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Registered number: 08486806
















N.A. GUPPY (HOLDINGS) LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024


































img13e2.png


N.A. GUPPY (HOLDINGS) LIMITED

 
COMPANY INFORMATION


Directors
Mr N C Guppy 
Mr S G Guppy 
Mrs E E Guppy 




Registered number
08486806



Registered office
Croylands
Brampford Speke

Exeter

EX5 5HH




Independent auditors
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Brook House Manor Drive

Clyst St. Mary

Exeter

EX5 1GD






N.A. GUPPY (HOLDINGS) LIMITED


CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated statement of financial position
 
9
Company statement of financial position
 
10
Consolidated statement of changes in equity
 
11
Company statement of changes in equity
 
12
Consolidated statement of cash flows
 
13
Consolidated analysis of net debt
 
14
Notes to the financial statements
 
15 - 32



N.A. GUPPY (HOLDINGS) LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

INTRODUCTION
 
The principal activity of the group during the year was that of building supplies retailer and holding company.

BUSINESS REVIEW
 
The N A Guppy Holdings Group has had a tough financial year. The Palladium Group as a whole are showing a down turn in profit but are still in a strong financial position with Kingsbridge showing strong figures in the year to 30 April 2024.
Palladium Limited has been not so strong with sales and profit showing decreased results. The financial Directors of these companies met on the 30th April 2024 to express their concerns and have acted by actioning the relocation of the St Levans Branch, and look to push for a more vibrant 2024/25.
A restructure plan for the Plymouth side of Palladium group has seen the relocation of the St Levans branch, staff and stock to Burrington Way. 
The St Levans site is to stop trading as of 18th October 2024 and put back into the hands of the Landlord as of December 20th 2024
Outside of this N A Guppy Holdings income is still consistent, with the investment portfolio showing an upturn on last years loss and shows a good return. The loss of the rental income from St Levans is only a short-term concern and steps have been taken to find a suitable new tenant or a possible purchaser. 
Company restructures due to the passing of Mr N.A.Guppy is to take place, with Mr Stephen Guppy and Mr Norman C Guppy now having 50% ownership each, with some exciting new management plans to be implemented. 

PRINCIPAL RISKS AND UNCERTAINTIES
 
Competitive risk
The construction industry has always been competitive and continues to be so. The increased competition from the internet along with satellite branches from other merchants opening up in our areas of trading can take its toll on our pricing structure. We aim to make sure our day to day pricing stays competitive when its needed through our ability to react quickly.
Financial risks
Trading in the construction industry brings its financial risk too with its reputation of slow paying debtors accounts which could have an effect on paying our creditors. This is why we review our internal credit control policies on a regular basis and keep a tight rein on our customer credit terms.
Keeping a close eye on how much stock we hold and daily stock checks help to ensure we keep theft to a minimum and more cash in the bank not tied up in unnecessary over stocks. Weekly/monthly reviews of our overheads is a constant reminder to reduce our overheads as and when necessary.

FINANCIAL KEY PERFORMANCE INDICATORS
 
Key performance indicators we use to measure results are mainly yearly comparisions of turnover, gross and net profits. We also compare our turnover against budgets and use the BMF national/local key performance indicators on the general trends of the merchants industry which includes turnover by staff member, profit margin percentages.


This report was approved by the board on 18 July 2025 and signed on its behalf.


Mr S G Guppy
Director

Page 1


N.A. GUPPY (HOLDINGS) LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Results and dividends

The loss for the year, after taxation and minority interests, amounted to £9,278 (2023: profit £100,930).

Dividends paid to non-controlling interests in the year totalled £54,000 (2023: £54,000).

Directors

The directors who served during the year were:

Mr N C Guppy 
Mr S G Guppy 
Mrs E E Guppy 

Future developments

Our key aims are to provide a first class customer service and offer building materials at competitive prices. We are always looking at different product ranges to stock to help our customers have a one stop shopping experience with the Group. We will continue to offer in-depth products throughout the region and be open to new branches when the right opportunity presents itself.

Disclosure of information to auditors

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 and the Group's auditors are 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 and the Group's auditors are aware of that information.

