ACCOUNTS - Final Accounts preparation

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

Registered number: 08486806

N.A. GUPPY (HOLDINGS) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

N.A. GUPPY (HOLDINGS) LIMITED

COMPANY INFORMATION

DIRECTORS	Mr S G Guppy
	Mrs E E Guppy
	Mrs C D Guppy (appointed 26 March 2026)


REGISTERED NUMBER	08486806


REGISTERED OFFICE	Croylands
	Brampford Speke
	Exeter
	EX5 5HH


INDEPENDENT AUDITORS	Bishop Fleming Audit Limited
	Chartered Accountants & Statutory Auditors
	Brook House
	Winslade Park
	Manor Drive
	Clyst St Mary
	Exeter
	EX5 1GD

N.A. GUPPY (HOLDINGS) LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2
Directors' responsibilities statement	3
Independent auditors' report	4 - 7
Consolidated income statement	8
Consolidated statement of comprehensive income	9
Consolidated statement of financial position	10
Company statement of financial position	11
Consolidated statement of changes in equity	12
Company statement of changes in equity	13
Consolidated statement of cash flows	14
Notes to the financial statements	15 - 33

N.A. GUPPY (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

INTRODUCTION

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

BUSINESS REVIEW

The N A Guppy (Holdings) Group has had a tough financial year. The Palladium Group (containing Palladium Limited and Palladium Builders Merchants (Kingsbridge) Limited) as a whole are showing a downturn in profit but are still in a strong financial position with Kingsbridge showing profits for 24-25 despite cost pressures.
Palladium Limited's performance has not been so strong, with sales and profit resulting in decreased results; however, we hope the reduced costs from the departure of St Levans Road and restructured management will enhance a platform to move forward in 2025-26.
The St Levans site stopped trading as of 18th October 2024 and was put back into the hands of the Landlord as of December 20th 2024.
Outside of this, N A Guppy Holdings income is still consistent, with the investment portfolio showing a good return. The loss of the rental income from St Levans has gone on longer than hoped, but we are getting close to having a solution to this issue.

PRINCIPAL RISKS AND UNCERTAINTIES

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

FINANCIAL KEY PERFORMANCE INDICATORS

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

This report was approved by the board on 29 April 2026 and signed on its behalf.

Mr S G Guppy

Director

Page 1

N.A. GUPPY (HOLDINGS) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 APRIL 2025

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

RESULTS AND DIVIDENDS

The loss for the year, after taxation and minority interests, amounted to £355,982 (2024:loss £9,278).

Dividends paid to non-controlling interests from subsidiaries in the year totalled £Nil (2024: £54,000).
Dividends paid from N.A. Guppy (Holdings) Limited in the year totalled £200,000 (2024: £Nil).

DIRECTORS

The directors who served during the year were:

Mr N C Guppy (deceased 7 September 2025)

Mr S G Guppy

Mrs E E Guppy

FUTURE DEVELOPMENTS

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

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

AUDITORS

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

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

Mr S G Guppy

Director

Date: 29 April 2026

Croylands

Brampford Speke

Exeter

EX5 5HH

Page 2

N.A. GUPPY (HOLDINGS) LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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

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

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Page 3

N.A. GUPPY (HOLDINGS) LIMITED

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

OPINION

We have audited the financial statements of N.A. Guppy (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2025, which comprise the Consolidated income statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and notes, 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 of the parent Company's affairs as at 30 April 2025 and of the Group's loss for the year then ended;

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

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

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

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

Page 4

N.A. GUPPY (HOLDINGS) LIMITED

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

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 5

N.A. GUPPY (HOLDINGS) LIMITED

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

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙the nature of the industry and sector, control environment and business performance;

∙results of our enquiries of the directors about their own identification and assessment of the risks of irregularities;

∙any matters we identified having obtained and reviewed the Group and Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations; the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

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

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

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

Our procedures to respond to risks identified included the following:

∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;

∙enquiring of management and those charged with governance concerning actual and potential litigation and claims;

∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

∙reading minutes of meetings of those charged with governance; and

∙in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

Page 6

N.A. GUPPY (HOLDINGS) LIMITED

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

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

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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

