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REGISTERED NUMBER: NI627027 (Northern Ireland)















KAIZEN PRINT LTD

Financial Statements for the Year Ended 31 December 2023






KAIZEN PRINT LTD (REGISTERED NUMBER: NI627027)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


KAIZEN PRINT LTD

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Michael Austin Currie
Dominic Joseph McClements



REGISTERED OFFICE: 10-14 John Street
Omagh
Co. Tyrone
BT78 1DW



REGISTERED NUMBER: NI627027 (Northern Ireland)



INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP



SOLICITORS: Arthur Cox
Victoria House
Gloucester Street
Belfast
BT1 4LS

KAIZEN PRINT LTD (REGISTERED NUMBER: NI627027)

Statement of Financial Position
31 DECEMBER 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 268,750 293,750
Tangible assets 6 72,558 63,143
341,308 356,893

CURRENT ASSETS
Stocks 7 38,792 39,881
Receivables: amounts falling due within
one year

8

452,703

451,305
Cash at bank and in hand 85,269 245,736
576,764 736,922
PAYABLES
Amounts falling due within one year 9 (223,855 ) (246,244 )
NET CURRENT ASSETS 352,909 490,678
TOTAL ASSETS LESS CURRENT
LIABILITIES

694,217

847,571

PROVISIONS FOR LIABILITIES 11 - (52,533 )
NET ASSETS 694,217 795,038

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 694,117 794,938
694,217 795,038

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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





Dominic Joseph McClements - Director


KAIZEN PRINT LTD (REGISTERED NUMBER: NI627027)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Kaizen Print Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis under the historical costs convention. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Revenue
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 significant risks and rewards of ownership have been transferred to the buyer;
- the company retains no continuing involvement or control over the goods;
- the amount of revenue can be measured reliably;
- it is probable that future economic benefits will flow through the company.
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of 20 years.

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.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated
residual value of each asset over its estimated useful life.

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation.
The charge to depreciation is calculated to write off the original cost or valuation of property, plant
and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant & Machinery 25% Straight line
Fixtures, fittings and equipment 20% Straight line
Motor Vehicles 20% Straight line
Computer equipment 25% Straight line
Long leasehold property 20% Straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in
periods if events or changes in circumstances indicate the carrying value may not be recoverable.

KAIZEN PRINT LTD (REGISTERED NUMBER: NI627027)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Inventories
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

KAIZEN PRINT LTD (REGISTERED NUMBER: NI627027)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial
instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts
owed by related parties 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 profit or loss.

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

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) despite having retained some significant risks and rewards
of ownership, 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.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and
amounts owed to related parties 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. Debt instruments are
subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the
establishment of loan facilities are recognised as transaction costs of the loan to the extent that it
is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until
the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the
facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and
amortised over the period of the facility to which it relates.

Trade payables 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 payment
is due within one year or less. If not, they are presented as non-current liabilities. Trade payables
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.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements
when there is a legally enforceable right to set off the recognised amounts and there is an
intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


KAIZEN PRINT LTD (REGISTERED NUMBER: NI627027)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Finance Costs
Finance costs are charged to the Income Statement over the term of the debt.

Finance Income
Finance income comprises of interest receivable on funds invested in loans and cash and cash equivalents. Interest is recognised in the income statement as it accrues.

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 30 ) .

KAIZEN PRINT LTD (REGISTERED NUMBER: NI627027)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 January 2023
and 31 December 2023 500,000
AMORTISATION
At 1 January 2023 206,250
Amortisation for year 25,000
At 31 December 2023 231,250
NET BOOK VALUE
At 31 December 2023 268,750
At 31 December 2022 293,750

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Long Plant and and
leasehold machinery fittings
£ £ £
COST
At 1 January 2023 17,500 48,278 78,183
Additions 3,620 15,740 3,591
Disposals - - -
At 31 December 2023 21,120 64,018 81,774
DEPRECIATION
At 1 January 2023 292 25,816 64,640
Charge for year 4,164 6,562 11,663
Eliminated on disposal - - -
At 31 December 2023 4,456 32,378 76,303
NET BOOK VALUE
At 31 December 2023 16,664 31,640 5,471
At 31 December 2022 17,208 22,462 13,543

KAIZEN PRINT LTD (REGISTERED NUMBER: NI627027)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. PROPERTY, PLANT AND EQUIPMENT - continued

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 January 2023 9,176 88,299 241,436
Additions - 15,620 38,571
Disposals (9,176 ) - (9,176 )
At 31 December 2023 - 103,919 270,831
DEPRECIATION
At 1 January 2023 8,315 79,230 178,293
Charge for year 215 5,906 28,510
Eliminated on disposal (8,530 ) - (8,530 )
At 31 December 2023 - 85,136 198,273
NET BOOK VALUE
At 31 December 2023 - 18,783 72,558
At 31 December 2022 861 9,069 63,143

7. STOCKS
2023 2022
£ £
Inventories 38,792 39,881

8. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade receivables 273,035 228,205
Amounts owed by group undertakings 120,035 154,400
Other receivables 3,080 -
Tax 25,967 47,591
Prepayments 30,586 21,109
452,703 451,305

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

9. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade payables 84,407 127,257
Taxation and social security 66,509 49,652
Other payables 72,939 69,335
223,855 246,244

KAIZEN PRINT LTD (REGISTERED NUMBER: NI627027)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 42,500 42,500
Between one and five years 166,458 170,000
In more than five years - 38,958
208,958 251,458

11. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax - 52,533

Deferred tax
£
Balance at 1 January 2023 52,533
Provided during year (52,533 )
Balance at 31 December 2023 -

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Ryan Falls (F.C.A) (Senior Statutory Auditor)
for and on behalf of CavanaghKelly

13. CAPITAL COMMITMENTS

At 31 December 2023, the company had capital commitments of £35,460 (2022: £nil).

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. ULTIMATE CONTROLLING PARTY

North West of Ireland Printing and Publishing Company Limited is regarded by the directors as being the Company's ultimate parent company.