Company registration number SC170248 (Scotland)
GUILD HOMES (TAYSIDE) LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
GUILD HOMES (TAYSIDE) LTD.
COMPANY INFORMATION
Directors
Mark Guild
Robin Guild
Hannah Matthew
Lucy Barclay
Secretary
Kathleen Nisbet
Company number
SC170248
Registered office
17 Academy Street
Forfar
Angus
DD8 2HA
Auditor
Findlays Audit Limited
11 Dudhope Terrace
Dundee
DD3 6TS
Solicitors
Thorntons Law LLP
Whitehall House
33 Yeaman Shore
Dundee
DD1 4BJ
GUILD HOMES (TAYSIDE) LTD.
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 35
GUILD HOMES (TAYSIDE) LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

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

Review of the business

The directors consider that Guild Homes (Tayside) Limited ("the company") and its subsidiaries (collectively known as "the group") achieved satisfactory results within the year. They continue to manage the business to ensure it operates as efficiently and as competitively as possible.

The tried and tested business model that combines land promotion and allocation, and the construction of private and affordable housing, continues to produce acceptable results.

As shown in the group's statement comprehensive income, turnover and gross profit has reduce in comparison to the previous year with resultant net profit reducing also.

The group's balance sheet shows that the net asset position of the group for the year remains strong based on the ongoing profitability of the group.

The directors consider the financial key performance indicator to be turnover, gross profit, net profit after tax and net assets,

The group expects availability of housing to reduce over the coming year and is alert to the ever changing market conditions.

Principal risks and uncertainties

The Directors consider the Scottish Government's NPF4 planning policy and the failure of Angus Council to deliver a new Local Development Plan in 2021 as programmed as the single biggest risk to the business. As a direct consequence the phased closure of the company is now ongoing.

As has been repeatedly highlighted to Angus Council, t he inability to achieve planning consent from local authorities means we lack of an adequate supply of serviced residential land which in turn presents significant uncertainty for the business.

In addition, housing demand is impacted by social, economic and regulatory factors, such as local economic conditions, the value of land, the availability and cost of mortgages and general market confidence. The directors seek to mitigate these risks and uncertainties as far as they can, by seeking appropriate value from existing and future developments through identifying cost-effective land for development, having a keen understanding of the planning process, undertaking efficient house building processes and ultimately offering a range of house prices to appeal to different customers. The business also has significant reserves which provide ample liquidity to trade and are not bound by external debt, which offers the directors a level of flexibility in strategic decision making.

On behalf of the board

Mark Guild
Director
18 March 2026
GUILD HOMES (TAYSIDE) LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

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

Principal activities

The principal activity of the company continued to be that of property development.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Mark Guild
Robin Guild
Hannah Matthew
Lucy Barclay
Financial instruments

The group's activities expose it primarily to the financial risks of liquidity and credit risks. Derivatives are not used to manage financial risk.

In order to maintain liquidity to ensure sufficient funds are available for ongoing operations and future developments, the group ensures sufficient cash balances are available within the business. The group uses existing cash balance generated from operations.

The group's principal financial assets are bank balances, trade and other debtors, The group's credit risk is primarily attributable to its trade and other debtors. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds is limited because the counterparties are banks with credit ratings assigned by international credit rating agencies.

The group has no significant concentration of credit risk with exposure spread over a number of counterparties and customers.

Future developments

The directors expect demand for housing to continue in the coming years, are alert to the ever changing market conditions and have a strategic pipeline of developments.

Auditor

Findlays Audit Limited were appointed as auditor to the group and have indicated their willingness to continue in office and appropriate arrangements are being made for them to be deemed re-appointed as auditor in the absence of an annual general meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

GUILD HOMES (TAYSIDE) LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
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.

Other information and explanations

The company has taken advantage of the ability to flex the year end of the financial year, in accordance with the Companies Act 2006 Section 290(3). Accordingly, the account have been prepared with a financial period to 28th June 2025 (2024 - 28th June 2024).

On behalf of the board
Mark Guild
Director
18 March 2026
GUILD HOMES (TAYSIDE) LTD.
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GUILD HOMES (TAYSIDE) LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GUILD HOMES (TAYSIDE) LTD.
- 5 -
Opinion

We have audited the financial statements of Guild Homes (Tayside) Ltd. (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group statement of comprehensive income, 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, the company statement of cash flows and 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 parent company's affairs as at 30 June 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 parent 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 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 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.

