Company registration number 07709187 (England and Wales)
EPMS SUPPLIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
EPMS SUPPLIES LIMITED
COMPANY INFORMATION
Directors
Miss K Brewin
Mr KJ Earles
Mr CG Hemingway
Company number
07709187
Registered office
1 The Moorings
Waterside Industrial Park
Waterside Road, Stourton
Leeds
LS10 1RW
Auditor
Sumer Auditco Limited
1st Floor
Mayesbrook House
Lawnswood Business Park
Leeds
LS16 6QY
EPMS SUPPLIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 22
EPMS SUPPLIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

For the year ending 31 December 2025 turnover amounted to £30.7 million (2024: £28 million) and profit before tax was £4.0 million (2024: £3.2 million). At 31 December 2025 the net assets of the company totalled £14.2 million (2024: £11.7 million).

The directors continue to be pleased with this most recent year's company performance and profitability and believe the company is in a strong position going forward.

Principal risks and uncertainties

The key business risks and uncertainties affecting the group are considered to relate to competition and market forces in the industry.

The company does not actively use financial instruments as part of financial risk management. It is exposed to the usual credit risk and cash flow associated with selling on credit and manages this through credit control procedures. The nature of its financial instruments means they are not subject to price risk or liquidity risk.

Key performance indicators

The directors monitor the performance of the group according to the following key performance indicators (KPI's): Turnover for the year ended December 2025 continued to show a strong increase compared to the previous years. The directors also monitor detailed KPI's for each trading site.

Mr KJ Earles
Director
27 May 2026
EPMS SUPPLIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of distribution of specialist building supplies to the construction industry.

Results and dividends

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

Ordinary dividends were paid amounting to £530,000. The directors do not recommend payment of a final dividend.

Directors

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

Miss K Brewin
Mr KJ Earles
Mr CG Hemingway
Auditor

Sumer Auditco Limited were appointed as auditor to the company following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regulatory requirements.

In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually.

Statement of directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company’s auditor 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 company’s auditor is aware of that information.

EPMS SUPPLIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
On behalf of the board
Mr KJ Earles
Director
27 May 2026
EPMS SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EPMS SUPPLIES LIMITED
- 4 -
Opinion

We have audited the financial statements of EPMS Supplies Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 31 December 2025 and of its 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 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 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:

- the 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.

EPMS SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EPMS SUPPLIES LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the trade;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company;

- we assessed the extent of compliance with the laws and regulations considered above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

EPMS SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EPMS SUPPLIES LIMITED (CONTINUED)
- 6 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risks of fraud through management bias and override controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- discussions with senior management regarding relevant regulations and reviewing the company’s legal and professional fees.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Chris Neale (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
1st Floor
Mayesbrook House
Lawnswood Business Park
Leeds
LS16 6QY
27 May 2026
EPMS SUPPLIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
30,728,278
28,062,996
Cost of sales
(22,423,563)
(20,838,264)
Gross profit
8,304,715
7,224,732
Administrative expenses
(4,244,208)
(3,961,023)
Operating profit
4
4,060,507
3,263,709
Interest payable and similar expenses
7
(64,383)
(73,874)
Profit before taxation
3,996,124
3,189,835
Tax on profit
8
(1,034,116)
(841,835)
Profit for the financial year
2,962,008
2,348,000

The profit and loss account has been prepared on the basis that all operations are continuing operations.

EPMS SUPPLIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
10
283,333
333,333
Tangible assets
11
353,868
379,446
637,201
712,779
Current assets
Stocks
12
2,497,500
1,957,933
Debtors
13
17,874,477
14,593,612
Cash at bank and in hand
272,914
246,841
20,644,891
16,798,386
Creditors: amounts falling due within one year
14
(7,040,664)
(5,678,381)
Net current assets
13,604,227
11,120,005
Total assets less current liabilities
14,241,428
11,832,784
Creditors: amounts falling due after more than one year
15
(8,197)
(21,237)
Provisions for liabilities
Deferred tax liability
17
69,000
79,324
(69,000)
(79,324)
Net assets
14,164,231
11,732,223
Capital and reserves
Called up share capital
19
100
100
Capital redemption reserve
3
3
Profit and loss reserves
14,164,128
11,732,120
Total equity
14,164,231
11,732,223

