Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302024-04-302023-05-01falseNo description of principal activity33falsefalsefalse 09375956 2023-04-30 09375956 2023-05-01 2024-04-30 09375956 2022-05-01 2023-04-30 09375956 2024-04-30 09375956 2022-05-01 09375956 c:Director1 2023-05-01 2024-04-30 09375956 c:Director2 2023-05-01 2024-04-30 09375956 c:Director3 2023-05-01 2024-04-30 09375956 c:RegisteredOffice 2023-05-01 2024-04-30 09375956 d:PlantMachinery 2023-05-01 2024-04-30 09375956 d:MotorVehicles 2023-05-01 2024-04-30 09375956 d:FurnitureFittings 2023-05-01 2024-04-30 09375956 d:ComputerEquipment 2023-05-01 2024-04-30 09375956 d:CurrentFinancialInstruments 2024-04-30 09375956 d:CurrentFinancialInstruments 2023-04-30 09375956 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 09375956 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 09375956 d:ShareCapital 2024-04-30 09375956 d:ShareCapital 2023-04-30 09375956 d:ShareCapital 2022-05-01 09375956 d:CapitalRedemptionReserve 2023-05-01 2024-04-30 09375956 d:CapitalRedemptionReserve 2024-04-30 09375956 d:CapitalRedemptionReserve 2023-04-30 09375956 d:CapitalRedemptionReserve 2022-05-01 09375956 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 09375956 d:RetainedEarningsAccumulatedLosses 2024-04-30 09375956 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 09375956 d:RetainedEarningsAccumulatedLosses 2023-04-30 09375956 d:RetainedEarningsAccumulatedLosses 2022-05-01 09375956 c:OrdinaryShareClass1 2023-05-01 2024-04-30 09375956 c:OrdinaryShareClass1 2024-04-30 09375956 c:OrdinaryShareClass1 2023-04-30 09375956 c:FRS102 2023-05-01 2024-04-30 09375956 c:Audited 2023-05-01 2024-04-30 09375956 c:FullAccounts 2023-05-01 2024-04-30 09375956 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09375956 d:EntityControlledByKeyManagementPersonnel1 2023-05-01 2024-04-30 09375956 d:EntityControlledByKeyManagementPersonnel1 2022-05-01 2023-04-30 09375956 d:Subsidiary1 2023-05-01 2024-04-30 09375956 d:Subsidiary1 1 2023-05-01 2024-04-30 09375956 d:Subsidiary2 2023-05-01 2024-04-30 09375956 d:Subsidiary2 1 2023-05-01 2024-04-30 09375956 d:Subsidiary3 2023-05-01 2024-04-30 09375956 d:Subsidiary3 1 2023-05-01 2024-04-30 09375956 c:Consolidated 2024-04-30 09375956 c:ConsolidatedGroupCompanyAccounts 2023-05-01 2024-04-30 09375956 2 2023-05-01 2024-04-30 09375956 6 2023-05-01 2024-04-30 09375956 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09375956










OFFSET PRINT LIMITED










ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
OFFSET PRINT LIMITED
 
 
COMPANY INFORMATION


Directors
H. J. Jarvis 
E. A. Bone 
V. I. Brearey 




Registered number
09375956



Registered office
188 Forstal Road
Aylesford

Kent

ME20 7DB




Independent auditor
MHA

Victoria Court

17-21 Ashford Road

Maidstone

United Kingdom

ME14 5DA





 
OFFSET PRINT LIMITED
 

CONTENTS



Page
Group strategic report
 
 
1 - 3
Directors' report
 
 
4 - 5
Independent auditor's report
 
 
6 - 9
Consolidated statement of comprehensive income
 
 
10
Consolidated balance sheet
 
 
11 - 12
Company balance sheet
 
 
13 - 14
Consolidated statement of changes in equity
 
 
15
Company statement of changes in equity
 
 
16
Consolidated statement of cash flows
 
 
17 - 18
Notes to the financial statements
 
 
19 - 39


 
OFFSET PRINT LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report of the company and the group for the year ended 30 April 2024.  

Business review
 
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
 

Female
Female
Male
Male

2024
2023
2024
2023
Directors & senior management
1
1
5
5
Middle management
2
2
7
7

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
 
Page 1

 
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

Principal risks and uncertainties
 
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.

Page 2

 
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.


