Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
COMPANY INFORMATION
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OFFSET PRINT LIMITED
CONTENTS
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OFFSET PRINT LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their strategic report of the company and the group for the year ended 30 April 2024.
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size of the business and is written in the context of the risks and uncertainties we face.
The Group provided lithographic printing and converting for the packaging industry. We continue to deal with other manufacturers, wholesalers and retailers (both multiple and independent). Performance & key performance indicators Group revenues grew by 5.9% over FY23/24, to £24.2 million, with operating profit of £4,942,381 (2023: £4,169,228) and net profit of £3,441,415 (2023: £3,279,623). The company’s balance sheet continues to show a strong position with net assets at £9,233,729 (2023: £5,792,314). We consider that our key performance indicators for the group are operating profit, net profit and net asset value. KPIs have now been set for each department, with the aim of lowering our environmental impact whilst also improving the gross profit margin. Non-financial indicators include product availability and staff retention of key personnel. Key non-financial performance indicators Management diversity Corporate Social Responsibility Community
∙One of the largest employers in the Aylesford/Maidstone area
∙Stakeholder in local businesses community
∙Member of Kent Invicta Chamber of Commerce
∙Involved with local school leaver recruitment campaigns and apprenticeships initiatives, providing broad range of work experience placement opportunities
∙Donate packaging to local charities for projects to help homeless and disadvantaged communities in Kent
∙Installation of a public defibrillator, providing members of the local community with a better chance of surviving cardiac arrest
∙Sponsor of Aylesford village Christmas fair
∙Sponsor of Heart of Kent Hospice ‘Shaun the Sheep’ art trail
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OFFSET PRINT LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Compliance, quality & service
∙BRC AA+ grade at an unannounced audit in 2023
∙For Life CSR standard certified since 2020
∙Platinum members of the BPIF
∙SEDEX members for ethical sourcing
∙ISO9001 certified
Environment
∙4 electric car charging points installed in 2022
∙Salary sacrifice electric car scheme available for all employees after 1 year of employment
∙Sales rep car changed to petrol/electric hybrid
∙FSC and PEFC certified
∙ISO14001 certified
∙Zero Waste to Landfill certified
∙LED lighting installed in factory in 2018
∙Energy efficient ‘green’ evaporative cooler systems installed in March 2023
HR
∙Continual development of staff, both in-house and through recognised professional bodies
∙Promote from within with full training and support
∙Employ 5 apprentices through the Government apprenticeship scheme
∙Provided all employees with one-off Cost of Living support payment in January 2023
∙Employee benefits package including free legal and counselling services, discounts on shopping, health & fitness, etc
The directors have considered the principal risks and uncertainties faced by the Group. These are as follows:
Business risk We have addressed areas of risk where possible and to remain competitive, Offset Print and Packaging hold ISO9001, ISO14001 and ISO12647/2 (print) accreditations, which are a prerequisite for many existing and potential customers. We also hold BRC and FSC accreditations. Financial risk The Group continues to develop regular financial and budgeting procedures which are reviewed by the directors to assess and manage the performance of the company and group at a critical level, together with over liquidity and other financial risks. The Group’s credit risk is managed within its debt management policy which is aimed at minimizing losses by offering appropriate credit terms to each individual customer based on their credit worthiness. Legislative and regulatory risk A percentage of turnover relates to sales from around Europe. The United Kingdom’s new relationship with the European Union since its withdrawal poses a risk as businesses on both sides adjust to the new trading requirements. The directors have taken various steps to mitigate these risks including developing new business relationships within the UK and establishing group companies within the EU.
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OFFSET PRINT LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
This report was approved by the board and signed on its behalf.
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OFFSET PRINT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £3,441,415 (2023 - £3,279,623).
Dividends of £nil (2023 - £1,224,490) were declared and paid in the year.
The directors who served during the year were:
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OFFSET PRINT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
There have been no significant events affecting the Group since the year end.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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OFFSET PRINT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT LIMITED
We have audited the financial statements of Offset Print Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Balance sheets, the Consolidated Statement of cash flows, the Consolidated and Company Statement of changes in equity and the related notes, 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).
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's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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OFFSET PRINT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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OFFSET PRINT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT LIMITED (CONTINUED)
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 Group financial statements.
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:
∙Enquiry of management around actual and potential litigation and claims;
∙Enquiry of management to identify any instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
∙Reviewing minutes of meetings of those charged with governance
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's 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.
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OFFSET PRINT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT LIMITED (CONTINUED)
for and on behalf of
Statutory Auditor
United Kingdom
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
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OFFSET PRINT LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
REGISTERED NUMBER: 09375956
CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024
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OFFSET PRINT LIMITED
REGISTERED NUMBER: 09375956
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 39 form part of these financial statements.
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OFFSET PRINT LIMITED
REGISTERED NUMBER: 09375956
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
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OFFSET PRINT LIMITED
REGISTERED NUMBER: 09375956
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 39 form part of these financial statements.
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OFFSET PRINT LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Offset Print Limited is a private company, limited by shares, registered in England and Wales in the United Kingdom. The company's registered number and registered office address can be found on the General Information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:
The consolidated financial statements of the company and its subsidiary undertakings made up to the period end. The purchase method of accounting has been adopted. Under this method, the results of the subsidiary undertakings acquired or disposed of in the year are included in the consolidated income statement from the date of acquisition or up to the date of disposal.
The financial statements have been prepared on a going concern basis. No material uncertainties which may cast significant doubt about the Group's ability to continue as a going concern have been identified by the directors.
Functional and presentation currency
Transactions and balances
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
The interest element of those obligations is charged to the Consolidated statement of comprehensive income over the relevant period. The capital element of future payments is treated as a liability. Rights to use assets and corresponding obligations to lessors under finance leases are recognised in the balance sheet as assets and liabilities at the lower of fair value of the assets and the present value of the minimum lease payments, determined at the inception of the lease. Lease payments are apportioned between finance charges and reduction of outstanding lease liabilities using the effective interest method, so as to produce a constant rate of interest on the remaining balance of the liabilities, Finance charges are recognised in the Consolidated statement of comprehensive income
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the Consolidated statement of comprehensive income in the period to which they relate.
Goodwill
Goodwill arising on the acquisition of a business combination represents the excess of the cost of acquisition over the Company's interest in the new fair value of the identifiable assets, liabilities and contingent liabilities recognised at the date of acquisition. Amortisation Amortisation is provided so as to write off the cost or valuation, less any estimated residual value, over the expected useful economic life as follows: Subsidiary Goodwill - over 10 years
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to the accounting estimates are recognised in the period in which the estimate is revised if the revisions affect only that period, or in the period of revision and future periods if the revision affects both current and future periods. The directors have made judgements regarding the amortisation rate for goodwill arising on business combinations. They have concluded that in view of the marketability and profitability of the acquired undertakings an amortisation rate of ten years is appropriate. Key assumptions have been made regarding the life of assets and depreciation rates on plant and machinery at each reporting date, based on the expected utility of the assets and previous experience on the useful lives of depreciable assets. Assumptions have also been made by management regarding stock provisions and the net realisable value of stocks, taking into account the most reliable evidence available at each reporting date, which includes sales invoices issued after the year end. In the prior year, the directors amended their estimates in the useful life of tangible fixed assets. The new useful economic lives are disclosed in note 2.13.
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
13.Taxation (continued)
From 1 April 2023, the corporation tax main rate increased from 19% to 25%.
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
26.Deferred taxation (continued)
Capital redemption reserve
Profit and loss account
The Group operates a
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OFFSET PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The directors consider that there is no single ultimate controlling party.
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