USE OF OUR REPORT

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Fleur Lewis FCA (Senior statutory auditor)

for and on behalf of

Bishop Fleming Audit Limited

Chartered Accountants

Statutory Auditors

Brook House

Winslade Park

Manor Drive

Clyst St Mary

Exeter

EX5 1GD

29 April 2026

Page 7

N.A. GUPPY (HOLDINGS) LIMITED

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

	Continuing operations	Discontin'd operations	Total	Continuing operations	Discontinued operations	Total
	2025	2025	2025	2024	2024	2024
Note	£	£	£	£	£	£


Turnover	4	5,436,214	138,017	5,574,231	5,175,525	493,466	5,668,991
Cost of sales		(3,470,185)	(90,516)	(3,560,701)	(3,125,206)	(273,645)	(3,398,851)
Gross profit		1,966,029	47,501	2,013,530	2,050,319	219,821	2,270,140
Administrative expenses		(2,293,520)	(232,413)	(2,525,933)	(2,089,196)	(315,108)	(2,404,304)
Fair value movements		(796)	-	(796)	29,454	-	29,454
Operating loss	5	(328,287)	(184,912)	(513,199)	(9,423)	(95,287)	(104,710)
Income from other fixed asset investments		11,308	-	11,308	11,165	-	11,165
Interest receivable and similar income	9	39,224	-	39,224	42,221	-	42,221
Interest payable and similar expenses		(532)	-	(532)	-	-	-
Loss before tax		(278,287)	(184,912)	(463,199)	43,963	(95,287)	(51,324)
Tax on loss	10	(85,121)	-	(85,121)	(19,562)	22,320	2,758
Loss for the financial year		(363,408)	(184,912)	(548,320)	24,401	(72,967)	(48,566)

Loss for the year attributable to:
Non-controlling interests	(125,769)	(66,569)	(192,338)	(13,020)	(26,268)	(39,288)
Owners of the Company	(237,639)	(118,343)	(355,982)	37,421	(46,699)	(9,278)
	(363,408)	(184,912)	(548,320)	24,401	(72,967)	(48,566)

The notes on pages 15 to 33 form part of these financial statements.

Page 8

N.A. GUPPY (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025

				2025	2024
			Note	£	£

Loss for the financial year		(548,320)	(48,566)
Other comprehensive income
Unrealised surplus on revaluation of investment property	14	145,350	-
Other comprehensive income for the year		145,350	-
Total comprehensive income for the year		(402,970)	(48,566)

(Loss) for the year attributable to:
Non-controlling interest	(192,338)	(39,288)
Owners of the Company	(355,982)	(9,278)
	(548,320)	(48,566)

Total comprehensive income attributable to:
Non-controlling interest	(192,338)	(39,288)
Owners of the Company	(402,970)	(48,566)
	(595,308)	(87,854)

The notes on pages 15 to 33 form part of these financial statements.

Page 9

N.A. GUPPY (HOLDINGS) LIMITED

REGISTERED NUMBER:08486806

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 APRIL 2025

		2025		2024
Note		£		£

FIXED ASSETS
Tangible assets	12		1,002,880		1,611,402
Investments	13		521,319		517,898
Investment property	14		625,000		-
			2,149,199		2,129,300
CURRENT ASSETS
Stocks	15	900,892		1,059,516
Debtors: amounts falling due within one year	16	436,287		419,539
Cash at bank and in hand	17	2,496,280		2,679,190
		3,833,459		4,158,245
Creditors: amounts falling due within one year	18	(891,213)		(686,379)
NET CURRENT ASSETS			2,942,246		3,471,866
TOTAL ASSETS LESS CURRENT LIABILITIES			5,091,445		5,601,166
PROVISIONS FOR LIABILITIES
Deferred taxation	19	(165,709)		(146,487)
Other provisions		(74,027)		-
			(239,736)		(146,487)
NET ASSETS			4,851,709		5,454,679

Called up share capital	21	83,328	83,328
Share premium account	22	1,204,180	1,204,180
Investment property reserve	22	145,350	-
Other reserves	22	1,015,000	1,015,000
Profit and loss account	22	1,366,619	1,922,601
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY		3,814,477	4,225,109
Non-controlling interests		1,037,232	1,229,570
		4,851,709	5,454,679