Post balance sheet events

The Directors have taken the decision to close the St Levan Road branch on 17th October 2024 and merge it with the Burrington Way branch as part of a restructuring process within Palladium Limited to meet the ever changing needs and requirements of their customers.

Auditors

The auditorsBishop Fleming LLPwill 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 S G Guppy
Director

Date: 18 July 2025

Croylands
Brampford Speke
Exeter
EX5 5HH

Page 2


N.A. GUPPY (HOLDINGS) LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Page 3


N.A. GUPPY (HOLDINGS) LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF N.A. GUPPY (HOLDINGS) LIMITED
Opinion


We have audited the financial statements of N.A. Guppy (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the analysis of net debt and the related notes, including a summary of significant accounting policiesThe 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 30 April 2024 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 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 directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 4


N.A. GUPPY (HOLDINGS) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF N.A. GUPPY (HOLDINGS) LIMITED (CONTINUED)

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 Directors' 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 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 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 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 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 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 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5


N.A. GUPPY (HOLDINGS) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF N.A. GUPPY (HOLDINGS) LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

the nature of the industry and sector, control environment and business performance; 
results of our enquiries of the directors about their own identification and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the Company’s documentation of their policies                 and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations; the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue and management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included occupational health and safety regulations, data protection regulations, product standards regulations, the packaging levy, disposal of waste materials regulations and employment legislation.

Our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the                              financial statements;
reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
enquiring of management and those charged with governance concerning actual and potential litigation                 and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of meetings of those charged with governance; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of
Page 6


N.A. GUPPY (HOLDINGS) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF N.A. GUPPY (HOLDINGS) LIMITED (CONTINUED)

journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


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 Auditors' report.


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 2006Our 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 Auditors' 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.






Fleur Lewis FCA  (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Brook House Manor Drive
Clyst St. Mary
Exeter
EX5 1GD

19 July 2025
Page 7


N.A. GUPPY (HOLDINGS) LIMITED

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
5,651,439
6,402,914

Cost of sales
  
(3,381,299)
(3,829,664)

Gross profit
  
2,270,140
2,573,250

Administrative expenses
  
(2,404,304)
(2,408,102)

Loss on investments
  
29,454
(14,159)

Operating (loss)/profit
 5 
(104,710)
150,989

Income from fixed assets investments
  
11,165
7,706

Interest receivable and similar income
 9 
42,221
11,950

(Loss)/profit before taxation
  
(51,324)
170,645

Tax on (loss)/profit
 10 
2,758
(29,817)

(Loss)/profit for the financial year
  
(48,566)
140,828

  

Total comprehensive income for the year
  
(48,566)
140,828

(Loss)/profit for the year attributable to:
  

Non-controlling interests
  
(39,288)
39,898

Owners of the parent Company
  
(9,278)
100,930

  
(48,566)
140,828

The notes on pages 15 to 32 form part of these financial statements.

Page 8


N.A. GUPPY (HOLDINGS) LIMITED
REGISTERED NUMBER:08486806

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
-
493

Tangible assets
 12 
1,611,402
1,680,041

Investments
 13 
517,898
483,761

  
2,129,300
2,164,295

Current assets
  

Stocks
 14 
1,059,516
1,193,816

Debtors: amounts falling due within one year
 15 
419,539
478,112

Cash at bank and in hand
 16 
2,679,190
2,622,903

  
4,158,245
4,294,831

Creditors: amounts falling due within one year
 17 
(686,379)
(721,944)

Net current assets
  
 
 
3,471,866
 
 
3,572,887

Total assets less current liabilities
  
5,601,166
5,737,182

Provisions for liabilities
  

Deferred taxation
 18 
(146,487)
(179,937)

Net assets
  
5,454,679
5,557,245


Capital and reserves
  

Called up share capital 
 19 
83,328
83,328

Share premium account
 20 
1,204,180
1,204,180

Other reserves
 20 
1,015,000
1,015,000

Profit and loss account
 20 
1,922,601
1,931,879

Equity attributable to owners of the parent Company
  
4,225,109
4,234,387

Non-controlling interests
  
1,229,570
1,322,858

  
5,454,679
5,557,245


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





Mr S G Guppy
Director
Date: 18 July 2025

Page 9


N.A. GUPPY (HOLDINGS) LIMITED
REGISTERED NUMBER:08486806

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,052,512
1,052,512

Investments
 13 
1,740,404
1,706,267

  
2,792,916
2,758,779

Current assets
  

Debtors: amounts falling due within one year
 15 
6,415
6,415

Cash at bank and in hand
 16 
621,663
478,325

  
628,078
484,740

Creditors: amounts falling due within one year
 17 
(66,744)
(44,771)

