ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 08147401

FIXMART LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FIXMART LIMITED

COMPANY INFORMATION

Directors	Mr C Ghinn
	Mrs V C Ghinn
	Mr J Ghinn
	Mr S Boyt
	Mr P Fleck


Registered number	08147401


Registered office	Unit S
	Springhead Enterprise Park
	Springhead Road
	Northfleet
	Kent
	DA11 8HJ


Independent auditor	MHA
	Lyndean House
	30-32 Albion Place
	Maidstone
	Kent
	ME14 5DZ

FIXMART LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditor's report	5 - 8
Statement of comprehensive income	9
Balance sheet	10 - 11
Statement of changes in equity	12
Notes to the financial statements	13 - 28

FIXMART LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The directors present the strategic report for the year ended 31 December 2025.

Business review

The directors have undertaken a fair review of the business and some of the details are shown in the paragraphs below.

Principal activity

The Company 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.

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 Company is constantly refining its performance in order to meet this challenge, and focus on achieving its targets.

Strategy

As a privately-owned company, it has strong values and holds itself to the highest standards. The business was established in 1977, and the success of the Company 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.

Principal risks and uncertainties

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 Company 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.

Page 1

FIXMART LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Liquidity and credit risks

The Company continues to generate cash to adequately fund its trading and reward its stakeholders, whilst also building funds to re-invest in the Company’s future expansion plans. The Board achieves a balance in liquidity through a robust program of budgeting, reforecasting and cash flow modelling, enabling it to invest surplus funds appropriately. The business monitors closely KPI’s on margin, liquidity and working capital as part of this process.

The Company's credit risk is managed through a number of management measures:

1.Very good market intelligence within the market sector

2.A cautious approach to the granting of credit facilities to new and existing customers, backed up with credit insurance cover.

3.A robust debt collection policy, internally by Credit Control and with the support of external professionals.

4.The Company’s well-established Supply Chain and Operations are a constant focus for the Board and senior management at their monthly meetings.

5.The Company maintains a prudent policy towards forward purchasing foreign currency to protect margins and address foreign currency exposure risk.

Development and performance

The Directors regard 2025 as an encouraging year, delivering strong growth. This performance was primarily driven by a return of customer confidence in projects awarded, together with our strategic focus on supporting clients, which had a direct and positive impact on both revenue and profitability.

Although the market continues to exhibit uncertainty, particularly in the housing sector where demand remains under pressure, the Company has responded by broadening its approach to maintain targets and strengthen performance. Our continued investment in the business underpins our strong financial and strategic resilience, positioning us well to navigate current challenges and to capture future opportunities.

Financial key performance indicators

The directors were pleased to report an operating profit of 19.4% for the year (2024: 16.6%), continuing a track record of strong performance.

At the year end, the Company had shareholders funds of £9,693,288 (2024: £7,801,000) The directors believe the Company's position to be satisfactory, especially as the Company's current assets exceed its current liabilities by £8,811,065 (2024: £7,116,060) having a strong Company current ratio of 3.3 : 1 at the end of the period.

This report was approved by the board and signed on its behalf.

Mr C Ghinn

Director

Date: 31 July 2026

Page 2

FIXMART LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company'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 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 to 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.

Results and dividends

The profit for the year, after taxation, amounted to £3,119,453 (2024 - £2,160,097).

Ordinary dividends were declared amounting to £1,227,165 (2024: £2,717,207). The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

Mr C Ghinn

Mrs V C Ghinn

Mr J Ghinn

Mr S Boyt

Mr P Fleck

Future developments

The Company continues to perform well and is constantly striving to serve customers with increasing excellent service to enhance performance and customer satisfaction.

The directors believe that there is a very strong foundation and have put together a strategic growth plan for the next three years. They will continue to develop the infrastructure to deliver this on plan.

Page 3

FIXMART LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

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.

Mr C Ghinn

Director

Date: 31 July 2026

Page 4

FIXMART LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIXMART LIMITED

Opinion

We have audited the financial statements of Fixmart Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 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 Auditor's 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 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.

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.

Page 5

FIXMART LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIXMART LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are 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.

