Company registration number SC792752 (Scotland)
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
COMPANY INFORMATION
Directors
J Timothy Purves
Alison J Purves
Company number
SC792752
Registered office
Oakvale Funeral Home
106 Whitehouse Loan
Edinburgh
United Kingdom
EH9 1BD
Auditor
Azets Audit Services
Quay 2
139 Fountainbridge
Edinburgh
EH3 9QG
Solicitors
Morton Fraser MacRoberts LLP
Level 5
9 Haymarket Square
Edinburgh
United Kingdom
EH3 8RY
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group profit and loss account
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 30
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 September 2025.

Fair review of the business

The group seeks to provide a high quality funeral service and to grow organically and through strategic acquisitions.

The principal activity of the group continued to be a funeral director. The group performed well during the year, with an increase in funerals than the prior year resulting in a increase in both turnover and gross profit. The underlying cashflow remained strong. The results for the year are shown on the Statement of Comprehensive Income on page 8. The profit for the year after taxation was £1,082,393 (2024: £885,102).

Principal risks and uncertainties

The principal risks and uncertainties facing the company are associated with catastrophe, the behaviour of competition, government intervention, new business models entering the market and the going concern of prepaid Funeral Plan companies.

Key performance indicators

All key historic performance indicators are within industry parameters.

The number of funerals in 2025 increased by 70, reflecting a 2.4%% increase from 2024.

Turnover in the year has increased by £874,093 (5.7%) from 2024 due to a increased number of funerals and inflationary price increases.

Gross profit for the year was £10,150,853, a £571,817 (6%) increase from 2024. The gross profit margin for the year was 63.01% (2024: 62.88%), which was consistent with the prior year.

Profit before tax was £1,334,379 an increase of £261,155 which is in line with the directors' expectations.

Future plans

The directors will continue to invest in the business through its regualar capital expenditure programme.

On behalf of the board

J Timothy Purves
Director
21 January 2026
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the company is that of a holding company of William Purves (Funeral Directors) Limited which has the principal activity of being a funeral director. The company was incorporated on 18 December 2023.

Results and dividends

The results for the year are set out on page 7.

The directors p aid a final dividend of £975 per share (202 4: £7,654) in respect of the year ended 30 September 202 5.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Timothy Purves
Alison J Purves
Post reporting date events

There have been no significant events affecting the group since the year end.

Future developments

The directors are optimistic about the long term prospects for continued growth and profitability. The nature of the business means that demand is unlikely to reduce and the risk of a new competitor entering the market is extremely small. The company enjoys a reputation for providing a quality service and there is no reason to expect that market share will reduce in the near future.

Auditor

The auditors, Azets Audit Services, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
J Timothy Purves
Director
21 January 2026
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -

The directors are responsible for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of William Purves (Funeral Directors) Holdings Limited (the 'company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the company's affairs as at 30 September 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 company, or returns adequate for our audit have not been received from branches not visited by us; or

- the 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' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the group and the company, their activities, their control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the group and the company are complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the group and the company that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the group and the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James McBride (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Quay 2
139 Fountainbridge
Edinburgh
EH3 9QG
21 January 2026
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
16,108,791
15,234,698
Cost of sales
(5,957,938)
(5,655,662)
Gross profit
10,150,853
9,579,036
Administrative expenses
(8,668,596)
(8,207,773)
Other operating income
30,506
105,589
Operating profit
3
1,512,763
1,476,852
Share of profits of associates
54,169
51,697
Interest receivable and similar income
6
150,880
(22,504)
Interest payable and similar expenses
7
(383,433)
(432,821)
Profit before taxation
1,334,379
1,073,224
Tax on profit
8
(251,986)
(188,122)
Profit for the financial year
24
1,082,393
885,102
Profit for the financial year is all attributable to the owners of the parent company.

