Silverfin false 28/02/2023 01/03/2022 28/02/2023 Mr G Bridge 03/03/2020 Mr D Dutfield 24/02/2023 05/02/2020 Mr J Dutfield 21/12/2021 21 February 2024 The principal activity of the Company during the financial period was that of weaving equipment leasing and licensing. 12443969 2023-02-28 12443969 bus:Director1 2023-02-28 12443969 bus:Director2 2023-02-28 12443969 bus:Director3 2023-02-28 12443969 2022-02-28 12443969 core:CurrentFinancialInstruments 2023-02-28 12443969 core:CurrentFinancialInstruments 2022-02-28 12443969 core:Non-currentFinancialInstruments 2023-02-28 12443969 core:Non-currentFinancialInstruments 2022-02-28 12443969 core:ShareCapital 2023-02-28 12443969 core:ShareCapital 2022-02-28 12443969 core:RevaluationReserve 2023-02-28 12443969 core:RevaluationReserve 2022-02-28 12443969 core:RetainedEarningsAccumulatedLosses 2023-02-28 12443969 core:RetainedEarningsAccumulatedLosses 2022-02-28 12443969 core:Goodwill 2022-02-28 12443969 core:PatentsTrademarksLicencesConcessionsSimilar 2022-02-28 12443969 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-02-28 12443969 core:OtherResidualIntangibleAssets 2022-02-28 12443969 core:Goodwill 2023-02-28 12443969 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 12443969 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-02-28 12443969 core:OtherResidualIntangibleAssets 2023-02-28 12443969 core:PlantMachinery 2022-02-28 12443969 core:Vehicles 2022-02-28 12443969 core:ToolsEquipment 2022-02-28 12443969 core:ComputerEquipment 2022-02-28 12443969 core:PlantMachinery 2023-02-28 12443969 core:Vehicles 2023-02-28 12443969 core:ToolsEquipment 2023-02-28 12443969 core:ComputerEquipment 2023-02-28 12443969 core:ImmediateParent core:CurrentFinancialInstruments 2023-02-28 12443969 core:ImmediateParent core:CurrentFinancialInstruments 2022-02-28 12443969 bus:OrdinaryShareClass1 2023-02-28 12443969 2022-03-01 2023-02-28 12443969 bus:FullAccounts 2022-03-01 2023-02-28 12443969 bus:SmallEntities 2022-03-01 2023-02-28 12443969 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 12443969 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 12443969 bus:Director1 2022-03-01 2023-02-28 12443969 bus:Director2 2022-03-01 2023-02-28 12443969 bus:Director3 2022-03-01 2023-02-28 12443969 core:Goodwill core:TopRangeValue 2022-03-01 2023-02-28 12443969 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2022-03-01 2023-02-28 12443969 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2022-03-01 2023-02-28 12443969 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-03-01 2023-02-28 12443969 core:Goodwill 2022-03-01 2023-02-28 12443969 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-01 2023-02-28 12443969 core:OtherResidualIntangibleAssets 2022-03-01 2023-02-28 12443969 core:PlantMachinery core:BottomRangeValue 2022-03-01 2023-02-28 12443969 core:PlantMachinery core:TopRangeValue 2022-03-01 2023-02-28 12443969 core:Vehicles core:TopRangeValue 2022-03-01 2023-02-28 12443969 core:ToolsEquipment core:TopRangeValue 2022-03-01 2023-02-28 12443969 core:ComputerEquipment core:TopRangeValue 2022-03-01 2023-02-28 12443969 2021-03-01 2022-02-28 12443969 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-03-01 2023-02-28 12443969 core:PlantMachinery 2022-03-01 2023-02-28 12443969 core:Vehicles 2022-03-01 2023-02-28 12443969 core:ToolsEquipment 2022-03-01 2023-02-28 12443969 core:ComputerEquipment 2022-03-01 2023-02-28 12443969 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 12443969 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 12443969 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12443969 (England and Wales)

AXMINSTER CARPETS LIMITED

Unaudited Financial Statements
For the financial period ended 28 February 2023
Pages for filing with the registrar

AXMINSTER CARPETS LIMITED

Unaudited Financial Statements

For the financial period ended 28 February 2023

Contents

AXMINSTER CARPETS LIMITED

COMPANY INFORMATION

For the financial period ended 28 February 2023
AXMINSTER CARPETS LIMITED

COMPANY INFORMATION (continued)

