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Registered number: 14746623 RUSSLAND INVESTMENTS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
RUSSLAND INVESTMENTS LIMITED COMPANY INFORMATION
Director | Mr C Ghinn
Registered number | 14746623
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
RUSSLAND INVESTMENTS LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Director's report | 3 - 4
Independent auditor's report | 5 - 8
Consolidated statement of comprehensive income | 9
Consolidated balance sheet | 10 - 11
Company balance sheet | 12
Consolidated statement of changes in equity | 13
Company statement of changes in equity | 14
Consolidated statement of cash flows | 15 - 16
Consolidated analysis of net debt | 17
Notes to the financial statements | 18 - 37
RUSSLAND INVESTMENTS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The director presents the strategic report for the period ended 31 December 2025.
Business review
The director has undertaken a fair review of the business and some of the details are shown in the paragraphs below. Russland Investments Limited was incorporated on 21 March 2023 and became the parent company of the Fixmart group of companies on 18 September 2023. 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 controls a primarily 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 Group 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 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. Page 1
RUSSLAND INVESTMENTS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Liquidity and credit risks The Group continues to generate cash to adequately fund its trading and reward its stakeholders, whilst also building funds to re-invest in the Group’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 Group’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 Group’s well-established Supply Chain and Operations are a constant focus for the Board and senior management at their monthly meetings. 5.The Group maintains a prudent policy towards forward purchasing foreign currency to protect margins and address foreign currency exposure risk. Development and performance The Group results are determined by the performance of the main trading entity, Fixmart Limited. 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 Group 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 director reported an operating profit of the Group of 16.5% for the year (2024: 12.9%). The trading subsidiary, Fixmart Limited, reported an operating profit of 19.4% (2024: 16.6%) for the year ended 31 December 2025, continuing a track record of strong performance. At the year end, the Group had shareholders funds of £15,225,769 (2024: £13,673,965). The director believes the Group's position to be satisfactory, especially as the Group's current assets exceed its current liabilities by £9,784,234 (2024: £7,813,625), having a strong Group current ratio of 3.6 : 1 (2024: 4.4 : 1) at the end of the year. This report was approved by the board and signed on its behalf.
Mr C Ghinn Director
Date: 31 July 2026
Page 2
RUSSLAND INVESTMENTS LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The director presents his report and the financial statements for the year ended 31 December 2025.
Director's responsibilities statement
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. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. 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.
Principal activity
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.
Results and dividends
The profit for the year, after taxation and minority interests, amounted to £1,038,991 (2024 - £520,913). No ordinary dividends were paid by the Company. Its subsidiary undertaking Fixmart Group Limited paid dividends amounting to £1,227,165 (2024: £2,717,207).
Director
The director who served during the year was:
Mr C Ghinn
Non-controlling interest
The Group 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
RUSSLAND INVESTMENTS LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditor
The director at the time when this Director's Report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙ 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 and the Group'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
RUSSLAND INVESTMENTS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSLAND INVESTMENTS LIMITED
Opinion
We have audited the financial statements of Russland Investments Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Company balance sheet, the Consolidated statement of changes in equity, the Company statement of changes in equity, the Consolidated statement of cash flows, the Consolidated analysis of net debt, 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 Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's 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 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.
Conclusions relating to going concern
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. Page 5
RUSSLAND INVESTMENTS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSLAND INVESTMENTS 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 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.
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 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.
Matters on which we are required to report by exception
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. 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 6
RUSSLAND INVESTMENTS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSLAND INVESTMENTS LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the Parent 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 director either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.
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 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. Page 7
RUSSLAND INVESTMENTS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSLAND INVESTMENTS 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
RUSSLAND INVESTMENTS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 21,450,035 | 16,808,127
Cost of sales |  | (14,335,963) | (11,522,928)
Gross profit |  | 7,114,072 | 5,285,199
Administrative expenses |  | (3,599,184) | (3,122,562)
Other operating income | 5 | 21,083 | 3,060
Operating profit | 6 | 3,535,971 | 2,165,697
Interest receivable and similar income | 10 | 132,548 | 88,755
Interest payable and similar expenses | 11 | (9,056) | (2,175)
Profit before taxation |  | 3,659,463 | 2,252,277
Tax on profit | 12 | (1,061,780) | (682,572)
Profit for the financial year |  | 2,597,683 | 1,569,705
Profit for the year attributable to: |  |  |
Non-controlling interests |  | 1,558,692 | 1,048,792
Owners of the Parent Company |  | 1,038,991 | 520,913
|  | 2,597,683 | 1,569,705
Total comprehensive income for the year attributable to: |  |  |
Non-controlling interest |  | 1,558,692 | 1,048,792
Owners of the Parent Company |  | 1,038,991 | 520,913
|  | 2,597,683 | 1,569,705
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 18 to 37 form part of these financial statements.