V. I. Brearey
Director

Date: 15 October 2024

Page 3

 
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.

Directors' responsibilities statement

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.
 
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 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 2006They 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.

Results and dividends

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. 

Directors

The directors who served during the year were:

H. J. Jarvis 
E. A. Bone 
V. I. Brearey 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Page 4

 
OFFSET PRINT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, MHAwill 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.
 





V. I. Brearey
Director

Date: 15 October 2024

Page 5

 
OFFSET PRINT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT LIMITED
 

Opinion


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 policiesThe 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 Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's 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'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.


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 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.


Page 6

 
OFFSET PRINT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion 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 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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Directors' responsibilities statement set out on page 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
OFFSET PRINT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT LIMITED (CONTINUED)


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 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.


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 2006Our 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.


Page 8

 
OFFSET PRINT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT LIMITED (CONTINUED)





Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Maidstone
United Kingdom

28 October 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
Page 9

 
OFFSET PRINT LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
24,211,545
22,873,055

Cost of sales
  
(16,943,187)
(16,039,940)

Gross profit
  
7,268,358
6,833,115

Administrative expenses
  
(2,364,615)
(2,740,097)

Other operating income
 5 
38,638
76,210

Operating profit
 6 
4,942,381
4,169,228

Income from current assets investments
 10 
1,128
818

Interest receivable and similar income
 11 
5,308
1,009

Interest payable and similar expenses
 12 
(243,237)
(165,249)

Other finance income
  
2,128
7,859

Profit before taxation
  
4,707,708
4,013,665

Tax on profit
 13 
(1,266,293)
(734,042)

Profit for the financial year
  
3,441,415
3,279,623

Profit for the year attributable to:
  

Owners of the parent Company
  
3,441,415
3,279,623

  
3,441,415
3,279,623

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 19 to 39 form part of these financial statements.

Page 10

 
OFFSET PRINT LIMITED
REGISTERED NUMBER: 09375956

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
123,379
246,754

Tangible assets
 16 
7,018,797
7,518,226

  
7,142,176
7,764,980

Current assets
  

Stocks
 18 
2,292,679
4,157,745

Debtors: amounts falling due within one year
 19 
5,080,530
3,219,562

Current asset investments
 20 
71,481
69,353

Cash at bank and in hand
 21 
3,196,490
1,856,877

  
10,641,180
9,303,537

Creditors: amounts falling due within one year
 22 
(3,921,925)
(6,320,714)

Net current assets
  
 
 
6,719,255
 
 
2,982,823

Total assets less current liabilities
  
13,861,431
10,747,803

Creditors: amounts falling due after more than one year
 23 
(2,948,015)
(3,737,769)

Provisions for liabilities
  

Deferred taxation
 26 
(1,679,687)
(1,217,720)

  
 
 
(1,679,687)
 
 
(1,217,720)

Net assets
  
9,233,729
5,792,314


Capital and reserves
  

Called up share capital 
 27 
400,000
400,000

Capital redemption reserve
 28 
2,804,000
2,804,000

Profit and loss account
 28 
6,029,729
2,588,314

Equity attributable to owners of the parent Company
  
9,233,729
5,792,314

  
9,233,729
5,792,314


Page 11

 
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: 




V. I. Brearey
Director

Date: 15 October 2024

The notes on pages 19 to 39 form part of these financial statements.

Page 12

 
OFFSET PRINT LIMITED
REGISTERED NUMBER: 09375956

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 17 
9,013,516
9,013,516

  

Creditors: amounts falling due within one year
 22 
-
(5,809,474)

Net current assets/(liabilities)
  
 
 
-
 
 
(5,809,474)

Total assets less current liabilities
  
9,013,516
3,204,042

  

  

Net assets
  
9,013,516
3,204,042


Capital and reserves
  

Called up share capital 
 27 
400,000
400,000

Capital redemption reserve
 28 
2,804,000
2,804,000

Profit and loss account brought forward
  
42
42

Profit for the year
  
5,809,474
1,224,490

Other changes in the profit and loss account

  

-
(1,224,490)

Profit and loss account carried forward
  
5,809,516
42

  
9,013,516
3,204,042


Page 13

 
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: 


V. I. Brearey
Director

Date: 15 October 2024

The notes on pages 19 to 39 form part of these financial statements.

