Naed Repip (Holdings) Limited - Period Ending 2025-12-31

Company Registration number: 10673500

Naed Repip (Holdings) Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2025

Naed Repip (Holdings) Limited

Contents


Company Information	1

Strategic Report	2

Directors' Report	3

Statement of Directors' Responsibilities	4

Independent Auditor's Report	5 to 8

Consolidated Profit and Loss Account	9

Consolidated Statement of Comprehensive Income	10

Consolidated Balance Sheet	11

Balance Sheet	12

Consolidated Statement of Changes in Equity	13

Statement of Changes in Equity	14

Consolidated Statement of Cash Flows	15

Notes to the Financial Statements	16 to 32

Naed Repip (Holdings) Limited

Company Information

Directors

O Piper

D A Piper

Registered office

Unit 10
Strashleigh View
Lee Mill Industrial Estate
IVYBRIDGE
Devon
PL21 9GS

Auditors

Albert Goodman LLP Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Naed Repip (Holdings) Limited

Strategic Report for the Year Ended 31 December 2025

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

Principal activity

The principal activity of the company is a holding company which, other than holding shares in its subsidiary undertakings, does not trade in its own right. Its principal trading subsidiary, Weatherhead Shop Designers Limited, is an award-winning shopfitting company specialising in the design, manufacture and installation of retail shopfitting, primarily for the supermarket sector.

Fair review of the business

Group turnover for the year grew significantly to £24,063,047 (2024: £19,795,403), driven by the expansion of workstreams within the trading subsidiary. Margins were impacted in the earlier part of the year as new workstreams were mobilised, recovering as the year progressed.

Principal risks and uncertainties

As with most businesses, the Group faces continued cost pressures from the rising cost of living, and monitors and manages its cost base accordingly. The directors are also monitoring demand from within the supermarket construction and refurbishment sector, including from key customers, and will continue to react to changes in market conditions as they arise.

Approved by the Board on 26 August 2026 and signed on its behalf by:

D A Piper
Director

Naed Repip (Holdings) Limited

Directors' Report for the Year Ended 31 December 2025

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

Directors of the group

The directors who held office during the year were as follows:

O Piper

D A Piper

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Future Developments

The future developments of the business are included within the strategic report.

Approved by the Board on 26 August 2026 and signed on its behalf by:

D A Piper
Director

Naed Repip (Holdings) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

•	select suitable accounting policies and apply them consistently;

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

•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Naed Repip (Holdings) Limited

Independent Auditor's Report to the Members of Naed Repip (Holdings) Limited

Opinion

We have audited the financial statements of Naed Repip (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 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 director's 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 original financial statements were 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.

Naed Repip (Holdings) Limited

Independent Auditor's Report to the Members of Naed Repip (Holdings) Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of our knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page 4, 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.

Naed Repip (Holdings) Limited

Independent Auditor's Report to the Members of Naed Repip (Holdings) Limited

Auditor Responsibilities for the audit of the financial statements

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

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

The extent to which the audit was considered capable of detecting irregularities including fraud

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 construction sector;
•	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, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
•	we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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.

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 risk of fraud through management bias and override of 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.

Naed Repip (Holdings) Limited

Independent Auditor's Report to the Members of Naed Repip (Holdings) Limited

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; and

•	enquiring of management as to actual and potential litigation and claims.

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 directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 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.

Joseph Doggrell BSc (Hons) FCA (Senior Statutory Auditor)
For and on behalf of Albert Goodman LLP, Statutory Auditor

Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

26 August 2026

Naed Repip (Holdings) Limited

Consolidated Profit and Loss Account
for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Turnover	3	24,063,047	19,795,403
Cost of sales		(19,989,491)	(15,480,743)
Gross profit		4,073,556	4,314,660
Administrative expenses		(1,285,786)	(1,016,812)
Operating profit	4	2,787,770	3,297,848
Other interest receivable and similar income	5	55,017	20,403
Interest payable and similar charges	6	(19,916)	(28,969)
Profit before tax		2,822,871	3,289,282
Taxation	10	(774,357)	(828,140)
Profit for the financial year		2,048,514	2,461,142
Profit/(loss) attributable to:
Owners of the company		2,047,528	2,460,126
Minority interests		986	1,016
		2,048,514	2,461,142

