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REGISTERED NUMBER: 05186236 (England and Wales)












Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

Park Group Holdings Limited

Park Group Holdings Limited (Registered number: 05186236)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Park Group Holdings Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D Geers
P Geers





REGISTERED OFFICE: Alpine Way
London
E6 6LA





REGISTERED NUMBER: 05186236 (England and Wales)





AUDITORS: Try Lunn & Co
Chartered Accountants
and Statutory Auditors
Roland House
Princes Dock Street
HULL HU1 2LD

Park Group Holdings Limited (Registered number: 05186236)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

The principal activity of the Group during the year was the artworking, printing, finishing, and distribution of
reports, magazines, catalogues, and brochures, and the production, installation and de-installation of large format display products.

REVIEW OF BUSINESS
2023 continued to be a challenging period for the industry due to the impact of inflation on customers and rising costs, even though paper prices stabilised. Despite these challenges, sales increased by £1.77m (12.9%) from 2022 and the business delivered an improved profit.
This good performance has been made possible by the skill, teamwork and commitment of the people within the business.
The Company's strategy remains to:

- strengthen further the Company's position within those niche markets where we have gained either a dominant or top 3 position;

- invest in the latest manufacturing equipment that will enhance the Company's service offering, while reducing costs;

- maximise account retention through the high level of service provided to customers, and

- reach the Company's marketplaces by interesting marketing activities, including sponsorships, to support a strong new business programme, while investing in winning national awards which provides independent evidence of the strength of the Company's offering to its customers.


The strategic decision to maintain a mix of markets and provide a service that focuses on those who most value the printed medium protected the Company from the drop in sales experienced by many other businesses working in the printing industry.

The improvement in sales, combined with a continual improvement programme and cost savings implemented in the year, enabled the improved profitability.

Being part of the highly respected Belgian based printing group, Graphius Group BV, has brought new opportunities to develop European-wide business, and to strengthen the Company's offering to the growing book market.
2024 will bring major investments in the press room and bindery, enabling the Company to enjoy the productivity delivered by new technology.

After a slow start to 2024, trading has picked up well, with good volumes booked for March and April. The Directors are confident of a good outturn for the full year.


Park Group Holdings Limited (Registered number: 05186236)

Group Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
There are certain risks which could directly and materially impact the Company's results compared with expectations. A summary of key risks is set out below. This is not an exhaustive list of the factors that could adversely impact Company profitability.

1) General economic conditions
The Company minimises its exposure to economic uncertainties and other events that impact customer purchasing by maintaining a mix of markets, and by producing a high level of quality, speed, confidentiality and environmental performance that is rarely matched by competitors.

2) Covid-19
2023 sales increased 8.5% on 2019 (pre-COVID) levels and pre-tax profit, prior to the management charge from Graphius Group, was 216% of that in 2019. By summer 2021, payments to creditors were being made to the terms agreed before COVID.

3) Brexit
2.5% of the Company's turnover originates from Europe. Although the suppliers are UK based, paper and equipment supplies are largely sourced by the Company's suppliers from Europe. These suppliers have increased their UK stock levels to mitigate any disruption to supplies due to Brexit.

4) Market risk
The Company has a mix of markets in order to reduce exposure to the downturn in any one market.

5) Financial risks
The Company finances its operations through a combination of internally generated cash flows, existing cash deposits and borrowings.
The Company's financial controller manages the Company's cash and main banking relationship. This is operated as a cost and risk reduction programme. Transactions of a speculative nature are not permitted.

6) Credit risk
The principal credit risk arises from trade debtors. The Company asks for payment up-front from less credit worthy customers and actively chases up any overdue balances.

7) Currency risk
The Company's exposure to currency fluctuations relates to the imports of material and parts from Europe by its suppliers.


Park Group Holdings Limited (Registered number: 05186236)

Group Strategic Report
for the Year Ended 31 December 2023

FINANCIAL RISKS AND UNCERTAINTIES
The Directors assess the performance of the business using a variety of key performance indicator, including the measurement if turnover, operating profit and pre-tax profit.

The Group delivered:

- turnover from continuing operations of £15,502,683 (2022 £13,731,151)
- an operating profit of £151,257 (2022 £182,426)
- a pre-tax profit of £124,284 (2022 £137,164).

