Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30falsefalse2023-07-01149143falsefalse 03302074 2023-07-01 2024-06-30 03302074 2022-07-01 2023-06-30 03302074 2024-06-30 03302074 2023-06-30 03302074 2022-07-01 03302074 1 2023-07-01 2024-06-30 03302074 1 2022-07-01 2023-06-30 03302074 4 2023-07-01 2024-06-30 03302074 4 2022-07-01 2023-06-30 03302074 1 2023-07-01 2024-06-30 03302074 e:Director1 2023-07-01 2024-06-30 03302074 e:Director2 2023-07-01 2024-06-30 03302074 e:Director3 2023-07-01 2024-06-30 03302074 e:RegisteredOffice 2023-07-01 2024-06-30 03302074 e:Agent1 2023-07-01 2024-06-30 03302074 d:Buildings 2023-07-01 2024-06-30 03302074 d:Buildings 2024-06-30 03302074 d:Buildings 2023-06-30 03302074 d:Buildings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03302074 d:PlantMachinery 2023-07-01 2024-06-30 03302074 d:PlantMachinery 2024-06-30 03302074 d:PlantMachinery 2023-06-30 03302074 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03302074 d:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 03302074 d:OtherPropertyPlantEquipment 2024-06-30 03302074 d:OtherPropertyPlantEquipment 2023-06-30 03302074 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03302074 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03302074 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 03302074 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 03302074 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 03302074 d:Goodwill 2023-07-01 2024-06-30 03302074 d:Goodwill 2024-06-30 03302074 d:Goodwill 2023-06-30 03302074 d:CurrentFinancialInstruments 2024-06-30 03302074 d:CurrentFinancialInstruments 2023-06-30 03302074 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 03302074 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03302074 d:ReportableOperatingSegment1 2023-07-01 2024-06-30 03302074 d:ReportableOperatingSegment1 2022-07-01 2023-06-30 03302074 d:UKTax 2023-07-01 2024-06-30 03302074 d:UKTax 2022-07-01 2023-06-30 03302074 d:ShareCapital 2024-06-30 03302074 d:ShareCapital 2023-06-30 03302074 d:ShareCapital 2022-07-01 03302074 d:SharePremium 2023-07-01 2024-06-30 03302074 d:SharePremium 2024-06-30 03302074 d:SharePremium 2023-06-30 03302074 d:SharePremium 2022-07-01 03302074 d:CapitalRedemptionReserve 2023-07-01 2024-06-30 03302074 d:CapitalRedemptionReserve 2024-06-30 03302074 d:CapitalRedemptionReserve 2023-06-30 03302074 d:CapitalRedemptionReserve 2022-07-01 03302074 d:OtherMiscellaneousReserve 2023-07-01 2024-06-30 03302074 d:OtherMiscellaneousReserve 2024-06-30 03302074 d:OtherMiscellaneousReserve 2023-06-30 03302074 d:OtherMiscellaneousReserve 2022-07-01 03302074 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 03302074 d:RetainedEarningsAccumulatedLosses 2024-06-30 03302074 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 03302074 d:RetainedEarningsAccumulatedLosses 2023-06-30 03302074 d:RetainedEarningsAccumulatedLosses 2022-07-01 03302074 e:OrdinaryShareClass1 2023-07-01 2024-06-30 03302074 e:OrdinaryShareClass1 2024-06-30 03302074 e:OrdinaryShareClass1 2023-06-30 03302074 e:FRS102 2023-07-01 2024-06-30 03302074 e:Audited 2023-07-01 2024-06-30 03302074 e:FullAccounts 2023-07-01 2024-06-30 03302074 e:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03302074 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-07-01 2024-06-30 03302074 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-07-01 2024-06-30 03302074 2 2023-07-01 2024-06-30 03302074 7 2023-07-01 2024-06-30 03302074 d:ExternallyAcquiredIntangibleAssets 2023-07-01 2024-06-30 03302074 d:Goodwill d:OwnedIntangibleAssets 2023-07-01 2024-06-30 03302074 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-07-01 2024-06-30 03302074 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 03302074