Page 9
RUSSLAND INVESTMENTS LIMITED REGISTERED NUMBER: 14746623 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 4,636,812 |  | 5,234,547
Tangible assets | 14 |  | 978,606 |  | 701,082
|  |  | 5,615,418 |  | 5,935,629
Current assets |  |  |  |  |
Stocks | 16 | 2,026,481 |  | 1,790,448 |
Debtors: amounts falling due within one year | 17 | 5,073,731 |  | 3,345,282 |
Cash at bank and in hand | 18 | 6,568,526 |  | 4,983,878 |
|  | 13,668,738 |  | 10,119,608 |
Creditors: amounts falling due within one year | 19 | (3,923,537) |  | (2,305,983) |
Net current assets |  |  | 9,745,201 |  | 7,813,625
Total assets less current liabilities |  |  | 15,360,619 |  | 13,749,254
Creditors: amounts falling due after more than one year | 20 |  | (98,594) |  | -
Provisions for liabilities |  |  |  |  |
Deferred taxation | 22 | (52,336) |  | (75,289) |
|  |  | (52,336) |  | (75,289)
Net assets |  |  | 15,209,689 |  | 13,673,965
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 9,846,280 |  | 9,846,280
Profit and loss account | 24 |  | 1,544,491 |  | 505,500
Equity attributable to owners of the Parent Company |  |  | 11,390,771 |  | 10,351,780
Non-controlling interests |  |  | 3,818,918 |  | 3,322,185
|  |  | 15,209,689 |  | 13,673,965
Page 10
RUSSLAND INVESTMENTS LIMITED REGISTERED NUMBER: 14746623 CONSOLIDATED 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 on 31 July 2026.
Mr C Ghinn
Director
The notes on pages 18 to 37 form part of these financial statements. Page 11
RUSSLAND INVESTMENTS LIMITED REGISTERED NUMBER: 14746623 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 15 |  | 9,846,280 |  | 9,846,280
|  |  | 9,846,280 |  | 9,846,280
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 485,238 |  | - |
Cash at bank and in hand | 18 | 1,014,730 |  | 1,238,348 |
|  | 1,499,968 |  | 1,238,348 |
Creditors: amounts falling due within one year | 19 | (110,879) |  | (27,386) |
Net current assets |  |  | 1,389,089 |  | 1,210,962
Total assets less current liabilities |  |  | 11,235,369 |  | 11,057,242
Net assets |  |  | 11,235,369 |  | 11,057,242
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 9,846,280 |  | 9,846,280
Profit and loss account brought forward |  | 1,210,962 |  | (3,102) |
Profit for the year |  | 178,127 |  | 1,214,064 |
Profit and loss account carried forward |  |  | 1,389,089 |  | 1,210,962
|  |  | 11,235,369 |  | 11,057,242
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2026.
Mr C Ghinn
Director
The notes on pages 18 to 37 form part of these financial statements. Page 12

|  | RUSSLAND INVESTMENTS LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
|  | Called up share capital | Profit and loss account | Equity attributable to owners of Parent Company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £
| At 1 January 2024 | 9,846,280 | (15,413) | 9,830,867 | 3,802,282 | 13,633,149
| Comprehensive income for the year |  |  |  |  |
| Profit for the year | - | 520,913 | 520,913 | 1,048,792 | 1,569,705
| Dividends: Equity capital | - | - | - | (1,528,889) | (1,528,889)
| At 1 January 2025 | 9,846,280 | 505,500 | 10,351,780 | 3,322,185 | 13,673,965
| Comprehensive income for the year |  |  |  |  |
| Profit for the year | - | 1,038,991 | 1,038,991 | 1,558,692 | 2,597,683
| Dividends: Equity capital | - | - | - | (1,061,959) | (1,061,959)
| At 31 December 2025 | 9,846,280 | 1,544,491 | 11,390,771 | 3,818,918 | 15,209,689
| The notes on pages 18 to 37 form part of these financial statements.