The pre-tax profit is stated after an amortisation charge of £240,022 in relation to goodwill arising on
consolidation.

At the year end there was a cash balance of £417,017 (2022 £458,055), loan finance of £493,696 ( 2022 £670,135) and shareholders funds of £2,068,291 (2022 £2,034,549)

ON BEHALF OF THE BOARD:





P Geers - Director


20 June 2024

Park Group Holdings Limited (Registered number: 05186236)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company is a holding company. The principal activity of the subsidiary is the
origination, printing, finishing, artworking and distribution of reports, magazines, catalogues, books and
brochures.

DIVIDENDS
Particulars of dividends are detailed in Note 9 of the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

D Geers
P Geers

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Try Lunn & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P Geers - Director


20 June 2024

Report of the Independent Auditors to the Members of
Park Group Holdings Limited

Opinion
We have audited the financial statements of Park Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31 December 2023 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Park Group Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 five, 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 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.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

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

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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statements disclosures to underlying supporting documentation, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating 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 www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Park Group Holdings Limited


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 a Report of the Auditors 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.




Andrew Ewart FCA FCCA (Senior Statutory Auditor)
for and on behalf of Try Lunn & Co
Chartered Accountants
and Statutory Auditors
Roland House
Princes Dock Street
HULL HU1 2LD

25 June 2024

Park Group Holdings Limited (Registered number: 05186236)

Consolidated Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 15,502,683 13,731,151

Cost of sales 12,211,257 11,091,729
GROSS PROFIT 3,291,426 2,639,422

Administrative expenses 3,140,169 2,456,996
OPERATING PROFIT 5 151,257 182,426


Interest payable and similar expenses 6 26,973 45,262
PROFIT BEFORE TAXATION 124,284 137,164

Tax on profit 7 90,542 256,380
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

33,742

(119,216

)
Profit/(loss) attributable to:
Owners of the parent 33,742 (119,216 )

Park Group Holdings Limited (Registered number: 05186236)

Consolidated Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 33,742 (119,216 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

33,742

(119,216

)

Total comprehensive income attributable to:
Owners of the parent 33,742 (119,216 )

Park Group Holdings Limited (Registered number: 05186236)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 120,014 360,036
Tangible assets 11 2,253,550 2,613,558
Investments 12 - -
2,373,564 2,973,594

CURRENT ASSETS
Stocks 13 667,695 577,092
Debtors 14 2,749,274 2,509,879
Cash at bank and in hand 417,017 458,055
3,833,986 3,545,026
CREDITORS
Amounts falling due within one year 15 3,477,691 3,656,731
NET CURRENT ASSETS/(LIABILITIES) 356,295 (111,705 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,729,859

2,861,889

CREDITORS
Amounts falling due after more than one
year

16

(347,344

)

(470,465

)

PROVISIONS FOR LIABILITIES 18 (314,224 ) (356,875 )
NET ASSETS 2,068,291 2,034,549

CAPITAL AND RESERVES
Called up share capital 19 519,198 519,198
Share premium 20 899,198 899,198
Capital redemption reserve 20 29,173 29,173
Retained earnings 20 620,722 586,980
SHAREHOLDERS' FUNDS 2,068,291 2,034,549

The financial statements were approved by the Board of Directors and authorised for issue on 20 June 2024 and were signed on its behalf by:





P Geers - Director


Park Group Holdings Limited (Registered number: 05186236)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 5,445,488 5,445,488
5,445,488 5,445,488

CURRENT ASSETS
Cash at bank 225 106

CREDITORS
Amounts falling due within one year 15 3,991,164 3,990,864
NET CURRENT LIABILITIES (3,990,939 ) (3,990,758 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,454,549

1,454,730

CAPITAL AND RESERVES
Called up share capital 19 519,198 519,198
Share premium 20 899,198 899,198
Capital redemption reserve 20 29,173 29,173
Retained earnings 20 6,980 7,161
SHAREHOLDERS' FUNDS 1,454,549 1,454,730

Company's (loss)/profit for the financial year (181 ) 83,289

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 20 June 2024 and were signed on its behalf by:





P Geers - Director


Park Group Holdings Limited (Registered number: 05186236)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 519,198 789,696 899,198 29,173 2,237,265