For the financial period ended 28 February 2023
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
AXMINSTER CARPETS LIMITED

BALANCE SHEET

As at 28 February 2023
AXMINSTER CARPETS LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 55,994 58,280
Tangible assets 4 1,039,895 1,092,869
1,095,889 1,151,149
Current assets
Stocks 5 3,000 3,000
Debtors 6 463,453 371,138
Cash at bank and in hand 106,934 225,981
573,387 600,119
Creditors: amounts falling due within one year 7 ( 615,834) ( 715,994)
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 ( 14,504) ( 30,514)
Provision for liabilities 9 ( 160,081) ( 171,342)
Net assets 878,857 833,418
Capital and reserves
Called-up share capital 10 100 100
Revaluation reserve 561,772 583,756
Profit and loss account 316,985 249,562
Total shareholder's funds 878,857 833,418

For the financial period ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Axminster Carpets Limited (registered number: 12443969) were approved and authorised for issue by the Board of Directors on 21 February 2024. They were signed on its behalf by:

Mr J Dutfield
Director
AXMINSTER CARPETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 28 February 2023
AXMINSTER CARPETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period.

General information and basis of accounting

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.

Turnover

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Turnover is shown net of value added tax.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Trademarks, patents and licences 5 years straight line
Website costs 10 years straight line
Other intangible assets 20 years straight line
Goodwill

Goodwill arises on the acquisition of the undertakings and business of ACL 2020 (a former company under liquidation), representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 10 years. Provision is made for any impairment.

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 5 years which is their estimated useful economic life. Provision is made for any impairment.

Other intangible assets

Website costs and Intangible assets are recognised at cost on acquisition. After initial recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and amortised on straight line basis over its useful economic life, which is 10 to 20 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 20 - 25 years straight line
Vehicles 5 years straight line
Tools and equipment 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 instruments

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

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)

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the period, including directors 0 0

3. Intangible assets

Goodwill Trademarks, patents
and licences
Website costs Other intangible assets Total
£ £ £ £ £
Cost
At 01 March 2022 25,000 6,533 1,750 34,852 68,135
Additions 0 4,031 0 0 4,031
At 28 February 2023 25,000 10,564 1,750 34,852 72,166
Accumulated amortisation
At 01 March 2022 5,208 798 219 3,630 9,855
Charge for the financial period 2,500 1,899 175 1,743 6,317
At 28 February 2023 7,708 2,697 394 5,373 16,172
Net book value
At 28 February 2023 17,292 7,867 1,356 29,479 55,994
At 28 February 2022 19,792 5,735 1,531 31,222 58,280

4. Tangible assets

Plant and machinery Vehicles Tools and equipment Computer equipment Total
£ £ £ £ £
Cost/Valuation
At 01 March 2022 1,141,102 28,878 8,335 1 1,178,316
Additions 23,236 0 0 0 23,236
Disposals ( 2,200) ( 28,878) 0 0 ( 31,078)
At 28 February 2023 1,162,138 0 8,335 1 1,170,474
Accumulated depreciation
At 01 March 2022 75,613 9,626 208 0 85,447
Charge for the financial period 53,311 0 1,667 0 54,978
Disposals ( 220) ( 9,626) 0 0 ( 9,846)
At 28 February 2023 128,704 0 1,875 0 130,579
Net book value
At 28 February 2023 1,033,434 0 6,460 1 1,039,895
At 28 February 2022 1,065,489 19,252 8,127 1 1,092,869

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 341,127 336,695

5. Stocks

2023 2022
£ £
Stocks 3,000 3,000

6. Debtors

2023 2022
£ £
Trade debtors 2,714 3,098
Amounts owed by Group undertakings 456,582 366,992
Other debtors 4,157 1,048
463,453 371,138

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 5,808 5,650
Trade creditors 2,779 52,034
Amounts owed to Parent undertakings 597,633 636,665
Accruals 7,620 7,320
Other taxation and social security 1,994 7,123
Obligations under finance leases and hire purchase contracts 0 7,202
615,834 715,994

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 14,504 20,912
Obligations under finance leases and hire purchase contracts 0 9,602
14,504 30,514

The hire purchase contract is secured against the asset to which it relates. Interest is payable at a rate of 11% per year.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 160,081 171,342

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Ultimate controlling party

Parent Company:

Axminster Group Limited, incorporated in United Kingdom.
The registered office is Main Office, Woodmead Road, Axminster, EX13 5PQ.