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

Mr S G Guppy

Director

Date: 29 April 2026

Page 10

N.A. GUPPY (HOLDINGS) LIMITED

REGISTERED NUMBER:08486806

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 30 APRIL 2025

		2025		2024
Note		£		£

FIXED ASSETS
Tangible assets	12		572,862		1,052,512
Investments	13		1,743,825		1,740,404
Investment property	14		625,000		-
			2,941,687		2,792,916
CURRENT ASSETS
Debtors: amounts falling due within one year	16	12,771		6,415
Cash at bank and in hand	17	439,726		621,663
		452,497		628,078
Creditors: amounts falling due within one year	18	(67,975)		(66,744)
NET CURRENT ASSETS			384,522		561,334
TOTAL ASSETS LESS CURRENT LIABILITIES			3,326,209		3,354,250

PROVISIONS FOR LIABILITIES
Deferred taxation	19		(132,197)		(91,540)
NET ASSETS			3,194,012		3,262,710

CAPITAL AND RESERVES
Called up share capital	21		83,328		83,328
Share premium account	22		1,204,180		1,204,180
Investment property reserve	22		145,350		-
Other reserves	22		1,015,000		1,015,000
Profit and loss account brought forward		960,202		803,141
Loss/(profit) for the year		(14,048)		157,061
Dividends paid		(200,000)		-
Profit and loss account carried forward			746,154		960,202
			3,194,012		3,262,710

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

Mr S G Guppy

Director

Date: 29 April 2026

The notes on pages 15 to 33 form part of these financial statements.

Page 11

N.A. GUPPY (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

	Called up share capital	Share premium account	Investment property revaluation reserve	Other reserves	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£	£	£
At 1 May 2023	83,328	1,204,180	-	1,015,000	1,931,879	4,234,387	1,322,858	5,557,245

Loss for the year	-	-	-	-	(9,278)	(9,278)	(39,288)	(48,566)
Dividends: Equity capital	-	-	-	-	-	-	(54,000)	(54,000)

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

Loss for the year	-	-	-	-	(355,982)	(355,982)	(192,338)	(548,320)
Investment property revaluation	-	-	145,350	-	-	145,350	-	145,350
Dividends: Equity capital	-	-	-	-	(200,000)	(200,000)	-	(200,000)
At 30 April 2025	83,328	1,204,180	145,350	1,015,000	1,366,619	3,814,477	1,037,232	4,851,709

The notes on pages 15 to 33 form part of these financial statements.

Page 12

N.A. GUPPY (HOLDINGS) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

	Called up share capital	Share premium account	Investment property revaluation reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 May 2023	83,328	1,204,180	-	1,015,000	803,141	3,105,649

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

At 1 May 2024	83,328	1,204,180	-	1,015,000	960,202	3,262,710

Loss for the year	-	-	-	-	(14,048)	(14,048)
Investment property revaluation	-	-	145,350	-	-	145,350
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	(200,000)	(200,000)
At 30 April 2025	83,328	1,204,180	145,350	1,015,000	746,154	3,194,012

The notes on pages 15 to 33 form part of these financial statements.

Page 13

N.A. GUPPY (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 APRIL 2025

			2025	2024
			£	£

CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year	(548,320)	(48,566)
ADJUSTMENTS FOR:
Amortisation of intangible assets	-	493
Depreciation of tangible assets	158,413	167,663
Loss on disposal of tangible assets	(6,400)	2,802
Interest received	(50,000)	(42,221)
Taxation charge	85,121	(2,297)
Decrease in stocks	158,624	134,300
(Increase)/decrease in debtors	(16,748)	58,573
Increase/(decrease) in creditors	192,618	(43,832)
Increase in provisions	74,027	-
Corporation tax (paid)	(52,091)	(77,540)
NET CASH GENERATED FROM OPERATING ACTIVITIES	(4,756)	149,375

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets	(45,141)	(133,600)
Sale of tangible fixed assets	22,000	17,151
Purchase of investments	(107,584)	(188,747)
Sale of listed investments	103,367	183,268
Interest received	38,692	42,221
Income from interest on investments	11,308	11,165
Investments revaluation	(796)	29,454
NET CASH FROM INVESTING ACTIVITIES	21,846	(39,088)
CASH FLOWS FROM FINANCING ACTIVITIES
Controlling interest dividends paid	(200,000)	-
Non controlling interest dividends paid	-	(54,000)
NET CASH USED IN FINANCING ACTIVITIES	(200,000)	(54,000)
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(182,910)	56,287
Cash and cash equivalents at beginning of year	2,679,190	2,622,903
CASH AND CASH EQUIVALENTS AT THE END OF YEAR	2,496,280	2,679,190

CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:
Cash at bank and in hand	2,496,280	2,679,190

Page 14

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1.	GENERAL INFORMATION

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

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income statement in these financial statements.