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 27 May 2026 and are signed on its behalf by:
Mr KJ Earles
Director
Company registration number 07709187 (England and Wales)
EPMS SUPPLIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
100
3
9,886,120
9,886,223
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
2,348,000
2,348,000
Dividends
9
-
-
(502,000)
(502,000)
Balance at 31 December 2024
100
3
11,732,120
11,732,223
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
2,962,008
2,962,008
Dividends
9
-
-
(530,000)
(530,000)
Balance at 31 December 2025
100
3
14,164,128
14,164,231
EPMS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
1
Accounting policies
Company information

EPMS Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 The Moorings, Waterside Industrial Park, Waterside Road, Stourton, Leeds, LS10 1RW.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;

- Section 26 ‘Share based Payment’: Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of EPMS Holdings Limited. These consolidated financial statements are available from its registered office, 1 The Moorings Waterside Industrial Park, Waterside Road, Stourton, Leeds, West Yorkshire, United Kingdom, LS10 1R W.

1.2
Going concern

The company has reported profits after tax of £true 2.96 m (20 2 4: £2.38 m) and has net assets at the balance sheet date of £14.2m (20 2 4: £11.7 m) which includes net current assets of £13.6m (20 2 4: £11.1 m) reflecting a continuing strong financial position.

At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and also meet bank covenants required for the foreseeable future.

1.3
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

EPMS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Short leasehold property improvements
10% straight line and 25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
33% straight line and 25% reducing balance

During the year, the directors reviewed the depreciation methods applied to motor vehicles and concluded that the straight line method provides a more reliable and relevant representation of the pattern in which the assets’ future economic benefits are expected to be consumed.

This change has been treated as a change in accounting policy in accordance with Section 10 of FRS 102. The directors have assessed the impact of applying the revised policy to prior periods and determined that the historic impact is immaterial to the financial statements taken as a whole. As a result, comparative figures have not been restated.

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 credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

EPMS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated on a first in first out basis and is based on the latest purchase invoice cost. 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.

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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 method 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.

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.

EPMS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
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 company 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 company 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. A m ounts 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 s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
Taxation

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

EPMS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
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 company’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 when the company has 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.

1.12
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.

1.13
Retirement benefits

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

1.14
Leases
As lessee

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

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

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

EPMS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying

amount of assets and liabilities are as follows.

The depreciation and amortisation policies have been set according to management's assessment of the useful lives of a typical asset in each category. It is not considered practical to use a per unit basis to allocate depreciation. The depreciation charged during the year was £182,260 and the amortisation charged in the year was £50,000. The director feels these are a fair reflection of the benefits derived from consumption of the fixed assets in use during the period.

3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Distribution of specialist building supplies
30,728,278
28,062,996
2025
2024
£
£
Turnover analysed by geographical market
UK sales
30,580,596
27,881,148
Non-UK sales
147,682
181,848
30,728,278
28,062,996
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
23,820
14,000
Depreciation of tangible fixed assets
182,260
104,852
Loss on disposal of tangible fixed assets
20,119
21,178
Amortisation of intangible assets
50,000
50,000
Operating lease charges
316,997
311,114
EPMS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
5
Employees

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

2025
2024
Number
Number
Administration and Distribution
37
35
Management
6
6
Total
43
41

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,910,870
1,914,510
Social security costs
229,289
219,057
Pension costs
221,532
265,502
2,361,691
2,399,069
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
146,454
292,366
Company pension contributions to defined contribution schemes
152,321
202,390
298,775
494,756
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
51,934
75,957
Company pension contributions to defined contribution schemes
50,328
98,823
7
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
60,450
71,394
Interest on finance leases and hire purchase contracts
3,933
2,480
64,383
73,874
EPMS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,044,552
829,951
Adjustments in respect of prior periods
(112)
-
0
Total current tax
1,044,440
829,951
Deferred tax
Origination and reversal of timing differences
(10,324)
11,884
Total tax charge
1,034,116
841,835

