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REGISTERED NUMBER: 04983326 (England and Wales)















CARTRIDGE SAVE LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Financial Statements 15


CARTRIDGE SAVE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: I Cowley
H C Clark
S Blanks
J D Clark





SECRETARY: H C Clark





REGISTERED OFFICE: 5 - 6 Gregson Road
Stockport
SK5 7SS





REGISTERED NUMBER: 04983326 (England and Wales)





AUDITORS: Harold Sharp Limited
5 Brooklands Place
Brooklands Road
Sale
M33 3SD

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
During 2023 Cartridge Save successfully retained its position as a market leading brand in the print consumables and hardware industry.

Like many businesses Cartridge Save had to adapt to the challenges presented by high inflation and foreign currency volatility. Significant fluctuations in demand between home and commercial printing products, as well as changes in customer buying habits have been observed across the industry over the past few years, as a result of the trend towards increased home-working. Enabled by our agile and dynamic ethos, Cartridge Save has risen to the challenge resulting in another highly profitable year.

Turnover, gross profit margin and profit before tax are the main KPIs reviewed within the business. Turnover reduced slightly to £38.4m (2022: £41.8m) as a result of our strategy to change our product sales mix, with gross profit margin rising to 21.6% (2022: 20.8%). Profit before tax reduced to £5.7m (2022: £6.2m) as a result of inflationary pressures on overheads.

Foreign currency exchange rates remained volatile, but strong relationships with our suppliers and a significant stock holding enabled us to ensure minimal disruption in both availability and pricing of our products.

At the year end net total assets remained in line with 2022 at £5.5m, with net current assets also stable at £3.1m, leaving the business with a very strong balance sheet.


CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the full range of risks affecting the company on a regular basis, and where appropriate take action to address such risks. The principal risks and uncertainties facing Cartridge Save are detailed below:

Market Risk
As with all technology markets, there is a risk that products will become outdated and the market will begin to decline. To date there is no evidence of decline, however the directors have considered this and are continuously adding the latest products.

Supplier Risk
There are a limited number of suppliers for many of the products in the Cartridge Save range. In order to reduce the risk of over exposure to a single supplier, and to ensure competitive pricing, the company aims to maintain good relationships with many suppliers.

Customer Risk
The company has a good mixed customer base and does not feel over dependent on any one customer or sector. The company has a good record of minimising bad debts, utilising credit reporting software prior to issuing credit terms, and through close monitoring thereafter.

Foreign Exchange Risk
Foreign exchange rates remain volatile. Management continue to review the volume of contracts entered into that are derived in foreign currencies. The current position of not hedging this risk is regularly considered, and should the directors consider the need, appropriate hedging strategies will be entered into.

ON BEHALF OF THE BOARD:





I Cowley - Director


30 April 2024

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of computer consumables.

DIVIDENDS
Interim dividends in the year totalling £846,892 (2022: £945,818), £846,892 (2022: £945,818), £1,289,384 (2022: £1,404,144) and £1,341,528 (2022: £1,446,152) were paid on the A, B, C and D Ordinary £1 shares respectively. The total distribution of dividends in the year was £4,324,694 (2022: £4,741,932).

The directors are recommending no final dividend on all share classes (2022: none).

FUTURE DEVELOPMENTS
The directors plan to closely monitor changes in the product sales mix through 2024 and beyond, ensuring the product offering remains both relevant and appealing to the customer base.