GUILD HOMES (TAYSIDE) LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GUILD HOMES (TAYSIDE) LTD.
- 6 -
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 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 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' 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 group's and 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 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.

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 mis-statements in respect of irregularities, including fraud and non-compliance with laws and regulations is detailed below.

The audit team has appropriate skills and expertise required and through discussions with management and Directors knowledge of the sector to ensure any non compliance is recognised and all necessary disclosures are made the controls in place help the company mitigate the risk of fraud and also aids them in highlighting any instances of fraud that might have occurred.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- Making enquiries of management about any known or suspected instances of non compliance with laws and regulations, including GDPR, health and safety, employment law and fraud,

- Enquiries of Management and Directors as to where they consider the susceptibility to fraud and their knowledge of how actual, suspected and alleged fraud might occur

- Review of any correspondence with regulators including HMRC

- Challenging assumptions and judgements made by management in their significant accounting estimates

- Auditing the risk of management override controls, including through testing of journal entries and other judgments for appropriateness

- Review of legal fees to ensure all necessary disclosures made

- Review of any areas where there is potential management bias or large and unusual transactions

- Performed analytical procedures to identify any unusual transactions

- Review of financial statements, agreeing any disclosures to relevant underlying records

GUILD HOMES (TAYSIDE) LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GUILD HOMES (TAYSIDE) LTD.
- 7 -

Because of the field in which the client operates we identified the following areas as those most likely to have a material impact on the financial statements:

Direct impact on financial statements:

- Companies Act 2006

- International Standards of Auditing (UK)

- Accounting Standards

- HMRC Compliance -VAT/N IC/Corporation Tax

Indirect impact on financial statements:

- UK Law Health & Safety Acts

- Employers Public Liability Insurance

- GDPR

- Employment law

- NHBC accreditation

- SEPA - Scottish Environment Protection Agency

- The Town & County Planning Scotland Act 1997

- Building Act 2003

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Louise Deuchar, C.A. (Senior Statutory Auditor)
For and on behalf of Findlays Audit Limited, Statutory Auditor
Chartered Accountants
11 Dudhope Terrace
Dundee
DD3 6TS
18 March 2026
Findlays Audit Limited is eligible for appointment as auditor of the company by virtue of its eligibility for appointment as auditor of a company under s 1212 of the Companies Act 2006
GUILD HOMES (TAYSIDE) LTD.
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
11,627,549
13,616,267
Cost of sales
(8,500,008)
(10,049,050)
Gross profit
3,127,541
3,567,217
Administrative expenses
(2,788,136)
(2,331,092)
Other operating income
393,375
108,264
Operating profit
4
732,780
1,344,389
Interest receivable and similar income
8
132,102
99,774
Interest payable and similar expenses
9
(4,558)
(9,480)
Profit before taxation
860,324
1,434,683
Tax on profit
10
(241,119)
(420,371)
Profit for the financial year
22
619,205
1,014,312
Other comprehensive income
Adjustments to the fair value of financial assets
259,254
-
0
Fair value adjustments reclassified to profit or loss
(56,213)
-
0
Tax relating to other comprehensive income
(93,874)
-
0
Total comprehensive income for the year
728,372
1,014,312
Profit for the financial year is attributable to:
- Owners of the parent company
614,060
1,014,795
- Non-controlling interests
5,145
(483)
619,205
1,014,312
Total comprehensive income for the year is attributable to:
- Owners of the parent company
723,227
1,014,795
- Non-controlling interests
5,145
(483)
728,372
1,014,312
GUILD HOMES (TAYSIDE) LTD.
GROUP BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
492,116
2,405
Tangible assets
12
3,589,076
3,385,301
Investment property
13
1,490,000
1,430,746
Investments
14
1,103
-
0
5,572,295
4,818,452
Current assets
Stocks
16
5,376,844
5,296,488
Debtors
17
750,666
518,344
Cash at bank and in hand
7,327,712
7,849,893
13,455,222
13,664,725
Creditors: amounts falling due within one year
18
(1,309,866)
(1,735,364)
Net current assets
12,145,356
11,929,361
Total assets less current liabilities
17,717,651
16,747,813
Provisions for liabilities
Deferred tax liability
19
332,430
254,051
(332,430)
(254,051)
Net assets
17,385,221
16,493,762
Capital and reserves
Called up share capital
21
22,983
22,983
Share premium account
22
55,842
55,842
Revaluation reserve
22
281,623
172,456
Profit and loss reserves
22
16,697,816
16,192,923
Equity attributable to owners of the parent company
17,058,264
16,444,204
Non-controlling interests
326,957
49,558
Total equity
17,385,221
16,493,762
The financial statements were approved by the board of directors and authorised for issue on 18 March 2026 and are signed on its behalf by:
18 March 2026
Mark Guild
Director
Company registration number SC170248 (Scotland)
GUILD HOMES (TAYSIDE) LTD.
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,478,001
3,384,522
Investment property
13
1,490,000
1,430,746
Investments
14
1,429,650
320,100
6,397,651
5,135,368
Current assets
Stocks
16
5,402,552
5,565,259
Debtors
17
850,858
872,023
Cash at bank and in hand
6,941,224
7,716,045
13,194,634
14,153,327
Creditors: amounts falling due within one year
18
(1,400,887)
(1,738,124)
Net current assets
11,793,747
12,415,203
Total assets less current liabilities
18,191,398
17,550,571
Provisions for liabilities
Deferred tax liability
19
336,227
259,734
(336,227)
(259,734)
Net assets
17,855,171
17,290,837
Capital and reserves
Called up share capital
21
22,983
22,983
Share premium account
22
55,842
55,842
Revaluation reserve
22
281,623
172,456
Profit and loss reserves
22
17,494,723
17,039,556
Total equity
17,855,171
17,290,837

