REGISTERED NUMBER: 03998714 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2025

FOR

FIXATEX LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

C R Candler

Mrs L Candler

R Candler

Mrs E Marks

SECRETARY:

C Candler

REGISTERED OFFICE:

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

REGISTERED NUMBER:

03998714 (England and Wales)

AUDITORS:

Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

The directors present their strategic report for the year ended 31st May 2025.

REVIEW OF BUSINESS

Business Review

The year under review has been another successful period for the business. We have remained profitable and delivered sustainable dividends to shareholders, reflecting the strength of our business model and continued focus on operational excellence.

A key highlight was the strengthening of the Board through the appointment of a Non-Executive Director. This has enhanced governance oversight and contributed to more robust decision-making processes.

We have also expanded our Executive Leadership Team with the appointment of a Director of People. This strategic addition has underlined the importance of our workforce and investing in talent development, wellbeing, and organisational culture.

Future Developments

Looking forward, the company intends to build on this year's foundations by pursuing sustainable growth opportunities plus, offerings of adjacent services enabling us to provide more integrated solutions and strengthen client relationships.

Financial Key Performance Indicators

During the year turnover increased by 17.5% and profit before tax decreased by 35%. Reduced profit is down to the significant investments made throughout the business as detailed above, ensuring there is a stable foundation for the next phase of growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board recognises that risks remain in the external environment. Specifically, the cost of labour and skills shortages continue to present challenges. These risks are not unique to our company but reflect broader industry-wide issues.

To mitigate these risks, the business is investing in workforce development, training, refining recruitment strategies, and exploring efficiency-enhancing technologies. While these factors remain a challenge, the Board is confident that the company is well placed to respond effectively.

Conclusion

The company enters the new financial year in a strong position, underpinned by sound governance, ongoing investment in people and technology, and a clear growth strategy.

ON BEHALF OF THE BOARD:

R Candler - Director

3rd October 2025

The directors present their report with the financial statements of the company for the year ended 31st May 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Lighting and Electrical Repairs.

DIVIDENDS

The total distribution of dividends for the year ended 31st May 2025 will be £ 585,700 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1st June 2024 to the date of this report.

C R Candler

Mrs L Candler

R Candler

Mrs E Marks

POLITICAL DONATIONS AND EXPENDITURE

Charitable donations of £17,548 (2024 :£17,648) were made during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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:

-	select suitable accounting policies 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R Candler - Director

3rd October 2025

Opinion

We have audited the financial statements of Fixatex Limited (the 'company') for the year ended 31st May 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st May 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.

Basis for opinion

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including Fraud.

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:

Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity:

- Financial reporting Standard 102

- Companies Act 2006

- UK General Data Protection Regulation

We assessed the risks of material misstatement in respect of fraud as follows:

- Discussed the risk of material misstatement due to irregularities, including fraud with management at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level.

- Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas.

- Completed a risk assessment checklist to aid in the identification of Risks for a company of this size and nature.

- We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls.

- Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias.

- Ensured all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement and during the audit planning meeting.

- Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement.

- Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to previous years work.

- The engagement Partners final review of the audit file and financial statements included a detailed review of all areas of medium or high risk identified at the planning stage of the audit.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above:

- Financial reporting Standard 102, Companies Act 2006 and UK General Data Protection Regulation. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance.

- Further, at both the planning and completion stage of the audit enquiries where made of management regarding any known instances of fraud or non-compliance with laws and regulations.

- These representations were corroborated where possible through the review of board minutes and correspondence with HMRC and companies house. No contradictory evidence was noted.

We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified.

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 Report of the Auditors.

Use of our report

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 a Report of the Auditors 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.