TRADEPRINT DISTRIBUTION LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
TRADEPRINT DISTRIBUTION LIMITED
 

COMPANY INFORMATION


Directors
Roderick James Scrimgeour 
Charlene Joss 
Paolo Roatta 




Registered number
03302074



Registered office
C/O Cogency Global (UK) Limited
6 Lloyds Avenue

Unit 4CL

London

England

EC3N 3AX




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA




Bankers
The Royal Bank of Scotland
227 Strathmartine Road

Dundee

DD3 8NS




Solicitors
Blackadders LLP
10 Euclid Crescent

Dundee

DD1 1AG





 
TRADEPRINT DISTRIBUTION LIMITED
 

CONTENTS



Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditors' report
7 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Analysis of net debt
14
Notes to the financial statements
15 - 29


 
TRADEPRINT DISTRIBUTION LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

We aim to report a balanced and comprehensive review of the development and performance of our business and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face. 

Business review
 
Revenue landed on £19.7m, an increase of 13% compared to the year ended 30th June 2023. This was largely driven by increased demand in large format up almost 40% YoY adding £700k to the base. Small format and books were up by 7% an £800k increase aided by the general election. Emerging product categories like PPAG and labels & packaging were up £100k, 15%. Intercompany revenue also increased by £650k during the year.
The demand for our bestselling small format product lines flyers & leaflets, business stationery and business cards has been steady and consistent representing a modest 6% year over year increase in revenue which outperformed our forecasts and prior year trend (+3%) largely due to the general election.
We continue our focus to drive volume from newly introduced product lines where demand is strong such as labels & packaging and PPAG, which continue to grow month over month.
The deployment of our new CRM in sales and marketing has provided enhanced visibility on customer behaviours and ordering patterns and has enabled a series of scalable marketing automations, pop ups and promotional offers whilst ensuring we remain proactive in our sales approach.
Significant capital expenditure was noted in this financial year largely related to purchase of our factory premises.  This purchase has allowed us to more than double the floorspace whilst providing further scope for expansion in future years. Other investments include a second mug machine to accommodate demand over peak as well as the install of additional cutting capacity in large format to facilitate growth.

Principal risks and uncertainties
 
Much of our revenue comes from the small format paper products which we are able to produce in large volumes efficiently. The growth in these products we suspect will likely stagnate in the next 3-5 years, due to the acceleration of digital content. It is therefore crucial we continue to diversify our manufacturing capabilities and focus on high growth areas in the market or areas where Tradeprint doesn’t currently have a high market share.
Material, energy and logistics costs have been somewhat stable this financial year after a turbulent 2 years. We will continue to manage, monitor and react as necessary to minimise the impact on profitability.  Continuous improvement efforts remain as one of our strategic pillars both from a customer service and manufacturing excellence perspective.
Increases to the National Living wage and impending Employer National Insurance increases continue to apply pressure to gross margin performance. We have implemented a new production management structure and robust cross training plans to ensure that the labour pool is fully utilised, and that staff are given appropriate training and development opportunities allowing them to upskill, progress and move across multiple workstreams.

Page 1

 
TRADEPRINT DISTRIBUTION LIMITED
 

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

Financial key performance indicators
 
For the full fiscal year 2024 revenue was approximately £19.7m, an increase of 13% compared to the prior fiscal year (£17.43m).
Gross profit of 32% was reported versus prior year of 30.9%. Largely to reduced energy costs and better utilisation of costs and increased efficiencies through increased volumes. 
During this period, we generated a pre-tax loss of £1.38m compared to a loss of £1m in the 2023 results largely due increased administration expenses. Interest on intercompany borrowings has increased by almost £350k due to the increased cost of financing. YoY there was an adverse swing on the FX impact of the intercompany loan of almost £600k, which has contributed to the downturn in profitability in the 2024 results.

Business key performance indicators
 
As part of our commitment to excellence across all areas of the business, we have taken a significant step forward by deploying a single, unified CRM platform that consolidates sales, service, and marketing communications. This common platform ensures seamless collaboration between teams, providing a single source of truth for customer interactions. By integrating service with sales and marketing, we enhance our ability to anticipate customer needs, resolve issues proactively, and deliver a consistently high-quality experience.
This laser focus on continuous improvement is embedded in every department, ensuring that we drive efficiency, responsiveness, and service excellence at every customer touchpoint. Our ambition is not just to meet expectations but to set new industry benchmarks for customer service, with a clear goal of winning awards that recognise our dedication to outstanding support.
Our unwavering emphasis on reliability and stability remains fundamental to our success. We have worked diligently to provide enhanced visibility to manage fluctuating demand across all product lines while optimising operational efficiency, ensuring that we continue to be a trusted trade print partner. These efforts not only strengthen customer loyalty but also directly contribute to our overall profitability and long-term growth.