Page 13

|  | RUSSLAND INVESTMENTS LIMITED |
COMPANY 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 | 9,846,280 | (3,102) | 9,843,178
| Comprehensive income for the year |  |  |
| Profit for the year | - | 1,214,064 | 1,214,064
| At 1 January 2025 | 9,846,280 | 1,210,962 | 11,057,242
| Comprehensive income for the year |  |  |
| Profit for the year | - | 178,127 | 178,127
| At 31 December 2025 | 9,846,280 | 1,389,089 | 11,235,369
| The notes on pages 18 to 37 form part of these financial statements.
Page 14

RUSSLAND INVESTMENTS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,597,683 | 1,569,705
Adjustments for: |  |
Amortisation of intangible assets | 600,843 | 624,789
Depreciation of tangible assets | 192,276 | 172,748
Loss on disposal of tangible assets | 3,936 | 2,524
Interest paid | 9,056 | 2,175
Interest received | (132,548) | (88,755)
Taxation charge | 1,061,780 | 682,572
Increase in stocks | (236,033) | (103,576)
(Increase)/decrease in debtors | (1,728,449) | 825,309
Increase/(decrease) in creditors | 1,348,501 | (206,466)
Increase in amounts owed to groups | 6,616 | -
Corporation tax (paid) | (856,441) | (763,613)
Net cash generated from operating activities | 2,867,220 | 2,717,412
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (3,108) | -
Purchase of tangible fixed assets | (486,921) | (244,465)
Sale of tangible fixed assets | 13,185 | 4,429
Interest received | 132,548 | 88,755
HP interest paid | (9,056) | (355)
Net cash from investing activities | (353,352) | (151,636)
Page 15
RUSSLAND INVESTMENTS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of/new finance leases | 132,739 | (62,284)
Interest paid | - | (1,820)
Dividends paid to non-controlling interests | (1,061,959) | (1,528,889)
Net cash used in financing activities | (929,220) | (1,592,993)
Net increase in cash and cash equivalents | 1,584,648 | 972,783
Cash and cash equivalents at beginning of year | 4,983,878 | 4,011,095
Cash and cash equivalents at the end of year | 6,568,526 | 4,983,878
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 6,568,526 | 4,983,878
| 6,568,526 | 4,983,878
The notes on pages 18 to 37 form part of these financial statements.
Page 16
RUSSLAND INVESTMENTS LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2025
| At 1 January 2025 | Cash flows | At 31 December 2025
| £ | £ | £
Cash at bank and in hand | 4,983,878 | 1,584,648 | 6,568,526
Debt due within 1 year | (150,295) | 5,221 | (145,074)
Finance leases | (44,694) | (132,739) | (177,433)
| 4,788,889 | 1,457,130 | 6,246,019
The notes on pages 18 to 37 form part of these financial statements.
Page 17
RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Russland Investments Limited ("the company") is a private company, limited by shares, 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
| 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 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. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
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.
| 2.3 | Going concern
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. Page 18
RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group 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 Group 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. Page 19
RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 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. Page 20
RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 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 and the Group operate and generate 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.
| 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 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.
| 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. Page 21
RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets (continued)
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:
|  |  |  | Long-term leasehold property | - | 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.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.14 | 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.
