D M & C Ash Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02784145 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

D M & C ASH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D M Ash

C Ash

I A Wallace

S R Jones

P C Sumpter

S Ash

SECRETARY:

C Ash

REGISTERED OFFICE:

Unit 1

Ghyll Road Industrial Estate

Heathfield

East Sussex

TN21 8AW

REGISTERED NUMBER:

02784145 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

FIXED ASSETS

Intangible assets

4

101

140

Tangible assets

5

165,920

194,670

166,021

194,810

CURRENT ASSETS

Stocks

294,100

293,611

Debtors

6

4,282,058

4,507,879

Cash at bank

397,669

-

4,973,827

4,801,490

CREDITORS

Amounts falling due within one year

7

(3,067,820

)

(3,202,377

)

NET CURRENT ASSETS

1,906,007

1,599,113

TOTAL ASSETS LESS CURRENT LIABILITIES

2,072,028

1,793,923

CREDITORS

Amounts falling due after more than one year

8

(122,668

)

(185,726

)

PROVISIONS FOR LIABILITIES

11

(33,398

)

(36,197

)

NET ASSETS

1,915,962

1,572,000

CAPITAL AND RESERVES

Called up share capital

12

103

103

Retained earnings

1,915,859

1,571,897

SHAREHOLDERS' FUNDS

1,915,962

1,572,000

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2024 and were signed on its behalf by:

D M Ash - Director

1.	STATUTORY INFORMATION

D M & C Ash Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Long term contracts are included within turnover on the basis of the sales value of work performed during the year. The sales value is recognised as the certified value of measured works, claims and variations on contracts in the year. Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including the profit and loss account turnover and related costs as contract activity progresses.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1995, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

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

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors a payments on account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 36 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1 May 2022

and 30 April 2023

10,002

199

10,201

AMORTISATION

At 1 May 2022

10,001

60

10,061

Amortisation for year

-

39

39

At 30 April 2023

10,001

99

10,100

NET BOOK VALUE

At 30 April 2023

1

100

101

At 30 April 2022

1

139

140

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 May 2022

438,455

192,619

252,036

883,110

Additions

-

6,797

17,990

24,787

At 30 April 2023

438,455

199,416

270,026

907,897

DEPRECIATION

At 1 May 2022

359,938

159,169

169,333

688,440

Charge for year

19,742

9,330

24,465

53,537

At 30 April 2023

379,680

168,499

193,798

741,977

NET BOOK VALUE

At 30 April 2023

58,775

30,917

76,228

165,920

At 30 April 2022

78,517

33,450

82,703

194,670

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 May 2022

and 30 April 2023

41,985

DEPRECIATION

At 1 May 2022

5,248

Charge for year

9,184

At 30 April 2023

14,432

NET BOOK VALUE

At 30 April 2023

27,553

At 30 April 2022

36,737

6.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

688,547

693,396

Amounts owed by group undertakings

1,690,417

1,617,798

Amounts recoverable on contract

1,127,604

1,519,485

Other debtors

255,330

207,481

3,761,898

4,038,160

Amounts falling due after more than one year:

Trade debtors

520,160

469,719

Aggregate amounts

4,282,058

4,507,879

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

50,000

366,542

Hire purchase contracts (see note 9)

13,057

12,507

Trade creditors

1,780,901

1,975,407

Taxation and social security

209,338

190,109

Other creditors

1,014,524

657,812

3,067,820

3,202,377

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

112,500

162,500

Hire purchase contracts (see note 9)

10,168

23,226

122,668

185,726

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

13,057

12,507

Between one and five years

10,168

23,226

23,225

35,733

Non-cancellable

operating leases

2023

2022

£

£

Within one year

87,000

120,750

Between one and five years

348,000

348,000

In more than five years

130,500

217,500

565,500

686,250

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank overdraft

-

316,542

Bank loans

162,500

212,500

162,500

529,042

Bank overdraft secured by an unscheduled mortgage debenture dated 1 August 2011 incorporating a fixed and floating charge over all current and future assets of the company. Further security provided on bank borrowings by a unlimited multilateral guarantee dated 20 July 2011 given by D M & C Ash Limited and Ash Drywall Limited.In addition an unlimited multilateral guarantee dated 29 October 2019 is given by DMCA Developments, D M & C Ash Limited and Ash Drywall Limited.

11.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

33,398

36,197

Deferred

tax

£

Balance at 1 May 2022

36,197

Credit to Income Statement during year

(2,799

)

Profit and loss account

Balance at 30 April 2023

33,398

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary 'A'

£1

100

100

1

Ordinary 'B'

£1

1

1

1

Ordinary 'C'

£1

1

1

1

Ordinary 'D'

£1

1

1

103

103

The 'B', 'C' and 'D' shares do not have voting rights or rights to any distribution on winding up but rank pari passu with the ordinary 'A' shares in all other respects.

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen James Moore (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

14.	RELATED PARTY DISCLOSURES

During the year the company had the following dealings with related parties:

Ash Holdings Limited, a company owned and controlled 50% by Mr D M Ash and Mrs C Ash

- Purchases of £(5,086) (2022 - £73,184)

- Sales of £131,801 (2022 - £176,856)

An amount of £nil (2022 - £3,326) was due to the company at the balance sheet date.

DMCA Developments Limited, a company beneficially owned and controlled by Mr D M Ash and Mrs C Ash

- Rent and insurance charged by DMCA Developments of £89,798 (2022: £104,400)

An amount of £364,250 (2022 - £386,000) was due to the company at the balance sheet date.

Ash Drywall Limited, a company which owns 100% of the issued share capital

- An amount of £1,231,798 (2022 - £1,231,798) was due to the company at the balance sheet date.

Ringmer Joinery Limited, a fellow subsidiary, owned and controlled by Ash Drywall Limited

- Purchases of £191,940 (2022 - £228,586)

- Sales of £195,971 (2022 - £446,432)

An amount of £111,453 was due to the company at the balance sheet date.

15.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

16.	ULTIMATE CONTROLLING PARTY

The company is controlled by Ash Drywall Limited who own 100% of the issued share capital. Ash Drywall Limited is owned 83.02% by Mr D M Ash.