Page 2

 
TRADEPRINT DISTRIBUTION LIMITED
 

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

Future developments
 
Tradeprint is the only UK based Manufacturer within the Cimpress Group and we continue to leverage this to play a key part of the Group’s UK supply chain. These orders flow across the Mass Customisation Platform (MCP) and support the group by reducing shipping costs and delivery times to customers whilst contributing to better operational and environmental efficiencies in our manufacturing plant in Dundee. We anticipate strong YoY growth in the next financial year.
Promotional product extension will continue to be a growth driver as we focus on enhancing the range of products beyond our small format core.
Our new website will go live in late 2025 culminating 18 months of development effort. In parallel, we continue to invest in our e-commerce roadmap which includes personalisation plans, recommendations, improved navigation and customer account area. 
Investments in design tools and automated artwork services and AI are underway to increase the volume of jobs which require zero touch from an operator perspective. This will allow our resources to focus on an extra personal level of service for those customers who need the support as well as shortening delivery times.
Many of the initiatives described are in flight at the time of writing and the business is confident we can demonstrate the value these projects will bring in the year ended 30th June 2025.
Sustainability
Tradeprint continues to make significant progress in sustainability, focusing on waste reduction, responsible sourcing, and carbon footprint management. Through partnerships with Reconomy and FESPA UK, the company has successfully diverted 99.72% of waste from landfill by implementing improved waste separation, employee education programs, and transparent reporting.
A strong commitment to responsible forestry remains a priority, with Tradeprint ensuring that all wood-fibre products meet FSC® and PEFC certification standards. The company is on track to achieve 100% certification for these materials and aims for 95% certification in packaging and third-party fulfilment by the end of the next financial year. Additionally, Tradeprint is eliminating PVC from its product range during 2025/26, with the early adoption of PVC-free banners already delivering a reduction in CO?(e) emissions for customers using flexible banner products.
Carbon footprint management remains central to Tradeprint’s sustainability strategy. By leveraging precise supplier data, the company has reduced CO2(e) emissions by nearly 5% year-on-year. We are considering investments in solar energy projects and collaboration with carriers like DPD are helping to track and reduce shipping-related emissions.
Innovation plays a key role in Tradeprint’s sustainability efforts. The adoption of a hybrid working model has helped reduce Scope 3 emissions by minimising commuting through remote work options, car-sharing initiatives, and subsidised public transport. Internally, the Climate Action Group provides employees with a platform to contribute sustainability ideas, promoting energy-saving practices and greater stakeholder engagement.
By integrating sustainability into every aspect of its operations, Tradeprint is setting new benchmarks for environmental stewardship in the print industry. With a long-term commitment to achieving Net Zero by 2040, the company continues to deliver measurable results and inspire broader industry change.

Page 3

 
TRADEPRINT DISTRIBUTION LIMITED
 

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


This report was approved by the board on 27 March 2025 and signed on its behalf.



Charlene Joss
Director

Page 4

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

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.

Principal activity

The principal activity continues to be the provision of printing products and services.

Results and dividends

The loss for the year, after taxation, amounted to £1,342,212 (2023 - loss £998,093).

The directors have paid no interim dividend (2023 - £NIL) and they do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

Roderick James Scrimgeour 
Charlene Joss 
Paolo Roatta 

Future developments

Future developments have been discussed within the Strategic Report.

Page 5

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 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.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 March 2025 and signed on its behalf.
 





Charlene Joss
Director

Page 6

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADEPRINT DISTRIBUTION LIMITED
 

Opinion


We have audited the financial statements of Tradeprint Distribution Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the 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 Company's affairs as at 30 June 2024 and of its loss 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.


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.


Page 7

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADEPRINT DISTRIBUTION LIMITED (CONTINUED)


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 5, 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 8

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADEPRINT DISTRIBUTION 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.


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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal  controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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.


Page 9

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADEPRINT DISTRIBUTION LIMITED (CONTINUED)


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.