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
3,996,124
3,189,835
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
999,031
797,459
Tax effect of expenses that are not deductible in determining taxable profit
16,221
13,808
Change in unrecognised deferred tax assets
920
-
0
Adjustments in respect of prior years
(112)
-
0
Group relief
(128,056)
(151,988)
Depreciation on assets not qualifying for tax allowances
18,055
30,568
Payment for group relief
128,057
151,988
Taxation charge for the year
1,034,116
841,835
9
Dividends
2025
2024
£
£
Interim paid
530,000
502,000
EPMS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
10
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
1,000,000
Amortisation and impairment
At 1 January 2025
666,667
Amortisation charged for the year
50,000
At 31 December 2025
716,667
Carrying amount
At 31 December 2025
283,333
At 31 December 2024
333,333
11
Tangible fixed assets
Short leasehold property improvements
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2025
64,606
361,060
388,303
813,969
Additions
-
0
58,476
121,108
179,584
Disposals
-
0
(181,614)
(97,004)
(278,618)
At 31 December 2025
64,606
237,922
412,407
714,935
Depreciation and impairment
At 1 January 2025
45,516
233,026
155,981
434,523
Depreciation charged in the year
4,892
58,165
119,203
182,260
Eliminated in respect of disposals
-
0
(181,614)
(74,102)
(255,716)
At 31 December 2025
50,408
109,577
201,082
361,067
Carrying amount
At 31 December 2025
14,198
128,345
211,325
353,868
At 31 December 2024
19,090
128,034
232,322
379,446

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Motor vehicles
47,064
73,551
EPMS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
12
Stocks
2025
2024
£
£
Finished goods and goods for resale
2,497,500
1,957,933
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,150,058
3,948,691
Other debtors
53,763
12,915
Prepayments and accrued income
945,005
835,982
5,148,826
4,797,588
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
12,725,651
9,796,024
Total debtors
17,874,477
14,593,612

The £12.7 m intercompany loan receivable is made up of £1.5 m receivable from EPMS Group Limited and £11.2 m receivable from EPMS Holdings Limited. The intercompany loans are unsecured, bear no interest and are repayable on demand. Although repayable on demand, the directors have confirmed in writing that they have no intention or expectation to require repayment within at least 12 months from the balance sheet date and therefore these are classified as amounts falling due after more than 1 year.

14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
16
32,283
34,048
Trade creditors
3,517,921
2,766,416
Corporation tax
502,677
383,237
Other taxation and social security
433,580
396,564
Other creditors
1,755,769
1,206,775
Accruals and deferred income
798,434
891,341
7,040,664
5,678,381

Shawbrook Bank Ltd holds a fixed and floating charge covering all the property and undertaking of the company. Included within other creditors is an amount owing on invoice financing £1,742,946 (2024: £1,192,690).

EPMS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
16
8,197
21,237
16
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
32,283
34,048
After more than one year
8,197
21,237
40,480
55,285
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
32,283
34,048
In two to five years
8,197
21,237
40,480
55,285

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Hire purchase liabilities are secured upon the assets they relate to.

17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
70,000
80,905
Short term timing differences
(1,000)
(1,581)
69,000
79,324
EPMS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Deferred taxation
(Continued)
- 21 -
2025
Movements in the year:
£
Liability at 1 January 2025
79,324
Credit to profit or loss
(10,324)
Liability at 31 December 2025
69,000

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
221,532
265,502

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
20
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
298,768
260,157
Years 2-5
574,165
395,489
After 5 years
337,018
18,938
1,209,951
674,584
EPMS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
21
Related party transactions
Transactions with related parties

Remuneration of key management personnel

Key management personnel are the directors of the business. Their remuneration is disclosed within the

Directors' remuneration note.

Benefits paid to Directors' in the period totalled £4,140 (2024: £3,129).

22
Ultimate controlling party

The immediate parent undertaking is EPMS Group Limited.

The ultimate parent undertaking and controlling party is EPMS Holdings Limited.

EPMS Holdings Limited is the parent undertaking of the largest group of undertakings for which consolidated financial statements may be prepared.

The consolidated financial statements of EPMS Holdings Limited are available from the registered office of EPMS Holdings Limited - 1 The Moorings Waterside Industrial Park, Waterside Road, Leeds, West Yorkshire, England, LS10 1RW.

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