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report 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 Directors' report.

We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.

Page 6

FIXMART LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIXMART LIMITED (CONTINUED)

Auditor's 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 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 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.

Page 7

FIXMART LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIXMART LIMITED (CONTINUED)

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 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.

Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)

for and on behalf of

MHA

Statutory Auditor

Maidstone, United Kingdom

31 July 2026

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

Page 8

FIXMART LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	21,447,753	16,808,127
Cost of sales		(14,335,963)	(11,522,928)
Gross profit		7,111,790	5,285,199
Administrative expenses		(2,980,722)	(2,496,000)
Other operating income		20,656	3,060
Operating profit	5	4,151,724	2,792,259
Interest receivable and similar income	9	17,624	45,242
Interest payable and similar expenses	10	(9,056)	(2,175)
Profit before tax		4,160,292	2,835,326
Tax on profit	11	(1,040,839)	(675,229)
Profit for the financial year		3,119,453	2,160,097

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 13 to 28 form part of these financial statements.

Page 9

FIXMART LIMITED

REGISTERED NUMBER: 08147401

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		35,263		39,863
Tangible assets	14		1,004,300		726,776
			1,039,563		766,639
Current assets
Stocks	15	2,026,481		1,790,448
Debtors: amounts falling due within one year	16	8,624,159		3,870,999
Cash at bank and in hand		1,996,506		3,715,575
		12,647,146		9,377,022
Creditors: amounts falling due within one year	17	(3,836,081)		(2,260,962)
Net current assets			8,811,065		7,116,060
Total assets less current liabilities			9,850,628		7,882,699
Creditors: amounts falling due after more than one year	18		(98,594)		-
Provisions for liabilities
Deferred tax	20	(58,746)		(81,699)
			(58,746)		(81,699)
Net assets			9,693,288		7,801,000

Capital and reserves
Called up share capital	21	8	8
Profit and loss account	22	9,693,280	7,800,992
		9,693,288	7,801,000

Page 10

FIXMART LIMITED

REGISTERED NUMBER: 08147401

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr C Ghinn

Director

Date: 31 July 2026

The notes on pages 13 to 28 form part of these financial statements.

Page 11

FIXMART LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	8	8,358,102	8,358,110

Profit for the year	-	2,160,097	2,160,097
Dividends: Equity capital	-	(2,717,207)	(2,717,207)

At 1 January 2025	8	7,800,992	7,801,000

Profit for the year	-	3,119,453	3,119,453
Dividends: Equity capital	-	(1,227,165)	(1,227,165)
At 31 December 2025	8	9,693,280	9,693,288

The notes on pages 13 to 28 form part of these financial statements.

Page 12

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Fixmart Limited is a private company limited by shares incorporated in England and Wales. The registered office address can be found on the Company Information page.

The company 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

2.1

Basis of preparation of financial statements

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 29 Income tax paragraphs 29.28(b) and 29.29. This is an exemption from certain disclosures in relation to Pillar Two model rules where an entity is, or expects to be, within the scope of the Pillar Two legislation. The exemption is dependent on equivalent disclosures being made in the consolidated financial statements. It is not an exemption from all Pillar Two model rules and disclosures. Qualifying entities are still required to provide disclosures in accordance with paragraph 29.26 (g) and 29.28(a) if Pillar two model rules are applicable;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Russland Investments Limited as at 31 December 2025 and these financial statements may be obtained from Unit S, Springhead Road, Northfleet, Gravesend, England, DA11 8HJ.

Page 13

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 14

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

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.

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 15

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

Intangible assets

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 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 Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Property improvements	-	10 - 20% straight line
Motor vehicles	-	25% on reducing balance
Fixtures and fittings	-	25% on reducing balance
Computer equipment	-	33% on reducing balance
Integral plant	-	10% on reducing balance

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.

Page 16

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 17

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.16

Financial instruments

The Company 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 Company's Balance sheet when the Company 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.

2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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.

Sales of fixings and tools	21,447,753	16,808,127
	21,447,753	16,808,127

All turnover arose within the United Kingdom.

