IRIS Accounts Production v24.3.0.553 01528919 director 1.1.23 31.12.23 31.12.23 0 0 false true true false false true false Defined benefit pension plans 0 0 Ordinary 10.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh015289192022-12-31015289192023-12-31015289192023-01-012023-12-31015289192021-12-31015289192022-01-012022-12-31015289192022-12-3101528919ns15:EnglandWales2023-01-012023-12-3101528919ns14:PoundSterling2023-01-012023-12-3101528919ns10:Director12023-01-012023-12-3101528919ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101528919ns10:FRS1022023-01-012023-12-3101528919ns10:Audited2023-01-012023-12-3101528919ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3101528919ns10:FullAccounts2023-01-012023-12-3101528919ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2023-01-012023-12-3101528919ns10:OrdinaryShareClass12023-01-012023-12-3101528919ns10:RegisteredOffice2023-01-012023-12-310152891912023-01-012023-12-310152891912022-01-012022-12-3101528919ns5:CurrentFinancialInstruments2023-12-3101528919ns5:CurrentFinancialInstruments2022-12-3101528919ns5:ShareCapital2023-12-3101528919ns5:ShareCapital2022-12-3101528919ns5:SharePremium2023-12-3101528919ns5:SharePremium2022-12-3101528919ns5:CapitalRedemptionReserve2023-12-3101528919ns5:CapitalRedemptionReserve2022-12-3101528919ns5:RetainedEarningsAccumulatedLosses2023-12-3101528919ns5:RetainedEarningsAccumulatedLosses2022-12-3101528919ns5:ShareCapital2021-12-3101528919ns5:RetainedEarningsAccumulatedLosses2021-12-3101528919ns5:SharePremium2021-12-3101528919ns5:CapitalRedemptionReserve2021-12-3101528919ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3101528919ns5:CapitalRedemptionReserve2022-01-012022-12-3101528919ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101528919ns5:CapitalRedemptionReserve2023-01-012023-12-3101528919ns5:FurnitureFittings2023-01-012023-12-3101528919ns5:OwnedAssets2023-01-012023-12-3101528919ns5:OwnedAssets2022-01-012022-12-3101528919ns5:FurnitureFittings2022-12-3101528919ns5:FurnitureFittings2023-12-3101528919ns5:FurnitureFittings2022-12-3101528919ns10:OrdinaryShareClass12023-12-3101528919ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2023-12-3101528919ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2022-12-3101528919ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2022-01-012022-12-3101528919ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2022-12-3101528919ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2021-12-31
REGISTERED NUMBER: 01528919 (England and Wales)






















REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

EUROPRINT HOLDINGS LIMITED

EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)






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




Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


EUROPRINT HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTOR: P A Mears



REGISTERED OFFICE: 1st Floor
Building 3 Croxley Green Business Park
Hatters Lane
Watford
Hertfordshire
WD18 8YG



REGISTERED NUMBER: 01528919 (England and Wales)



SENIOR STATUTORY AUDITOR: Michael Davis FCA FCCA



AUDITORS: George Hay & Company
Chartered Accountants
& Statutory Auditors
83 Cambridge Street
London
SW1V 4PS

EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST DECEMBER 2023

The director presents his report with the financial statements of the company for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of selling of lottery games and related products.

DIRECTOR
P A Mears was the sole director during the year under review.

The director holding office at 31st December 2023 did not hold any beneficial interest in the issued share capital of the company at 1st January 2023 or 31st December 2023.

The parent group has made qualifying third party indemnity provisions for the benefit of its director and these remain in force at the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The company has taken advantage of the Companies Act 2006 exemption from preparing a Strategic Report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, George Hay & Company, will be proposed for re-appointment at the forthcoming Annual General Meeting.


EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST DECEMBER 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:




P A Mears - Director


30th October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EUROPRINT HOLDINGS LIMITED

Opinion
We have audited the financial statements of Europrint Holdings Limited (the 'company') for the year ended 31st December 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 31st 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EUROPRINT HOLDINGS 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 Report of the Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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

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

Based on our understanding of the company's operations, we identified that the principal risks of non-compliance with laws and regulations relate to pension payments and contributions, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered the laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, corporation tax, payroll tax and deferred tax.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined there were no principal risks directly impacting the company's income and management bias in accounting estimates. Audit procedures performed by the engagement team included:

- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

- Evaluating management's controls designed to prevent and detect irregularities;

- Identifying and testing transactions and balances, in particular those with unusual account combinations or with unusual descriptions; and

- Challenging assumptions and judgements made by management in their critical accounting estimates.

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
EUROPRINT HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michael Davis FCA FCCA (Senior Statutory Auditor)
for and on behalf of George Hay & Company
Chartered Accountants
& Statutory Auditors
83 Cambridge Street
London
SW1V 4PS

30th October 2024

EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £'000 £'000

TURNOVER 182 178

Administrative expenses 120 106
62 72

Exceptional Items - 122
OPERATING PROFIT 4 62 194

Interest receivable and similar income 149 35
211 229

Interest payable and similar expenses 6 1 1
PROFIT BEFORE TAXATION 210 228

Tax on profit 7 - -
PROFIT FOR THE FINANCIAL YEAR 210 228

EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £'000 £'000

PROFIT FOR THE YEAR 210 228


OTHER COMPREHENSIVE INCOME
Remeasurement on defined benefit pension (192 ) (192 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(192

)

(192

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

18

36

EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2023

2023 2022
Notes £'000 £'000
CURRENT ASSETS
Debtors 9 3,298 3,289
Cash at bank 30 20
3,328 3,309
CREDITORS
Amounts falling due within one year 10 39 38
NET CURRENT ASSETS 3,289 3,271
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,289

3,271

CAPITAL AND RESERVES
Called up share capital 11 9 9
Share premium 299 299
Capital redemption reserve 2 2
Retained earnings 2,979 2,961
SHAREHOLDERS' FUNDS 3,289 3,271

The financial statements were approved by the director and authorised for issue on 30th October 2024 and were signed by:





P A Mears - Director


EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

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

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£'000 £'000 £'000 £'000 £'000
Balance at 1st January 2022 9 2,925 299 2 3,235

Changes in equity
Total comprehensive income - 36 - - 36
Balance at 31st December 2022 9 2,961 299 2 3,271

Changes in equity
Total comprehensive income - 18 - - 18
Balance at 31st December 2023 9 2,979 299 2 3,289

EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations 1 54 160
Interest paid (1 ) (1 )
Net cash from operating activities 53 159

Cash flows from investing activities
Interest received 149 35
Net cash from investing activities 149 35

Cash flows from financing activities
Cash contributions to pension fund (192 ) (192 )
Net cash from financing activities (192 ) (192 )

Increase in cash and cash equivalents 10 2
Cash and cash equivalents at beginning of
year

2

20

18

Cash and cash equivalents at end of year 2 30 20

EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2023 2022
£'000 £'000
Profit before taxation 210 228
Depreciation charges - 2
Finance costs 1 1
Finance income (149 ) (35 )
62 196
(Increase)/decrease in trade and other debtors (9 ) 64
Increase/(decrease) in trade and other creditors 1 (100 )
Cash generated from operations 54 160

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31st December 2023
31.12.23 1.1.23
£'000 £'000
Cash and cash equivalents 30 20
Year ended 31st December 2022
31.12.22 1.1.22
£'000 £'000
Cash and cash equivalents 20 18


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£'000 £'000 £'000
Net cash
Cash at bank 20 10 30
20 10 30
Total 20 10 30

EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

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

1. STATUTORY INFORMATION

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

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


2. ACCOUNTING POLICIES

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c).

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
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.
Fixtures and fittings - 20% on cost

Financial instruments
The company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.


EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

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

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

Pensions
For defined benefit plans, in accordance with FRS 102, the service cost of the pension provision relating to the year, together with the cost of any benefits relating to past service, is charged to the profit and loss account. The net interest element is determined by multiplying the net defined benefit liability by the discount rate, at the start of the period taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost. Under the projected unit method, the current service cost will increase as the members of the scheme approach retirement.

The difference between the market value of the assets of the scheme and the present value of the accrued pension liabilities is shown as a liability in the balance sheet. Deferred tax assets on the pension liability are recognised to the extent that they are considered recoverable. Any difference between the expected return on assets and that actually achieved is recognised in the Statement of Comprehensive Income along with differences which are from experienced gains and losses and changes in assumptions.

For defined contribution schemes, contributions are recognised in the profit and loss account in the period in which they become payable.

Further information on pension arrangements is set out in note 12 to the financial statements.

3. EMPLOYEES AND DIRECTORS
2023 2022
£'000 £'000
Pension costs 51 29

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

2023 2022
£    £   
Director's remuneration - -

EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

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

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£'000 £'000
Depreciation - owned assets - 1
Auditors' remuneration - current auditors 8 7

5. EXCEPTIONAL ITEMS
2023 2022
£'000 £'000
Exceptional items - 122

As at 31 December 2022 management decided that the provision of pension costs was no longer required. As a result, a write back of the accumulated balance was recorded to better reflect the company's liabilities and annual performance going forward.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£'000 £'000
Bank interest 1 1

7. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31st December 2023 nor for the year ended 31st December 2022.

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

2023 2022
£'000 £'000
Profit before tax 210 228
Profit multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

49

43

Effects of:
Expenses not deductible for tax purposes - 1
Utilisation of tax losses (49 ) (44 )
recognised
Total tax charge - -

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£'000 £'000 £'000
Remeasurement on defined benefit pension (192 ) - (192 )


EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

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

7. TAXATION - continued
2022
Gross Tax Net
£'000 £'000 £'000
Remeasurement on defined benefit pension (192 ) - (192 )

There is unrecognised deferred tax assets as at 31 December 2023 of £26,767 (2022: asset of £61,935).

8. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£'000
COST
At 1st January 2023
and 31st December 2023 120
DEPRECIATION
At 1st January 2023
and 31st December 2023 120
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 -

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£'000 £'000
Amounts owed by parent undertaking 3,298 3,289

The amount owed by a fellow subsidiary company of the ultimate parent undertaking represents funds which have been lent at a varying interest rate per annum. Repayment of this amount may be demanded by the company with a notice period of five days.

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£'000 £'000
Trade creditors 17 26
Social security and other taxes 2 2
Accruals and deferred income 20 10
39 38

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £'000 £'000
90,908 Ordinary 10p 9 9

EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

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

12. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit pension plan in the UK, the Europrint Holdings Limited Retirement Security Plan ("the Plan"). The Plan was closed to new entrants and future accrual with effect from 1st June 2004. The information set out below is based on calculations carried out as at 31st December 2023 by a qualified independent actuary.

The Plan's assets are held in a separate trustee-administered fund to meet long-term pension liabilities to past employees. The trustees of the Plan are required to act in the best interest of the Plan's beneficiaries. The appointment of members of the trustee board is determined by the trust documentation.

The liabilities of the Plan are measured by discounting the best estimate of future cash flows to be paid out of the Plan using the projected unit method. This amount is reflected in the deficit in the balance sheet.

The liabilities set out in this note have been calculated based on the most recent full actuarial valuation at 31st July 2023, updated to 31st December 2023. The results of the calculations and assumptions adopted are shown below.

At 31st December 2023, contributions are payable to the Plan by the company at the rates set out in the latest Schedule of Contributions. The company is expected to make contributions of £192,000 (payable in monthly instalments) in the year commencing 1st January 2024 in respect of the past service deficit in the Plan as well as paying the expenses of operating the Plan including the Pension Protection Fund levies.

