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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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RUSSLAND INVESTMENTS LIMITED
COMPANY INFORMATION
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RUSSLAND INVESTMENTS LIMITED
CONTENTS
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RUSSLAND INVESTMENTS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director presents the strategic report for the period ended 31 December 2024.
The director has undertaken a fair review of the business and some of the details are shown in the paragraphs below.
Russland Investments Limited incorporated on 21 March 2023 and became the parent company of the Fixmart group of companies on 18 September 2023 and therefore this year’s comparatives are for a short period. Group reconstruction A group reconstruction was undertaken during the prior period to facilitate the introduction of new shareholders. This resulted in Russland Investments Limited acquiring a 51% controlling interest in the Fixmart group of companies, on the 18 September 2023. The group reconstruction has been accounted for using the purchase method of accounting. The use of merger accounting was prohibited due to a change in the ultimate equity shareholders and an alteration of the non-controlling interests in the net assets of the Group. As the purchase method of accounting has been used these financial statements only include the financial results of the Group from the 18 September 2023 - being the date that control of the Group was obtained. Business environment The building services and construction sector is a large sector in the UK, and relies on a secure and efficient supply chain. The Group is constantly refining its performance in order to meet this challenge, and focus on achieving its targets. Strategy The Company owns a family owned group which has strong values and holds itself to the highest standards. The business was established in 1977, and the success of the Group to date is rooted in excellent service and stock availability of quality products. The Company strives to meet the demands of its customers, at the same time as targeting high efficiency and sustainability goals.
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RUSSLAND INVESTMENTS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Risk acceptance and risk management is continually monitored by means of a framework of policies, procedures and internal controls. All such policies and procedures are overseen by the board of directors and senior management and are constantly under review to comply with statutory regulations and best practice.
The principal risks to the business are the general economic situation in the United Kingdom, with inflationary pressures and low confidence. The Group continues to offer credit terms to all established customers and the amount of credit offered is continually monitored in order to lessen the effect of any potential defaults, as well as a level of credit insurance in place. Details of the Group's approach to liquidity and credit risk are given in the directors report. Development and performance The results of Russland Investments Ltd are determined by the performance of its trading entity, Fixmart Limited. As noted in the accounts of Fixmart Ltd, the director regarded 2024 as an encouraging year, despite a decline in performance compared to 2023. This reduction was primarily driven by an 8.2% decrease in steel prices, which had a direct impact on revenue. The market experienced significant pressure and uncertainty, compounded by the administration of two major contractors, MJ Lonsdale and ISG, which disrupted several projects and led to periods of reduced demand. Nevertheless, the business continued to demonstrate strong underlying financial and strategic resilience, maintaining its commitment to long-term growth through ongoing investment.
The director reported an operating profit of the Group of 12.9% for the year (2023: 5.7%).
The trading subsidiary, Fixmart Limited, reported an operating profit of 16.6% (2023: 21.9%) for the year ended 31 December 2024, continuing a track record of strong performance. At the year end, the Group had shareholders funds of £13,673,965 (2023: £13,633,149). The director believes the Group's position to be satisfactory, especially as the Group's current assets exceed its current liabilities by £7,813,625 (2023: £7,276,545), having a strong Group current ratio of 4.4 : 1 (2023: 3.8 : 1) at the end of the year.
This report was approved by the board and signed on its behalf.
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RUSSLAND INVESTMENTS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £520,913 (2023 - loss £15,413).
No ordinary dividends were paid. The director does not recommend payment of a further dividend.
The director who served during the year was:
As stated in the Director’s Report of Fixmart Ltd, its trading subsidiary, the Company continues to perform well and is constantly striving to serve customers with increasing excellent service to enhance performance and customer satisfaction.
The director believes that there is a very strong foundation and have put together a strategic growth plan for the next three years. He will continue to develop the infrastructure to deliver this on plan.
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RUSSLAND INVESTMENTS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Group since the year end.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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RUSSLAND INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSLAND INVESTMENTS LIMITED
We have audited the financial statements of Russland Investments Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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RUSSLAND INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSLAND INVESTMENTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.
