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COMPANY REGISTRATION NUMBER: 03873815
Axminster Services Limited
Filleted Financial Statements
31 March 2024
Axminster Services Limited
Director's Responsibilities Statement
Year ended 31 March 2024
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is 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. He is 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.
Axminster Services Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
43,000
53,750
Tangible assets
6
84,663
68,943
---------
---------
127,663
122,693
Current assets
Stocks
10,097
Debtors
7
2,801,417
1,695,024
Cash at bank and in hand
197,022
------------
------------
2,811,514
1,892,046
Creditors: amounts falling due within one year
8
1,471,252
979,801
------------
------------
Net current assets
1,340,262
912,245
------------
------------
Total assets less current liabilities
1,467,925
1,034,938
Creditors: amounts falling due after more than one year
9
115,550
159,854
Provisions
10,211
9,266
------------
------------
Net assets
1,342,164
865,818
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
1,341,164
864,818
------------
---------
Shareholders funds
1,342,164
865,818
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 March 2025 , and are signed on behalf of the board by:
E Reaidy
Director
Company registration number: 03873815
Axminster Services Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 152 Coles Green Road, London, NW2 7HD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 188 (2023: 188 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
215,000
---------
Amortisation
At 1 April 2023
161,250
Charge for the year
10,750
---------
At 31 March 2024
172,000
---------
Carrying amount
At 31 March 2024
43,000
---------
At 31 March 2023
53,750
---------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
112,026
101,029
213,055
Additions
19,847
28,183
48,030
Disposals
( 27,000)
( 27,000)
---------
---------
---------
At 31 March 2024
131,873
102,212
234,085
---------
---------
---------
Depreciation
At 1 April 2023
97,880
46,232
144,112
Charge for the year
8,498
21,407
29,905
Disposals
( 24,595)
( 24,595)
---------
---------
---------
At 31 March 2024
106,378
43,044
149,422
---------
---------
---------
Carrying amount
At 31 March 2024
25,495
59,168
84,663
---------
---------
---------
At 31 March 2023
14,146
54,797
68,943
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
1,656,565
1,266,245
Amounts owed by group undertakings and undertakings in which the company has a participating interest
898,957
244,312
Other debtors
245,895
184,467
------------
------------
2,801,417
1,695,024
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
217,381
50,000
Trade creditors
481,660
337,836
Corporation tax
171,522
100,921
Social security and other taxes
417,493
350,532
Other creditors
183,196
140,512
------------
---------
1,471,252
979,801
------------
---------
Bank borrowings are secured by a combination of a debenture, fixed and floating charges over the company's assets.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
79,167
129,167
Other creditors
36,383
30,687
---------
---------
115,550
159,854
---------
---------
Bank borrowings are secured by a combination of a debenture, fixed and floating charges over the company's assets.
10. Contingencies
The company has provided a composite guarantee with other members of the group as part of the security given on property held within the group.
11. Summary audit opinion
The auditor's report dated 13 March 2025 was unqualified .
The senior statutory auditor was P Mattei , for and on behalf of Leaman Mattei .
12. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
E Reaidy
20,076
35,155
( 20,000)
35,231
--------
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
E Reaidy
910
20,231
( 1,065)
20,076
----
--------
-------
--------
13. Related party transactions
The company has taken advantage of the exemption granted by paragraph 33.1(a) of FRS102, Related Party Disclosures, not to disclose transactions with group companies which are wholly owned subsidiaries of the group. At the year end, the parent company Crestavale Limited, owed the company £807,920. The company also provided loans to a fellow group company, Crestavale Properties Limited. The amount owed by Crestavale Properties Limited at the year end was £91,036. The loans are on interest free terms and repayable on demand. Included in Other debtors is a directors current account of £9,999 for amounts advanced to the director for expenses incurred.
14. Controlling party
The directors consider the ultimate controlling parent undertaking to be Crestavale Limited, a company incorporated in England and Wales.