Changes in equity
Dividends - (83,500 ) - - (83,500 )
Total comprehensive income - (119,216 ) - - (119,216 )
Balance at 31 December 2022 519,198 586,980 899,198 29,173 2,034,549

Changes in equity
Total comprehensive income - 33,742 - - 33,742
Balance at 31 December 2023 519,198 620,722 899,198 29,173 2,068,291

Park Group Holdings Limited (Registered number: 05186236)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 519,198 7,372 899,198 29,173 1,454,941

Changes in equity
Dividends - (83,500 ) - - (83,500 )
Total comprehensive income - 83,289 - - 83,289
Balance at 31 December 2022 519,198 7,161 899,198 29,173 1,454,730

Changes in equity
Total comprehensive income - (181 ) - - (181 )
Balance at 31 December 2023 519,198 6,980 899,198 29,173 1,454,549

Park Group Holdings Limited (Registered number: 05186236)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 494,369 765,972
Interest paid (3,557 ) (15,325 )
Interest element of hire purchase payments
paid

(23,416

)

(29,937

)
Tax paid (116,600 ) -
Net cash from operating activities 350,796 720,710

Cash flows from investing activities
Purchase of tangible fixed assets (209,180 ) (164,542 )
Sale of tangible fixed assets 6,000 40,885
Net cash from investing activities (203,180 ) (123,657 )

Cash flows from financing activities
Loan repayments in year - (400,000 )
Capital repayments in year (176,439 ) (611,057 )
Amount introduced by directors - 23,500
Amount withdrawn by directors (58,749 ) -
Intercompany loan 46,534 110,000
Equity dividends paid - (83,500 )
Net cash from financing activities (188,654 ) (961,057 )

Decrease in cash and cash equivalents (41,038 ) (364,004 )
Cash and cash equivalents at beginning of
year

2

458,055

822,059

Cash and cash equivalents at end of year 2 417,017 458,055

Park Group Holdings Limited (Registered number: 05186236)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT/(LOSS) FOR THE FINANCIAL YEAR TO CASH GENERATED
FROM OPERATIONS
2023 2022
£    £   
Profit/(loss) for the financial year 33,742 (119,216 )
Depreciation charges 809,210 882,244
Profit on disposal of fixed assets (6,000 ) (14,220 )
Finance costs 26,973 45,262
Taxation 90,542 256,380
954,467 1,050,450
Increase in stocks (90,603 ) (104,974 )
Increase in trade and other debtors (239,395 ) (608,550 )
(Decrease)/increase in trade and other creditors (130,100 ) 429,046
Cash generated from operations 494,369 765,972

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 417,017 458,055
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 458,055 822,059


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 458,055 (41,038 ) 417,017
458,055 (41,038 ) 417,017
Debt
Finance leases (670,135 ) 176,439 (493,696 )
(670,135 ) 176,439 (493,696 )
Total (212,080 ) 135,401 (76,679 )

Park Group Holdings Limited (Registered number: 05186236)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Park Group Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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

The financial statements have been prepared on a going concern basis. The Directors have
considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material certainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries
("the Group") as if they form a single entity. Intercompany transactions and balances between group
companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the
purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent
liabilities are initially recognised at their fair values at the acquisition date. The results of acquired
operations are included in the Consolidated Statement of Comprehensive Income from the date on
which control is obtained. They are deconsolidated from the date control ceases.

Significant judgements and estimates
Depreciation policies are determined based on the useful economic life of the assets to which they relate which are based on historical experience.

Work in progress consists of labour, material, outwork and handling costs. The year end work in progress figure represents the time and materials consumed prior to the year end that are expected to be fully recovered on completion of the work. Where possible actual costs have been used at arriving at the work in progress balance.

Trade debtors are provided against on a specific basis to the extent that they are considered
irrecoverable. No general provisions are made against the trade debtor balance.

No other significant judgements have been made in preparing these financial statements.