Mark Jones (Senior Statutory Auditor)

for and on behalf of Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

3rd October 2025

TURNOVER

14,400,349

12,260,506

Cost of sales

10,489,823

8,126,312

GROSS PROFIT

3,910,526

4,134,194

Administrative expenses

3,043,992

2,679,475

866,534

1,454,719

Other operating income

7,350

-

OPERATING PROFIT

4

873,884

1,454,719

Interest receivable and similar income

48,839

22,837

922,723

1,477,556

Interest payable and similar expenses

5

10,635

13,438

PROFIT BEFORE TAXATION

912,088

1,464,118

Tax on profit

6

252,679

388,673

PROFIT FOR THE FINANCIAL YEAR

659,409

1,075,445

Retained earnings at beginning of year

2,946,424

2,357,873

Dividends

7

(585,700

)

(486,894

)

RETAINED EARNINGS AT END OF YEAR

3,020,133

2,946,424

FIXED ASSETS

Intangible assets

8

74,143

-

Tangible assets

9

136,572

242,274

210,715

242,274

CURRENT ASSETS

Stocks

10

597,158

535,689

Debtors

11

3,557,233

1,700,723

Cash at bank

2,304,873

3,205,391

6,459,264

5,441,803

CREDITORS

Amounts falling due within one year

12

3,611,029

2,590,982

NET CURRENT ASSETS

2,848,235

2,850,821

TOTAL ASSETS LESS CURRENT LIABILITIES

3,058,950

3,093,095

CREDITORS

Amounts falling due after more than one year

13

(58,007

)

(86,001

)

PROVISIONS FOR LIABILITIES

15

(52,682

)

(60,569

)

NET ASSETS

2,948,261

2,946,525

CAPITAL AND RESERVES

Called up share capital

16

101

101

Other reserves

17

(71,973

)

-

Retained earnings

17

3,020,133

2,946,424

SHAREHOLDERS' FUNDS

2,948,261

2,946,525

The financial statements were approved by the Board of Directors and authorised for issue on 3rd October 2025 and were signed on its behalf by:

R Candler - Director

Cash flows from operating activities

Cash generated from operations

1

279,095

1,544,701

Interest element of hire purchase payments paid

(10,635

)

(13,438

)

Tax paid

(281,263

)

(514,291

)

Net cash from operating activities

(12,803

)

1,016,972

Cash flows from investing activities

Purchase of intangible fixed assets

(76,380

)

-

Purchase of tangible fixed assets

(10,029

)

(14,485

)

Interest received

48,839

22,837

Net cash from investing activities

(37,570

)

8,352

Cash flows from financing activities

Capital repayments in year

(51,263

)

(47,097

)

Amount withdrawn by directors

(197,970

)

85,400

Loan from the parent company

56,400

-

Share buyback

(71,612

)

-

Equity dividends paid

(585,700

)

(486,894

)

Net cash from financing activities

(850,145

)

(448,591

)

(Decrease)/increase in cash and cash equivalents

(900,518

)

576,733

Cash and cash equivalents at beginning of year

2

3,205,391

2,628,658

Cash and cash equivalents at end of year

2

2,304,873

3,205,391

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

912,088

1,464,118

Depreciation charges

116,366

108,062

Loss on disposal of fixed assets

1,601

-

Finance costs

10,635

13,438

Finance income

(48,839

)

(22,837

)

991,851

1,562,781

(Increase)/decrease in stocks

(61,469

)

31,700

(Increase)/decrease in trade and other debtors

(1,856,510

)

192,484

Increase/(decrease) in trade and other creditors

1,205,223

(242,264

)

Cash generated from operations

279,095

1,544,701

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st May 2025

31.5.25

1.6.24

£

£

Cash and cash equivalents

2,304,873

3,205,391

Year ended 31st May 2024

31.5.24

1.6.23

£

£

Cash and cash equivalents

3,205,391

2,628,658

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.24

Cash flow

At 31.5.25

£

£

£

Net cash

Cash at bank

3,205,391

(900,518

)

2,304,873

3,205,391

(900,518

)

2,304,873

Debt

Finance leases

(137,295

)

51,263

(86,032

)

(137,295

)

51,263

(86,032

)

Total

3,068,096

(849,255

)

2,218,841

1.	STATUTORY INFORMATION

Fixatex Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Accounting convention

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern Justification

The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the year ended 31 May 2025 have been prepared using the going concern basis of accounting.