The following principal accounting policies have been applied:

2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated income statement from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

GOING CONCERN

Page 15

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.ACCOUNTING POLICIES (continued)

2.4

REVENUE

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

OPERATING LEASES: THE GROUP AS LESSEE

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

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

2.6

INTEREST INCOME

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

2.7

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 16

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.ACCOUNTING POLICIES (continued)

2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.10

INTANGIBLE ASSETS

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated income statement over its useful economic life.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.11

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 17

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.ACCOUNTING POLICIES (continued)

2.11

TANGIBLE FIXED ASSETS (CONTINUED)

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

Depreciation is provided on the following basis:

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

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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

2.12

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.13

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.15

DEBTORS

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

Page 18

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.ACCOUNTING POLICIES (continued)

2.16

CASH AND CASH EQUIVALENTS

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

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.17

CREDITORS

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

2.18

FINANCIAL INSTRUMENTS

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

3.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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

RESIDUAL VALUES AND ASSET LIVES

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

Page 19

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

	Sale of goods	5,574,231	5,668,991

All turnover arose within the United Kingdom.

Depreciation	158,413	167,663
Amortisation	-	493
Other operating lease rentals	28,970	49,228

6.	AUDITORS' REMUNERATION
		2025	2024
		£	£

Fees payable to the Company's auditors in respect of:
Audit for the subsidiary companies	21,000	19,940
Taxation compliance services	4,240	3,700
Audit of the parent company	8,250	6,120

Page 20

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

7.	EMPLOYEES
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	1,327,475	1,303,779	-	25,938
Social security costs	125,056	113,461	-	-
Cost of defined contribution scheme	103,178	77,052	30,000	-
	1,555,709	1,494,292	30,000	25,938

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

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Employees	49	51	3	3

8.	DIRECTORS' REMUNERATION
		2025	2024
		£	£

Directors' emoluments	-	25,938
Company contributions to defined contribution pension schemes	30,000	-

During the year retirement benefits were accruing to 2 directors (2024:NIL) in respect of defined contribution pension schemes.

All directors' remuneration paid in the year relates to pension contributions paid directly to the directors pension fund by the Company on behalf of the directors.

9.	INTEREST RECEIVABLE
		2025	2024
		£	£

Other interest receivable

39,224

42,221

Page 21

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

CORPORATION TAX
Current tax on profits for the year	65,899	30,695

TOTAL CURRENT TAX	65,899	30,695

DEFERRED TAX
Origination and reversal of timing differences	19,222	(33,453)
TOTAL DEFERRED TAX	19,222	(33,453)


	TAXATION ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES	85,121	(2,758)

Loss on ordinary activities before tax

(463,199)

(51,324)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024:25%)	(115,800)	(12,831)
EFFECTS OF:
Fixed asset differences	-	7,541
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	2,886	4,470
Income not taxable for tax purposes	-	(7,246)
Exempt distribution income	(1,626)	(1,592)
Adjustment in respect of prior period	1,961	-
Capital gains/(losses)	41,169	6,975
Other current tax	339	(75)
Movement in deferred tax not recognised	156,192	-
TOTAL TAX CHARGE FOR THE YEAR	85,121	(2,758)

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 22

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

11.	INTANGIBLE ASSETS
	Group

		Goodwill
		£
	COST
	At 1 May 2024	4,947
	At 30 April 2025	4,947
	AMORTISATION
	At 1 May 2024	4,947
	At 30 April 2025	4,947
	NET BOOK VALUE
	At 30 April 2025	-
	At 30 April 2024	-