Park Group Holdings Limited (Registered number: 05186236)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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

Sale of goods

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

- the Group has transferred the significant risks and rewards of ownership to the buyer;
- the Group retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction, and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Group will receive the 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Park Group Holdings Limited (Registered number: 05186236)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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

Depreciation is provided on the following basis:

Long-term leasehold property - 2%-20% Straight line
Plant and machinery - 8%-33% Straight line
Fixtures and fittings - 25%-33% Straight line

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

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

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

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

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when
there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Park Group Holdings Limited (Registered number: 05186236)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will
generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a
project if and only if certain specific criteria are met in order to demonstrate the asset will generate
probable future economic benefits and that its cost can be reliably measured. The capitalised
development costs are subsequently amortised on a straight line basis over their useful economic
lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an
internal project, the expenditure is treated as if it were all incurred in the research phase only.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Operating leases: the Company as lessee

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

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

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed
assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company.
Obligations under such agreements are included in creditors net of the finance charge allocated to
future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid

Park Group Holdings Limited (Registered number: 05186236)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are
recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 14,836,679 13,140,744
Rest of Europe 392,131 386,811
Rest of the word 273,873 203,596
15,502,683 13,731,151

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,332,136 4,081,456
Social security costs 389,833 375,362
Other pension costs 104,906 108,418
4,826,875 4,565,236

The average number of employees during the year was as follows:
2023 2022

Production 74 73
Administration 9 10
Distribution 10 12
93 95

The average number of employees by undertakings that were proportionately consolidated during the year was 93 (2022 - 95 ) .

Park Group Holdings Limited (Registered number: 05186236)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£ £
Directors' remuneration 203,769 98,284

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 5,251 8,613
Other operating leases 24,217 17,776
Depreciation - owned assets 569,188 642,221
Profit on disposal of fixed assets (6,000 ) (14,220 )
Goodwill amortisation 240,022 240,022
Auditors' remuneration 18,000 18,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 3,025 1,730
Loan interest 532 13,595
Hire purchase 23,416 29,937
26,973 45,262

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 133,193 58,576

Deferred tax (42,651 ) 197,804
Tax on profit 90,542 256,380

UK corporation tax has been charged at 23.52 % (2022 - 19 %).

Park Group Holdings Limited (Registered number: 05186236)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 124,284 137,164
Profit multiplied by the standard rate of corporation tax in the UK of
23.520 % (2022 - 19 %)

29,232

26,061

Effects of:
Depreciation in excess of capital allowances 37,012 42,113
Utilisation of tax losses - (58,217 )
Permanent dissallowable expenses 1,886 2,975
Short term timing difference (34,080 ) 197,804
development tax credit
Non-tax deductible amortisation of goodwill and impairment 56,492 45,604
Unrelieved tax losses carried forward - 40
Total tax charge 90,542 256,380

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Ordinary A shares shares of 1 each
Interim - 83,500

Equity dividends are recognised when they become legally payable. Interim equity dividends are
recognised when paid.

Park Group Holdings Limited (Registered number: 05186236)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 2,415,223
AMORTISATION
At 1 January 2023 2,055,187
Amortisation for year 240,022
At 31 December 2023 2,295,209
NET BOOK VALUE
At 31 December 2023 120,014
At 31 December 2022 360,036

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 2,192,948 7,968,702 1,257,531 11,419,181
Additions - 153,381 55,799 209,180
Disposals - (16,500 ) - (16,500 )
At 31 December 2023 2,192,948 8,105,583 1,313,330 11,611,861
DEPRECIATION
At 1 January 2023 2,157,493 5,477,704 1,170,426 8,805,623
Charge for year 7,336 527,892 33,960 569,188
Eliminated on disposal - (16,500 ) - (16,500 )
At 31 December 2023 2,164,829 5,989,096 1,204,386 9,358,311
NET BOOK VALUE
At 31 December 2023 28,119 2,116,487 108,944 2,253,550
At 31 December 2022 35,455 2,490,998 87,105 2,613,558

The net book value of assets held under finance leases or hire purchase contracts included above are £680,000 (2022 £2,142,838)

Park Group Holdings Limited (Registered number: 05186236)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 5,445,488
NET BOOK VALUE
At 31 December 2023 5,445,488
At 31 December 2022 5,445,488

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Park Communications Limited
Registered office: Alpine Way, London, E6 6LA
Nature of business:
%
Class of shares: holding
Ordinary Shares 100.00
2023 2022
£    £   
Aggregate capital and reserves 5,939,216 5,665,271
Profit for the year 273,945 121,017