Research & development charged as an expense	10,455	4,868
Exchange differences	9,631	(11,094)
Other operating lease rentals	309,108	312,389
Depreciation of owned tangible fixed assets	192,276	172,748
Amortisation of intangible assets	4,600	28,546
Loss on disposal of tangible fixed assets	3,936	2,524

Page 19

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Fees payable to the Company's auditor for the audit of the Company's financial statements

25,250

23,950

Wages and salaries	2,150,635	1,819,513
Social security costs	227,230	168,854
	2,377,865	1,988,367

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Operations	23	20
Administrative	34	29
Directors	5	5

	62	54

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	99,433	103,164
	99,433	103,164

The director who has authority and responsibility for planning, directing and controlling activities for the Company is considered to be the sole key management personnel. Total remuneration is £98,000 (2024: £98,000) and the benefits in kind total £1,433 (2024: £Nil).

Page 20

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Interest receivable
		2025	2024
		£	£

	Interest on bank deposits	17,624	45,242
		17,624	45,242

10.	Interest payable and similar expenses
		2025	2024
		£	£

Finance leases and hire purchase contracts	9,056	355
Other interest payable	-	1,820
	9,056	2,175

Corporation tax
Current tax on profits for the year	1,064,247	694,297
Adjustments in respect of previous periods	(455)	-
	1,063,792	694,297

Total current tax	1,063,792	694,297

Deferred tax
Origination and reversal of timing differences	(22,953)	13,174
Adjustments in respect to prior periods	-	(32,242)
Total deferred tax	(22,953)	(19,068)


	Tax on profit	1,040,839	675,229

Page 21

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.Taxation (continued)

Profit on ordinary activities before tax

4,160,292

2,835,326

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	1,040,073	708,832
Effects of:
Expenses not deductible for tax purposes	1,221	5,746
Fixed asset differences	-	47
Adjustments to tax charge in respect of prior periods	(455)	(32,242)
Other differences leading to an increase in the tax charge	-	454
Group relief surrendered/(claimed)	-	(7,608)
Total tax charge for the year	1,040,839	675,229

12.	Dividends
		2025	2024
		£	£

	Interim declared	1,227,165	2,717,207
		1,227,165	2,717,207

Page 22

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Intangible assets

		Goodwill
		£
	Cost
	At 1 January 2025	286,000
	At 31 December 2025	286,000
	Amortisation
	At 1 January 2025	246,137
	Charge for the year	4,600
	At 31 December 2025	250,737
	Net book value
	At 31 December 2025	35,263
	At 31 December 2024	39,863

Page 23

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Tangible fixed assets

	Property improvements	Motor vehicles	Fixtures and fittings	Computer equipment	Integral plant	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2025	92,912	605,159	659,327	139,248	107,106	1,603,752
Additions	177,699	246,387	47,477	15,358	-	486,921
Disposals	-	(57,435)	(650)	-	-	(58,085)
At 31 December 2025	270,611	794,111	706,154	154,606	107,106	2,032,588
Depreciation
At 1 January 2025	9,200	243,207	452,686	112,562	59,321	876,976
Charge for the year	21,896	104,207	49,731	11,663	4,779	192,276
Disposals	-	(40,582)	(382)	-	-	(40,964)
At 31 December 2025	31,096	306,832	502,035	124,225	64,100	1,028,288
Net book value
At 31 December 2025	239,515	487,279	204,119	30,381	43,006	1,004,300
At 31 December 2024	83,712	361,952	206,641	26,686	47,785	726,776

15.	Stocks
		2025	2024
		£	£

Finished goods and goods for resale	2,026,481	1,790,448
	2,026,481	1,790,448

The differences between purchase and replacement cost are not material.

Page 24

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.

Debtors

					2025	2024
					£	£


Trade debtors	4,286,898	2,943,065
Amounts owed by group undertakings	4,119,796	611,193
Other debtors	45,365	68,582
Prepayments and accrued income	172,100	248,159
	8,624,159	3,870,999

Included in debtors due within one year are amounts owed from group undertakings of £4,119,946 (2024 - £611,193). These are unsecured and have been made on an interest free basis and are repayable on demand. Further details are provided in the related party note (note 25).