Naed Repip (Holdings) Limited

Consolidated Statement of Comprehensive Income
for the Year Ended 31 December 2025

	2025 £	2024 £
Profit for the year	2,048,514	2,461,142
Total comprehensive income for the year	2,048,514	2,461,142
Total comprehensive income attributable to:
Owners of the company	2,047,528	2,460,126
Minority interests	986	1,016
	2,048,514	2,461,142

Naed Repip (Holdings) Limited

(Registration number: 10673500)
Consolidated Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	11	1,336,831	1,486,227
Investment property	12	917,878	614,233
		2,254,709	2,100,460
Current assets
Stocks	14	457,085	259,404
Debtors	15	9,164,949	8,514,934
Cash at bank and in hand		3,482,051	2,991,102
		13,104,085	11,765,440
Creditors: Amounts falling due within one year	17	(4,649,616)	(4,075,817)
Net current assets		8,454,469	7,689,623
Total assets less current liabilities		10,709,178	9,790,083
Creditors: Amounts falling due after more than one year	17	(72,243)	(153,628)
Provisions for liabilities	18	(75,157)	(113,191)
Net assets		10,561,778	9,523,264
Capital and reserves
Called up share capital	20	120	120
Retained earnings		10,557,555	9,520,027
Equity attributable to owners of the company		10,557,675	9,520,147
Minority interests		4,103	3,117
Shareholders' funds		10,561,778	9,523,264

Approved and authorised by the Board on 26 August 2026 and signed on its behalf by:

D A Piper
Director

Naed Repip (Holdings) Limited

(Registration number: 10673500)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Investment property	12	-	325,450
Investments	13	198	198
		198	325,648
Current assets
Debtors	15	1,250,669	1,028,059
Cash at bank and in hand		3,235,145	2,769,187
		4,485,814	3,797,246
Creditors: Amounts falling due within one year	17	(1,347,823)	(4,222)
Net current assets		3,137,991	3,793,024
Net assets		3,138,189	4,118,672
Capital and reserves
Called up share capital	20	120	120
Retained earnings		3,138,069	4,118,552
Shareholders' funds		3,138,189	4,118,672

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes as it prepares group accounts. The company made a profit after tax for the financial year of £29,517 (2024 - profit of £2,016,155).

Approved and authorised by the Board on 26 August 2026 and signed on its behalf by:

D A Piper
Director

Naed Repip (Holdings) Limited

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2025

	Share capital £	Retained earnings £	Total £	Non-controlling interests - Equity £	Total equity £
At 1 January 2025	120	9,520,027	9,520,147	3,117	9,523,264
Profit for the year	-	2,047,528	2,047,528	986	2,048,514
Dividends	-	(1,010,000)	(1,010,000)	-	(1,010,000)
At 31 December 2025	120	10,557,555	10,557,675	4,103	10,561,778

Share capital
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 January 2024

120

8,484,901

8,485,021

2,101

8,487,122

Profit for the year

-

2,460,126

2,460,126

1,016

2,461,142

Dividends

-

(1,425,000)

(1,425,000)

-

(1,425,000)

At 31 December 2024

120

9,520,027

9,520,147

3,117

9,523,264

Page 13

Naed Repip (Holdings) Limited

Statement of Changes in Equity
for the Year Ended 31 December 2025

	Share capital £	Retained earnings £	Total £
At 1 January 2025	120	4,118,552	4,118,672
Profit for the year	-	29,517	29,517
Dividends	-	(1,010,000)	(1,010,000)
At 31 December 2025	120	3,138,069	3,138,189

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

120

3,527,397

3,527,517

Profit for the year

-

2,016,155

2,016,155

Dividends

-

(1,425,000)

(1,425,000)