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

I Cowley
H C Clark
S Blanks
J D Clark

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

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

STATEMENT 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





I Cowley - Director


30 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARTRIDGE SAVE LIMITED


Opinion
We have audited the financial statements of Cartridge Save Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement 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 company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 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 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
CARTRIDGE SAVE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARTRIDGE SAVE LIMITED


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:

Procedures to identify risks:
- enquiring of management concerning the company's procedures relating to: identifying, evaluating and
complying with laws and regulations and whether they were aware of any instances of noncompliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud;
- discussing among the engagement team regarding how and where fraud might occur in the financial
statements and any potential indicators of fraud. As part of this discussion, we identified potential for
fraud in the following areas: timing of recognition of sales and purchases and their related stock
movements, posting of unusual journals; and
- obtaining an understanding of the legal and regulatory frameworks that the company operates in,
focusing on those laws and regulations that had a direct effect on the financial statements or that had a
fundamental effect on the operations of the company. The key laws and regulations we considered in
this context included UK Companies Act, employment law, health and safety, pensions legislation and
tax legislation.

The procedures to respond to risks identified included:
- reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with relevant laws and regulations discussed above;
- enquiring of management, concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate
risks of material misstatement due to fraud;
- reviewing correspondence with HMRC;
- testing the timing and matching of income and expense transactions relating to stock movements
either side of the year end; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments; assessing whether the judgements made in making accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course of business.

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

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulation that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detection one resulting from an error, as fraud may involve deliberate concealment, by for example, forgery or intentional misrepresentation, or through 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARTRIDGE SAVE 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 Copping FCA (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited
5 Brooklands Place
Brooklands Road
Sale
M33 3SD

30 April 2024

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 38,418,973 41,765,881

Cost of sales 30,109,073 33,097,392
GROSS PROFIT 8,309,900 8,668,489

Administrative expenses 2,729,273 2,609,476
5,580,627 6,059,013

Other operating income 103,088 89,841
OPERATING PROFIT 4 5,683,715 6,148,854

Interest receivable and similar income 42,005 13,847
5,725,720 6,162,701

Interest payable and similar expenses 5 9,715 -
PROFIT BEFORE TAXATION 5,716,005 6,162,701

Tax on profit 6 1,378,486 1,206,136
PROFIT FOR THE FINANCIAL YEAR 4,337,519 4,956,565

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 4,337,519 4,956,565


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,337,519

4,956,565

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 10,188 16,855
Tangible assets 9 1,102,537 1,040,050
Investment property 10 1,480,000 1,480,000
2,592,725 2,536,905

CURRENT ASSETS
Stocks 11 3,741,731 3,981,077
Debtors 12 942,162 1,015,162
Cash at bank and in hand 1,986,091 2,742,382
6,669,984 7,738,621
CREDITORS
Amounts falling due within one year 13 3,570,288 4,602,393
NET CURRENT ASSETS 3,099,696 3,136,228
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,692,421

5,673,133

PROVISIONS FOR LIABILITIES 15 178,317 171,854
NET ASSETS 5,514,104 5,501,279

CAPITAL AND RESERVES
Called up share capital 16 1,175 1,175
Share premium 17 237,621 237,621
Retained earnings 17 5,275,308 5,262,483
SHAREHOLDERS' FUNDS 5,514,104 5,501,279

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2024 and were signed on its behalf by:




I Cowley - Director



S Blanks - Director


CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 1,175 5,047,850 237,621 5,286,646

Changes in equity
Dividends - (4,741,932 ) - (4,741,932 )
Total comprehensive income - 4,956,565 - 4,956,565
Balance at 31 December 2022 1,175 5,262,483 237,621 5,501,279

Changes in equity
Dividends - (4,324,694 ) - (4,324,694 )
Total comprehensive income - 4,337,519 - 4,337,519
Balance at 31 December 2023 1,175 5,275,308 237,621 5,514,104

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 19 4,970,972 5,877,614
Interest paid (9,715 ) -
Tax paid (1,255,163 ) (1,265,870 )
Net cash from operating activities 3,706,094 4,611,744

Cash flows from investing activities
Purchase of tangible fixed assets (263,691 ) (202,581 )
Sale of tangible fixed assets 83,995 133,194
Interest received 42,005 13,847
Net cash from investing activities (137,691 ) (55,540 )

