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Registration number: 02156712

Fixlands Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Fixlands Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Fixlands Limited

Company Information

Directors

Mr S R M Thompson

Mr M R Feeny

Registered office

18 Northcott Ave
London
N22 7DB

Accountants

Phillip Bates and Co Limited
Chartered Accountants
1 - 3 Chester Road
Neston
Cheshire
CH64 9PA

 

Fixlands Limited

(Registration number: 02156712)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1

1

Investment property

5

1,842,385

1,929,885

Investments

6

1

1

 

1,842,387

1,929,887

Current assets

 

Debtors

7

251,206

294,227

Cash at bank and in hand

 

134,829

53,579

 

386,035

347,806

Creditors: Amounts falling due within one year

8

(167,369)

(148,016)

Net current assets

 

218,666

199,790

Total assets less current liabilities

 

2,061,053

2,129,677

Creditors: Amounts falling due after more than one year

8

(496,159)

(590,404)

Provisions for liabilities

(98,230)

(98,230)

Net assets

 

1,466,664

1,441,043

Capital and reserves

 

Called up share capital

9

100

100

Fair value reserve

814,782

846,091

Profit and loss account

651,782

594,852

Total equity

 

1,466,664

1,441,043

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

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.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

 

Fixlands Limited

(Registration number: 02156712)
Balance Sheet as at 30 September 2024

.........................................
Mr S R M Thompson
Director

.........................................
Mr M R Feeny
Director

 

Fixlands Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
18 Northcott Ave
London
N22 7DB

These financial statements were authorised for issue by the Board on 26 November 2024.

2

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.

Revenue recognition

Turnover comprises the fair value of the consideration receivable in respect of property rental in the ordinary course of the company’s activities.

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 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.

 

Fixlands Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

 

Fixlands Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Fixlands Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 October 2023

1,650

1,650

At 30 September 2024

1,650

1,650

Depreciation

At 1 October 2023

1,649

1,649

At 30 September 2024

1,649

1,649

Carrying amount

At 30 September 2024

1

1

At 30 September 2023

1

1

5

Investment properties

2024
£

At 1 October 2023

1,929,885

Disposals

(87,500)

At 30 September 2024

1,842,385



The properties were valued by Mason Owen, Chartered Surveyors in April 2022. The properties were valued at the year end by the director using his knowledge of the property market.

6

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 October 2023

1

and

Carrying amount

At 30 September 2024

1

At 30 September 2023

1

 

Fixlands Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

12,619

13,208

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

213,447

254,580

Prepayments

 

7,519

8,819

Other debtors

 

17,621

17,620

 

251,206

294,227

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

101,301

97,773

Trade creditors

 

7,921

1,143

Taxation and social security

 

6,166

480

Accruals and deferred income

 

38,714

37,953

Other creditors

 

13,267

10,667

 

167,369

148,016

Creditors include bank loans which are secured of £97,773 (2023 - £97,773). The loans are secured on freehold property.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

496,159

590,404

2024
£

2023
£

Due after more than five years

After more than five years by instalments

-

45,199

-

-

Creditors include bank loans which are secured of £492,631 (2023 - £590,404). The loans are secured on freehold property.

Creditors include bank loans repayable by instalments of £nil (2023 - £45,199) due after more than five years.

 

Fixlands Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

492,631

590,404

Other borrowings

3,528

-

496,159

590,404

Current loans and borrowings

2024
£

2023
£

Bank borrowings

97,773

97,773

Other borrowings

3,528

-

101,301

97,773

 

Fixlands Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

11

Related party transactions

Summary of transactions with subsidiaries

Fixlands Investments Limited
 A wholly owned subsidiary of the company.
 Included in debtors is an amount of £213,447 (2023 £254,580) loaned to the above company. The loan is unsecured, interest free and repayable after more than five years.
 

Summary of transactions with other related parties

CD Thompson Discretionary Trust
 A trust in which the directors are also trustees.
 Included in debtors is an amount of £17,621 (2023 - £17,621) in respect of an interest free loan to the Trust.
 

12

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Colin Thompson Holding Limited, incorporated in England & Wales.