At 31 December 2024

120

4,118,552

4,118,672

Naed Repip (Holdings) Limited

Consolidated Statement of Cash Flows
for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Cash flows from operating activities
Profit for the year		2,048,514	2,461,142
Adjustments to cash flows from non-cash items
Depreciation and amortisation	4	231,423	159,849
(Profit)/loss on disposal of tangible assets		(8,157)	7,502
Loss from sales of investment properties		15,396	-
Finance income	5	(55,017)	(20,403)
Finance costs	6	19,916	28,969
Income tax expense	10	774,357	828,140
		3,026,432	3,465,199
Working capital adjustments
Increase in stocks	14	(197,681)	(135,639)
Increase in trade debtors	15	(650,015)	(1,423,990)
Increase in trade creditors	17	642,509	273,324
Cash generated from operations		2,821,245	2,178,894
Income taxes paid	10	(891,434)	(1,060,809)
Net cash flow from operating activities		1,929,811	1,118,085
Cash flows from investing activities
Interest received		55,017	20,403
Acquisitions of tangible assets		(109,333)	(608,404)
Proceeds from sale of tangible assets		35,463	9,960
Acquisition of investment properties	12	(629,095)	(85,423)
Proceeds from sale of investment properties		310,054	-
Net cash flows from investing activities		(337,894)	(663,464)
Cash flows from financing activities
Interest paid	6	(36)	(19,693)
Dividends paid		(1,010,000)	(1,425,000)
Repayment & new hire purchase finance		(71,052)	247,026
Payment of hire purchase interest		(19,880)	(9,276)
Net cash flows from financing activities		(1,100,968)	(1,206,943)
Net increase/(decrease) in cash and cash equivalents		490,949	(752,322)
Cash and cash equivalents at 1 January 2025		2,991,102	3,743,424
Cash and cash equivalents at 31 December 2025		3,482,051	2,991,102

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 10
Strashleigh View
Lee Mill Industrial Estate
IVYBRIDGE
Devon
PL21 9GS

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Going concern

The financial statements have been prepared on a going concern basis.

Key sources of estimation uncertainty

The group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Judgements

Long term contract accounting - a key judgement is the determination of the stage of completion of each construction contract. Management have assessed that the most appropriate method for measuring progress towards completion is based on time elapsed on site, which reflects the proportion of contract activity undertaken to date relative to the total expected duration of the contract.

Turnover recognition

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

- Turnover can be measured reliably;
- It is probable that the group will receive consideration due under the contract;
- The stage of completion of the contract at the end of the reporting period can be measured reliably; and
- The costs incurred and the costs to complete the contract can be measured reliably.

Contract revenue recognition

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses.

Turnover is calculated as that proportion of total contract value which the time spent on site to date bears to the total expected time required to complete the contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 group operates and generates taxable income.

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold Improvements	10% straight line
Plant & Machinery	20% straight line
Motor Vehicles	25% straight line
Land and Buildings	2% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by manahement. Management use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Provisions

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account that related risks and uncertainties. Movement in provisions are generally charges as an expense to the profit or loss.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholder is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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 payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

	2025 £	2024 £
Rendering of services	24,063,047	19,795,403

4	Operating profit

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	231,423	159,849
(Profit)/loss on disposal of property, plant and equipment	(8,157)	7,502

5	Other interest receivable and similar income

	2025 £	2024 £
Interest income on bank deposits	55,017	20,403

6	Interest payable and similar expenses

	2025 £	2024 £
Interest on bank overdrafts and borrowings	36	19,693
Interest on obligations under finance leases and hire purchase contracts	19,880	9,276
	19,916	28,969

7	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2025 £	2024 £
Wages and salaries	3,006,536	2,237,602
Social security costs	410,915	287,508
Other short-term employee benefits	33,933	24,548
Pension costs, defined contribution scheme	187,582	82,769
Other employee expense	43,757	27,041
	3,682,723	2,659,468

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

	2025 No.	2024 No.
Production	54	36
Administration and support	5	4
Directors	2	2
	61	42

8	Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	64,847	40,922
Contributions paid to money purchase schemes	14,244	12,320
	79,091	53,242