| 2.15 | 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. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management. Page 22
RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | 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 23
RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments
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. 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 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. Page 24
RUSSLAND INVESTMENTS 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 Group's accounting policies, the director is required to make iudgements, 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.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sales of fixings and tools | 21,450,035 | 16,808,127
|  | 21,450,035 | 16,808,127
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 21,450,035 | 16,808,127
|  | 21,450,035 | 16,808,127
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bad debts recovered | 20,656 | 3,060
| Sundry income | 427 | -
|  | 21,083 | 3,060
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RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research & development charged as an expense | 10,455 | 4,868
| Exchange differences | 10,002 | (11,094)
| Other operating lease rentals | - | 1,048
| Depreciation on owned tangible fixed assets | 192,276 | 172,748
| Amortisation of goodwill | 600,843 | 624,789
| Profit on disposal of tangible fixed assets | 3,936 | 2,524
7. | Auditor's remuneration
| During the year, the Group obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements | 10,130 | 6,950
| Fees payable to the Company's auditor in respect of: |  |
| The auditing of accounts of subsidiaries of the Company | 29,750 | 30,200
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RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Employees
| Staff costs, including the director's remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 2,150,635 | 1,814,349
| Social security costs | 227,230 | 168,854
|  | 2,377,865 | 1,983,203
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Operations | 23 | 20 | - | -
|  | Administrative | 34 | 29 | - | -
|  | Directors | 5 | 5 | 1 | 1
|  |  | 62 | 54 | 1 | 1
9. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 99,433 | 98,000
|  | 99,433 | 98,000
| The director who has authority and responsibility for planning, directing and controlling activities for the Group is considered to be the sole key management person. Total remuneration is £98,000 (2024: £98,000) and the benefits in kind total £1,433 (2024: £Nil).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 132,548 | 88,755
|  | 132,548 | 88,755
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RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | 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
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 1,083,962 | 701,640
| Adjustments in respect of previous periods | 771 | -
|  | 1,084,733 | 701,640
| Total current tax | 1,084,733 | 701,640
| Deferred tax |  |
| Origination and reversal of timing differences | (22,953) | 13,174
| Adjustments in respect of prior periods | - | (32,242)
| Total deferred tax | (22,953) | (19,068)
| Tax on profit | 1,061,780 | 682,572
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RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,659,463 | 2,252,277
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 914,866 | 563,069
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | 149,060 | 149,061
| Expenses not deductible for tax purposes | 1,518 | 6,358
| Fixed asset differences | - | 47
| Adjustments in respect of prior periods | 771 | -
| Adjustments in respect of prior periods (deferred tax) | - | (32,242)
| Other differences leading to a (decrease)/increase in the tax charge | (3,487) | 2,893
| Marginal relief | (948) | (469)
| Movement in deferred tax not recognised | - | (6,145)
| Total tax charge for the year | 1,061,780 | 682,572
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 29
RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Intangible assets
| Group
|  | Goodwill
|  | £
| Cost |
| At 1 January 2025 | 6,039,046
| Additions | 3,108
| At 31 December 2025 | 6,042,154
| Amortisation |
| At 1 January 2025 | 804,499
| Charge for the year | 600,843
| At 31 December 2025 | 1,405,342
| Net book value |
| At 31 December 2025 | 4,636,812
| At 31 December 2024 | 5,234,547
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RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Tangible fixed assets
| Group
|  | Long-term leasehold property | Motor vehicles | Fixtures and fittings | Computer equipment | Integral plant
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2025 | 92,912 | 579,465 | 659,327 | 139,248 | 107,106
| Additions | 177,699 | 246,387 | 47,477 | 15,358 | -
| Disposals | - | (57,435) | (650) | - | -
| At 31 December 2025 | 270,611 | 768,417 | 706,154 | 154,606 | 107,106
| Depreciation |  |  |  |  |
| At 1 January 2025 | 9,200 | 243,207 | 452,686 | 112,562 | 59,321
| Charge for the year | 21,896 | 104,207 | 49,731 | 11,663 | 4,779
| Disposals | - | (40,582) | (382) | - | -
| At 31 December 2025 | 31,096 | 306,832 | 502,035 | 124,225 | 64,100
| Net book value |  |  |  |  |
| At 31 December 2025 | 239,515 | 461,585 | 204,119 | 30,381 | 43,006
| At 31 December 2024 | 83,712 | 336,258 | 206,641 | 26,686 | 47,785
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RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 14.Tangible fixed assets (continued)
|  | Total
|  | £
| Cost |
| At 1 January 2025 | 1,578,058
| Additions | 486,921
| Disposals | (58,085)
| At 31 December 2025 | 2,006,894
| Depreciation |
| At 1 January 2025 | 876,976
| Charge for the year | 192,276
| Disposals | (40,964)
| At 31 December 2025 | 1,028,288
| Net book value |
| At 31 December 2025 | 978,606
| At 31 December 2024 | 701,082
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RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 January 2025 | 9,846,280
| At 31 December 2025 | 9,846,280
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Fixmart Group U.K. Limited | Unit S, Springhead Enterprise Park, Springhead Road, Northfleet, Kent, United Kingdom, DA11 8HJ | Ordinary | 51%
| Fixmart Limited* | Unit S, Springhead Enterprise Park, Springhead Road, Northfleet, Kent, United Kingdom, DA11 8HJ | Ordinary | 51%
| Fixmart Group Holdings Limited* | Unit S, Springhead Enterprise Park, Springhead Road, Northfleet, Kent, United Kingdom, DA11 8HJ | Ordinary | 51%
| Fixmart GmbH* | Baker Tilly Rechtsanwaltsgesellschaft mbH, BrüsselerStraße 1-3, 60327Frankfurt am Main | Ordinary | 51%
| *Subsidiary through Fixmart Group U.K. Limited The subsidiary, Fixmart Group Holdings Limited, was dissolved on 14 April 2026 and ceased to be part of the Group from that date.
