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Registered number: 00435445










HARLOW PRINTING LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
HARLOW PRINTING LIMITED
 
 
COMPANY INFORMATION


Directors
J A Harrison 
R B Walker (resigned 28 September 2023)
O Okeya (appointed 28 September 2023)
E D Lawal (appointed 28 September 2023)




Registered number
00435445



Registered office
Maxwell Street

South Shields

NE33 4PU




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditor

32 Portland Terrace

Jesmond

Newcastle upon Tyne

NE2 1QP





 
HARLOW PRINTING LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Income and Retained Earnings
9
Balance Sheet
10
Statement of Cash Flows
11
Analysis of Net Debt
12
Notes to the Financial Statements
13 - 27

 
HARLOW PRINTING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The principal activity of the Company continued to be that of specialised printing, print management and software solutions for organisations primarily in the healthcare sector, whilst also providing reliable digital solutions, mailing and fulfilment services to businesses and the public sector. The Company also provides specific print and digital products for child health and maternity units.

Business review
 
During the year the company reported revenue of £12.9m and profit before tax of £2.1m. The results for the year were considered very satisfactory by the directors, as pre-tax profits increased despite the decrease in revenue.
The Company continued to expand into new markets and expand the range of services provided to customers. During the last quarter of the financial year, the business secured contract awards across new and established markets. The positive effect of these are expected to reflect in the next financial year as mobilisation of these contracts progress.
On 28 September 2023 Silverbaton Capital Limited, a subsidiary of Silverbaton Holdings, acquired Harlow Printing Limited. The acquisition significantly supports the Company’s growth trajectory, enhancing our capacity to expand into adjacent markets while leveraging established core operations. As well as maintaining the Company's existing business activities, it strengthens our position and enables us to capitalise on opportunities within related sectors.
The Position of the Company at the Year End
The directors believe that the Company is in a strong position to deal with the risk and uncertainties it faces.
Trading to date for the year ending 30 April 2025 has been very encouraging.
By maintaining a strong balance sheet which includes considerable financial resources, we have been able to withstand unforeseen events and expand into new markets.

Page 1

 
HARLOW PRINTING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties
 
Market and competition risk
The Company is exposed to the risk that customers may seek to obtain services it provides elsewhere or shift to a digital alternative. However, services offered by the business is increasingly diversified and the Directors are confident that the Company is innovating and adjusting to challenges to ensure it adapts accordingly.
Legislative risks
The company is governed by a wide range of legislation and takes great care to keep up to date with all relevant legislation to ensure that it can maintain its business.
Financial risks
The main financial risk for any business is liquidity risk, which is the risk that an entity will encounter difficulty in meeting its financial obligations. The Company mitigates liquidity risk by the continual review of its cash management and by financing capital expenditure by borrowing when it is deemed necessary. 
Macro-economic pressures
The Company is exposed to inflationary pressures in its cost base. To retain margins and attract customers, the business continues to innovate, review pricing and optimise processes and procedures.
Staff retention and recruitment
To recruit and retain staff, pay rates and benefits are periodically reviewed and adjusted where needed. The Company is exposed to increases in national minimum wages and plans accordingly to continue to improve processes to dampen the effect of the wage cost increases.
Contract risk
The Company has a number of contracts with customers. The Company focuses on retaining these contracts and regularly reviews internal resources to ensure sufficient levels are available to meet contractual obligations.

Financial key performance indicators
 
The financial key performance indicators for the year show that: -
• turnover decreased by 7.8% to £12,899,429 (2023 - £13,991,145)
• the gross profit percentage increased to 49.0% (2023 - 45.7%); and
• the company experienced a net cash outflow of £1,904,629 (2023 cash inflow - £1,139,771) during the
 year.
The cash outflow recorded at the end of the year was primarily attributable to distributions made to previous shareholders as part of the acquisition of the Company. This one-time outflow does not impact the Company's operational cash flow or its capacity to support ongoing business activities and growth initiatives.


This report was approved by the board on 22 January 2025 and signed on its behalf.



J A Harrison
Director
Page 2

 
HARLOW PRINTING 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

The directors who served during the year were:

J A Harrison 
R B Walker (resigned 28 September 2023)
O Okeya (appointed 28 September 2023)
E D Lawal (appointed 28 September 2023)

Results and dividends

The profit for the year, after taxation, amounted to £1,643,077 (2023 - £1,455,710).

The directors do not recommend the payment of a final dividend in respect of the year ended 30 April 2024 (2023 - £nil).

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The Company will seek to nurture deeper partnerships with new and existing customers or partners to further the development of our products and services. We seek to maintain our leading position within the specialist healthcare market while growing into adjacent markets. We will also continue to innovate for new products in the specialist areas of child health and maternity.