Net current assets
  
 
 
561,334
 
 
439,969

Total assets less current liabilities
  
3,354,250
3,198,748

  

Provisions for liabilities
  

Deferred taxation
 18 
(91,540)
(93,099)

Net assets
  
3,262,710
3,105,649


Capital and reserves
  

Called up share capital 
 19 
83,328
83,328

Share premium account
 20 
1,204,180
1,204,180

Other reserves
 20 
1,015,000
1,015,000

Profit and loss account brought forward
  
803,141
676,648

Profit for the year
  
157,061
126,493

Profit and loss account carried forward
  
960,202
803,141

  
3,262,710
3,105,649


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





Mr S G Guppy
Director

Date: 18 July 2025

The notes on pages 15 to 32 form part of these financial statements.

Page 10

N.A. GUPPY (HOLDINGS) LIMITED



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024



Called up share capital
Share premium account
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£



At 1 May 2022
83,328
1,204,180
1,015,000
1,830,949
4,133,457
1,336,960
5,470,417





Profit for the year
-
-
-
100,930
100,930
39,898
140,828


Dividends: Equity capital
-
-
-
-
-
(54,000)
(54,000)





At 1 May 2023
83,328
1,204,180
1,015,000
1,931,879
4,234,387
1,322,858
5,557,245





Loss for the year
-
-
-
(9,278)
(9,278)
(39,288)
(48,566)


Dividends: Equity capital
-
-
-
-
-
(54,000)
(54,000)



At 30 April 2024
83,328
1,204,180
1,015,000
1,922,601
4,225,109
1,229,570
5,454,679



The notes on pages 15 to 32 form part of these financial statements.

Page 11

N.A. GUPPY (HOLDINGS) LIMITED


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 May 2022
83,328
1,204,180
1,015,000
676,648
2,979,156



Profit for the year
-
-
-
126,493
126,493



At 1 May 2023
83,328
1,204,180
1,015,000
803,141
3,105,649



Profit for the year
-
-
-
157,061
157,061


At 30 April 2024
83,328
1,204,180
1,015,000
960,202
3,262,710


The notes on pages 15 to 32 form part of these financial statements.

Page 12


N.A. GUPPY (HOLDINGS) LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(48,566)
140,828

Adjustments for:

Amortisation of intangible assets
493
495

Depreciation of tangible assets
167,663
154,978

Loss on disposal of tangible assets
2,802
183

Interest received
(42,221)
(11,950)

Taxation charge
(2,297)
29,875

Decrease in stocks
134,300
208,751

Decrease in debtors
58,573
212,700

(Decrease) in creditors
(43,832)
(485,498)

Corporation tax (paid)
(77,540)
(46,391)

Net cash generated from operating activities

149,375
203,971


Cash flows from investing activities

Purchase of tangible fixed assets
(133,600)
(155,874)

Sale of tangible fixed assets
17,151
2,309

Purchase of investments
(188,747)
(202,246)

Sale of listed investments
183,268
201,228

Interest received
42,221
11,950

Income from investments
11,165
7,473

Investments revaluation
29,454
14,159

Net cash from investing activities

(39,088)
(121,001)

Cash flows from financing activities

Non controlling interest dividends paid
(54,000)
(54,000)

Interest paid
-
(27)

Net cash used in financing activities
(54,000)
(54,027)

Net increase in cash and cash equivalents
56,287
28,943

Cash and cash equivalents at beginning of year
2,622,903
2,593,960

Cash and cash equivalents at the end of year
2,679,190
2,622,903


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,679,190
2,622,903


The notes on pages 15 to 32 form part of these financial statements.

Page 13


N.A. GUPPY (HOLDINGS) LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

2,622,903

56,287

2,679,190

Debt due within 1 year

(5,974)

-

(5,974)



2,616,929
56,287
2,673,216

The notes on pages 15 to 32 form part of these financial statements.