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RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Goods for resale | 2,026,481 | 1,790,448
|  | 2,026,481 | 1,790,448
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 4,286,898 | 2,943,065 | - | -
| Other debtors | 614,733 | 152,712 | 485,238 | -
| Prepayments and accrued income | 172,100 | 249,505 | - | -
|  | 5,073,731 | 3,345,282 | 485,238 | -
18. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 6,568,526 | 4,983,878 | 1,014,730 | 1,238,348
|  | 6,568,526 | 4,983,878 | 1,014,730 | 1,238,348
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RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 2,107,132 | 1,060,553 | - | -
| Amounts owed to related undertakings | 6,616 | - | 19,001 | 5,000
| Corporation tax | 587,385 | 359,093 | 81,163 | 7,343
| Other taxation and social security | 484,436 | 290,786 | - | -
| Obligations under finance lease and hire purchase contracts | 78,839 | 44,694 | - | -
| Other creditors | 186,545 | 181,732 | - | 4,543
| Accruals and deferred income | 472,584 | 369,125 | 10,715 | 10,500
|  | 3,923,537 | 2,305,983 | 110,879 | 27,386
| 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.
20. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Net obligations under finance leases and hire purchase contracts | 98,594 | -
|  | 98,594 | -
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 74,293 | 44,693
| Between 1-5 years | 98,594 | -
|  | 172,887 | 44,693
| Finance lease payments represent rentals payable by the group 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.
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RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (75,289)
| Charged to profit or loss | 22,953
| At end of year | (52,336)
| Company
|  | 2025
| At end of year | -
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (120,213) | (125,106)
| Short term timing differences | 61,467 | 43,407
| Revaluations | 6,410 | 6,410
|  | (52,336) | (75,289)
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 4,923,140 (2024 - 4,923,140) Ordinary L shares of £1.00 each | 4,923,140 | 4,923,140
|  | 4,923,140 (2024 - 4,923,140) Ordinary M shares of £1.00 each | 4,923,140 | 4,923,140
|  |  | 9,846,280 | 9,846,280
| The Company has two classes of ordinary shares, Ordinary L shares and Ordinary M shares. Both 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.
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RUSSLAND INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
24. | Reserves
Profit and loss account The profit and loss account reflects net gains and losses and transactions with owners not recognised elsewhere.
25. | Group reorganisation
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. During the prior year, Fixmart Limited was transferred from Fixmart Holdings Limited to the direct ownership of the Company via a dividend in specie of £7m (being the fair value of Fixmart Limited). The Company recognised a loss in respect of its investment in Fixmart Holdings Limited, which was subsequently dissolved. Fixmart Group Limited was also dissolved but the carrying value of this investments was £nil and no gain or loss was recognised in the statement of comprehensive income.
26. | Related party transactions
| Included in debtors falling due within one year are the following loans to directors of Group undertakings and their connected persons, repayable on demand and on which no interest is charged: £230,458 (2024: £20,783). Included in creditors falling due within one year are the following loans, repayable on demand and on which no interest is charged: From directors of Group undertakings and their connected persons: £145,075 (2024: £150,295) From The Welfare Trust which is classified as a related party because Carl Ghinn serves as a trustee: £1,092 (2024: £117) Included within wages is an annual salary of £35,392 (2024: £30,000) paid to the daughter of a director of a subsidiary undertaking.
27. | Controlling party
The ultimate controlling party is Mr C Ghinn.
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