| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| FOR |
| AXSCEND LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| FOR |
| AXSCEND LIMITED |
| AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| AXSCEND LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditors |
| Charlton House |
| Dour Street |
| DOVER |
| Kent |
| CT16 1BL |
| AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
| BALANCE SHEET |
| 31 DECEMBER 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 1. | STATUTORY INFORMATION |
| Axscend Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Significant judgements and estimates |
| The preparation of the financial statements requires the directors to make estimates and assumptions that affect the amounts reported in the financial statements. The directors believe that the critical accounting policies where judgement or estimates are necessarily applied are summarised below: |
| Depreciation and residual values |
| The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that they are appropriate. |
| Prepaid income |
| The directors have reviewed service sale income that is invoiced in advance and have deferred this income over the period of the service subscriptions. |
| Warranty provision |
| The directors have reviewed the warranty provision as detailed in previous years exceptional items and provisions for liabilities notes. As the previous defective unit provision has been replaced by a standardised calculation on underlying unit sales data multiplied by the estimated cost for each rectification job, the provision expense has now been reclassified in 2025 as part of cost of sales as it is no longer considered as an exceptional item. The cost data has been estimated based on the cost of materials and parts as well as estimated labour and travel time. |
| Inventory provision |
| The directors provide against inventory in line with group policy based on expected annual consumption over the next four years in reference to the following percentages: |
| Inventory quantity > 1 x annual consumption > 10% write-down |
| Inventory quantity > 2 x annual consumption > 25% write-down |
| Inventory quantity > 3 x annual consumption > 35% write-down |
| Inventory quantity > 4 x annual consumption > 85% write-down |
| The provision in the financial statements as at 31 December 2025 was £478,561 (2024 - £116,877). |
| AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Changes in accounting policies |
| During the year, the directors changed its accounting policy in respect of development expenditure. Previously, all research and development costs were expensed as incurred. Development costs that meet the criteria for capitalisation under FRS 102 are now recognised as intangible assets. |
| The directors consider that this change provides more reliable and relevant information, as the company now undertakes identifiable development projects for which future economic benefits are probable and costs can be measured reliably. |
| The change in accounting policy has been applied retrospectively. The directors have assessed development activity in prior periods and determined that all projects that would have met the criteria for capitalisation were completed more than five years before the balance sheet date. As the company applies a five-year useful economic life to development intangible assets, any such costs would have been fully amortised by 31 December 2025. Accordingly, no restatement has been made, as there would be no impact on the carrying value of intangible assets at the reporting date. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured on a time basis. |
| Intangible assets |
| Amortisation is provided at the following annual rates in order to write off each intangible asset over its estimated useful life. |
| Development expenditure | - 20% on cost |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Plant & machinery | - 25% on cost |
| Fixtures, fittings & equipment | - 12.5% to 33.33% on cost |
| Motor vehicles | - 25% on cost |
| The directors reviewed the depreciation rate applied to plant and machinery during the year. As a result, the useful economic lives were revised from 5 years to 4 years with effect from 1 January 2025. This represents a change in accounting estimate and has been applied prospectively. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the weighted average cost method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Research and development |
| Research expenditure is expensed as incurred due to it not meeting the criteria for capitalisation. |
| Development expenditure is capitalised as an intangible asset when the recognition criteria set out in FRS 102 are met. Capitalised development costs are measured at cost and amortised on a straight-line basis over their estimated useful economic lives of up to five years, commencing when the asset is available for use. Development expenditure that does not meet the criteria for capitalisation is expensed as incurred. |
| Patents and licensing |
| Expenditure on patent applications is not capitalised and is written off to profit and loss account as incurred. |
| Government grants |
| Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purposes of giving immediate financial support to the company with no future related costs is recognised in income in the period in which it becomes receivable. |
| Foreign currencies |
| 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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals received under operating leases are included in the profit and loss account over the relevant period. |
| Pension costs and other post-retirement benefits |
| The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 4. | INTANGIBLE FIXED ASSETS |
| Development | Computer |
| costs | software | Totals |
| £ | £ | £ |
| COST |
| Additions |
| At 31 December 2025 |
| AMORTISATION |
| Amortisation for year |
| At 31 December 2025 |
| NET BOOK VALUE |
| At 31 December 2025 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures, |
| Short | Plant & | fittings | Motor |
| leasehold | machinery | & equipment | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2025 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2025 |
| DEPRECIATION |
| At 1 January 2025 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2025 |
| NET BOOK VALUE |
| At 31 December 2025 |
| At 31 December 2024 |
| 6. | STOCKS |
| 2025 | 2024 |
| £ | £ |
| Stocks |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Accruals and deferred income |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | PROVISIONS FOR LIABILITIES |
| 2025 | 2024 |
| £ | £ |
| Deferred tax |
| Other provisions | 194,794 | 110,084 |
| Deferred | Warranty |
| tax | provision |
| £ | £ |
| Balance at 1 January 2025 |
| Provided during year |
| Utilised during year | ( |
) |
| Balance at 31 December 2025 |
| The warranty provision from 2024 has been revised, with the new calculation relying on estimated failure rates of units multiplied by the average cost to install a new unit. |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| We draw attention to note 2 and note 5 of the financial statements, which describes the retrospective change in accounting policy of capitalising intangible fixed assets during the financial year ended 31 December 2025. Our opinion is not modified in respect of this matter. |
| for and on behalf of |
| 14. | PARENT AND ULTIMATE PARENT COMPANY |
| Axscend Limited is a 100% subsidiary of Axscend Group Limited, a company incorporated in England and Wales, whose registered address is the same as Axscend Limited. |
| Axscend Group Limited is a 100% subsidiary of SAF-Holland GmbH, a company registered in Germany whose registered office is 26 Hauptstrasse, Bessenbach 68856, Germany. |
| The ultimate parent company is SAF-HOLLAND SE, a company registered in Germany whose registered office is 26 Hauptstrasse, Bessenbach 68856, Germany. |