Page 3

 
HARLOW PRINTING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

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's auditors are 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's auditors are aware of that information.

Post balance sheet events

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

This report was approved by the board on 22 January 2025 and signed on its behalf.
 





J A Harrison
Director
Page 4

 
HARLOW PRINTING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLOW PRINTING LIMITED
 

Opinion


We have audited the financial statements of Harlow Printing Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows 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 Company's affairs as at 30 April 2024 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 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 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 5

 
HARLOW PRINTING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLOW PRINTING LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 6

 
HARLOW PRINTING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLOW PRINTING LIMITED (CONTINUED)


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


The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the Responsible Individual ensured that the engagement team collectively had the appropriate 
 competence, capabilities and skills to identify or recognise non-compliance with applicable laws and
 regulations;
• we identified the laws and regulations applicable to the Company through discussions with directors and 
 other management, and from our commercial knowledge and experience of the printing sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on 
 the financial statements or the operations of the Company, including the Companies Act 2006, taxation 
 legislation, employment and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making 
 enquiries of management; and
• we ensured that the identified laws and regulations were communicated within the audit team and the 
 team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -
• making enquiries of management as to where they considered there was susceptibility to fraud and
 their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and 
 regulations.
To address the risk of fraud through management bias and override of controls, we: -
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions; and
• assessed whether judgements and assumptions made in determining the accounting estimates set out 
 in the notes to the financial statements were indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance; and
• enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
 
Page 7

 
HARLOW PRINTING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLOW PRINTING LIMITED (CONTINUED)


Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 Auditors' 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 Auditors' 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.





Michael Parry (Senior Statutory Auditor)
  
for and on behalf of
Ryecroft Glenton
 
Chartered Accountants
Statutory Auditor
  
32 Portland Terrace
Jesmond
Newcastle upon Tyne
NE2 1QP

22 January 2025
Page 8

 
HARLOW PRINTING LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,899,429
13,991,145

Cost of sales
  
(6,582,763)
(7,602,025)

Gross profit
  
6,316,666
6,389,120

Distribution costs
  
(357,058)
(398,023)

Administrative expenses
  
(3,924,654)
(4,211,449)

Other operating income
 5 
-
29,154

Operating profit
 6 
2,034,954
1,808,802

Interest receivable and similar income
  
18,309
11,628

Profit before tax
  
2,053,263
1,820,430

Tax on profit
 10 
(410,186)
(364,720)

Profit after tax
  
1,643,077
1,455,710

  

  

Retained earnings at the beginning of the year
  
7,811,243
6,715,533

  
7,811,243
6,715,533

Profit for the year
  
1,643,077
1,455,710

Dividends declared and paid
  
-
(360,000)

Retained earnings at the end of the year
  
9,454,320
7,811,243
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 13 to 27 form part of these financial statements.
Page 9

 
HARLOW PRINTING LIMITED
REGISTERED NUMBER: 00435445

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
2,374
11,349

Tangible assets
 13 
3,296,082
3,354,836

  
3,298,456
3,366,185

Current assets
  

Stocks
 14 
1,340,895
1,436,211

Debtors: amounts falling due within one year
 15 
5,845,070
2,217,308

Cash at bank and in hand
 16 
1,802,951
3,707,580

  
8,988,916
7,361,099

Creditors: amounts falling due within one year
 17 
(2,471,791)
(2,536,961)

Net current assets
  
 
 
6,517,125
 
 
4,824,138

Total assets less current liabilities
  
9,815,581
8,190,323

Provisions for liabilities
  

Deferred tax
 19 
(355,261)
(373,080)

  
 
 
(355,261)
 
 
(373,080)

Net assets
  
9,460,320
7,817,243


Capital and reserves
  

Called up share capital 
 20 
6,000
6,000

Profit and loss account
 21 
9,454,320
7,811,243

  
9,460,320
7,817,243


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 January 2025.




J A Harrison
Director

The notes on pages 13 to 27 form part of these financial statements.
Page 10

 
HARLOW PRINTING LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,643,077
1,455,710

Adjustments for:

Amortisation of intangible assets
8,975
10,017

Depreciation of tangible assets
335,371
338,332

Profit on disposal of tangible assets
(11,290)
(11,380)

Government grants
-
(29,154)

Interest received
(18,309)
(11,628)

Taxation charge
410,186
364,720

Decrease/(increase) in stocks
95,316
(121,145)

Decrease/(increase) in debtors
201,889
(738,381)

(Increase)/decrease in amounts owed by groups
(3,829,651)
-

(Decrease)/increase in creditors
(163,044)
518,797

Corporation tax (paid)/received
(330,131)
92,202

Net cash generated from operating activities

(1,657,611)
1,868,090


Cash flows from investing activities

Purchase of tangible fixed assets
(286,554)
(405,942)

