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Registration number: 04463646

Imprint Creative Print Solutions Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Imprint Creative Print Solutions Limited

Contents

Company Information

1

Directors' Report

2

Strategic Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 24

 

Imprint Creative Print Solutions Limited

Company Information

Directors

D J Bullivant

M W Handford

B D Smith

B M Tucker

Company secretary

B D Smith

Registered office

Beacon House
Brambleside
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1PL

Banker

Barclays Bank PLC
Churchill Place
Canary Wharf
London
E14 5RB

Auditor

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Imprint Creative Print Solutions Limited

Directors' Report for the Year Ended 31 December 2023

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

Directors of the company

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

D J Bullivant

M W Handford

P Newton (resigned 31 January 2023)

B D Smith

B M Tucker

Future developments

The external commercial environment is expected to remain competitive going forwards, however, the directors
remain confident that the company will continue to improve its current level of performance in the future and will
continue to trade as a going concern.

Disclosure of information to the auditors

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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 18 September 2024 and signed on its behalf by:


B D Smith
Director

 

Imprint Creative Print Solutions Limited

Strategic Report for the Year Ended 31 December 2023

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

Principal activity

The principal activity of the Company is the provision of a fully managed marketing services specialising in point of sale for a diverse range of clients including retailers, manufacturers, and agencies. Services range from concept creation and design; campaign management; proprietary in-house software solutions; production; storage; and distribution.

Fair review of the business

The results for the year, which are set out in the profit and loss account, show turnover of £17,568,101 (2022 - £17,071,667) and an operating profit before exceptional items of £1,866,875 (2022 - £1,761,318).

EBITDA performance in the year increased slightly to £2,483,508 (2022 - £2,427,826) being 14.5% of revenues delivered in the year (2022 – 14.2% of revenues).

In light of another excellent trading year, the Directors declared a final dividend of £5.1m up to the holding companies in the Group (Pureprint Group Limited and East Sussex Press Limited). As part of this, the intercompany loans owed to Imprint were settled as were the older debts owed to Imprint meaning these transactions were cash neutral for the Company.

At 31 December 2023, the company had total assets less current liabilities of £2,281,799 (2022 - £5,835,604). The directors consider the performance for the year and the financial position at the year end to be a good result.

Despite the continuing macro and sectors challenges, the business performed well remaining agile to deliver an improved EBITDA return. The cost base of the business is in good order plus the on-going investment in automation and technology should drive improved service and profitability into 2024 and beyond.

Business development
Management continues to target new customer markets after successfully securing several new customers in new and adjacent markets including in the Out Of Homes market. The creative and visual media division, PIXL, is performing well and further diversifies the customer proposition in both new and existing markets around e-commerce, photography, and video content.

Entry into the Out Of Home market was supported with investment across 2023 and 2024 in the latest technology in print and finishing to provide this service including a Durst P5, 2 PLASTGrommets, and an Autobagger.

Alongside this development the Company continues to invest and develop its proprietary technology solutions to support its end-to-end services and its clients. This is opening further opportunities regarding the licensing of this software as well as expanding the businesses scope of services to its clients which is expected to drive further revenue and margin growth.

Sustainability continues to be a key focus for the business and our customers. Continual investment and innovation, as well as being CarbonNeutral® and holding ISO14001 and FSC accreditations, makes our proposition even more compelling to customers looking to improve their ESG footprint.

Principal risks and uncertainties

The management of the business and the execution of the Company's strategy are subject to several risks. The key business risks and uncertainties affecting the Company are considered to relate to competition from both national and local providers of similar services and the risk inherent in the retail market.

The heart of the business is our customer service levels and continual improvement in manufacturing efficiencies.

The Company’s Brexit team continues to assess the potential opportunities and risks now there is increased stability in EU trade negotiations, both directly for the wider Group and the diverse needs of our clients.


 

Imprint Creative Print Solutions Limited

Strategic Report for the Year Ended 31 December 2023

Financial instruments

Objectives and policies

The Company does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit insurance of its trade debtors and credit control procedures.