As permitted by section 408 of the 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 year was £564,335 (2024 - £991,295 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 18 March 2026 and are signed on its behalf by:
18 March 2026
Mark Guild
Director
Company registration number SC170248 (Scotland)
GUILD HOMES (TAYSIDE) LTD.
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
£
Balance at 1 July 2023
22,983
55,842
172,456
15,178,128
15,429,409
50,041
15,479,450
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
1,014,795
1,014,795
(483)
1,014,312
Balance at 30 June 2024
22,983
55,842
172,456
16,192,923
16,444,204
49,558
16,493,762
Year ended 30 June 2025:
Profit for the year
-
-
-
614,060
614,060
5,145
619,205
Other comprehensive income:
Adjustments to fair value of financial assets
-
-
259,254
(259,254)
-
-
-
Tax relating to other comprehensive income
-
-
(93,874)
93,874
-
-
-
Gains reclassified to profit & loss
-
-
(56,213)
56,213
-
-
-
Total comprehensive income
-
-
109,167
504,893
614,060
5,145
619,205
Acquisition of subsidiary
-
-
-
-
-
272,254
272,254
Balance at 30 June 2025
22,983
55,842
281,623
16,697,816
17,058,264
326,957
17,385,221
GUILD HOMES (TAYSIDE) LTD.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 July 2023
22,983
55,842
172,456
16,048,261
16,299,542
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
-
991,295
991,295
Balance at 30 June 2024
22,983
55,842
172,456
17,039,556
17,290,837
Year ended 30 June 2025:
Profit for the year
-
-
-
564,334
564,334
Other comprehensive income:
Adjustments to fair value of financial assets
-
-
259,254
(259,254)
-
Gains reclassified to profit or loss
-
-
(56,213)
56,213
-
Tax relating to other comprehensive income
-
-
(93,874)
93,874
-
Total comprehensive income
-
-
109,167
455,167
564,334
Balance at 30 June 2025
22,983
55,842
281,623
17,494,723
17,855,171
GUILD HOMES (TAYSIDE) LTD.
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
654,213
3,450,681
Interest paid
(4,558)
(9,480)
Income taxes paid
(82,685)
(511,080)
Net cash inflow from operating activities
566,970
2,930,121
Investing activities
Purchase of business
(1,109,550)
-
Purchase of intangible assets
-
(2,565)
Purchase of tangible fixed assets
(440,180)
(643,974)
Proceeds from disposal of tangible fixed assets
125,477
49,495
Purchase of investment property
-
(200,000)
Proceeds from disposal of investment property
203,000
-
Interest received
132,102
99,774
Net cash used in investing activities
(1,089,151)
(697,270)
Financing activities
Payment of finance leases obligations
-
(2,323)
Net cash used in financing activities
-
(2,323)
Net (decrease)/increase in cash and cash equivalents
(522,181)
2,230,528
Cash and cash equivalents at beginning of year
7,849,893
5,619,365
Cash and cash equivalents at end of year
7,327,712
7,849,893
GUILD HOMES (TAYSIDE) LTD.
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
595,683
3,416,192
Interest paid
(4,498)
(9,480)
Income taxes paid
(272,055)
(500,000)
Net cash inflow from operating activities
319,130
2,906,712
Investing activities
Purchase of tangible fixed assets
(440,180)
(643,974)
Proceeds from disposal of tangible fixed assets
125,477
49,495
Purchase of investment property
-
0
(200,000)
Proceeds from disposal of investment property
203,000
-
0
Proceeds from disposal of subsidiaries
(1,109,550)
-
0
Interest received
127,302
99,774
Net cash used in investing activities
(1,093,951)
(694,705)
Financing activities
Payment of finance leases obligations
-
(2,323)
Net cash used in financing activities
-
(2,323)
Net (decrease)/increase in cash and cash equivalents
(774,821)
2,209,684
Cash and cash equivalents at beginning of year
7,716,045
5,506,361
Cash and cash equivalents at end of year
6,941,224
7,716,045
GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 15 -
1
Accounting policies
Company information