Sale of tangible fixed assets
21,227
25,995

Interest received
18,309
11,628

Net cash from investing activities

(247,018)
(368,319)

Cash flows from financing activities

Dividends paid
-
(360,000)

Net cash used in financing activities
-
(360,000)

Net (decrease)/increase in cash and cash equivalents
(1,904,629)
1,139,771

Cash and cash equivalents at beginning of year
3,707,580
2,567,809

Cash and cash equivalents at the end of year
1,802,951
3,707,580


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,802,951
3,707,580

1,802,951
3,707,580


Page 11

 
HARLOW PRINTING LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

3,707,580

(1,904,629)

1,802,951


3,707,580
(1,904,629)
1,802,951

The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The Company is a private company limited by shares, which is incorporated and registered in England
and Wales (no. 00435445). The address of the registered office is Maxwell Street, South Shields, Tyne
and Wear, NE33 4PU. The principal activity of the Company continued to be that of specialised printing, print management and software solutions for organisations primarily in the healthcare sector, whilst also providing reliable digital solutions, mailing and fulfilment services to businesses and the public sector. The Company also provides specific print and digital products for child health and maternity units.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

A review of the Company's business activities is provided within the strategic report. In addition, the
strategic report discloses the Company's principal risks and uncertainties, including exposures to
competitive, legislative and financial risk. The Company has considerable financial resources and,
as a consequence, the directors believe that the Company is well placed to manage its business
risks successfully and continue in existence for the foreseeable future. For this reason the directors
continue to adopt the going concern basis of preparation for these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 13

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
2.5

Operating leases: the Company as lessee

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

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.7

Interest income

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

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

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 operates and generates 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.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
10
years
Development expenditure
-
3
years
Goodwill
-
5
years

 
2.11

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.

Page 15

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line or reducing balance method as outlined below..

Depreciation is provided on the following basis:

Long-term leasehold property
-
straight line over length of lease
Short-term leasehold property
-
straight line over length of lease
Plant and machinery
-
12.5% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20% - 33% straight line

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.



Page 16

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

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 Company'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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.

Page 17

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.17

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values where
appropriate. The actual lives of the assets and residual values are assessed annually and may vary
depending on a number of factors. In re-assessing the asset lives, factors such as technological
innovation, product life cycles and maintenance programmes are taken into account. Residual values
consider matters such as future market conditions and the remaining estimated life of the asset to
calculate their net present values.
Stock provisioning
The value of finished good stocks has been reduced by a provision for slow-moving or obsolete stock.
The provision applies assumptions based on the age and predicted future use of stock based on demand in the preceding twelve months.
Carrying value of stocks and work in progress
The accounting policy for stock is set out in note 2.12. Management use judgement and experience to estimate some labour and machine rates for work in progress and finished goods which are reviewed and adjusted on an annual basis. 


4.


Turnover

The whole of the turnover is attributable to the company's principal activity.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
12,848,855
13,939,824

Rest of Europe
50,574
51,321

12,899,429
13,991,145


Page 18

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Other operating income

2024
2023
£
£

Government grants received
-
29,154

-
29,154



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
6,709
(10,164)

Other operating lease rentals
48,837
39,596


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
19,500
12,575

Page 19

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Employees

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


2024
2023
£
£

Wages and salaries
3,624,251
3,759,156

Social security costs
342,719
348,368

Cost of defined contribution scheme
161,623
190,262

4,128,593
4,297,786


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


        2024
        2023
            No.
            No.







Sales and administration
53
53



Production
66
74

119
127


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
302,643
386,398

Company contributions to defined contribution pension schemes
16,817
5,290

319,460
391,688


During the year retirement benefits were accruing to 3 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £118,936 (2023 - £209,021).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,484 (2023 - £NIL).

Page 20

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
534,559
330,131

Adjustments in respect of previous periods
1,946
-


Group taxation relief
(108,500)
-


Total current tax
428,005
330,131

Deferred tax


Origination and reversal of timing differences
(17,819)
34,589

Total deferred tax
(17,819)
34,589


Tax on profit
410,186
364,720

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,053,263
1,820,430


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
513,316
354,984

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,276
8,506

Capital allowances for year in excess of depreciation
15,380
(30,572)

Adjustments to tax charge in respect of prior periods
1,946
-

Short-term timing difference leading to an increase (decrease) in taxation
5,081
(2,787)

Other timing differences leading to an increase (decrease) in taxation
(1,494)
-

Group relief
(108,500)
-

Deferred tax (credit)/charge
(17,819)
34,589

Total tax charge for the year
410,186
364,720

Page 21

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends paid on Ordinary shares
-
360,000

-
360,000


12.