Page 14

 
OFFSET PRINT LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 May 2022
400,000
2,804,000
7,659
525,522
3,737,181



Profit for the year
-
-
-
3,279,623
3,279,623

Dividends: Equity capital
-
-
-
(1,224,490)
(1,224,490)

Transfer of fair value movements to distributable reserves
-
-
(7,659)
7,659
-



At 1 May 2023
400,000
2,804,000
-
2,588,314
5,792,314



Profit for the year
-
-
-
3,441,415
3,441,415


At 30 April 2024
400,000
2,804,000
-
6,029,729
9,233,729


The notes on pages 19 to 39 form part of these financial statements.

Page 15

 
OFFSET PRINT LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
400,000
2,804,000
42
3,204,042



Profit for the year
-
-
1,224,490
1,224,490

Dividends: Equity capital
-
-
(1,224,490)
(1,224,490)



At 1 May 2023
400,000
2,804,000
42
3,204,042



Profit for the year
-
-
5,809,474
5,809,474


At 30 April 2024
400,000
2,804,000
5,809,516
9,013,516


The notes on pages 19 to 39 form part of these financial statements.

Page 16

 
OFFSET PRINT LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,441,415
3,279,623

Adjustments for:

Amortisation of intangible assets
123,375
123,375

Depreciation of tangible assets
806,902
422,477

Loss on disposal of tangible assets
(779,576)
(24,663)

Interest paid
243,237
165,249

Interest received
(5,308)
(1,009)

Taxation charge
1,266,293
734,042

Decrease/(increase) in stocks
1,865,066
(850,472)

(Increase)/decrease in debtors
(1,860,968)
678,116

(Decrease)/increase in creditors
(2,606,041)
1,600,586

Corporation tax (paid)
(284,808)
(185,237)

Loss/(gain) on listed investments
(2,128)
(7,858)

Net cash generated from operating activities

2,207,459
5,934,229


Cash flows from investing activities

Purchase of tangible fixed assets
(330,397)
(4,822,960)

Sale of tangible fixed assets
802,500
44,421

Interest received
4,180
191

HP interest paid
(237,884)
(54,029)

Dividends received
1,128
818

Net cash from investing activities

239,527
(4,831,559)
Page 17

 
OFFSET PRINT LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

New finance leases
(1,102,020)
2,462,626

Dividends paid
-
(1,224,490)

Interest paid
(5,353)
(111,220)

Net cash used in financing activities
(1,107,373)
1,126,916

Net increase in cash and cash equivalents
1,339,613
2,229,586

Cash and cash equivalents at beginning of year
1,856,877
(372,709)

Cash and cash equivalents at the end of year
3,196,490
1,856,877


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,196,490
1,856,877

3,196,490
1,856,877


The notes on pages 19 to 39 form part of these financial statements.

Page 18

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Basis of consolidation

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. 

 
2.3

Going concern

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.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 19

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 packaging

Revenue from the sale of packaging is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over there estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
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.

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company.
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 

 
2.7

Research and development

Expenditure on research and development is written off in the year in which it is incurred. 

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 20

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

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. 

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Intangible assets

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

Page 21

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Plant and machinery
-
20% on cost, 10% on cost and 8.33% on cost
Motor vehicles
-
33% on cost
Fixtures and fittings
-
33% on cost, 25% on cost, 20% on cost and 10% on cost
Computer equipment
-
33% on cost, 25% on cost and 20% on cost

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 22

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 23

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.20

Financial instruments

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.

 
2.21

Dividends

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

Page 24

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 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.


4.


Turnover

The turnover and profit before taxation are attributable to the one principal activity of the Group. 
The percentage of the Group's turnover relating to sales to or within Europe was 47% (2023: 30.8%), the balance for both years relating to the UK.


5.


Other operating income

2024
2023
£
£

Other operating income
38,638
74,950

Sundry income
-
1,260

38,638
76,210


Page 25

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
79,616
(221,600)

Other operating lease rentals
225,000
225,000


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor in respect of:


2024
2023
£
£

The audit of the consolidated and parent Company's financial statements
5,350
5,025

Fees payable to the Company's auditor in respect of:

Tax compliance services
4,750
4,600

The audit of the subsidiary Company's financial statements
30,175
28,800

Other non-audit services
11,140
10,465

Page 26

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,786,764
3,693,145
-
-

Social security costs
376,313
385,568
-
-

Cost of defined contribution scheme
88,691
75,569
-
-

4,251,768
4,154,282
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Cost of sales
75
78
-
-



Admin
25
19
3
3

100
97
3
3


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
209,931
200,623

Group contributions to defined contribution pension schemes
2,607
2,607

212,538
203,230


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

Page 27

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Income from investments

2024
2023
£
£



Income from current asset investments
1,128
818

1,128
818





11.


