Company No: 08462851 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.12.2024		31.12.2023
		£		£
Fixed assets
Tangible assets	3	308,840		328,952
Investment property	4	13,000,000		13,000,000
Investments	5	500		500
		13,309,340		13,329,452
Current assets
Debtors	6	3,476,549		2,977,231
Cash at bank and in hand		429,014		570,776
		3,905,563		3,548,007
Creditors: amounts falling due within one year	7	( 424,184)		( 629,402)
Net current assets		3,481,379		2,918,605
Total assets less current liabilities		16,790,719		16,248,057
Creditors: amounts falling due after more than one year	8	( 6,128,287)		( 5,622,996)
Provision for liabilities		( 2,433,000)		( 2,423,400)
Net assets		8,229,432		8,201,661
Capital and reserves
Called-up share capital	9	65		65
Capital redemption reserve		45		45
Profit and loss account		8,229,322		8,201,551
Total shareholders' funds		8,229,432		8,201,661

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Axminster Group Limited (registered number: 08462851) were approved and authorised for issue by the Board of Directors on 25 September 2025. They were signed on its behalf by:

Mr J Dutfield Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Axminster Group 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 principal place of business and registered address is:

Main Office
Woodmead Road
Axminster
EX13 5PQ

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and 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.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. The parent company will continue to provide financial support in the form of intercompany loans, and will not withdraw its funding. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Reporting period length

Last year, the company prepared accounts to 31 December 2023 in order to align its financial year end with that of the other group companies. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable as the 2023 amounts relate to an 18 month period.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of rental income in the ordinary course of the company's activities. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, 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	5 years straight line
Vehicles	5 years straight line
Office equipment	5 years straight line
Computer equipment	5 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

2. Employees

	Year ended 31.12.2024		Period from 01.07.2022 to 31.12.2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Tangible assets

	Plant and machinery		Vehicles		Office equipment		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	419,432		38,201		6,094		608		464,335
Additions	0		84,828		1,180		350		86,358
At 31 December 2024	419,432		123,029		7,274		958		550,693
Accumulated depreciation
At 01 January 2024	124,674		8,506		2,100		103		135,383
Charge for the financial year	83,886		21,099		1,317		168		106,470
At 31 December 2024	208,560		29,605		3,417		271		241,853
Net book value
At 31 December 2024	210,872		93,424		3,857		687		308,840
At 31 December 2023	294,758		29,695		3,994		505		328,952

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	13,000,000
Additions	134,900
Fair value movement	(132,416)
Disposals	(2,484)
As at 31 December 2024	13,000,000

Valuation

The investment property has been measured at fair value, which is the open market value of the property based on a valuation by the directors as at 31 December 2024.

The property was valued on 19 July 2024 by an external valuer Symonds and Sampson on a 10.312% capitalised rental yield basis and valued the property at £12 million. Since this date, the directors have carried out their own valuation and have calculated that the property valued at £13 million accurately reflects the valuation at 31 December 2024 based on additional rental agreement in place or negotiated at that date including other factors.

5. Fixed asset investments

Investments in subsidiaries

	31.12.2024
	£
Cost
At 01 January 2024	500
At 31 December 2024	500
Carrying value at 31 December 2024	500
Carrying value at 31 December 2023	500

6. Debtors

	31.12.2024		31.12.2023
	£		£
Trade debtors	177,902		168,916
Amounts owed by Group undertakings	3,042,119		2,471,564
Prepayments and accrued income	208,683		323,357
Other debtors	47,845		13,394
	3,476,549		2,977,231

7. Creditors: amounts falling due within one year

	31.12.2024		31.12.2023
	£		£
Bank loans (secured)	113,800		307,846
Trade creditors	132,707		215,190
Amounts owed to Group undertakings	0		1,024
Accruals	18,022		5,840
Other taxation and social security	114,718		69,514
Obligations under finance leases and hire purchase contracts (secured)	36,715		22,043
Other creditors	8,222		7,945
	424,184		629,402

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

	31.12.2024		31.12.2023
	£		£
Bank loans (secured)	4,595,006		4,015,883
Amounts owed to directors	12,642		934,382
Obligations under finance leases and hire purchase contracts (secured)	59,261		22,796
Other creditors	1,461,378		649,935
	6,128,287		5,622,996

Bank loans are denominated in sterling and the final instalment is due on 14 September 2029. The carrying amount at year end is £4,708,806 (2023 - £4,323,728).

There are three bank loans with first legal charges over the freehold land and buildings of the company. A personal guarantee has also been provided by the directors of the company.

The unsecured loan notes and other borrowings totalling £1,537,446 (2023 - £1,584,317) are owed to the directors and other related parties of the company. Whilst the amounts are repayable to the directors and other related parties, their intention is to provide long-term funding to the company and will not seek repayment for the foreseeable future.

The hire purchase agreements are secured over the assets to which they relate.

9. Called-up share capital

	31.12.2024		31.12.2023
	£		£
Allotted, called-up and fully-paid
65 Ordinary shares of £ 1.00 each	65		65

Included in the profit and loss reserves are non-distributable reserves of £7,667,192 (2023 - £7,766,608).

10. Related party transactions

Other related party transactions

	31.12.2024		31.12.2023
	£		£
Robert Day Associates Limited	811,443		920,264

During the current and previous year, a loan existed between the company and Robert Day Associates Limited. Interest has been charged on this loan at 6.21% and has no fixed date for repayment. At the balance sheet date, the amount due to Robert Day Associates Limited was £811,443 (2023: £920,264).

The company has taken advantage of the exemption to not disclose transactions with 100% group companies.