Guild Homes (Tayside) Ltd. (“the company”) is a private limited company by shares domiciled and incorporated in Scotland. The registered office is 17 Academy Street, Forfar, Angus, DD8 2HA.

The group consists of Guild Homes (Tayside) Ltd. and all of its subsidiaries.

1.1
Basis of preparation

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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where it prepares publicly available consolidated financial statements, including this company, where are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of disclosure exemptions in relation to financial instruments, the presentation of a cash flow statement, related party transactions and remuneration of key management personnel, because it is a qualifying entity.

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.

GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Guild Homes (Tayside) Ltd. 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 June 2025, with the exception of one where the reporting date was 30 April 2025 and another purchased during the year with a reporting date of 28 May 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 and adjustments have been made to where appropriate to adjust for any significant events to bring in line the year end with that of the consolidated financial statements.

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.

1.4
Going concern

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

1.5
Revenue

Turnover represents amounts receivable for property development net of VAT and trade discounts. Turnover on private house sales is recognised when the significant risk and rewards of ownerships have been transferred to the purchaser when will normally occur at handover/legal completion. Revenue is recognised at the fair value of the consideration received or receivable on legal completion.

In certain instances property may be accepted in part consideration for a sale of a residential property. The fair value is established by independent surveyors, reduce for costs to sell. net proceeds generated from the subsequent sale or part exchange properties are recorded as a reduction to cost of sales. The original sale is recorded in the normal way, with the fair value of the exchanged property replacing cash receipts.

Where sales are made under a share equity scheme, the full sales price of the property is recognised on the procurement of a legally binding contract. A proportion of the sales value is offered to customers by way of an interest free loan. These loans are secured over the properties to which they relate and are due for repayment at the earliest of a specific anniversary of the shared equity sale and the re-sale of the property. The loans are discounted to reflect the time value of money and unwound over the term of the loan. They are reviewed regularly and provisions are recorded for any amount not deemed recoverable.

Turnover in respect of affordable housing contracts is recognised in accordance with accounting policy 1.12.

Rental income in respect of investment property is recognised in accordance with accounting policy 1.19.

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 5 years.

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.

GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -

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:

Land and buildings
4% straight line
Leasehold improvements
10% reducing balance
Plant and machinery
25% reducing balance
Fixtures, fittings and equipment
15 - 33% reducing balance
Motor vehicles
25% reducing balance

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.

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

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.11
Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for foreseeable losses

GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -

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.

1.12
Construction contracts

The company undertakes certain contracting work and social housing contracts. These are accounted for as constructions contracts. Profit on construction contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated to reflect the proportion of the work carried out at the period end by recording turnover and related costs as contract activity progresses. Turnover is calculated on the basis of the sales value of work performed by reference to the total sales value and the stage of completion of these contract. Full provision is made for losses on all contracts in the period in which they are foreseen.