The notes on pages 13 to 30 form part of these financial statements.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
10
12,327
86,288
Tangible assets
12
2,796,753
2,968,277
Investment property
11
85,000
85,000
Investments
14
436,608
382,439
3,330,688
3,522,004
Current assets
Stocks
15
280,683
280,074
Debtors
16
3,817,514
3,696,171
Cash at bank and in hand
718,087
708,952
4,816,284
4,685,197
Creditors: amounts falling due within one year
17
(6,741,018)
(7,122,049)
Net current liabilities
(1,924,734)
(2,436,852)
Total assets less current liabilities
1,405,954
1,085,152
Creditors: amounts falling due after more than one year
18
(225,368)
(296,627)
Provisions for liabilities
Deferred tax liability
21
82,961
203,143
(82,961)
(203,143)
Net assets
1,097,625
585,382
Capital and reserves
Called up share capital
23
585
585
Capital redemption reserve
24
415
415
Profit and loss reserves
24
1,096,625
584,382
Total equity
1,097,625
585,382

The notes on pages 13 to 30 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 21 January 2026 and are signed on its behalf by:
21 January 2026
J Timothy Purves
Director
Company registration number SC792752 (Scotland)
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
585
585
585
585
Current assets
Debtors
16
1
1
Net current assets
1
1
Net assets
586
586
Capital and reserves
Called up share capital
23
585
585
Share premium account
24
1
1
Total equity
586
586

The notes on pages 13 to 30 form part of these financial statements.

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the period was £570,150 (2024: £nil).

The financial statements were approved by the board of directors and authorised for issue on 21 January 2026 and are signed on its behalf by:
21 January 2026
J Timothy Purves
Director
Company registration number SC792752 (Scotland)
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2023
585
415
4,177,011
4,178,011
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
885,102
885,102
Dividends
9
-
-
(4,477,731)
(4,477,731)
Balance at 30 September 2024
585
415
584,382
585,382
Year ended 30 September 2025:
Profit and total comprehensive income
-
-
1,082,393
1,082,393
Dividends
9
-
-
(570,150)
(570,150)
Balance at 30 September 2025
585
415
1,096,625
1,097,625

The notes on pages 13 to 30 form part of these financial statements.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2023
-
0
-
0
-
0
-
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
-
-
0
Issue of share capital
23
585
1
-
586
Balance at 30 September 2024
585
1
-
0
586
Year ended 30 September 2025:
Profit and total comprehensive income
-
-
570,150
570,150
Dividends
9
-
-
(570,150)
(570,150)
Balance at 30 September 2025
585
1
-
0
586

The notes on pages 13 to 30 form part of these financial statements.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,050,358
2,260,928
Interest paid
(383,433)
(432,821)
Income taxes paid
(421,809)
(459,930)
Net cash inflow from operating activities
1,245,116
1,368,177
Investing activities
Purchase of tangible fixed assets
(106,545)
(198,776)
Proceeds from disposal of tangible fixed assets
50,718
214,225
Interest received
150,880
21,372
Net cash generated from investing activities
95,053
36,821
Financing activities
Repayment of bank loans
(453,811)
(384,945)
Payment of finance leases obligations
(307,073)
(311,485)
Dividends paid to equity shareholders
(570,150)
(845,764)
Net cash used in financing activities
(1,331,034)
(1,542,194)
Net increase/(decrease) in cash and cash equivalents
9,135
(137,196)
Cash and cash equivalents at beginning of year
708,952
846,148
Cash and cash equivalents at end of year
718,087
708,952

The notes on pages 13 to 30 form part of these financial statements.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 13 -
1
Accounting policies
Company information

William Purves (Funeral Directors) Holdings Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Oakvale Funeral Home, 106 Whitehouse Loan, Edinburgh, United Kingdom, EH9 1BD.

The company was incorporated on 18 December 2023.

The group consists of William Purves (Funeral Directors) Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company William Purves (Funeral Directors) Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 September 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 14 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

A group reconstruction took place during the prior year where the shareholders of William Purves (Funeral Directors) Limited exchanged their shareholdings in William Purves (Funeral Directors) Limited for an equal shareholding in William Purves (Funeral Directors) Holdings Limited with no change in shareholders or shareholdings. The merger accounting method has been used to prepared the consolidated financial statements.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group and the company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 to 5 years. All goodwill has now been fully amortised.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.7
Tangible fixed assets

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:

Freehold land and buildings
over 50 years
Leasehold land and buildings
over the lease term
Fixtures and fittings
10%
Office Equipment
33%
Motor vehicles
10 years with accelerated depreciation in the first 5 years and reduced depreciation in the following 5 years.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or of there is an indication of a significant since the last reporting date.

1.8
Investment property

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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

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

1.10
Stocks

Stocks are stated at the lower of cost and estimates selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
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 acquistion and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the 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 company's cash management.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.12
Financial instruments

The company 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 investment in ordinary shares.