During the year the number of directors who were receiving benefits and share incentives was as follows:

	2025 No.	2024 No.
Accruing benefits under defined benefit pension scheme	2	2

9	Auditors' remuneration

	2025 £	2024 £
Audit of these financial statements	2,500	2,500
Audit of the financial statement of subsidiaries of the company	16,500	19,000
	19,000	21,500

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Taxation

Tax charged/(credited) in the consolidated profit and loss account

	2025 £	2024 £
Current taxation
UK corporation tax	812,391	757,949
Deferred taxation
Arising from origination and reversal of timing differences	(38,034)	70,191
Tax expense in the income statement	774,357	828,140

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

	2025 £	2024 £
Profit before tax	2,822,871	3,289,282
Corporation tax at standard rate	705,718	822,321
Tax increase from other short-term timing differences	-	504
Effect of revenues exempt from taxation	(582)	-
Effect of expense not deductible in determining taxable profit (tax loss)	64,276	5,594
Increase/(decrease) from tax losses for which no deferred tax asset was recognised	4,145	(279)
Increase in UK and foreign current tax from unrecognised temporary difference from a prior period	800	-
Total tax charge	774,357	828,140

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

11	Tangible assets

Group

	Land and buildings £	Motor vehicles £	Plant and machinery £	Leasehold Improvements £	Total £
Cost or valuation
At 1 January 2025	777,000	792,012	181,639	209,219	1,959,870
Additions	-	109,333	-	-	109,333
Disposals	-	(76,056)	(14,550)	-	(90,606)
At 31 December 2025	777,000	825,289	167,089	209,219	1,978,597
Depreciation
At 1 January 2025	49,210	281,461	68,609	74,363	473,643
Charge for the year	15,540	164,675	31,789	19,419	231,423
Eliminated on disposal	-	(51,013)	(12,287)	-	(63,300)
At 31 December 2025	64,750	395,123	88,111	93,782	641,766
Carrying amount
At 31 December 2025	712,250	430,166	78,978	115,437	1,336,831
At 31 December 2024	727,790	510,551	113,030	134,856	1,486,227

Page 25

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Included within the net book value of land and buildings above is £712,250 (2024 - £727,790) in respect of freehold land and buildings.

Included within the net book value of land and buildings above is £115,437 (2024 - £134,856) in respect of long leasehold land and buildings.

12	Investment properties

Group

	2025 £
At 1 January 2025	614,233
Additions	629,095
Disposals	(325,450)
At 31 December 2025	917,878

There has been no valuation of investment property by an independent valuer.

Company

	2025 £
At 1 January 2025	325,450
Disposals	(325,450)
At 31 December 2025	-

13	Investments

Company

	2025 £	2024 £
Investments in subsidiaries	198	198

Subsidiaries

£

Cost or valuation

At 1 January 2025

198

Carrying amount

At 31 December 2025

198

At 31 December 2024

198

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2025	2024

Subsidiary undertakings
Weatherhead Shop Designers Limited	Unit 10 Strashleigh View, lee Mill Industrial Estate, Ivybridge, Devon, PL21 9UH	Ordinary	100%	100%

Naed Repip Ytreporp Limited	Unit 10 Strashleigh View, Lee Mill Industrial Estate, Ivybridge, Devon, PL21 9UH	Ordindary A	98%	98%

Weatherhead ERC Limited (dormant)	Unit 10 Strashleigh View, Lee Mill Industrial Estate, Devon, PL21 9UH	Ordinary	100%	100%

Weatherhead London Limited (dissolved on 27 May 2025)	Unit 10 Strashleigh View, Lee Mill Industrial Estate, Ivybridge, Devon, PL21 9UH	Ordinary	0%	100%

Stocks

	Group		Company
	2025 £	2024 £	2025 £	2024 £
Work in progress	442,085	244,404	-	-
Other stocks	15,000	15,000	-	-
	457,085	259,404	-	-

