Axflow (NI) Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—8

1. General Information

Axflow (NI) Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI635224 . The registered office is 21-25 Mallusk Enterprise Park, Mallusk Drive, Newtownabbey, Co. Antrim, BT36 4GN. On 30 January 2026 the name of the company was changed from Flow Technology Services Ltd to Axflow (NI) Limited.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies are set out below.

2.2. Going Concern Disclosure

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3. Significant judgements and estimations

In the application of the company’s accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent

from other sources. The estimates and associated assumptions are based on historical experience and other

factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of the revision and future periods where the revision affects both current and future

periods.

There are no critical judgements made by directors that have a significant effect on the amounts recognised in the financial statements.

2.4. Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales

taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised

when performance obligations are satisfied and the control of goods or services is transferred to the buyer.

Where the performance obligation is satisfied over time, revenue is recognised in accordance with its

progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is

adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the

goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured

reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the

costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of

completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The

stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff

rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue

is recognised only to the extent of the expenses recognised that are recoverable.

Page 2

Page 3

Axflow (NI) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	20% straight line
Leasehold	20% straight line
Motor Vehicles	20% reducing balance
Fixtures & Fittings	10% and 20% straight line

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible

assets to determine whether there is any indication that those assets have suffered an impairment loss. If any

such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset,

the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,

the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying

amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An

impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued

amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to

apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is

recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which

case the reversal of the impairment loss is treated as a revaluation increase.

2.7. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.8. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Page 3

Page 4

Axflow (NI) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.9. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12

‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when

there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net

basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at

transaction price including transaction costs and are subsequently carried at amortised cost using the effective

interest method unless the arrangement constitutes a financing transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest. Financial assets

classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the future

payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are

not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at

transaction price and subsequently measured at amortised cost using the effective interest method.

2.10. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.11. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

Page 4

Page 5

Axflow (NI) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.12. Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with

banks, other short-term liquid investments with original maturities of three months or less, and bank

overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.13. Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs

are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are

received.

Termination benefits are recognised immediately as an expense when the company is demonstrably

committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.14. Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 7 (2024: 7)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2025	525,000

As at 31 December 2025	525,000

Amortisation
As at 1 January 2025	468,125
Provided during the period	52,500

As at 31 December 2025	520,625

Net Book Value
As at 31 December 2025	4,375

As at 1 January 2025	56,875

5. Tangible Assets

	Land & Property
	Leasehold	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 January 2025	35,219	18,650	41,547	95,416
Additions	4,288	-	13,758	18,046
Disposals	-	-	(30,428 )	(30,428 )

As at 31 December 2025	39,507	18,650	24,877	83,034

...CONTINUED

Page 5

Page 6

Axflow (NI) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Depreciation
As at 1 January 2025	20,892	13,579	28,392	62,863
Provided during the period	7,538	1,333	5,024	13,895
Disposals	-	-	(26,619 )	(26,619 )

As at 31 December 2025	28,430	14,912	6,797	50,139

Net Book Value
As at 31 December 2025	11,077	3,738	18,080	32,895

As at 1 January 2025	14,327	5,071	13,155	32,553

6. Stocks

	2025	2024
	£	£
Finished goods	387,201	522,508
Work in progress	5,096	-

	392,297	522,508

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	439,289	453,574
Amounts owed by group undertakings	-	45,897
Other debtors	13,870	70,499

	453,159	569,970

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	245,751	391,942
Bank loans and overdrafts	2,187	4,790
Amounts owed to group undertakings	-	8,634
Other creditors	42,047	122,397
Taxation and social security	79,424	7

	369,409	527,770

Danske Bank hold a fixed and floating charge over any present or future property and undertakings of the company.

Amounts due to group undertakings are interest free and repayable on demand.

10. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	5,455	6,307

Page 6

Page 7

Axflow (NI) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100,001	100,001

12. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

The company has only financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

13. Other Commitments

As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments

under non-cancellable operating leases, as follows:

	2025	2024
	£	£
Not later than one year	40,166	40,299
Later than one year and not later than five years	38,046	50,338

	78,212	90,637

14. Post Balance Sheet Events

The company declared a dividend payable to its parent undertaking of £100,000 on 26 February 2026.

15. Related Party Transactions

During the year the company purchased goods from group companies totalling £7,970 (2024: £14,909) which are included within cost of sales. Management charges of £15,591 (2024: £14,521) were paid to the parent undertaking in respect of group management services. These transactions were conducted on an arm's length basis. At the year end no amounts remained outstanding in respect of these transactions.

16. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

17. Ultimate Controlling Party

At the balance sheet date the company's ultimate parent company was A Johnson & Co AB (previously called Axel Johnson Holdings B.V.), a company incorporated in Sweden (previously The Netherlands). The company's ultimate controlling party at the balance sheet date was Antonia Axelson Johnson. The company's immediate parent company is FIN Holdings Limited, a company incorporated in Northern Ireland. The parent of the largest group in which the results are consolidated is AxFlow Holding Aktiebolag, a company registered in Sweden.

Page 7

Page 8

Axflow (NI) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

18. Audit Information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report on the accounts of Axflow (NI) Limited for the year ended 31 December 2025 is unqualified and was signed 22nd June 2026. It includes the following:

Opinion

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

The auditor's report was signed by Brendan Malone (Senior Statutory Auditor) for and on behalf of Malone Accounting Ltd , Statutory Auditor.

Malone Accounting Ltd

12 Causeway Road

Newcastle

Co. Down

BT33 0DL

Page 8

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		4,375		56,875
Tangible Assets	5		32,895		32,553

			37,270		89,428
CURRENT ASSETS
Stocks	6	392,297		522,508
Debtors	7	453,159		569,970
Cash at bank and in hand		368,849		50,390

		1,214,305		1,142,868
Creditors: Amounts Falling Due Within One Year	8	(369,409 )		(527,770 )

NET CURRENT ASSETS (LIABILITIES)			844,896		615,098

TOTAL ASSETS LESS CURRENT LIABILITIES			882,166		704,526

PROVISIONS FOR LIABILITIES
Deferred Taxation	10		(5,455 )		(6,307 )

NET ASSETS			876,711		698,219

CAPITAL AND RESERVES
Called up share capital	11		100,001		100,001
Profit and Loss Account			776,710		598,218

SHAREHOLDERS' FUNDS			876,711		698,219

Mr Stuart Flood Director	Mr Ole Weiner Director
22/06/2026