Page 14


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

N.A Guppy (Holdings) Limited is a private company, limited by share capital and incorporated in England and Wales. The registered address is noted on page 1. 

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 judgment 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 Statement of financial position, 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, being 01 May 2015.

Page 15


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.3

GOING CONCERN

The N A Guppy Holdings Group has had a tough financial year. The Palladium Group as a whole are showing a down turn in profit but are still in a strong financial position with Kingsbridge showing strong figures in the year to 30 April 2024.
Palladium Limited has been not so strong with sales and profit showing decreased results. The financial Directors of these companies met on the 30th April 2024 to express their concerns and have acted by actioning the relocation of the St Levans Branch, and look to push for a more vibrant 2024/25.
A restructure plan for the Plymouth side of Palladium group has seen the relocation of the St Levans branch, staff and stock to Burrington Way. 
The St Levans site is to stop trading as of 18th October 2024 and put back into the hands of the Landlord as of December 20th 2024.
Outside of this N A Guppy Holdings income is still consistent, with the investment portfolio showing an upturn on last years loss and shows a good return. The loss of the rental income from St Levans is hopefully only a short-term concern and steps have been taken to find a suitable new tenant or a possible purchaser. 
Therefore, the Directors consider it appropriate for the financial statements to be prepared on a going concern basis.

 
2.4

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 16


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.5

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.

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.

The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 May 2019 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.6

INTEREST INCOME

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

 
2.7

DEFINED CONTRIBUTION PENSION PLAN


The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 17


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.8

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 reporting 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 reporting 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.

 
2.9

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.

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.

 
2.10

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 18


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)


2.10
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
0 - 4% straight line
Short-term leasehold property
-
7 years
Plant and machinery
-
10%-50% straight line
Motor vehicles
-
20%-25% straight line
Fixtures and fittings
-
10%-50% straight line

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.

The Directors consider the residual value of the freehold properties is not materially different to the carrying value. As a result the corresponding depreciation charge would not be material and therefore is not charged to the Consolidated Statement of Comprehensive Income.

 
2.11

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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 reporting 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.

 
2.13

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
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.

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 19


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.15

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

FINANCIAL INSTRUMENTS

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on the amounts recognised in the financial statements.

RESIDUAL VALUES AND ASSET LIVES
The residual value is the net realisable value of an asset at the end of its useful economic life. The Company has taken as assessment of the residual values that are appropriate for the business and reviews this assessment annually. Significant changes to the estimate of residual values or asset lives would impact the depreciation charge in future periods. 
VALUATION OF INVESTMENTS
The Directors review the valuation of investments and whether there are any indicators of impairment by considering the financial performance, balance sheet position and valuation of freehold land and property held by its investments. Based on this review, the Directors consider the current carrying value to be appropriate.


4.


TURNOVER

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


2024
2023
£
£

Sale of goods
5,651,439
6,402,914


All turnover arose within the United Kingdom.

Page 20


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


OPERATING (LOSS)/PROFIT

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Depreciation
167,663
154,978

Amortisation
493
495

Other operating lease rentals
49,228
70,700


6.


AUDITORS' REMUNERATION

2024
2023
£
£

Fees payable to the Company's auditors in respect of:

Audit for the subsidiary companies
19,940
19,400

Taxation compliance services
3,700
2,650

Audit of the parent company
6,120
6,270


7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
1,303,779
1,333,629
25,938
25,938

Social security costs
113,461
126,290
-
-

Cost of defined contribution scheme
77,052
99,348
-
-

1,494,292
1,559,267
25,938
25,938


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
51
56
3
4

Page 21


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
25,938
25,938


During the year retirement benefits were accruing to no directors (2023: NIL) in respect of defined contribution pension schemes.


9.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
42,221
11,950


10.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
30,695
62,431

Adjustments in respect of previous periods
-
(23,756)


TOTAL CURRENT TAX
30,695
38,675

DEFERRED TAX


Origination and reversal of timing differences
(33,453)
(8,858)

TOTAL DEFERRED TAX
(33,453)
(8,858)


TAXATION ON (LOSS)/PROFIT ON ORDINARY ACTIVITIES
(2,758)
29,817
Page 22


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 25%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(51,324)
267,138


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 25%)
(12,831)
52,074

EFFECTS OF:


Fixed asset differences
7,541
2,219

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,470
2,999

Income not taxable for tax purposes
(7,246)
7,491

Exempt distribution income
(1,592)
(19,555)

Adjustment in respect of prior period
-
(23,755)

Adjustment in respect of prior period (deferred tax)
-
(9,442)

Capital gains/(losses)
6,975
(6,818)

Other current tax
(75)
232

Losses carried back
-
24,372

TOTAL TAX CHARGE FOR THE YEAR
(2,758)
29,817


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.



