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Registered number: 01487351
















PALLADIUM LIMITED



FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

            FOR THE YEAR ENDED 30 APRIL 2024


































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PALLADIUM LIMITED
REGISTERED NUMBER:01487351

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
357,046
475,442

Investments
 5 
500
500

  
357,546
475,942

CURRENT ASSETS
  

Stocks
 6 
545,450
633,331

Debtors: amounts falling due within one year
 7 
299,863
310,771

Cash at bank and in hand
  
115,270
176,234

  
960,583
1,120,336

Creditors: amounts falling due within one year
 8 
(252,927)
(310,155)

NET CURRENT ASSETS
  
 
 
707,656
 
 
810,181

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,065,202
1,286,123

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(4,854)
(52,570)

NET ASSETS
  
1,060,348
1,233,553


CAPITAL AND RESERVES
  

Called up share capital 
 9 
20,200
20,200

Capital redemption reserve
  
200,000
200,000

Profit and loss account
  
840,148
1,013,353

  
1,060,348
1,233,553


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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


N C Guppy
Director

Date: 18 July 2025

The notes on pages 2 to 9 form part of these financial statements.

Page 1


PALLADIUM LIMITED

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

1.


GENERAL INFORMATION

Palladium Limited is a private company, limited by shares and incorporated in England and Wales. The registered office abd trading address is 13-15 Burrington Way, Plymouth, England, PL5 3LR.
The principal activity of the company during the year was that of building supplies retailer.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

During the year, Palladium Limited incurred a loss of £173,205 (2023: loss of £77,818) but held net assets of £1,060,348 (2023: net assets of £1,233,553) and net current assets of £707,656 (2023: net current assets of £810,181). Following the year end further losses were made with the Company continuing to be reliant on the support of other Group entities. 
The Group entities include Palladium Builders Merchants (Kingsbridge) Limited and N.A. Guppy (Holdings) Limited.
The Directors believe that the Company remains a going concern, however, have received no formal confirmation of support from either Palladium Builders Merchants (Kingsbridge) Limited or N.A Guppy (Holdings) Limited.  Therefore, although support has been provided in the past, there is no guarantee that it will continue if the entity does not return to profitability. 
The Directors’ assumptions and outlook assume continued shareholder and Group support to finance business operations. The financial statements do not reflect the adjustments that would be necessary should the Company not receive such support, which in such an eventuality would mean it may be unable to realise its assets and discharge its liabilities in the normal course of business. 
As such there is a material uncertainty related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern.

Page 2


PALLADIUM LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.3

REVENUE

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets 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
-
4%
straight line
Plant and machinery
-
10%
- 50% straight line
Motor vehicles
-
20%
- 25% 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.

Page 3


PALLADIUM LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.5

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.

 
2.6

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.

 
2.7

CASH AND CASH EQUIVALENTS

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

 
2.8

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.9

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.

 
2.10

OPERATING LEASES: LESSEE

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

 
2.11

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 4


PALLADIUM LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.12

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.13

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 operates and generates 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; 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 reporting date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 26 (2023:31).

Page 5


PALLADIUM LIMITED

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

4.


TANGIBLE FIXED ASSETS





Freehold land and property
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST 


At 1 May 2023
660,795
373,321
218,483
1,252,599


Additions
-
10,780
-
10,780


Disposals
-
(5,499)
(20,250)
(25,749)



At 30 April 2024

660,795
378,602
198,233
1,237,630



DEPRECIATION


At 1 May 2023
406,889
304,532
65,735
777,156


Charge for the year on owned assets
31,211
35,768
45,047
112,026


Disposals
-
(5,275)
(3,323)
(8,598)



At 30 April 2024

438,100
335,025
107,459
880,584



NET BOOK VALUE



At 30 April 2024
222,695
43,577
90,774
357,046



At 30 April 2023
253,906
68,789
152,748
475,443

The value of land not depreciated within Freehold land and property was £76,000 (2023: £76,000).


5.


FIXED ASSET INVESTMENTS





Other fixed asset investments

£



COST OR VALUATION


At 1 May 2023
500



At 30 April 2024
500




Page 6


PALLADIUM LIMITED

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

6.


STOCKS

2024
2023
£
£

Stock
545,450
633,331



7.


DEBTORS

2024
2023
£
£


Trade debtors
142,123
172,265

Amounts owed by group undertakings
125,000
83,995

Other debtors
8,011
11,464

Prepayments and accrued income
24,729
19,292

Tax recoverable
-
23,755

299,863
310,771



8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
186,515
146,546

Other taxation and social security
35,841
56,332

Other creditors
7,459
3,815

Accruals and deferred income
23,112
103,462

252,927
310,155


Page 7


PALLADIUM LIMITED

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

9.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



20,200 (2023:20,200) Ordinary shares of £1.00 each
20,200
20,200



10.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.2 in the financial statements, which indicates that Palladium Limited has been reliant on support from other Group entities due to trading results. Whilst the Directors of Palladium Limited have confirmed they intend to keep Palladium Limited operating as a going concern, no formal deed of undertaking has been issued by these Group entities to confirm the necessary support will continue for the forseeable future. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.

The audit report was signed on 18 July 2025 by Fleur Lewis FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.


11.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £65,043 (2023: £88,549). Contributions totalling £3,115 (2023: £3,003) were payable to the fund at the reporting date. 

Page 8


PALLADIUM LIMITED

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

12.


COMMITMENTS UNDER OPERATING LEASES

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

2024
2023
£
£



Not later than 1 year
23,467
35,200

2024
2023

£
£



Not later than 1 year
27,227
43,700

Later than 1 year and not later than 5 years
108,910
45,600

Later than 5 years
27,227
-

163,364
89,300


13.


POST BALANCE SHEET EVENTS

The Directors have taken the decision to close the St Levan Road branch on 19th October 2024 and merge it with the Burrington Way branch as part of a restructuring process to meet the ever changing needs and requirements of their customers.  

 
Page 9