Price risk, credit risk, liquidity risk and cash flow risk

In accordance with the Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009' the directors of all companies are now required to provide disclosures regarding the adoption of the going concern basis of accounting.

The Company has considerable financial resources available and continues to trade profitably generating cash from operating activities. The directors have prepared forecasts for the next 12 months that indicate that these trends will continue. The directors therefore have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and has continued to adopt the going concern basis in preparing the financial statements.

Approved by the Board on 18 September 2024 and signed on its behalf by:


B D Smith
Director

 

Imprint Creative Print Solutions Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report, Strategic Report and the financial statements in accordance with applicable law and regulations.

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

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards has 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 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.

 

Imprint Creative Print Solutions Limited

Independent Auditor's Report to the Members of Imprint Creative Print Solutions Limited

Opinion

We have audited the financial statements of Imprint Creative Print Solutions Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 auditor 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 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.

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.

 

Imprint Creative Print Solutions Limited

Independent Auditor's Report to the Members of Imprint Creative Print Solutions Limited

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.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

Extent to which the audit was capable of detecting irregularities, including fraud

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 considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

Imprint Creative Print Solutions Limited

Independent Auditor's Report to the Members of Imprint Creative Print Solutions Limited

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

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

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

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.

A further description of our responsibilities is available 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.

......................................
Martin Howard (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

18 September 2024

 

Imprint Creative Print Solutions Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
 £

2022
 £

Turnover

3

17,568,101

17,071,667

Cost of sales

 

(10,198,639)

(9,874,938)

Gross profit

 

7,369,462

7,196,729

Distribution costs

 

(1,217,183)

(1,251,855)

Administrative expenses

 

(4,285,404)

(4,183,556)

Operating profit before exceptional items

4

1,866,875

1,761,318

Interest payable and similar charges

5

(90,649)

(94,202)

Profit before tax

 

1,776,226

1,667,116

Taxation

9

(240,933)

(188,781)

Profit for the financial year

 

1,535,293

1,478,335

EBITDA

 

2,483,508

2,427,826

The above results were derived from continuing operations.

The company has no other comprehensive income for the year.

 

Imprint Creative Print Solutions Limited

(Registration number: 04463646)
Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

10

85,693

179,902

Tangible assets

11

1,160,368

1,159,407

Investments

12

50,000

50,000

 

1,296,061

1,389,309

Current assets

 

Stocks

13

204,408

165,843

Debtors: Amounts falling due within one year

14

5,625,256

9,849,537

Cash at bank and in hand

 

494,254

256,508

 

6,323,918

10,271,888

Creditors: Amounts falling due within one year

15

(5,338,180)

(5,825,593)

Net current assets

 

985,738

4,446,295

Total assets less current liabilities

 

2,281,799

5,835,604

Creditors: Amounts falling due after more than one year

 

446,510

512,471

Provisions for liabilities

 

124,947

42,601

Capital and reserves

 

Called up share capital

18

210,342

210,342

Profit and loss account

1,500,000

5,070,190

Total equity

 

1,710,342

5,280,532

Total capital, reserves and long term liabilities

 

2,281,799

5,835,604

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 


B D Smith
Director

 

Imprint Creative Print Solutions Limited

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

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2023

210,342

5,070,190

5,280,532

Profit for the year

-

1,535,293

1,535,293

Dividends

-

(5,105,483)

(5,105,483)

At 31 December 2023

210,342

1,500,000

1,710,342

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2022

210,342

3,591,855

3,802,197

Profit for the year

-

1,478,335

1,478,335

At 31 December 2022

210,342

5,070,190

5,280,532

 

Imprint Creative Print Solutions Limited

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

 

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:
Beacon House
Brambleside
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1PL

 

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 UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

The company has not presented a cash flow statement on the grounds that the company is a wholly owned subsidiary and a group cash flow statement is included in the financial statements of the parent company.

Name of parent of group

These financial statements are consolidated in the financial statements of East Sussex Press Limited.

The financial statements of East Sussex Press Limited may be obtained from the company's registered office..