Intangible assets




Patents
Development expenditure
Goodwill
Total

£
£
£
£



Cost


At 1 May 2023
450
184,585
15,000
200,035



At 30 April 2024

450
184,585
15,000
200,035



Amortisation


At 1 May 2023
450
173,236
15,000
188,686


Charge for the year on owned assets
-
8,975
-
8,975



At 30 April 2024

450
182,211
15,000
197,661



Net book value



At 30 April 2024
-
2,374
-
2,374



At 30 April 2023
-
11,349
-
11,349



Page 22

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets





Long-term leasehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 May 2023
2,209,310
162,308
4,912,176
114,382
979,387
8,377,563


Additions
169,783
-
100,072
-
16,699
286,554


Disposals
-
-
(61,497)
(32,770)
-
(94,267)



At 30 April 2024

2,379,093
162,308
4,950,751
81,612
996,086
8,569,850



Depreciation


At 1 May 2023
406,135
144,397
3,495,211
56,993
919,991
5,022,727


Charge for the year on owned assets
30,155
14,042
244,346
11,863
34,965
335,371


Disposals
-
-
(61,497)
(22,833)
-
(84,330)



At 30 April 2024

436,290
158,439
3,678,060
46,023
954,956
5,273,768



Net book value



At 30 April 2024
1,942,803
3,869
1,272,691
35,589
41,130
3,296,082



At 30 April 2023
1,803,175
17,911
1,416,965
57,389
59,396
3,354,836




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
1,942,803
1,803,175

Short leasehold
3,869
17,911

1,946,672
1,821,086


Page 23

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Stocks

2024
2023
£
£

Raw materials and consumables
289,321
347,727

Work in progress
212,120
265,584

Finished goods and goods for resale
839,454
822,900

1,340,895
1,436,211


Impairment losses totalling £57,044 (2023 - £56,732) were recognised in profit and loss during the period due to slow-moving and obsolete stock.


15.


Debtors

2024
2023
£
£


Trade debtors
1,891,137
2,094,835

Amounts owed by group undertakings
3,829,651
-

Prepayments and accrued income
124,282
122,473

5,845,070
2,217,308



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,802,951
3,707,580

1,802,951
3,707,580


Page 24

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
668,797
773,392

Corporation tax
426,059
328,185

Other taxation and social security
387,140
380,930

Other creditors
-
135

Accruals and deferred income
989,795
1,054,319

2,471,791
2,536,961



18.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,802,951
3,707,580

Financial assets that are debt instruments measured at amortised cost
5,720,788
2,094,835

7,523,739
5,802,415


Financial liabilities


Financial liabilities measured at amortised cost
1,658,592
1,827,846


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets measured at amortised cost comprise trade debtors and amounts owed by group undertakings.


Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals for
amounts falling due within one year.

Page 25

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Deferred taxation




2024


£






At beginning of year
(373,080)


Charged to profit or loss
17,819



At end of year
(355,261)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(377,039)
(390,276)

Other timing differences
21,778
17,196

(355,261)
(373,080)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,000 (2023 - 6,000) Ordinary shares of £1 each
6,000
6,000



21.


Reserves

Profit and loss account

This reserve includes all current and prior period retained profits and losses.


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £161,623 (2023 - £190,262). Contributions totalling £5,649 (2023 - £3,252) were payable to the fund at the balance sheet date and are included in creditors.

Page 26

 
HARLOW PRINTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023 Restated
£
£


Not later than 1 year
248,340
34,657

Later than 1 year and not later than 5 years
785,111
13,847

1,033,451
48,504


24.


Related party transactions

The Company has taken advantage of the exemption granted by FRS 102 Section 33 "Related Party Transactions" not to disclose transactions and balances with other group companies on the basis the entity is a wholly owned subsidiary.
During the year the Company paid rent of £205,000 (2023 - £158,508) to the Harlow Printing Limited
Directors' Retirement Plan. The members of the retirement plan are directors and former directors of the
Company. £17,053 (2023 - £15,851) was owed to Harlow Printing Limited Director's Retirement Plan at the year end.   
Key management personnel
All directors and certain senior employees who have authority and responsibility for planning, directing
and controlling the activities of the Company are considered to be key management personnel. Total
remuneration in respect of these individuals is £935,023 (2023 - £780,095).
Dividends paid to directors
Dividends of £Nil (2023 - £360,000) were paid to directors (or their close family) during the
period.


25.


Controlling party

The Company's immediate parent entity is Silverbaton Capital Limited, it's registered office address is  128 City Road, London EC1V 2NX. The Company's ultimate parent is Silverbaton Holdings Limited, a company registered in England and Wales.
The smallest and largest group in which the results of the Company are consolidated is that headed by Silverbaton Holdings Limited. Group financial statements are available at 128 City Road, London, United Kingdom, EC1V 2NX.
 
Page 27