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RUSSLAND INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSLAND INVESTMENTS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
∙Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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RUSSLAND INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSLAND INVESTMENTS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Maidstone, United Kingdom
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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RUSSLAND INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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RUSSLAND INVESTMENTS LIMITED
REGISTERED NUMBER: 14746623
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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RUSSLAND INVESTMENTS LIMITED
REGISTERED NUMBER: 14746623
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2025.
The notes on pages 18 to 39 form part of these financial statements.
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RUSSLAND INVESTMENTS LIMITED
REGISTERED NUMBER: 14746623
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 39 form part of these financial statements.
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RUSSLAND INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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RUSSLAND INVESTMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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RUSSLAND INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RUSSLAND INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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RUSSLAND INVESTMENTS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Russland Investments Limited ("the company") is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit S, Springhead Enterprise Park, Springhead Road, Northfleet, Kent, United Kingdom, DA11 8HJ.
The Group consists of Russland Investments Limited and all of its subsidiaries. The Group operates as a leading distributor of fixings, fasteners, tools and site consumables to building services trades and supplying fast delivery to construction sites across the South-East of the UK.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
Group reconstruction
Russland Investments Limited incorporated on 21 March 2023 and was inactive until it became the new parent company of the Fixmart group of companies, on 18 September 2023. The reconstruction was undertaken to facilitate the introduction of new shareholders. The group reconstruction has been accounted for using the purchase method of accounting. The use of merger accounting was prohibited due to a change in the ultimate equity shareholders and an alteration of the non-controlling interests in the net assets of the Group. As the purchase method of accounting has been used these financial statements only include the financial results of the Group from the 18 September 2023 - being the date that control of the Group commenced. No comparative financial information has been reported. The names of the combining entities (other than the reporting entity) are:
∙Fixmart Group UK Limited
∙Fixmart Group Holdings Limited
∙Fixmart Group Limited
∙Fixmart Holdings Limited
∙Fixmart Limited
Further details of the combining entities, and the fair value of the net assets acquired, are given in note 27 of the financial statements.
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life of 10 years.
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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. As detailed in note 22 of the financial statements a fair value exercise was undertaken on the net assets values of the acquired subsidiaries. This required the director to exercise his professional judgement, most notably when estimating the fair value of stock and allocating an appropriate profit allowance to the procurement activities undertaken prior to control of the Group being obtained and the selling and distribution activities undertaken post acquisition.
Analysis of turnover by country of destination:
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 36
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
The non-controlling interest holds 49% of the ordinary share capital of Fixmart Group U.K. Limited.
The Company undertook a restructuring of its holdings in subsidiaries in 2023 and 2024, whereby the main trading company, Fixmart Limited, was transferred via a sequence of steps from ownership by intermediary holding companies to direct ownership by Fixmart Group UK Limited:
2023 Fixmart Group UK Limited was incorporated as a new intermediary holding company above Fixmart Group Holdings Limited via a share cancellation and reissue. Fixmart Limited was transferred from Fixmart Group Holdings Limited to Fixmart Holdings Limited via a share exchange. Fixmart Holdings Limited was transferred to Fixmart Group UK Limited as a fixed asset investment via a distribution in specie. 2024 Fixmart Limited was transferred from Fixmart Holdings Limited to the direct ownership of Fixmart Group UK Limited via a dividend in specie. Fixmart Group Holdings Limited, Fixmart Holdings Limited and Fixmart Group Limited were dissolved.
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RUSSLAND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The names of the combining entities (other than the reporting entity) are:
∙Fixmart Group UK Limited (51% subsidiary of Russland Investments Limited)
∙Fixmart Group Holdings Limited (wholly owned subsidary of Fixmart Group UK Limited)
∙Fixmart Group Limited (wholly owned subsidiary of Fixmart Group Holdings Limited)
∙Fixmart Holdings Limited (wholly owned subsidiary of Fixmart Group UK Limited)
∙Fixmart Limited (wholly owned subsidiary of Fixmart Group UK Limited)
The book values detailed above comprise the five Fixmart companies. The activities of the companies are detailed below:
∙Fixmart Group UK Limited is a holding company.
∙Fixmart Group Holdings Limited, Fixmart Group Limited and Fixmart Holdings Limited are currently inactive and not carrying on any trading activities.
∙Fixmart Limited is the Group's trading entity.
The ultimate controlling party is
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