Group accounts not prepared

The company has taken advantage of the exemption from the requirement to prepare consolidated financial statements on the basis that it is a wholly-owned subsidiary and is included in the consolidated accounts of its parent, as set out in section 400(1) of the Companies Act 2006

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 

Imprint Creative Print Solutions Limited

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

Significant judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

These financial statements only contain significant estimates in relation to depreciation.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. The revenue classification has been used in these financial statements.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent 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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold land and buildings

Over the term of the lease

Plant and machinery

10-50% straight line

Furniture, fittings and equipment

10-50% straight line

Motor vehicles

33-50% straight line

 

Imprint Creative Print Solutions Limited

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

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 20 years

Internally generated software development costs

Straight line over 5 years

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measure at cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Imprint Creative Print Solutions Limited

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

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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Imprint Creative Print Solutions Limited

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

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Imprint Creative Print Solutions Limited

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

 

3

Revenue

The analysis of the company's turnover for the year by market is as follows:

2023
£

2022
£

UK

17,481,391

17,063,476

Europe

86,710

8,191

17,568,101

17,071,667

 

4

Operating profit

Arrived at after charging:

2023
 £

2022
 £

Depreciation

523,985

540,959

Amortisation

94,209

134,209

Operating lease expense - property

404,325

396,137

Operating lease expense - plant and machinery

215,281

221,891

 

5

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

17,807

15,384

Interest on obligations under finance leases and hire purchase contracts

72,842

78,818

90,649

94,202

 

6

Staff costs

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

2023
 £

2022
 £

Wages and salaries

3,995,605

3,523,485

Social security costs

350,533

305,604

Pension costs, defined contribution scheme

77,141

77,065

4,423,279

3,906,154

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

2023
 No.

2022
 No.

Production

76

72

Administration

51

46

127

118

 

Imprint Creative Print Solutions Limited

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

 

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

189,230

256,700

Contributions paid to money purchase schemes

5,800

11,600

195,030

268,300

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

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

1

1

In respect of the highest paid director:

2023
£

2022
£

Remuneration

166,000

166,100

Company contributions to money purchase pension schemes

5,800

5,800

 

8

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

7,200

7,130

Other fees to auditors

All other non-audit services

4,500

4,290

 

Imprint Creative Print Solutions Limited

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

 

9

Taxation

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

2023
 £

2022
 £

Current taxation

UK corporation tax

173,597

214,285

UK corporation tax adjustment to prior periods

(15,010)

-

158,587

214,285

Deferred taxation

Arising from origination and reversal of timing differences

77,473

(22,504)

Arising from changes in tax rates and laws

4,873

(3,000)

Total deferred taxation

82,346

(25,504)

Tax expense in the profit and loss account

240,933

188,781

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

1,776,226

1,667,116

Corporation tax at standard rate

417,413

316,752

Effect of expense not deductible in determining taxable profit (tax loss)

11,781

12,037

Deferred tax expense/(credit) relating to changes in tax rates or laws

4,873

(3,000)

Deferred tax credit from unrecognised temporary difference from a prior period

-

(13,007)

Decrease in UK and foreign current tax from adjustment for prior periods

(15,010)

-

Tax increase from effect of capital allowances and depreciation

21,529

4,884

Tax decrease arising from group relief

(199,653)

(128,885)

Total tax charge

240,933

188,781

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and capital allowances

146,440

Short term timing differences

(21,493)

124,947

2022

Liability
£

Difference between accumulated depreciation and capital allowances

59,647

Short term timing differences

(17,046)

42,601

 

Imprint Creative Print Solutions Limited

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

 

10

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost

At 1 January 2023 and at 31 December 2023

652,784

625,375

1,278,159

Amortisation

At 1 January 2023

593,371

504,886

1,098,257

Amortisation charge

33,000

61,209

94,209

At 31 December 2023

626,371

566,095

1,192,466

Carrying amount

At 31 December 2023

26,413

59,280

85,693

At 31 December 2022

59,413

120,489

179,902

 

11

Tangible assets

Leasehold land and buildings
£

Plant and machinery
 £

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

481,262

3,202,337

753,341

8,900

4,445,840

Additions

-

450,297

74,649

-

524,946

Disposals

-

(399,929)

(110,783)