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

Page 23

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

12.	TANGIBLE FIXED ASSETS
	Group

	Freehold property	Short-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£	£
COST OR VALUATION
At 1 May 2024	1,696,003	52,654	560,138	643,838	85,755	3,038,388
Additions	10,521	-	11,823	14,997	7,800	45,141
Disposals	-	-	-	(62,495)	-	(62,495)
Transfers between classes	(479,650)	-	-	-	-	(479,650)
At 30 April 2025	1,226,874	52,654	571,961	596,340	93,555	2,541,384
DEPRECIATION
At 1 May 2024	420,796	48,151	470,426	416,312	71,301	1,426,986
Charge for the year on owned assets	19,563	1,504	38,894	92,739	5,713	158,413
Disposals	-	-	-	(46,895)	-	(46,895)
At 30 April 2025	440,359	49,655	509,320	462,156	77,014	1,538,504
NET BOOK VALUE
At 30 April 2025	786,515	2,999	62,641	134,184	16,541	1,002,880
At 30 April 2024	1,275,207	4,503	89,712	227,526	14,454	1,611,402

Page 24

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

12.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Freehold	786,515	1,275,207
Long leasehold	2,999	4,503
	789,514	1,279,710

	Company

		Freehold property
		£
	COST OR VALUATION
	At 1 May 2024	1,052,512
	Transfers between classes	(479,650)
	At 30 April 2025	572,862

	At 30 April 2025	-
	NET BOOK VALUE
	At 30 April 2025	572,862
	At 30 April 2024	1,052,512

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

	Freehold	572,862	1,052,512

Page 25

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

13.	FIXED ASSET INVESTMENTS
	Group

	Investments in subsidiary companies	Equity Investments	Cash Investments	Other fixed asset investments	Total
	£	£	£	£	£
COST OR VALUATION
At 1 May 2024	1	507,252	9,645	1,000	517,898
Additions	-	107,584	-	-	107,584
Disposals	-	(100,771)	(2,596)	-	(103,367)
Revaluations	-	(796)	-	-	(796)
At 30 April 2025	1	513,269	7,049	1,000	521,319

	Company

	Investments in subsidiary companies	Equity Investments	Cash investments	Total
	£	£	£	£
COST OR VALUATION
At 1 May 2024	1,223,507	507,252	9,645	1,740,404
Additions	-	107,584	-	107,584
Disposals	-	(100,771)	(2,596)	(103,367)
Revaluations	-	(796)	-	(796)
At 30 April 2025	1,223,507	513,269	7,049	1,743,825

Page 26

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025


SUBSIDIARY UNDERTAKINGS
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Palladium Builders Merchants (Kingsbridge) Limited	Homelands, Union Road, Kingsbridge, Devon TQ7 1EQ	Ordinary	64%
Palladium Limited	13-15 Burrington Way, Plymouth, PL5 3LR	Ordinary	64%
Palladium Building Supplies Limited (Dormant)	Homelands, Union Road, Kingsbridge, Devon TQ7 1EQ	Ordinary	64%

The aggregate of the share capital and reserves as at 30 April 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Palladium Builders Merchants (Kingsbridge) Limited	2,460,529	105,401
Palladium Limited	420,675	(639,673)
Palladium Building Supplies Limited (Dormant)	2	-

Page 27

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

14.	INVESTMENT PROPERTY
	Group

		Freehold investment property
		£
	VALUATION
	Surplus on revaluation	145,350
	Transfers between classes	479,650
	AT 30 APRIL 2025	625,000

On 31st December 2024, property with a historic cost of £479,650 was transferred to investment property due to a change in use. At this date, the property was revalued upwards by £145,350 to £625,000 in line with the Directors' valuation.
The Directors consider this the fair value at the year end date.

	Company

		Freehold investment property
		£
	VALUATION
	Surplus on revaluation	145,350
	Transfers between classes	479,650
	AT 30 APRIL 2025	625,000

15.	STOCKS
		Group	Group
		2025	2024
		£	£

	Finished goods and goods for resale	900,892	1,059,516

Page 28

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

16.

DEBTORS

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	384,138	349,195	-	-
Amounts owed by group undertakings	-	-	12,771	6,415
Other debtors	8,151	11,972	-	-
Prepayments and accrued income	43,998	58,372	-	-
	436,287	419,539	12,771	6,415

17.	CASH AND CASH EQUIVALENTS
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	2,496,280	2,679,190	439,726	621,663

18.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	557,648	446,633	-	-
Amounts owed to group undertakings	-	-	7,130	7,130
Corporation tax	68,198	30,933	14,515	19,782
Other taxation and social security	93,016	92,463	-	-
Other creditors	46,442	26,781	5,974	5,974
Accruals and deferred income	125,909	89,569	40,356	33,858
	891,213	686,379	67,975	66,744