Amounts recoverable on construction contracts, which are included within debtors, are stated at the net sales value of the work done less amounts received as progress payments on account. Excess progress payments on account are included as creditors as payments on account. Cumulative costs incurred net of amounts transferred to cost of sales less provision for contingencies and anticipated future losses on contract are included in stock.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 19 -
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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

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

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
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.

1.17
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.

1.18
Retirement benefits

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

GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 21 -
1.19
Leases
As lessor

When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock and work in progress

Stock and work in progress is one of the largest assets on the balance sheet. In order to assess the appropriateness of carrying value, the directors and management are required to make estimations of sale prices, costs and margins expected on sites in order to assess whether any impairments or reversals are required to ensure stock and work in progress is stated at the lower of cost and net realisable value.

During the year, the directors and management concluded reviews of the net realisable value of stock and work in progress. This review did not result in any further impairments or reversal of previous impairments. The reviewed were conducted across sites, using valuation that incorporated selling price and development cost movements, based on the directors' and management's assessment of market conditions existing at the balance sheet date. If there are significant movements in house prices or development cost beyond expectations then further impairments/reversals of previous impairments of stock and work in progress may be necessary.

Investment properties fair value

The group carries its investment properties at fair value, with changes being recognised in profit or loss. The directors determine appropriate fair values based on knowledge of the local market and rents received.

The directors consider that there are no other judgements, estimate and underlying assumptions which have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities.

Accruals

Accruals are based on actual post year end information available and, where not available, estimated based on prior year actual costs.

Depreciation

Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is review annually, taking into account factors such as physical condition, maintenance and obsolescence.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Property development
11,270,375
13,503,925
Farming
357,174
112,342
11,627,549
13,616,267
GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Turnover and other revenue
(Continued)
- 23 -
2025
2024
£
£
Other revenue
Interest income
132,102
99,774
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of tangible fixed assets
302,639
285,582
Profit on disposal of tangible fixed assets
(75,012)
(12,146)
Profit on disposal of investment property
(3,000)
-
0
Amortisation of intangible assets
641
160
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,000
14,000
6
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
Management
4
4
4
4
Workforce
30
31
30
31
Total
34
35
34
35
GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,984,267
2,439,878
2,984,267
2,439,878
Social security costs
131,658
113,637
131,658
113,637
Pension costs
50,083
27,879
29,583
27,879
3,166,008
2,581,394
3,145,508
2,581,394
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
1,824,080
1,337,816
Company pension contributions to defined contribution schemes
5,378
4,884
1,829,458
1,342,700

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
1,371,067
818,102
Company pension contributions to defined contribution schemes
1,321
1,321
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
132,102
97,581
Other interest income
-
2,193
Total income
132,102
99,774
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
132,102
99,774
GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 25 -
9
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
4,558
9,480
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
166,029
335,379
Deferred tax
Origination and reversal of timing differences
75,090
84,992
Total tax charge
241,119
420,371