-

(510,712)

At 31 December 2023

481,262

3,252,705

717,207

8,900

4,460,074

Depreciation

At 1 January 2023

425,155

2,343,306

509,072

8,900

3,286,433

Charge for the year

34,429

385,390

104,166

-

523,985

Eliminated on disposal

-

(399,929)

(110,783)

-

(510,712)

At 31 December 2023

459,584

2,328,767

502,455

8,900

3,299,706

Carrying amount

At 31 December 2023

21,678

923,938

214,752

-

1,160,368

At 31 December 2022

56,107

859,031

244,269

-

1,159,407

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Plant and machinery

858,229

762,053

     
 

Imprint Creative Print Solutions Limited

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

 

12

Investments

2023
£

2022
£

Investments in subsidiaries

50,000

50,000

Subsidiaries

£

Cost and carrying amount

At 1 January 2023 and at 31 December 2023

50,000

Details of undertakings

Details of the investments 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

     

2023

2022

Subsidiary undertakings

Perfect Screen Print Limited

Ordinary

100%

100%

 

England and Wales

     

The principal activity of Perfect Screen Print Limited is that of a dormant company.

The registered office of Perfect Screen Print Limited is the same as that of Imprint Creative Print Solutions Limited.

 

13

Stocks

2023
£

2022
£

Finished goods and goods for resale

204,408

165,843

 

14

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

2,947,892

3,220,141

Amounts owed by group undertakings

 

2,300,611

6,316,338

Other debtors

 

238,158

240,727

Prepayments

 

74,430

72,331

Corporation tax asset

9

64,165

-

 

5,625,256

9,849,537

 

Imprint Creative Print Solutions Limited

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

 

15

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

16

680,688

707,825

Trade creditors

 

2,638,756

2,623,906

Amounts due to group undertakings

 

133,731

133,731

Social security and other taxes

 

475,485

417,979

Other creditors

 

125,867

123,184

Accrued expenses

 

1,283,653

1,604,683

Corporation tax

9

-

214,285

 

5,338,180

5,825,593

Due after one year

 

Loans and borrowings

16

446,510

512,471

 

16

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

262,063

221,287

HP and finance lease liabilities

418,625

486,538

680,688

707,825

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

446,510

512,471

The hire purchase and finance lease agreements are secured on the assets to which they relate.

Included within bank overdrafts is £262,063 (2022 - £221,287) due back to the bank in respect of invoice finance discounting. The amount is secured by a fixed and floating charge over the assets of the company in favour of Barclays Bank PLC.

 

17

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £77,141 (2022 - £77,065).

Contributions totalling £12,076 (2022 - £12,927) were payable to the scheme at the end of the year and are included in creditors.

 

Imprint Creative Print Solutions Limited

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

 

18

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

210,000

210,000

210,000

210,000

B shares of £0.01 each

34,186

342

34,186

342

 

244,186

210,342

244,186

210,342

Rights, preferences and restrictions

The different classes of share referred to above carry separate rights to dividends and voting but, in all other significant respects, rank pari passu.

 

19

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

418,625

486,538

Later than one year and not later than five years

446,510

512,471

865,135

999,009

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

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

359,637

396,926

Later than one year and not later than five years

229,564

498,882

589,201

895,808

 

20

Dividends

2023
 £

2022
 £

Dividends paid

5,105,483

-

 

Imprint Creative Print Solutions Limited

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

 

21

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 7 to the financial statements.

Summary of transactions with entities with joint control or significant interest

East Sussex Press Limited
During the year, the company incurred management charges of £60,000 (2022 - £60,000) from East Sussex Press Limited, its parent undertaking. At the balance sheet date, the company owed £nil (2022 - nil) to East Sussex Press Limited, its parent undertaking.

 

22

Parent and ultimate parent undertaking

The company's immediate parent is Pureprint Group Limited, incorporated in England and Wales.

 The ultimate parent is East Sussex Press Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is East Sussex Press Limited. These financial statements are available upon request from Companies House.

 The ultimate controlling party is Mr M Handford, a director, by virtue of his controlling shareholding in East Sussex Press Limited.