Cash flows from financing activities
Amount withdrawn by directors - (123,109 )
Equity dividends paid (4,324,694 ) (4,741,932 )
Net cash from financing activities (4,324,694 ) (4,865,041 )

Decrease in cash and cash equivalents (756,291 ) (308,837 )
Cash and cash equivalents at
beginning of year

20

2,742,382

3,051,219

Cash and cash equivalents at end of
year

20

1,986,091

2,742,382

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. COMPANY INFORMATION

Cartridge Save Limited ("the Company") is a limited company incorporated in the United Kingdom. The address of its registered office and principal place of business is 5-6 Gregson Road, Stockport, SK5 7SS.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" ("FRS 102") and applicable legislation as set out in the Companies Act 2006 and Schedule 1 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. These financial statements have been prepared under the historical costs convention.

The financial statements are presented in Sterling (£).

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The most critical estimates and assumptions for investment property relate to the determination of carrying value. In determining this amount, the company made use of a professional valuation and then calculated an implied yield on part of the portfolio. This implied rental yield formed the key input for the determining the carrying value of the remainder of the portfolio. Rental income levels remained in line with 2022, so as a result, the carrying value is also unchanged.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Sales are recognised on the date of despatch to the customer.

Intangible assets
Intangible assets are initially recognised at cost. After initial recognition, intangibles are measured at cost less any accumulated amortisation and any impairment losses. Computer software is amortised over its expected useful life of 3 years, from the date it is first brought into use.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on cost

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Investment property
Investment property is revalued annually and included in the balance sheet at its open market value, which is estimated by the directors, based on rental yields. Changes in the market value are taken to the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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.

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.

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

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial assets
Basic financial assets, including trade debtors, cash and bank balances and amounts owed by group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial Liabilities
Basic financial liabilities, including trade creditors and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,869,820 1,717,305
Social security costs 161,101 147,123
Other pension costs 93,445 78,950
2,124,366 1,943,378

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS - continued

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

Warehouse 20 20
Contact Centre 20 21
Administration 21 20
Directors 4 4
65 65

2023 2022
£    £   
Directors' remuneration 240,723 236,896
Directors' pension contributions to money purchase schemes 36,652 11,655

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 70,093 68,896
Pension contributions to money purchase schemes 8,496 3,996

4. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 102,762 89,030
Loss/(profit) on disposal of fixed assets 14,447 (25,778 )
Computer software amortisation 6,667 6,667
Auditors' remuneration 16,500 14,800
Foreign exchange differences (62,908 ) 234,830
Operating lease costs 13,274 19,856
Revaluation of investment property - (280,000 )
Impairment of trade debtors (364 ) (3,984 )
Impairment of stocks of finished goods (29,974 ) 43,961

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
HMRC interest 9,715 -

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. 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 1,334,023 1,093,323
Under/(over) provision in prior year 38,000 11,634
Total current tax 1,372,023 1,104,957

Deferred tax 6,463 101,179
Tax on profit 1,378,486 1,206,136

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 5,716,005 6,162,701
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

1,344,404

1,170,913

Effects of:
Expenses not deductible for tax purposes - 3,533
Adjustments to tax charge in respect of previous periods 38,000 11,634
Research and development enhanced expenditure - (19,000 )
increase
Enhanced capital allowances (812 ) (2,189 )
Effects of tax rate change (3,106 ) 41,245
Total tax charge 1,378,486 1,206,136

7. DIVIDENDS
2023 2022
£    £   
A Ordinary - D Ordinary shares of £1 each
Interim 4,324,694 4,741,932

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. INTANGIBLE FIXED ASSETS
Trade
marks & Computer
licences software Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 6,300 566,313 572,613
AMORTISATION
At 1 January 2023 - 555,758 555,758
Amortisation for year - 6,667 6,667
At 31 December 2023 - 562,425 562,425
NET BOOK VALUE
At 31 December 2023 6,300 3,888 10,188
At 31 December 2022 6,300 10,555 16,855