Page 23


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


INTANGIBLE ASSETS

Group 





Goodwill

£



COST


At 1 May 2023
4,947



At 30 April 2024

4,947



AMORTISATION


At 1 May 2023
4,454


Charge for the year on owned assets
493



At 30 April 2024

4,947



NET BOOK VALUE



At 30 April 2024
-



At 30 April 2023
493



All of the Group's intangible fixed assets are held in the Parent Company.

Page 24


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


TANGIBLE FIXED ASSETS

Group






Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



COST OR VALUATION


At 1 May 2023
1,713,307
51,602
625,074
561,114
86,295
3,037,392


Additions
-
1,052
16,214
115,975
359
133,600


Disposals
(17,304)
-
(81,149)
(33,250)
(900)
(132,603)



At 30 April 2024

1,696,003
52,654
560,139
643,839
85,754
3,038,389



DEPRECIATION


At 1 May 2023
406,889
45,803
497,130
342,001
65,528
1,357,351


Charge for the year on owned assets
21,075
2,348
46,932
90,635
6,673
167,663


Disposals
(7,168)
-
(73,636)
(16,323)
(900)
(98,027)



At 30 April 2024

420,796
48,151
470,426
416,313
71,301
1,426,987



NET BOOK VALUE



At 30 April 2024
1,275,207
4,503
89,713
227,526
14,453
1,611,402



At 30 April 2023
1,306,418
5,799
127,944
219,113
20,767
1,680,041

Page 25


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           12.TANGIBLE FIXED ASSETS (CONTINUED)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
1,275,207
1,306,418

Long leasehold
4,503
5,799

1,279,710
1,312,217



Company






Freehold property

£

COST OR VALUATION


At 1 May 2023
1,052,512



At 30 April 2024

1,052,512






At 30 April 2024

-



NET BOOK VALUE



At 30 April 2024
1,052,512



At 30 April 2023
1,052,512





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
1,052,512
1,052,512


Page 26


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


FIXED ASSET INVESTMENTS

Group





Investments in subsidiary companies
Equity Investments
Cash Investments
Other fixed asset investments
Total

£
£
£
£
£



COST OR VALUATION


At 1 May 2023
1
472,256
10,504
1,000
483,761


Additions
-
188,747
-
-
188,747


Disposals
-
(183,268)
(859)
-
(184,127)


Revaluations
-
29,454
-
-
29,454


Interest
-
63
-
-
63



At 30 April 2024
1
507,252
9,645
1,000
517,898




Company





Investments in subsidiary companies
Equity Investments
Cash investments
Total

£
£
£
£



COST OR VALUATION


At 1 May 2023
1,223,507
472,256
10,504
1,706,267


Additions
-
188,747
-
188,747


Disposals
-
(183,268)
(859)
(184,127)


Revaluations
-
29,454
-
29,454


Interest
-
63
-
63



At 30 April 2024
1,223,507
507,252
9,645
1,740,404




Page 27


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Palladium Builders Merchants (Kingsbridge) Limited
Homelands, Union Road, Kingsbridge, Decon TQ7 1EQ
Ordinary
64%
Palladium Limited
158 St Levan Road, Plymouth, Devon, PL2 1PT
Ordinary
64%
Palladium Building Supplies Limited (Dormant)
Homelands, Union Road, Kingsbridge, Decon TQ7 1EQ
Ordinary
64%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Palladium Builders Merchants (Kingsbridge) Limited
2,355,128
64,072

Palladium Limited
840,148
(173,205)

Palladium Building Supplies Limited (Dormant)
2
-


14.