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

Debtors

	Group		Company
Current	2025 £	2024 £	2025 £	2024 £
Trade debtors	6,718,580	5,223,160	-	-
Other debtors	13,944	24,760	-	16,549
Prepayments	16,300	12,433	-	-
Accrued income	2,416,125	3,254,581	-	-
Amounts owed by group undertakings	-	-	1,250,669	1,011,510
	9,164,949	8,514,934	1,250,669	1,028,059

16	Cash and cash equivalents

	Group		Company
	2025 £	2024 £	2025 £	2024 £
Cash at bank	3,482,051	2,991,102	3,235,145	2,769,187

Creditors

		Group		Company
	Note	2025 £	2024 £	2025 £	2024 £
Due within one year
Loans and borrowings	21	103,731	93,398	-	-
Trade creditors		1,316,113	1,603,205	-	-
Amounts owed to group undertakings		-	-	786,177	98
Social security and other taxes		1,424,971	1,027,189	-	-
Other creditors		671,144	154,828	551,646	-
Accrued expenses		511,021	691,716	-	-
Corporation tax	10	327,616	406,659	10,000	4,124
Deferred income		295,020	98,822	-	-
		4,649,616	4,075,817	1,347,823	4,222
Due after one year
Loans and borrowings	21	72,243	153,628	-	-

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

18	Provisions for liabilities

Group

	Deferred tax £	Total £
At 1 January 2025	113,191	113,191
Increase (decrease) in existing provisions	(38,034)	(38,034)
At 31 December 2025	75,157	75,157

Deferred tax

Group

Deferred tax assets and liabilities

2025	Asset £	Liability £
Acelerated capital allowance	-	75,157
	-	75,157

2024	Asset £	Liability £
Acelerated capital allowance	-	113,191
	-	113,191

19	Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £187,582 (2024 - £82,769).

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

20	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary Shares of £1 each	120	120	120	120

Rights, preferences and restrictions

Ordinast shares have the following rights, preferences and restrictions:
All rights attached, full voting and equity rights

21	Loans and borrowings

Current loans and borrowings

	Group		Company
	2025 £	2024 £	2025 £	2024 £

Hire purchase contracts	103,731	93,398	-	-

Non-current loans and borrowings

	Group		Company
	2025 £	2024 £	2025 £	2024 £

Hire purchase contracts	72,243	153,628	-	-

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

22	Obligations under operating leases

Group

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	17,351	13,717
Later than one year and not later than five years	47,253	54,869
	64,604	68,586

The amount of non-cancellable operating lease payments recognised as an expense during the year was £17,784 (2024 - £6,821).

Dividends

Interim dividends paid

	2025 £	2024 £
Dividends paid	1,010,000	1,425,000

24	Analysis of changes in net debt

Group

	At 1 January 2025 £	Financing cash flows £	New finance leases £	At 31 December 2025 £
Cash	2,991,102	490,949	-	3,482,051
Finance leases	(247,026)	117,052	(46,000)	(175,974)
	2,744,076	608,001	(46,000)	3,306,077

Naed Repip (Holdings) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

25	Related party transactions

Group

Other transactions with directors

Remuneration paid to directors in the year has been disclosed in note 7.

At the balance sheet date £551,646 (2024 - £16,549 - owed by directors) was owed by the company to directors in respect of their director's loan accounts. No interest was charged by the company on amounts owed by the company to the director. Where the director was indebted to the company, interest was charged. This balance is included in other creditors.

Summary of transactions with subsidiaries

During the year, a subsidiary incurred rental expenditure of £95,000 (2024 - £95,000) with a fellow group subsidiary Naed Repip Ytreporp Limited.

At the balance sheet date, £1,250,669 (2024 - £1,011,510) was due to the company from two subsidiaries.

At the balance sheet date, £786,177 (2024 - £98) was owed by the company to two subsidiaries.

26	Parent and ultimate parent undertaking

The ultimate controlling party is Dean Piper.

Subsidiaries	£
Cost or valuation
At 1 January 2025	198
Carrying amount
At 31 December 2025	198
At 31 December 2024	198