17.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors		2,106,214	1,060,553
Amounts owed to group undertakings		29,062	-
Amounts owed related undertakings		6,616	-
Corporation tax		489,890	351,750
Other taxation and social security		484,436	290,786
Obligations under finance lease and hire purchase contracts	19	78,839	44,694
Other creditors		186,545	177,189
Accruals and deferred income		454,479	335,990
		3,836,081	2,260,962

Included within amounts owed to related undertakings is an amount due to KLIC Partners Ltd, which is a related party by virtue of its 10% shareholding in Fixmart Group UK Limited

18.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Net obligations under finance leases and hire purchase contracts	19	98,594	-
		98,594	-

Page 25

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Within one year	74,293	44,694
Between 1-5 years	98,594	-
	172,887	44,694

Finance lease payments represent rentals payable by the Company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20.	Deferred taxation

		2025
		£

	At beginning of year	(81,699)
	Charged to profit or loss	22,953
	At end of year	(58,746)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(120,213)	(125,106)
Short term timing differences	61,467	43,407
	(58,746)	(81,699)

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

Page 26

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

21.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1 (2024 - 1) Ordinary A share of £1.00	1	1
1 (2024 - 1) Ordinary B share of £1.00	1	1
1 (2024 - 1) Ordinary C share of £1.00	1	1
1 (2024 - 1) Ordinary D share of £1.00	1	1
1 (2024 - 1) Ordinary E share of £1.00	1	1
1 (2024 - 1) Ordinary F share of £1.00	1	1
1 (2024 - 1) Ordinary G share of £1.00	1	1
1 (2024 - 1) Ordinary H share of £1.00	1	1

	8	8

The Company has eight classes of ordinary shares, Ordinary A shares, Ordinary B shares, Ordinary C shares, Ordinary D shares, Ordinary E shares, Ordinary F shares, Ordinary G shares,and Ordinary H shares. All classes carry identical rights, including one vote per share, equal rights to dividends as declared by the directors, and equal rights to participate in any surplus assets of the Company on a winding up, after settlement of liabilities.

22.

Reserves

Profit and loss reserve

The profit and loss account represents accumulated profits and losses available for distribution.

Not later than 1 year	309,108	309,108
Later than 1 year and not later than 5 years	347,011	656,119
	656,119	965,227

24.	Transactions with directors

No dividends were paid in the current year or prior year in respect of shares held by the company's directors.

Page 27

FIXMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

25.

Related party transactions

Included in debtors falling due within one year, are loans to directors totaling £Nil (2024 - £20,783). No interest is being charged on these loans and they are repayable on demand.

Included within debtors falling due within one year is an interest free loan to Russland Investments Ltd of £19,001 (2024 - £5,000), no interest is being charged on the loan and it is repayable on demand.

Included within creditors falling due within one year is an interest free loan from KLIC Partners Ltd of £6,616 (2024 - £Nil), KLIC Partners is a shareholder in Fixmart Group UK Limited. No interest is being charged on the loan and it is repayable on demand.

Included in creditors falling due within one year, are loans from directors totaling £145,075 (2024 - £145,752). No interest is being charged on these loans and they are repayable on demand.

Included within creditors falling due within one year is an interest free loan to The Ghinn Family Discretionary Trust of £1,092 (2024 - £117). No interest is being charged on the loan and it is repayable on demand.

Included within wages is an annual salary of £35,392 (2024 - £30,000) paid to one of the directors' daughter.

The company has taken advantage of the exemption available under paragraph 33 1A of the Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the Group.

26.	Controlling party

Fixmart Group U.K. Limited is the immediate parent company, a company incorporated in England and Wales, which owns the whole issued share capital of the Company. The ultimate parent and parent of the smallest and largest group for which consolidated financial statements are available is Russland Investments Limited, registered at Unit S Springhead Road, Northfleet, Gravesend, England, DA11 8HJ.

The ultimate controlling parties are Carl & Vivienne Ghinn through their majority shareholding.

Page 28