Page 29

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

19.	DEFERRED TAXATION
	Group

		2025
		£

	At beginning of year	(146,487)
	Charged to profit or loss	(19,222)
	AT END OF YEAR	(165,709)

Company

		2025
		£

	At beginning of year	(91,540)
	Charged to profit or loss	(40,657)
	AT END OF YEAR	(132,197)

The provision for deferred taxation is made up as follows:
	Group	Group	Company	Company
	2025	2024	2025	2024
	£	£	£	£

Fixed asset timing differences	(70,087)	(46,680)	(36,337)	-
Short term timing differences	8,505	-	8,267	8,267
Capital gains	(104,127)	(99,807)	(104,127)	(99,807)
	(165,709)	(146,487)	(132,197)	(91,540)

20.	PROVISIONS
	Group

		Other Provisions
		£

	Charged to profit or loss	74,027
	AT 30 APRIL 2025	74,027

Provisions charged to the profit and loss during the year relate to employee settlement costs.

Page 30

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

21.	SHARE CAPITAL
		2025	2024
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

19,328 (2024:19,328) Ordinary shares shares of £1.00 each	19,328	19,328
64,000 (2024:64,000) Preference shares shares of £1.00 each	64,000	64,000

	83,328	83,328

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

22.

RESERVES

Share premium account

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

Investment property revaluation reserve

The investment property revaluation reserve consists of movement in the valuation of investment properties in excess of their historic cost.

Other reserves

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

Profit and loss account

This reserve represents accumulated profits from prior years.

23.	ANALYSIS OF NET DEBT

		At 1 May 2024	Cash flows	At 30 April 2025
		£	£	£

Cash at bank and in hand	2,679,190	(182,910)	2,496,280
Debt due within 1 year	(5,974)	-	(5,974)
	2,673,216	(182,910)	2,490,306

Page 31

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

24.	DISCONTINUED OPERATIONS

Discontinued operations relate to the St Levan Road branch with Palladium Limited that ceased trading on 19 October 2024. The operation made a loss in the year of £184,912 after accounting for group consolidation adjustments. No cash proceeds were received for the disposal of the branch.

25.	PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £103,178 (2024: £77,052). Contributions totalling £5,512 (2024: £5,225) were payable to the fund at the reporting date and are included in creditors.

26.	COMMITMENTS UNDER OPERATING LEASES
	At 30 April 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	36,227	46,494
Later than 1 year and not later than 5 years	121,576	121,577
Later than 5 years	-	27,227
	157,803	195,298

Page 32

N.A. GUPPY (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

27.

RELATED PARTY TRANSACTIONS

Palladium Limited

N.A.Guppy (Holdings) Limited owns 64% of the ordinary share capital of Palladium Limited. During the year to 30 April 2025, Company directors E E Guppy, N C Guppy (deceased 7 September 2025) and S G Guppy were also directors of Palladium Limited. During the year, Palladium Limited leased the property at 158 St Levan Road from N.A. Guppy (Holdings) Limited at a fair market rent of £23,200 (2024: £35,200). The use of the property and associated rental costs ceased during the year.

Palladium Builders Merchants (Kingsbridge) Limited

N.A.Guppy (Holdings) Limited owns 64% of the ordinary share capital of Palladium Builders Merchants (Kingsbridge) Limited. During the year to 30 April 2025, Company directors E E Guppy, N C Guppy (deceased 7 September 2025) and S G Guppy were also directors of Palladium Builders Merchants (Kingsbridge) Limited. During the year, Palladium Builders Merchants (Kingsbridge) Limited leased the property at Homelands, Higher Union Road from N.A. Guppy (Holdings) Limited at a fair market rent of £38,500 (2024: £38,500).

An outstanding balance is also owed from Palladium Builders Merchants (Kingsbridge) Limited to N.A. Guppy (Holdings) Limited of £6,417 at year end.

Other

During the year, a director of the company had a directors loan account. No transactions went through the loan account during the year. The balance owed to the director by the company at the end of the year is £5,974 (2024: £5,974).
The key management personnel comprise the directors. Total remuneration paid to them during the year through N.A Guppy (Holdings) Limited was £30,000 (2024: £25,938), including contributions to pension schemes.

28.	CONTROLLING PARTY

There is no ultimate controlling party.

Page 33