Company No:
Contents
DIRECTORS | Mr G Bridge |
Mr J Dutfield |
SECRETARY | Mrs E Cook |
REGISTERED OFFICE | Centenary House Peninsula Park |
Rydon Lane | |
Exeter | |
EX2 7XE | |
United Kingdom |
BUSINESS ADDRESS | Woodmead Road |
Axminster | |
England | |
EX13 5PQ |
COMPANY NUMBER | 12443969 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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1,095,889 | 1,151,149 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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573,387 | 600,119 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (42,447) | (115,875) | ||
Total assets less current liabilities | 1,053,442 | 1,035,274 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Axminster Carpets Limited (registered number:
Mr J Dutfield
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period.
Axminster Carpets Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.
The address of the Company's registered office is Centenary House, Peninsula Park, Exeter, United Kingdom, and its principal place of business is Woodmead Road, Axminster, Devon, EX13 5PQ.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
There are no material departures from FRS102.
The functional currency of Axminster Carpets Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Goodwill |
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Trademarks, patents and licences |
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Website costs |
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Other intangible assets |
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Plant and machinery |
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Vehicles |
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Tools and equipment |
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Computer equipment |
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Plant and machinery is carried at its revalued amount being its fair value at the date of revaluation less any accumulated depreciation or impairment losses. Fair value is derived from the current market prices for comparable plant and equipment determined annually by the Directors. Changes in fair value are recognised in other comprehensive income. If a revaluation decrease exceeds the accumulated revaluation gains, the excess shall be recognised in the profit and loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets that have no stated interest rate and are receivable within one year, such as trade debtors, are measured a transaction price.
Other basic financial assets are measured at amortised cost.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured a transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. £NIL has been recognised in the accounts to match the grant against the related costs, these are broken down as follows:-
Interest on a government backed Bounce Back Loan - £NIL (2022: £197)
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Goodwill | Trademarks, patents and licences |
Website costs | Other intangible assets | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 March 2022 |
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Additions |
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At 28 February 2023 |
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Accumulated amortisation | |||||||||
At 01 March 2022 |
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Charge for the financial period |
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At 28 February 2023 |
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Net book value | |||||||||
At 28 February 2023 |
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At 28 February 2022 |
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Plant and machinery | Vehicles | Tools and equipment | Computer equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost/Valuation | |||||||||
At 01 March 2022 |
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Additions |
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Disposals | (
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At 28 February 2023 |
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Accumulated depreciation | |||||||||
At 01 March 2022 |
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Charge for the financial period |
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Disposals | (
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At 28 February 2023 |
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Net book value | |||||||||
At 28 February 2023 |
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At 28 February 2022 |
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Revaluation of tangible assets
The fair value of the company's plant and machinery was revalued on 9 March 2021. An independent valuer was involved. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £341,127 (2022: £336,695). The directors have reviewed the current market value of the plant and machinery this year and have confirmed that the value of the plant and machinery held as at 28 February 2023 of £1,039,913 accurately reflects the value of the assets held at that date.
2023 | 2022 | ||
£ | £ | ||
Historical cost | 394,986 | 373,950 | |
Accumulated depreciation | (53,859) | (37,255) | |
Carrying value |
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2023 | 2022 | ||
£ | £ | ||
Stocks |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to Parent undertakings |
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Accruals |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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2023 | 2022 | ||
£ | £ | ||
Deferred tax |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Parent Company:
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The registered office is Main Office, Woodmead Road, Axminster, EX13 5PQ. |