STOCKS

Group
Group
2024
2023
£
£

Finished goods and goods for resale
1,059,516
1,193,816



15.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
349,195
372,188
-
-

Amounts owed by group undertakings
-
-
6,415
6,415

Other debtors
11,972
27,485
-
-

Prepayments and accrued income
58,372
54,684
-
-

Tax recoverable
-
23,755
-
-

419,539
478,112
6,415
6,415


Page 28


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,679,190
2,622,903
621,663
478,325



17.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
446,633
402,159
-
-

Amounts owed to group undertakings
-
-
7,130
-

Corporation tax
11,151
7,916
-
-

Other taxation and social security
92,463
116,680
-
-

Other creditors
46,563
27,712
25,756
11,813

Accruals and deferred income
89,569
167,477
33,858
32,958

686,379
721,944
66,744
44,771



18.


DEFERRED TAXATION


Group



2024


£






At beginning of year
(179,940)


Charged to profit or loss
33,453



AT END OF YEAR
(146,487)

Page 29


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
18.DEFERRED TAXATION (CONTINUED)

Company


2024


£






At beginning of year
(93,099)


Charged to profit or loss
1,559



AT END OF YEAR
(91,540)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Fixed asset timing differences
(46,680)
(52,570)
8,267
-

Capital gains
(99,807)
(127,370)
(99,807)
(93,099)

(146,487)
(179,940)
(91,540)
(93,099)

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N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



19,328 (2023: 19,328) Ordinary shares shares of £1.00 each
19,328
19,328
64,000 (2023: 64,000) Preference shares shares of £1.00 each
64,000
64,000

83,328

83,328

The ordinary shares are irredeemable and have full rights in the Company with regards to voting. 
The redeemable equity preference shares do not entitle the holders thereof to receive notice of, attend, or vote at general meetings of the company.



20.


RESERVES

Share premium account

This reserve represents additional contributions received for share capital, over and above the nominal value of the shares.

Other reserves

This reserve represents the value of the buildings transferred into the holding company on incorporation.

Profit and loss account

This reserve represents accumulated profits from prior years. 


21.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £99,348 (2022: £101,534). Contributions totalling £5,104 (2022: £5,240) were payable to the fund at the reporting date and are included in creditors.


22.


COMMITMENTS UNDER OPERATING LEASES

At 30 April 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
46,494
74,700

Later than 1 year and not later than 5 years
121,577
58,267

Later than 5 years
27,227
-

195,298
132,967
Page 31


N.A. GUPPY (HOLDINGS) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


RELATED PARTY TRANSACTIONS

Palladium Limited
N.A.Guppy (Holdings) Limited owns 64% of the ordinary share capital of Palladium Limited. Company directors E E Guppy, N C Guppy and S G Guppy are also directors of Palladium Limited. During the year, Palladium Limited leased the property at 158 St Levan Road from N.A. Guppy (Holdings) Limited at an annual rent of £35,200 (2023: £35,200).
Palladium Builders Merchants (Kingsbridge) Limited
N.A.Guppy (Holdings) Limited owns 64% of the ordinary share capital of Palladium Builders Merchants (Kingsbridge) Limited. Company directors N C Guppy and S G Guppy are also directors of Palladium Builders Merchants (Kingsbridge) Limited. During the year, Palladium Builders Merchants (Kingsbridge) Limited leased the property at Homelands, Higher Union Road from N.A. Guppy (Holdings) Limited at an annual rent of £38,500 (2023: £38,500). 
An outstanding balance is also owed from Palladium Builders Merchants (Kingsbridge) Limited to N.A. Guppy (Holdings) Limited of £6,417 at year end. 
 
Other
During the year, a director of the company had a directors loan account. No transactions went through the loan account during the year. The balance owed to the director by the company at the end of the year is £5,974 (2023: £5,974).
The key management personnel comprise the directors. Total remuneration paid to them during the year through N.A Guppy (Holdings) Limited was £25,938 (2023: £25,938). 


24.


POST BALANCE SHEET EVENTS

The Directors have taken the decision to close the St Levan Road branch on 17th October 2024 and merge it with the Burrington Way branch as part of a restructuring process within Palladium Limited to meet the ever changing needs and requirements of their customers.


25.


CONTROLLING PARTY

The ultimate controlling party until 23 February 2023 was director, N A Guppy. Since that date there has been no ultimate controlling party. 

 
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