The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Bix Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Westacott, East Buckland, Barnstaple, Devon, United Kingdom, EX32 0TA. The company registration number is 00986674.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

The Financial Statements cover this company as an individual undertaking.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The directors have considered the financial position of the company for the twelve months from the date of the approval of these accounts and have prepared them on the going concern basis.

Turnover represents the fair value of the consideration received or receivable for rental income and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Revenue is recognised upon the issue of an invoice for the rent due in advance or for other costs payable by the tenant.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset (when applicable) is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

No depreciation is charged to investment property as it is held at fair value in accordance with FRS102 (Section 1A).

This represents a departure from the requirements of the Companies Act 2006 however this method of valuation is deemed to be appropriate:

i) management has concluded that the financial statements present fairly the entity's financial position, financial performance and cash flows.

ii) it has complied with applicable legislation, except that is has departed from a particular requirement of applicable legislation to achieve fair presentation.

iii) to comply with the Companies Act 2006 a depreciation charge would be required against investment property which would conflict with the objective of the financial statements set out in FRS 102 (Section 1A).

Any changes to the fair value is transferred to the Statement of Income and Retained Earnings. Depreciation or amortisation is only one of the many factors reflected in the valuation and the amount of depreciation which might have been charged cannot be separately identified or quantified.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts (when applicable).

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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, which include all debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including all creditors, bank loans (when applicable), are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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.The judgements and estimates having had the most significant effect on any amounts, such as the revalued investment property by the directors, the depreciation rates of the fixed assets, bad debts in debtors and the accruals in creditors, are recognised in the financial statements in the year they are discovered.

The average monthly number of persons (including directors) employed by the company during the year was:

Investment property comprises of freehold properties held by the company. The fair value of the investment property has been arrived at on the basis of a valuation carried out in 2014 by the Directors and subsequent professional valuations carried out in 2023 and 2025. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

All fixed asset investments are at cost to the company.

The company's investments at the balance sheet date in the share capital of companies include the following:

TWO RIVERS INDUSTRIAL LIMITED

Registered office : Westacott, East Buckland, Barnstaple Devon EX32 0TA

Nature of Business: Management of investment properties

Class of shares: Ordinary Holding 100%

Aggregate capital and reserves:    30/06/2025 £2,351,864    30/06/2024 £3,712,246

Profit for the year            30/06/2025 £89,618    30/06/2024 £93,248

During the year the company entered into the following transactions with related parties:

The shareholders also operate current accounts with the company and the balances owed by the company at the balance sheet date are £862,788 (2024 - £934,978) in aggregate. All the current accounts are in credit and are unsecured. No interest is paid on any outstanding balance.

During the year the company was controlled by the shareholders, Mr R G Ward, Ms M Ward and Mrs N Hockridge.