Fixfast Intermediate Ltd - Period Ending 2021-12-31

Fixfast Intermediate Ltd

(Registration number: 09472514)
Balance Sheet as at 31 December 2021

	Note	2021 £	2020 £
Fixed assets
Investments	3	1,451,000	1,451,000
Creditors: Amounts falling due within one year	4	(1,450,000)	(1,450,000)
Net assets		1,000	1,000
Capital and reserves
Called up share capital	5	1,000	1,000
Total equity		1,000	1,000

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 28 September 2022 and signed on its behalf by:
 

......................................... Mr BW Lynes Director

Fixfast Intermediate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Merlin House Seven Mile Lane
Borough Green
Sevenoaks
Kent
TN15 8QY
England

These financial statements were authorised for issue by the Board on 28 September 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Fixfast Intermediate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

2	Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Fixfast Intermediate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

2	Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised costs using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case off an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow, discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the income statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying value and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Fixfast Intermediate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

3	Investments in subsidiaries, joint ventures and associates

	2021 £	2020 £
Investments in subsidiaries	1,451,000	1,451,000
	1,451,000	1,451,000

Subsidiaries	£
Cost or valuation
At 1 January 2021	1,451,000
Provision
Carrying amount
At 31 December 2021	1,451,000
At 31 December 2020	1,451,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2021	2020
Subsidiary undertakings
Fixfast Ltd	Merlin House, Seven Mile Lane, Borough Green, Sevenoaks, Kent, TN15 8QY England & Wales	Ordinary shares	100%	100%

Subsidiary undertakings

Fixfast Ltd The principal activity of Fixfast Ltd is the design, manufacture and supply of specialist building components.

Fixfast Intermediate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Creditors

	Note	2021 £	2020 £
Due within one year
Amounts due to related parties	6	1,450,000	1,450,000
		1,450,000	1,450,000

5	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

6	Related party transactions

Summary of transactions with parent

Fixfast Holdings Ltd is the parent of the company.
 
During the year the company continued to be provided with a loan from its parent.
 

Loans from related parties

2021	Parent £
At start of period	1,450,000
At end of period	1,450,000

2020	Parent £
At start of period	1,450,000
At end of period	1,450,000

Terms of loans from related parties

The loan from the parent was interest free and repayable on demand.
 

Fixfast Intermediate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7	Parent and ultimate parent undertaking

The company's immediate parent is Fixfast Holdings Ltd, incorporated in England & Wales.

  These financial statements are available upon request from Companies House

 

8	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 0).