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
860,324
1,434,683
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
215,081
358,671
Tax effect of expenses that are not deductible in determining taxable profit
179
1,327
Tax effect of income not taxable in determining taxable profit
(68,514)
-
0
Tax effect of utilisation of tax losses not previously recognised
(4,091)
-
0
Unutilised tax losses carried forward
-
0
298
Permanent capital allowances in excess of depreciation
5,479
(24,131)
Amortisation on assets not qualifying for tax allowances
160
40
Deferred tax adjustments in respect of prior years
(1,401)
84,992
Tax at marginal rate
(676)
(826)
Chargeable gains/(Losses)
101,699
-
0
Other tax adjustments, reliefs and transfers
(7,075)
-
0
Expenses still to be claimed
278
-
0
Taxation charge
241,119
420,371
GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
10
Taxation
(Continued)
- 26 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
93,874
-
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2024
949,412
Additions - business combinations
490,793
Disposals
(641)
At 30 June 2025
1,439,564
Amortisation and impairment
At 1 July 2024
947,007
Amortisation charged for the year
641
Disposals
(200)
At 30 June 2025
947,448
Carrying amount
At 30 June 2025
492,116
At 30 June 2024
2,405
The company had no intangible fixed assets at 30 June 2025 or 30 June 2024.
GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 27 -
12
Tangible fixed assets
Group
Land and buildings
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2024
2,575,580
-
0
2,151,954
62,023
577,087
5,366,644
Additions
192,384
-
0
196,659
2,037
49,100
440,180
Business combinations
88,629
260
27,369
-
0
-
0
116,258
Disposals
-
0
-
0
(66,900)
-
0
(78,345)
(145,245)
At 30 June 2025
2,856,593
260
2,309,082
64,060
547,842
5,777,837
Depreciation and impairment
At 1 July 2024
102,211
-
0
1,555,376
55,616
268,140
1,981,343
Depreciation charged in the year
19,024
26
197,642
2,606
83,341
302,639
Eliminated in respect of disposals
-
0
-
0
(41,560)
-
0
(53,661)
(95,221)
At 30 June 2025
121,235
26
1,711,458
58,222
297,820
2,188,761
Carrying amount
At 30 June 2025
2,735,358
234
597,624
5,838
250,022
3,589,076
At 30 June 2024
2,473,369
-
0
596,578
6,407
308,947
3,385,301
Company
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2024
2,575,580
2,150,454
62,023
577,087
5,365,144
Additions
192,384
196,659
2,037
49,100
440,180
Disposals
-
0
(66,900)
-
0
(78,345)
(145,245)
At 30 June 2025
2,767,964
2,280,213
64,060
547,842
5,660,079
Depreciation and impairment
At 1 July 2024
102,211
1,554,655
55,616
268,140
1,980,622
Depreciation charged in the year
18,951
191,779
2,606
83,341
296,677
Eliminated in respect of disposals
-
0
(41,560)
-
0
(53,661)
(95,221)
At 30 June 2025
121,162
1,704,874
58,222
297,820
2,182,078
Carrying amount
At 30 June 2025
2,646,802
575,339
5,838
250,022
3,478,001
At 30 June 2024
2,473,369
595,799
6,407
308,947
3,384,522
GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 28 -
13
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 July 2024
1,430,746
1,430,746
Disposals
(200,000)
(200,000)
Net gains or losses through fair value adjustments
259,254
259,254
At 30 June 2025
1,490,000
1,490,000

Investment property comprises dental premises in Kirriemuir and retail and residential premises in Forfar. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,429,650
320,100
Unlisted investments
1,103
-
0
-
0
-
0
1,103
-
0
1,429,650
320,100
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 July 2024
-
Addition - business acquisition
1,103
At 30 June 2025
1,103
Carrying amount
At 30 June 2025
1,103
At 30 June 2024
-
GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
14
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2024
320,100
Additions
1,109,550
At 30 June 2025
1,429,650
Carrying amount
At 30 June 2025
1,429,650
At 30 June 2024
320,100
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Guild Farms Limited
Scotland
Ordinary
100.00
Elite Homes (Tayside) Limited
Scotland
Ordinary
50.00
Mark Guild Oils Limited
Scotland
Ordinary
100.00
John Bell & Sons Limited
Scotland
Ordinary
69.44

The group has taken advantage of the exemptions in section 479A to 479C of the Companies Act 2006 meaning that its UK subsidiaries are exempt from audit

Elite Homes (Tayside) Limited has a reporting date of 30 April 2025 & John Bell & Sons (Farmers) Limited has a reporting date of 28 May 2025.

16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
15,482
45,238
-
-
Work in progress
5,361,362
5,251,250
5,402,552
5,565,259
5,376,844
5,296,488
5,402,552
5,565,259

The group is subject to various changes in respect of land acquired for development, registered at Companies House,

GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 30 -
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
15,127
8,088
15,128
8,089
Other debtors
463,759
238,730
564,753
593,082
Prepayments and accrued income
10,033
9,779
9,230
9,105
488,919
256,597
589,111
610,276
Amounts falling due after more than one year:
Other debtors
261,747
261,747
261,747
261,747
Total debtors
750,666
518,344
850,858
872,023
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
608,169
954,663
607,915
954,663
Corporation tax payable
(108,574)
97,078
(24,070)
90,854
Other taxation and social security
89,142
398,915
89,069
398,915
Other creditors
544,529
63,110
558,425
83,210
Accruals and deferred income
176,600
221,598
169,548
210,482
1,309,866
1,735,364
1,400,887
1,738,124
19
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
£
£
Accelerated capital allowances
238,557
254,051
Revaluations
93,873
-
332,430
254,051
GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
19
Deferred taxation
(Continued)
- 31 -
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
242,354
259,734
Revaluations
93,873
-
336,227
259,734
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 July 2024
254,051
259,734
Credit to profit or loss
(15,494)
(17,380)
Charge to other comprehensive income
93,873
93,873
Liability at 30 June 2025
332,430
336,227
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,083
27,879

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. There were accruals in respect of the pension scheme at the year end of £nil (2024 - £5,091).

21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
22,983
22,983
22,983
22,983
22
Reserves
Share premium

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

Revaluation reserve

The revaluation reserve relates to revaluation of investment properties and represents the cumulative effect of revaluations net of deferred tax.

GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 32 -
23
Acquisition of a business

On 27 May 2025 the group acquired 69.44% of the issued capital of John & Bell & Sons (Farmers) Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
116,258
-
116,258
Investments
1,103
-
1,103
Inventories
134,722
-
134,722
Trade and other receivables
363,265
-
363,265
Trade and other payables
(10,044)
-
(10,044)
Cash & cash equivalents
288,995
-
288,995
deferred tax
(3,287)
-
(3,287)
Total identifiable net assets
891,012
-
891,012
Non-controlling interests
(272,254)
Goodwill
490,792
Total consideration
1,109,550
The consideration was satisfied by:
£
Cash
1,109,550
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
221,898
Profit after tax
16,622
24
Events after the reporting date

Based on the ongoing situation with the Local Development Plan and the resultant financial consequences the company are currently conducting a review of its operations to potentially begin a phased closure over as the company responds to the actions of Angus Council. The company are currently only exploring potential strategic decisions that may involve the closure or restructuring of its operations and no definite decision has been made. The company have significant cash reserves and any reduction in work in progress will simply increase the level of reserves therefore this will not impact on the company’s ability to adopt the going concern principle.

GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 33 -
25
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Company
Entities with control, joint control or significant influence over the company
20,000
20,000

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Directors loan account
31,825
58,019
Company
Entities with control, joint control or significant influence over the company
370,160
356,402
Other related parties
38,325
58,019
26
Directors' transactions

During the year, the group paid rent to one of the directors of £32,200 (2024 - £32,200).

27
Controlling party

The company is controlled by the director, Mr Mark Guild

GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 34 -
28
Cash generated from group operations
2025
2024
£
£
Profit after taxation
619,207
1,014,312
Adjustments for:
Taxation charged
241,119
420,371
Finance costs
4,558
9,480
Investment income
(132,102)
(99,774)
Gain on disposal of tangible fixed assets
(75,012)
(12,146)
Gain on disposal of investment property
(3,000)
-
0
Fair value gain on investment properties
(259,254)
-
0
Amortisation and impairment of intangible assets
641
160
Depreciation and impairment of tangible fixed assets
302,639
285,582
Movements in working capital:
Decrease in stocks
54,364
1,491,168
Decrease in debtors
130,943
208,672
(Decrease)/increase in creditors
(229,890)
132,856
Cash generated from operations
654,213
3,450,681
29
Cash generated from operations - company
2025
2024
£
£
Profit after taxation
564,335
991,295
Adjustments for:
Taxation charged
233,623
414,374
Finance costs
4,498
9,480
Investment income
(127,302)
(99,774)
Gain on disposal of tangible fixed assets
(75,453)
(12,146)
Gain on disposal of investment property
(3,000)
-
0
Fair value gain on investment properties
(259,254)
-
0
Depreciation and impairment of tangible fixed assets
296,677
285,322
Movements in working capital:
Decrease in stocks
162,707
1,523,443
Decrease in debtors
21,165
172,074
(Decrease)/increase in creditors
(222,313)
132,124
Cash generated from operations
595,683
3,416,192
GUILD HOMES (TAYSIDE) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 35 -
30
Analysis of changes in net funds - group
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
7,849,893
(522,181)
7,327,712
31
Analysis of changes in net funds - company
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
7,716,045
(774,821)
6,941,224
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