Revenue

Revenue - Described as turnover - is the value of goods (net of VAT) provided to customers during the year.

Revenue is recognised on the sale of goods when the goods are delivered and title has passed.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Leased assets

Where assets are financed by leasing agreements that give rights approximately to ownership ("finance leases") the assets are treated as if they had been purchased outright. The amount capitalised is the fair value of the asset concerned. The corresponding liability to the leasing company is included as an obligation under finance leases. Depreciation of leased assets is charged to the profit and loss account over the short of the lease terms and their useful lives. Leasing payments are treated as consisting of capital and interest elements, and interest is charged to the profit and loss account on a straight line basis which is considered to be a reasonable approximation to a constant rate of charge on the outstanding balance.

All other leases are treated as "operating leases" and the relevant annual rentals are charged to the profit and loss account on a straight line basis over the lease term; unless they relate to vacant leasehold properties in which case provision is made on a discounted basis for the net obligation under the lease. The unwinding of the discount is disclosed within interest payable and similar charges.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate and amounted to £71,161 (2024: £71,312). At the year end contributions of £13,840 (2024: £11,989) remained unpaid.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported as assets, liabilities, revenues and expenses for the year. The key sources of estimation uncertainty are as follows:

Depreciation and amortisation of tangible and intangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The expected lives of assets and their residual values are assessed regularly and may vary depending on a number of factors including asset life cycles, maintenance programmes etc.

Impairment of assets

Tangible fixed assets, intangible fixed assets, fixed asset investments, stock and debtors are all reviewed for

evidence of impairment.

In connection with fixed assets (tangible, intangible and investments) factors taken into consideration include the economic viability and the expected future financial performance of the assets.

Trade debtors are reviewed for evidence of impairment. Factors considered include ageing, past recovery rates, customer creditworthiness, and the stage and expected outcome of any recovery proceedings.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,043,041

3,564,322

Social security costs

402,835

350,393

Other pension costs

57,884

58,035

4,503,760

3,972,750

The average number of employees during the year was as follows:

2025

2024

Administration and support

25

28

Engineers

75

66

100

94

2025

2024

£

£

Directors' remuneration

56,355

56,373

Directors' pension contributions to money purchase schemes

693

639

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

54,706

69,130

Depreciation - assets on hire purchase contracts

59,424

38,933

Loss on disposal of fixed assets

1,601

-

Computer software amortisation

2,237

-

Auditors remuneration

6,750

6,750

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Hire purchase

10,635

13,438

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

260,566

413,718

Corporation tax interest

-

(1,651

)

Total current tax

260,566

412,067

Deferred tax

(7,887

)

(23,394

)

Tax on profit

252,679

388,673

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

912,088

1,464,118

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

228,022

366,030

Effects of:

Expenses not deductible for tax purposes

24,657

24,294

Interest received

-

(1,651

)

Total tax charge

252,679

388,673

7.

DIVIDENDS

2025

2024

£

£

Ordinary B share of £1

Interim

15,300

17,043

Ordinary. shares of 10p each

Interim

570,400

469,851

585,700

486,894

8.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

Additions

76,380

At 31st May 2025

76,380

AMORTISATION

Amortisation for year

2,237

At 31st May 2025

2,237

NET BOOK VALUE

At 31st May 2025

74,143

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st June 2024

47,943

20,257

519,967

45,244

633,411

Additions

7,403

-

-

2,626

10,029

Disposals

-

-

(12,895

)

-

(12,895

)

At 31st May 2025

55,346

20,257

507,072

47,870

630,545

DEPRECIATION

At 1st June 2024

32,128

15,329

305,497

38,183

391,137

Charge for year

9,502

4,928

96,881

2,819

114,130

Eliminated on disposal

-

-

(11,294

)

-

(11,294

)

At 31st May 2025

41,630

20,257

391,084

41,002

493,973

NET BOOK VALUE

At 31st May 2025

13,716

-

115,988

6,868

136,572

At 31st May 2024

15,815

4,928

214,470

7,061

242,274