13. STOCKS

Group
2023 2022
£    £   
Raw materials 427,822 367,943
Work-in-progress 239,873 209,149
667,695 577,092

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 1,905,215 1,820,339
Other debtors 454,129 262,559
VAT 64,742 87,359
Prepayments 325,188 339,622
2,749,274 2,509,879

Park Group Holdings Limited (Registered number: 05186236)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 17) 146,352 199,670 - -
Trade creditors 2,484,843 2,453,674 - -
Amounts owed to group undertakings 156,535 110,000 3,991,164 3,990,864
Tax 75,169 58,576 - -
Social security and other taxes 119,561 229,038 - -
Other creditors 39,819 38,448 - -
Directors' current accounts - 58,750 - -
Accruals and deferred income 455,412 508,575 - -
3,477,691 3,656,731 3,991,164 3,990,864

Included within other creditors are unpaid pension contributions of £34,846 (2022: £19,098).

The current obligations under finance leases and hire purchase contracts are secured against the individual assets to which they relate.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Hire purchase contracts (see note 17) 347,344 470,465

The non-current obligation under finance leases and hire purchase contracts are secured against the individual assets to which they relate.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 146,352 199,670
Between one and five years 347,344 470,465
493,696 670,135

Park Group Holdings Limited (Registered number: 05186236)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

17. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 32,377 16,539
Between one and five years 773,952 934,993
In more than five years 122,320 122,320
928,649 1,073,852

The total expense in the Statement of Comprehensive Income in relation to operating leases was
£928,649 ( 2022 £932,252)

18. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 314,224 356,875

Group
Deferred
tax
£   
Balance at 1 January 2023 356,875
Accelerated capital allowances (33,540 )
Tax losses brought forward
Provisions (9,111 )
Balance at 31 December 2023 314,224

Provisions are made where an event has taken place that gives the Group a legal or constructive
obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of
the obligation, and are measured at the best estimate at the balance sheet date of the expenditure
required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
455,848 Ordinary A shares 1 455,848 455,848
63,350 Ordinary B Shares 1 63,350 63,350
519,198 519,198

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.

Park Group Holdings Limited (Registered number: 05186236)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

20. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 586,980 899,198 29,173 1,515,351
Profit for the year 33,742 33,742
At 31 December 2023 620,722 899,198 29,173 1,549,093

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 7,161 899,198 29,173 935,532
Deficit for the year (181 ) (181 )
At 31 December 2023 6,980 899,198 29,173 935,351

Profit and loss account

The reserve records the accumulated profit and loss distributable to the shareholders, net of any due taxes and dividends declared and paid.

Included in the profit and loss is research and development expenditure of £nil (2022: £nil) incurred that has not been capitalised as an intangible asset or as part of the cost of another asset.

The Company undertakes a number of projects in relation to research and development, including the development of software and altering print technologies.

21. PENSION COMMITMENTS

The Company operates a defined contribution pension scheme for the benefit of all employees. The assets of the scheme are administered by trustees in a fund independent from those of the Company.

The total contributions payable in the year amounted to £104,906 (2022: £108,418). The amount unpaid at 31 December 2023 was £34,846 (2022: £19,098).

22. RELATED PARTY DISCLOSURES

During the year the group made sales of £94,193 ( 2022 £14,238) and purchased services of £458,744 (2022 £21,850) from Graphius NV, a company under common control, the transactions were made on normal third party arm's length commercial terms.
At the year end £17,344 was owed from Graphius NV to the group (2022 £9,053 owed to Graphius NV)

During the year a management fee of £546,472 (2022 £nil) was charged from Graphius Group BV, the ultimate parent company, to the group.

At the year end the group owed £156,534 ( 2022: £110,000) to Graphius Group BV.

At the year end, A.G Branch, a director of Park Communications Limited, was owed £nil ( 2022 £ 41,750) and H. Mason, a director of Park Communications Limited, was owed £nil ( £29,375) from the group.

Park Group Holdings Limited (Registered number: 05186236)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

23. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Graphius Group BV, a company incorporated and registered in Belgium, the company is under the control of P. Geers and D. Geers.

Graphius Group consolidated accounts can be obtained from Traktaatweg 8, 9041 Gent, Belgium