Interest receivable

2024
2023
£
£


Other interest receivable
5,308
1,009

5,308
1,009


12.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
5,353
111,220

Finance leases and hire purchase contracts
237,884
54,029

243,237
165,249

Page 28

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
302,351
-

Adjustments in respect of previous periods
-
4,273


302,351
4,273

Foreign tax


Foreign tax on income for the year
501,975
76,341

501,975
76,341

Total current tax
804,326
80,614

Deferred tax


Origination and reversal of timing differences
461,967
653,428

Total deferred tax
461,967
653,428


Tax on profit
1,266,293
734,042
Page 29

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.49%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,707,708
4,013,665


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.49%)
1,176,927
782,263

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
83,390
35,695

Fixed asset differences
-
(252,762)

Amortisation of goodwill
-
24,046

Adjustments to tax charge in respect of prior periods
-
80,614

Adjustments to tax in respect of prior periods - deferred tax
-
(3,712)

Other timing differences leading to an increase (decrease) in taxation
(281)
179

Non-taxable income
-
(1,541)

Remeasurement of deferred tax for changes in tax rates
-
144,750

Other diffferences on foreign tax
13,500
(75,490)

Movement in deferred tax not recognised
(7,243)
-

Total tax charge for the year
1,266,293
734,042


Factors that may affect future tax charges

From 1 April 2023, the corporation tax main rate increased from 19% to 25%.


14.


Dividends

2024
2023
£
£


Ordinary shares of £1 each interim
-
1,224,490

-
1,224,490

Page 30

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Intangible assets

Group





Goodwill

£



Cost


At 1 May 2023
1,233,754



At 30 April 2024

1,233,754



Amortisation


At 1 May 2023
987,000


Charge for the year on owned assets
123,375



At 30 April 2024

1,110,375



Net book value



At 30 April 2024
123,379



At 30 April 2023
246,754



Page 31

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
9,588,615
48,861
579,820
288,535
10,505,831


Additions
115,908
26,563
170,226
17,700
330,397


Disposals
(229,243)
-
-
-
(229,243)



At 30 April 2024

9,475,280
75,424
750,046
306,235
10,606,985



Depreciation


At 1 May 2023
2,543,572
16,889
178,595
248,549
2,987,605


Charge for the year on owned assets
699,416
10,657
71,061
25,768
806,902


Disposals
(206,319)
-
-
-
(206,319)



At 30 April 2024

3,036,669
27,546
249,656
274,317
3,588,188



Net book value



At 30 April 2024
6,438,611
47,878
500,390
31,918
7,018,797



At 30 April 2023
7,045,043
31,972
401,225
39,986
7,518,226

In the year a KBA Rapida 142 printing machine was sold for £802,500, generating a profit on disposal of
£779,5756, which is included within Administrative Expenses in the Consolidated Statement of
Comprehensive Income.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
5,177,842
5,684,836

Motor vehicles
21,315
31,972

5,199,157
5,716,808

Page 32

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
9,013,516



At 30 April 2024
9,013,516





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Offset Print & Packaging Limited (directly held)
188 Forstal Road, Aylesford, Kent, England, ME20 7DB
Holding
100%
Offset Productions Limited (dormant) (directly held by Offset Print & Packaging Limited)
188 Forstal Road, Aylesford, Kent, England, ME20 7DB
Holding
100%
Offset Netherlands B.V. (directly held by Offset Print & Packaging Limited)
Castorstraat 8, Tilburg, 5047RC
Holding
100%


18.


Stocks

Group
Group
2024
2023
£
£

Finished goods
526,059
425,317

Raw materials
1,342,491
3,277,334

Work in progress
424,129
455,094

2,292,679
4,157,745


Stocks are shown net of a provision for obsolescence of £98,775 (2023: £10,608). No physical impairments have taken place.
Impairment losses of £Nil (2023: £Nil) have been recognised through the profit and loss in the year. 