Debt instruments (other than those wholly repayable ore 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 cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment is fond, an impairment loss is recognised in the Statement of Comprehensive Income.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Taxation

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

Current 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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 if, and only if, there is 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.

1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 19 -
3
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
29,100
35,394
Fees payable to the company's auditor for non audit fees
3,000
53,904
Depreciation of owned tangible fixed assets
556,371
656,536
Depreciation of tangible fixed assets held under finance leases
-
61,436
Profit on disposal of tangible fixed assets
(41,560)
(181,682)
Amortisation of intangible assets
73,961
73,961
Operating lease charges
715,006
249,520
4
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
482,378
97,316
Company pension contributions to defined contribution schemes
68,493
4,364
550,871
101,680
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
5
6
2
2
111
102
-
-
Total
116
108
2
2
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
5
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,895,021
3,771,297
-
0
-
0
Social security costs
457,810
468,291
-
-
Pension costs
518,011
421,519
-
0
-
0
4,870,842
4,661,107
-
0
-
0
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
9,063
13,867
Interest receivable from group companies
127,811
(43,876)
Interest receivable on financial instruments
14,006
7,505
Total income
150,880
(22,504)
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
349,124
415,403
Other finance costs:
Interest on finance leases and hire purchase contracts
34,309
17,418
Total finance costs
383,433
432,821
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
410,230
372,258
Adjustments in respect of prior periods
(38,062)
43,662
Total current tax
372,168
415,920
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
8
Taxation
2025
2024
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
(79,838)
(227,798)
Adjustment in respect of prior periods
(40,344)
-
0
Total deferred tax
(120,182)
(227,798)
Total tax charge
251,986
188,122

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,334,379
1,073,224
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
333,595
268,306
Tax effect of expenses that are not deductible in determining taxable profit
9,002
62,588
Adjustments in respect of prior years
(78,406)
43,662
Additional reduction for R&D expenditure
-
0
(15,910)
Other tax adjustments, reliefs and transfers
-
(81,769)
Fixed asset differences
1,337
(6,545)
Movement in deferred tax not recognised
-
(69,286)
Share of joint venture
(13,542)
(12,924)
Taxation charge
251,986
188,122
9
Dividends
2025
2024
2025
2024
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Final paid
975.00
7,654.24
570,150
4,477,731
There were dividends paid of £570,150 (2024: £845,764). Dividends in the prior year include a dividend in specie in relation to the group restructure and demerger of £3,631,967.
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 22 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2024 and 30 September 2025
4,372,311
Amortisation and impairment
At 1 October 2024
4,286,023
Amortisation charged for the year
73,961
At 30 September 2025
4,359,984
Carrying amount
At 30 September 2025
12,327
At 30 September 2024
86,288
The company had no intangible fixed assets at 30 September 2025 or 30 September 2024.
11
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 October 2024 and 30 September 2025
85,000
-

The fair value of the investment property is based on a 3rd party valuation performed by Graham Sibbald (RICS Registered Valuers) in October 2023. The directors are of the opinion that this is an appropriate estimate of the fair value as at 30 September 2025.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 23 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2024
401,358
369,539
1,417,329
4,280,747
6,468,973
Additions
37,632
-
0
68,915
287,458
394,005
Disposals
-
0
-
0
(35,065)
(115,536)
(150,601)
At 30 September 2025
438,990
369,539
1,451,179
4,452,669
6,712,377
Depreciation and impairment
At 1 October 2024
139,045
57,951
1,013,964
2,289,736
3,500,696
Depreciation charged in the year
8,182
7,392
115,896
424,901
556,371
Eliminated in respect of disposals
-
0
-
0
(32,303)
(109,140)
(141,443)
At 30 September 2025
147,227
65,343
1,097,557
2,605,497
3,915,624
Carrying amount
At 30 September 2025
291,763
304,196
353,622
1,847,172
2,796,753
At 30 September 2024
262,313
311,588
403,365
1,991,011
2,968,277
The company had no tangible fixed assets at 30 September 2025 or 30 September 2024.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
974,391
747,891
-
0
-
0
13
Subsidiaries

Details of the company's subsidiaries at 30 September 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
William Purves (Funeral Directors) Limted
Scotland
Funeral Directors
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
William Purves (Funeral Directors) Limted
771,217
1,028,224
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 24 -
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
585
585
Investments in associates
436,608
382,439
-
0
-
0
436,608
382,439
585
585

The group owns 28.6% (2023: 28.6%) of the ordinary shares of Baldarroch Crematorium Limited, a company incorporated in Scotland whose principal activity is funeral services. The investment was £50,000 acquiring 50,000 £1 Ordinary shares in the company at par value.

