Registration number:
for the Year Ended
Fixfast Holdings Ltd
Contents
Company Information |
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Statement of Directors' Responsibilities |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fixfast Holdings Ltd
Company Information
Directors |
Mr K Lynes Mr K Dupont Mr AD Lynes Mr BW Lynes Mr SD Lynes |
Company secretary |
Mrs J Lynes Mrs EA Lynes |
Registered office |
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Accountants |
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Fixfast Holdings Ltd
Statement of Directors' Responsibilities
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are 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. They are 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.
Fixfast Holdings Ltd
(Registration number: 9469500)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Fixfast Holdings Ltd
(Registration number: 9469500)
Balance Sheet as at 31 December 2023
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Fixfast Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis.
Fixfast Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Fixfast Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
2 |
Accounting policies (continued) |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fixfast Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
2 |
Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Fixfast Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
2 |
Accounting policies (continued) |
Financial instruments
Classification
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
Recognition and measurement
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case off an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow, discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Investments in non-convertible preference shares and in non-puttable ordinary shares are measured:
- at fair value with changes recognised in the income statement if the shares are publically traded or their fair value can otherwise be measured reliably;
- at cost less accumulated impairment for all other investments.
Impairment
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying value and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Fixfast Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Income from shares in group undertakings |
(663,106) |
(1,000,000) |
Investment properties |
2023 |
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At 1 January |
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Additions |
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At 31 December |
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Investment property was valued on an open market basis on 20 June 2016 by Caxtons Chartered Surveyors. The directors do not believe that there was a significant change in fair value between the year end and the date of valuation.
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2023 |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Fixfast Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
6 |
Investments (continued) |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Merlin House, Seven Mile Lane, Borough Green, Sevenoaks, Kent England & Wales |
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Fixfast Intermediate Limited The principal activity of Fixfast Intermediate Limited is |
Debtors |
Current |
Note |
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Amounts owed by related parties |
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Other debtors |
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Fixfast Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
- |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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208,407 |
341,251 |
Fixfast Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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£ |
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£ |
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2 |
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2 |
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2,500 |
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2,500 |
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2,500 |
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2,500 |
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2,500 |
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2,500 |
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2,500 |
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2,500 |
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A Growth shares of £1 each |
2,500 |
2,500 |
2,500 |
2,500 |
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B Growth shares of £1 each |
2,500 |
2,500 |
2,500 |
2,500 |
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C Growth shares of £1 each |
1,750 |
1,750 |
1,750 |
1,750 |
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D Growth shares of £1 each |
1,750 |
1,750 |
1,750 |
1,750 |
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E Growth shares of £1 each |
250 |
250 |
250 |
250 |
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F Growth shares of £1 each |
250 |
250 |
250 |
250 |
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G Growth shares of £1 each |
250 |
250 |
250 |
250 |
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H Growth shares of £1 each |
250 |
250 |
250 |
250 |
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I Growth shares of £1 each |
250 |
250 |
250 |
250 |
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J Growth shares of £1 each |
250 |
250 |
250 |
250 |
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Ordinary growth shares of £1 each |
2 |
2 |
2 |
2 |
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Allotted, called up and not fully paid shares
2023 |
2022 |
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Ordinary Growth shares of £1 each |
2 |
2 |
2 |
2 |
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Fixfast Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Redeemable shares |
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Other borrowings |
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Related party transactions |
Summary of transactions with subsidiaries
The company has both received and provided loans to its subsidiaries (both direct and indirect) during the year and received rent for use of business premises from Fixfast Ltd. In addition the company is entitled to income under a licence agreement with Fixfast Ltd.
Fixfast Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
11 |
Related party transactions (continued) |
Loans to related parties
2023 |
Subsidiary |
Total |
At start of period |
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At end of period |
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2022 |
Subsidiary |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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Terms of loans to related parties