Company No: 12443969 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.12.2024		31.12.2023
		£		£
Fixed assets
Intangible assets	3	52,348		50,551
Tangible assets	4	999,258		993,996
		1,051,606		1,044,547
Current assets
Stocks		3,000		3,000
Debtors	5	784,735		699,292
Cash at bank and in hand		0		21,792
		787,735		724,084
Creditors: amounts falling due within one year	6	( 668,055)		( 629,924)
Net current assets		119,680		94,160
Total assets less current liabilities		1,171,286		1,138,707
Creditors: amounts falling due after more than one year	7	( 18,958)		( 9,164)
Provision for liabilities		( 238,300)		( 224,800)
Net assets		914,028		904,743
Capital and reserves
Called-up share capital	8	100		100
Revaluation reserve		433,612		470,100
Profit and loss account		480,316		434,543
Total shareholder's funds		914,028		904,743

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.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges 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 Carpets Limited (registered number: 12443969) were approved and authorised for issue by the Director on 24 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 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.

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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. 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.

Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date.

Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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 arising on the acquisition of the undertakings and business of ACL 2020 Limited (a former company that was liquidated on 21 May 2022), 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
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.

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.

2. Employees

	Year ended 31.12.2024		Period from 01.03.2023 to 31.12.2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	0		0

3. Intangible assets

	Goodwill		Trademarks, patents and licences		Website costs		Other intangible assets		Total
	£		£		£		£		£
Cost
At 01 January 2024	25,000		10,564		1,750		34,852		72,166
Additions	0		7,425		1,500		0		8,925
At 31 December 2024	25,000		17,989		3,250		34,852		81,091
Accumulated amortisation
At 01 January 2024	9,792		4,458		540		6,825		21,615
Charge for the financial year	2,500		2,598		287		1,743		7,128
At 31 December 2024	12,292		7,056		827		8,568		28,743
Net book value
At 31 December 2024	12,708		10,933		2,423		26,284		52,348
At 31 December 2023	15,208		6,106		1,210		28,027		50,551

4. Tangible assets

	Plant and machinery		Tools and equipment		Computer equipment		Total
	£		£		£		£
Cost
At 01 January 2024	1,162,138		8,335		1		1,170,474
Additions	62,456		0		0		62,456
At 31 December 2024	1,224,594		8,335		1		1,232,930
Accumulated depreciation
At 01 January 2024	173,214		3,264		0		176,478
Charge for the financial year	55,527		1,667		0		57,194
At 31 December 2024	228,741		4,931		0		233,672
Net book value
At 31 December 2024	995,853		3,404		1		999,258
At 31 December 2023	988,924		5,071		1		993,996

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 £370,439 (2023: £327,023). 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 31 December 2024 of £995,853 accurately reflects the value of the assets held at that date.

	31.12.2024		31.12.2023
	£		£
Historical cost	457,442		394,986
Accumulated depreciation	(87,003)		(67,963)
Carrying value	370,439		327,023

5. Debtors

	31.12.2024		31.12.2023
	£		£
Trade debtors	3,201		2,169
Amounts owed by Group undertakings	781,038		694,123
Prepayments	396		3,000
Other debtors	100		0
	784,735		699,292

6. Creditors: amounts falling due within one year

	31.12.2024		31.12.2023
	£		£
Bank loans and overdrafts	6,170		5,940
Trade creditors	5,929		3,990
Amounts owed to Parent undertakings	590,223		548,055
Accruals	4,658		7,491
Other taxation and social security	56,636		64,448
Obligations under finance leases and hire purchase contracts (secured)	4,439		0
	668,055		629,924

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

	31.12.2024		31.12.2023
	£		£
Bank loans	2,756		9,164
Obligations under finance leases and hire purchase contracts (secured)	16,202		0
	18,958		9,164

Obligations under hire purchase contracts totalling £20,641 (2023: £nil) are secured against the asset they relate to.

8. Called-up share capital

	31.12.2024		31.12.2023
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Related party transactions

Transactions with owners holding a participating interest in the entity

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

10. Ultimate controlling party

Parent Company:

Axminster Group Limited, incorporated in United Kingdom.

The registered office is Main Office, Woodmead Road, Axminster, EX13 5PQ.