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2023 2022
£'000 £'000
Present value of funded obligations (4,949 ) (4,341 )
Fair value of plan assets 5,821 6,252
872 1,911
Present value of unfunded obligations - -
Irrecoverable surplus (872 ) (1,911 )
Deficit - -
Net liability - -

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2023 2022
£'000 £'000
Current service cost - -
Interest cost 183 124
Expected return - -
Past service cost - -
Interest income (183 ) (124 )
- -

Actual return on Scheme assets 204 (2,225 )

EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

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

12. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2023 2022
£'000 £'000
Opening defined benefit obligation 4,341 6,434
Interest cost 183 124
Actuarial losses/(gains) 1,252 (2,039 )
Benefits paid (827 ) (178 )
4,949 4,341

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£'000 £'000
Opening fair value of scheme assets 6,252 8,463
Interest income 183 124
Contributions by employer 192 192
Actuarial gains/(losses) 21 (2,349 )
Benefits paid (827 ) (178 )
5,821 6,252

The amounts recognised in the statement of recognised gains and losses are as follows:

Defined benefit
pension plans
2023 2022
£'000 £'000
Return on Scheme assets less interest and
actuarial gains and losses

(960

)

(2,537

)
Changes in the amount of irrecoverable debt 768 2,345
(192 ) (192 )

Cumulative amount of actuarial
gains/(losses)

-

-

EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

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

12. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£'000 £'000
Equities - 2,525
Corporate Bonds 299 1,314
Gilts 5,501 1,967
Other 21 446
5,821 6,252

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023 2022
Discount rate 4.35% 4.65%
Future pension increases (max 5% RPI) 3.25% 2.95%
Future pension increases (max 3% CPI) 2.30% 2.00%
RPI inflation rate 3.40% 3.00%
CPI inflation rate 2.90% 2.35%
Future increases in deferred pensions 2.90% 2.35%

Amounts for the current and previous four periods are as follows:

2023 2022 2021 2020 2019
£'000 £'000 £'000 £'000 £'000
Defined benefit obligation (4,949 ) (4,341 ) (6,434 ) (7,144 ) (6,563 )
Fair value of scheme assets 5,821 6,252 8,463 7,903 7,158
Surplus 872 1,911 2,029 759 595

Experience adjustments on
scheme liabilities

-

-

-

-

-


Experience adjustments on
scheme assets

-

-

-

-

-


Defined contribution scheme

With effect from 1st June 2004, employees of the company provided they fulfilled certain eligibility requirements were able to join a defined contribution Group Personal Pension Plan (the "Plan"). Company contributions to this Plan were either 10.5% or 8.0% of basic salary with the employees contribution 4.0% of the basic salary. The company ceased to employ staff on 31 December 2017.

EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919)

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

13. ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is IGT Global Solutions Corporation, a company incorporated in the USA.

IGT Global Solutions Corporation is a wholly owned subsidiary company of International Game Technology PLC ("IGT PLC") a company incorporated in England and Wales whose shares are publicly traded on the New York Stock Exchange. The smallest publicly available group financial statements containing those of the company are those of IGT PLC. Copies of these financial statements are available from Marble Arch House, 66 Seymour Street, London, W1H 5BT.

IGT PLC is controlled by De Agostini S.p.A. (a company incorporated in Italy) which directly and indirectly owns 42.61% of IGT PLC's shares. 6.52% of the shares are held by The Bank Of New York Mellon Corporation and the remaining 50.87% of the shares are publicly held. IGT PLC's ultimate parent undertaking, and also that of the company is B&D Holding S.p.A ("B&D Holding") (incorporated in Italy). The largest publicly available group financial statements containing those of the company are those of B&D Holding S.p.A ("B&D Holding"). Copies of these financial statements are available from Via Giovanni da Verrazano 15, 28100 Novara, Italy.

In the directors' opinion, at 31st December 2023, the company's ultimate controlling party is B&D Holding S.p.A ("B&D Holding").