Page 33

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
3,720,627
2,904,985

Other debtors
1,297,867
143,209

Prepayments and accrued income
62,036
171,368

5,080,530
3,219,562


Other debtors included amounts owed on invoice financing of £1,278,417 (2023: £Nil).


20.


Current asset investments

Group
Group
2024
2023
£
£

Listed investments
71,481
69,353

71,481
69,353



21.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
3,196,490
1,856,877

3,196,490
1,856,877


Page 34

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
1,635,257
2,365,492
-
-

Amounts owed to group undertakings
-
-
-
5,809,474

Corporation tax
549,163
29,645
-
-

Other taxation and social security
623,129
300,699
-
-

Obligations under finance lease and hire purchase contracts
789,755
1,102,021
-
-

Other creditors
-
2,088,016
-
-

Accruals and deferred income
324,621
434,841
-
-

3,921,925
6,320,714
-
5,809,474


Other creditors included amounts due on invoice financing and trade loans of £Nil (2023: £1,079,280).


23.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
2,948,015
3,737,769

2,948,015
3,737,769




Page 35

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Leasing agreements

Minimum lease payments fall due as follows: 
Group

Hire purchase contracts
2024
Hire purchase contracts
2023
£
£
Gross obligations repaybles
Within one year

987,387

1,342,525
 
Between one and five years

2,769,651

3,124,531
 
In more than five years

632,507

1,265,014
 
4,389,545

5,732,070
 
Finance charges repayble
Within one year

197,633

240,504
 
Between one and five years

433,924

575,529
 
In more than five years

20,220

76,248
 
651,777

892,281
 
Net obligations repayble
Within one year

789,754

1,102,021
 
Between one and five years

2,335,728

2,549,003
 
In more than five years

612,287

1,188,766
 
3,737,769

4,839,790
 

Page 36

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

25.


Secured debts

The following secured debts are included within creditors:

2024
2023
        £
        £
Group

Obligations under finance lease and hire purchase contracts

3,737,769

4,839,790

Invoice financing

(1,278,417)

949,585

Trade loans

-

129,694


2,459,352

5,919,069


Invoice financing balances and bank loans of the company are secured by a debenture including first fixed charge over book and other debts, and first floating charge over all assets.
Net obligations under hire purchase and finance lease contracts are secured by fixed charges on the assets concerned.
HSBC holds a debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future. The company is party to an Unlimited Multilateral Guarantee also given by Offset Productions Limited, Offset Print Limited, and Offset Netherlands B.V. 



26.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(1,217,720)
(564,292)


Charged to profit or loss
(461,967)
(653,428)



At end of year
(1,679,687)
(1,217,720)

Page 37

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
26.Deferred taxation (continued)




Group
Group
2024
2023
£
£

Accelerated capital allowances
(1,684,730)
(1,679,057)

Tax losses carried forward
-
463,739

Other short-term timing differences
1,527
3,611

Fair value on listed investments
3,516
(6,013)

(1,679,687)
(1,217,720)


27.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



400,000 (2023 - 400,000) Ordinary shares of £1.00 each
400,000
400,000

Each share is entitled to one vote in any circumstance and each share is also entitled to dividend payments or any other distribution, including a distribution arising from a winding up of the company.



28.


Reserves

Capital redemption reserve

The capital redemption reserve represents the cumulative nominal value of cancelled share capital.

Profit and loss account

The profit and loss account represents accumulated comprehensive income for the period net of dividends and other adjustments.


29.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £82,184 (2023: £75,570). Contributions totalling £14,420 (2023: £14,444)) were payable to the fund at the balance sheet date and are included in creditors.

Page 38

 
OFFSET PRINT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

30.


Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 (January 2022) '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.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
Key management personnel
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling activities for the Group are considered to be key management personnel. Total remuneration in respect of these individuals is £622,568 (2023: £613,335).
Other related party transactions
Directors loan account balances due to the directors at the year end are £Nil (2023: £203,163) to E Bone, £Nil (2023: £212,245) to V Brearey and £Nil (2023: £593,329) to H Jarvis.
During the year Offset Print & Packaging Limited leased a property from a company which is controlled by a director of Offset Print Limited. The rental charge for the year was £231,010 (2023: £230,159).


31.


Ultimate controlling party

The directors consider that there is no single ultimate controlling party. 

 
Page 39