Unaudited aggregate capital and reserves at 30 September 2025 were £1,528,192 with an unaudited profit for the period to 30 September 2025 of £233,245.

The group also owns 33.3% (2023: 33.3%) of the ordinary shares of Brewsterwells Crematorium, a company incorporated in Scotland whose principal activity is funeral services. The investment was £60,200 acquiring 200 £1 Ordinary shares in the company at £301 per share.

Unaudited net liabilities at 30 September 2025 were £106,511 with an unaudited loss for the period to 30 September 2025 of £37,617.

Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 October 2024
382,439
Valuation changes
54,169
At 30 September 2025
436,608
Carrying amount
At 30 September 2025
436,608
At 30 September 2024
382,439
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2024 and 30 September 2025
585
Carrying amount
At 30 September 2025
585
At 30 September 2024
585
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 25 -
15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
280,683
280,074
-
-
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
389,132
460,491
-
0
-
0
Other debtors
2,459,130
2,562,609
1
1
Prepayments and accrued income
969,252
673,071
-
0
-
0
3,817,514
3,696,171
1
1

Included within other debtors is a balance of £1,771,399 (2024: £1,867,448) which is a loan with Purves Estates Limited a related party. This loan is repayable on demand, unsecured and interest is charged at 2.34% over base rate.

17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
19
5,153,648
5,607,459
-
0
-
0
Obligations under finance leases
20
248,270
196,624
-
0
-
0
Trade creditors
544,020
369,049
-
0
-
0
Corporation tax payable
174,870
224,511
-
0
-
0
Other taxation and social security
107,239
106,459
-
-
Other creditors
56,644
138,413
-
0
-
0
Accruals and deferred income
456,327
479,534
-
0
-
0
6,741,018
7,122,049
-
0
-
0
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
20
225,368
296,627
-
0
-
0
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 26 -
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
5,153,648
5,607,459
-
0
-
0
Payable within one year
5,153,648
5,607,459
-
0
-
0

Included within creditors are bank loans £5,153,648 (202 4: £5,607,459) which have been secured over the assets of the company.

The bank loans and overdraft facility are secured by a bond and floating charge in favour of the Royal Bank of Scotland plc. The Bank also holds standard securities or other charges over the group's land and buildings.

The bank loans are repayable in monthly installment s.

There are four bank loans. One of the loans is a fixed rate loan with an interest charge of 3.41%. The other three loans are variable rate loans with interest rates of 2.43% to 3.15% over base rate.

During the year, the company breached the financial loan covenants, with covenant waivers issued by the bank for the quarters ended 31 December 2024, 31 March 2025 and 30 June 2025. The covenants were also breached for the quarter ended 30 September 2025 however post year end revised covenants have now been agreed which should ensure, based on expected future trading performance, that the covenants will be met each quarter. However as there was a breach for the quarter ended 30 September 2025 and no waiver was received by the year end, these loans were technically in default and have thus been classified as current liabilities as at 30 September 2025. There were also breaches in the prior year and at the prior year end, hence the loans were classified as current liabilities as at 30 September 2024.

20
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
248,270
196,624
-
0
-
0
In two to five years
225,368
296,627
-
0
-
0
473,638
493,251
-
-

Obligations under finance leases are secured on the assets to which they relate.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 27 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Fixed assets timing differences
109,661
237,251
Short term timing differences
(17,728)
(17,728)
Capital losses
(8,972)
(16,380)
82,961
203,143
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 October 2024
203,143
-
Credit to profit or loss
(120,182)
-
Liability at 30 September 2025
82,961
-

T he deferred tax liability relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
518,011
421,519

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
585
585
585
585

On incorporation 1 share with a nominal value of £1 was issued.

During the prior year, 584 shares were issued at a nominal value of £1 each in return for 585 shares in William Purves (Funeral Directors) Limited.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 28 -
24
Reserves
Share premium
This is difference between the issue price and the nominal value of the share issued.
Profit and loss reserves

Includes all current and prior period retained profits and losses.

