

200,003

200,003

Retained earnings

23

19,141,887

17,536,527

SHAREHOLDERS' FUNDS

19,341,890

17,736,530

Company's profit for the financial year

4,405,360

4,223,286

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2025 and were signed on its behalf by:

N A D Hassall - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 April 2023

200,003

20,204,893

20,404,896

612,273

21,017,169

Changes in equity

Dividends

-

(2,400,000

)

(2,400,000

)

(880,000

)

(3,280,000

)

Total comprehensive income

-

5,886,751

5,886,751

1,135,882

7,022,633

Balance at 31 March 2024

200,003

23,691,644

23,891,647

868,155

24,759,802

Changes in equity

Dividends

-

(2,800,000

)

(2,800,000

)

(755,000

)

(3,555,000

)

Total comprehensive income

-

5,546,511

5,546,511

946,363

6,492,874

Balance at 31 March 2025

200,003

26,438,155

26,638,158

1,059,518

27,697,676

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

200,003

15,713,241

15,913,244

Changes in equity

Dividends

-

(2,400,000

)

(2,400,000

)

Total comprehensive income

-

4,223,286

4,223,286

Balance at 31 March 2024

200,003

17,536,527

17,736,530

Changes in equity

Dividends

-

(2,800,000

)

(2,800,000

)

Total comprehensive income

-

4,405,360

4,405,360

Balance at 31 March 2025

200,003

19,141,887

19,341,890

Cash flows from operating activities

Cash generated from operations

1

12,236,309

12,766,687

Interest paid

(135,440

)

(119,884

)

Interest element of hire purchase payments paid

(166,179

)

(87,595

)

Tax paid

(1,838,194

)

(1,416,213

)

Net cash from operating activities

10,096,496

11,142,995

Cash flows from investing activities

Purchase of intangible fixed assets

(41,147

)

-

Purchase of tangible fixed assets

(7,220,112

)

(1,946,166

)

Sale of tangible fixed assets

408,239

378,863

Transferred assets

-

243,720

Interest received

255,339

218,665

Net cash from investing activities

(6,597,681

)

(1,104,918

)

Cash flows from financing activities

Loan repayments in year

-

(794,410

)

Capital repayments in year

(2,680,816

)

(2,986,836

)

Equity dividends paid

(2,800,000

)

(2,400,000

)

Non-controlling interest dividends paid

(755,000

)

(880,000

)

Net cash from financing activities

(6,235,816

)

(7,061,246

)

(Decrease)/increase in cash and cash equivalents

(2,737,001

)

2,976,831

Cash and cash equivalents at beginning of year

2

8,600,047

5,623,216

Cash and cash equivalents at end of year

2

5,863,046

8,600,047

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.25

31.3.24

£

£

Profit before taxation

8,526,672

9,072,978

Depreciation charges

4,374,730

3,714,668

Profit on disposal of fixed assets

(141,284

)

(119,925

)

Finance costs

301,619

207,479

Finance income

(255,339

)

(218,665

)

12,806,398

12,656,535

Decrease/(increase) in stocks

113,694

(113,497

)

Increase in trade and other debtors

(997,563

)

(201,568

)

Increase in trade and other creditors

313,780

425,217

Cash generated from operations

12,236,309

12,766,687

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

5,863,046

8,600,047

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

8,600,047

5,623,216