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 929,697 10,350 195,695
Additions 45,944 - 26,026
Disposals - - (2,655 )
At 31 December 2023 975,641 10,350 219,066
DEPRECIATION
At 1 January 2023 172,862 7,418 179,752
Charge for year 18,748 2,070 6,604
Eliminated on disposal - - (2,655 )
At 31 December 2023 191,610 9,488 183,701
NET BOOK VALUE
At 31 December 2023 784,031 862 35,365
At 31 December 2022 756,835 2,932 15,943

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 283,672 149,636 1,569,050
Additions 135,990 55,731 263,691
Disposals (115,062 ) (880 ) (118,597 )
At 31 December 2023 304,600 204,487 1,714,144
DEPRECIATION
At 1 January 2023 56,722 112,246 529,000
Charge for year 53,259 22,081 102,762
Eliminated on disposal (16,620 ) (880 ) (20,155 )
At 31 December 2023 93,361 133,447 611,607
NET BOOK VALUE
At 31 December 2023 211,239 71,040 1,102,537
At 31 December 2022 226,950 37,390 1,040,050

10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,480,000
NET BOOK VALUE
At 31 December 2023 1,480,000
At 31 December 2022 1,480,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 1,480,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,072,888 1,072,888

Investment property was valued on an open market basis on 31 December 2023 by the directors, based on rental yields .

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. STOCKS
2023 2022
£    £   
Finished goods 3,741,731 3,981,077

Stocks of finished goods are stated after provisions for impairment of £63,508 (2022: £93,482).

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 634,540 718,910
Other debtors 675 494
Prepayments and accrued income 306,947 295,758
942,162 1,015,162

Trade debtors are stated after provisions for impairment of £20,483 (2022: £20,847).

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,963,516 2,636,589
Corporation tax 634,023 517,163
Social security and other taxes 44,918 35,969
VAT 200,783 492,900
Other creditors 259,798 249,526
Accrued expenses 467,250 670,246
3,570,288 4,602,393

Other creditors include unpaid pension contributions of £11,237 (2022: £8,466)

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 6,519 12,666
Between one and five years 1,630 7,905
8,149 20,571

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 178,317 171,854

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 171,854
Movement in year 6,463
Balance at 31 December 2023 178,317

The provision for deferred taxation is made up as follows
20232022
££
Accelerated capital allowances80,59973,443
Revaluation of investment property101,777101,777
Other timing differences(4,059)(3,366)
178,317171,854

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1,171 Ordinary £1 1,171 1,171
1 A Ordinary £1 1 1
1 B Ordinary £1 1 1
1 C Ordinary £1 1 1
1 D Ordinary £1 1 1
1,175 1,175

Ordinary shares have voting, dividend and capital distribution rights. A, B, C and D Ordinary shares have dividend rights, but no voting or capital distribution rights.

17. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 5,262,483 237,621 5,500,104
Profit for the year 4,337,519 4,337,519
Dividends (4,324,694 ) (4,324,694 )
At 31 December 2023 5,275,308 237,621 5,512,929

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J D Clark.

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


19. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 5,716,005 6,162,701
Depreciation charges 109,429 95,697
Loss/(profit) on disposal of fixed assets 14,447 (25,778 )
Revaluation of investment property - (280,000 )
Finance costs 9,715 -
Finance income (42,005 ) (13,847 )
5,807,591 5,938,773
Decrease in stocks 239,346 3,642
Decrease/(increase) in trade and other debtors 73,000 (159,410 )
(Decrease)/increase in trade and other creditors (1,148,965 ) 94,609
Cash generated from operations 4,970,972 5,877,614

20. 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 1,986,091 2,742,382
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,742,382 3,051,219


21. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 2,742,382 (756,291 ) 1,986,091
2,742,382 (756,291 ) 1,986,091
Total 2,742,382 (756,291 ) 1,986,091