Capital redemption reserve

Includes shares that have been repurchased by the company.

25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
979,504
965,316
-
-
Between two and five years
2,471,377
3,058,450
-
-
In over five years
689,918
783,662
-
-
4,140,799
4,807,428
-
-
26
Capital commitments

At 30 September 2025 the group had no capital commitments. In the prior year the company was committed to refurbishments to Galashiels for morturay refit and Garage refurbishment at Loanhead. Total capital commited of £51,240.

27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
627,117
668,475
WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
27
Related party transactions
(Continued)
- 29 -
Other information

During the year the company used the services of Baldarroch Crematorium, a related company, the cost of which amounted to £103,490 (2024: £92,545). During the year the company also provided services to Baldarroch Crematorium, the value of which amounted to £8,330 (2024: £7,948). At the balance sheet date the company owed sums amounting to £4,390 (2024: £nil) to Baldarroch Crematorium.

During the year the company used the services of Brewsterwells Crematorium, a related company, the cost of which amounted to £69,620 (2024: £75,787). During the year the company also provided services to Brewsterwells Crematorium, the value of which amounted to £nil (2024: £197). At the balance sheet date the company owed sums amounting to £2,295 (2024: £5,460) to Brewsterwells Crematorium. At the balance sheet date the company was due loans amounting to £656,399 (2024: £656,399) from Brewsterwells Crematorium. These loans are interest free, unsecured and repayable on demand.

William Purves (Funeral Directors) Holdings Limited is the parent company of William Purves (Funeral Directors) Limited. Purves Estates Holdings Limited is the parent company of Purves Estates Limited. Tim and Alison Purves hold the share capital in William Purves (Funeral Directors) Holdings Limited and Purves Estates Holdings Limited.

During the year, dividends were paid to the directors of £570,010 (2024: £433,084). In the prior year as part of the group restructure and demerger a dividend of £3,631,967 was made by the company to Purves Estates Holdings Limited. In addition to this properties with a net book value of £5,499,415 were transferred by the company to Purves Estates Limited and as part of this transaction a loan of £1,867,448 is due to the company. Repayments were made in the year to leave a balance due at the year end of £1,771,399.

Interest of £127,811 (2024: £6,561) was charged by the company in respect of this loan. Purves Estates Limited charged the company rent of £485,300 (2024: £27,243). The company charged Purves Estates Limited £6,300 (2024; £328) as a management fee to cover finance and administration support provided during the year. In addition to this, in the prior year there was £42,156 of costs paid on behalf of Purves Estates Limited by William Purves (Funeral Directors) Ltd which were recharged. At the balance sheet date there was an outstanding loan balance of £1,771,399 (2024; £1,867,448) and a trade debtors balance of £36,051 (2024: £41,567) due to the company from Purves Estates Limited. At the balance sheet date the company owed a total of £nil (2024: £35,187) to Purves Estates Limited relating to rental arrears.

28
Controlling party

Mr J Timothy Purves is the controlling shareholder, Chairman and ultimate controlling party of the group.

WILLIAM PURVES (FUNERAL DIRECTORS) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 30 -
29
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,082,393
885,102
Adjustments for:
Share of results of associates and joint ventures
(54,169)
(51,697)
Taxation charged
251,986
188,122
Finance costs
383,433
432,821
Investment income
(150,880)
(21,372)
Gain on disposal of tangible fixed assets
(41,560)
(180,851)
Amortisation and impairment of intangible assets
73,961
73,961
Depreciation and impairment of tangible fixed assets
556,371
717,972
Movements in working capital:
Increase in stocks
(609)
(15,823)
(Increase)/decrease in debtors
(121,343)
327,935
Increase/(decrease) in creditors
70,775
(95,242)
Cash generated from operations
2,050,358
2,260,928
30
Analysis of changes in net debt - group
1 October 2024
Cash flows
Other non-cash changes
30 September 2025
£
£
£
£
Cash at bank and in hand
708,952
9,135
-
718,087
Borrowings excluding overdrafts
(5,607,459)
453,811
-
(5,153,648)
Obligations under finance leases
(493,251)
307,073
(287,460)
(473,638)
(5,391,758)
770,019
(287,460)
(4,909,199)
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