Douglas Rae (Senior statutory auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants
Statutory Auditors
  
14 City Quay
Dundee
DD1 3JA

28 March 2025
Page 10

 
TRADEPRINT DISTRIBUTION LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

  

Turnover
 4 
19,693,229
17,433,734

Cost of sales
  
(13,399,531)
(12,052,693)

Gross profit
  
6,293,698
5,381,041

Administrative expenses
  
(6,877,766)
(5,858,958)

Other operating income
 5 
53,083
-

Operating loss
 6 
(530,985)
(477,917)

Interest receivable and similar income
 10 
1,885
1,803

Interest payable and similar expenses
 11 
(853,144)
(521,979)

Loss before tax
  
(1,382,244)
(998,093)

Tax on loss
 12 
40,032
-

Loss for the financial year
  
(1,342,212)
(998,093)

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

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

The notes on pages 15 to 29 form part of these financial statements.

Page 11

 
TRADEPRINT DISTRIBUTION LIMITED
REGISTERED NUMBER: 03302074

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
£
£

Fixed assets
  

Intangible assets
 13 
25,798
6,667

Tangible assets
 14 
5,476,827
3,937,636

  
5,502,625
3,944,303

Current assets
  

Stocks
 15 
353,568
495,457

Debtors: amounts falling due within one year
 16 
1,193,717
1,088,257

Bank and cash balances
  
417,711
616,021

  
1,964,996
2,199,735

Creditors: amounts falling due within one year
 17 
(13,963,099)
(11,297,304)

Net current liabilities
  
 
 
(11,998,103)
 
 
(9,097,569)

Total assets less current liabilities
  
(6,495,478)
(5,153,266)

  

Net liabilities
  
(6,495,478)
(5,153,266)


Capital and reserves
  

Called up share capital 
 18 
120
120

Share premium account
 19 
3,940
3,940

Capital redemption reserve
 19 
80
80

Capital contribution reserve
 19 
4,158,569
4,158,569

Profit and loss account
 19 
(10,658,187)
(9,315,975)

  
(6,495,478)
(5,153,266)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.




Charlene Joss
Director

The notes on pages 15 to 29 form part of these financial statements.

Page 12
 

 
TRADEPRINT DISTRIBUTION LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024



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


£
£
£
£
£
£



At 1 July 2022
120
3,940
80
4,158,569
(8,317,882)
(4,155,173)



Comprehensive income for the year


Loss for the year
-
-
-
-
(998,093)
(998,093)





At 1 July 2023
120
3,940
80
4,158,569
(9,315,975)
(5,153,266)



Comprehensive income for the year


Loss for the year
-
-
-
-
(1,342,212)
(1,342,212)



At 30 June 2024
120
3,940
80
4,158,569
(10,658,187)
(6,495,478)



The notes on pages 15 to 29 form part of these financial statements.

Page 13
 

 
TRADEPRINT DISTRIBUTION LIMITED


 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

616,021

(198,310)

417,711

Bank overdrafts

-

(17,361)

(17,361)

Debt due within 1 year

(415)

(25,689)

(26,104)


615,606
(241,360)
374,246

The notes on pages 15 to 29 form part of these financial statements.

Page 14

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Tradeprint Distribution Limited is a private company, limited by shares, registered in England with registration number 03302074. The principal place of business is 2 Fulton Road, Dundee, DD2 4SW.

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).

The following principal accounting policies have been applied:

 
2.2

Going concern

Due to continued losses in the current year, the Company has reported a net liability position. The directors of the Company's ultimate parent Cimpress Plc have confirmed that they will financially support the Company and ensure there are sufficient funds available to allow it to meet its financial obligations for the forseeable future.
This will allow the Company to continue in operational existence and therefore continue to adopt the going concern basis for the preparation of the 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 15

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract 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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 16

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

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

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 17

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Taxation

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 reporting 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 reporting 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 reporting date.


 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other 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.

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.

Page 18

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10 - 33% Straight line
Other fixed assets
-
14 - 50% 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.

 
2.15

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 reporting 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

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Page 19

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.17

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 instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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 20

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying the accounting policies, management has not made any significant judgments
that have a significant effect on the amounts recognised in the financial statements.
The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below:
Depreciation
Due to the nature of company's activities, the plant and machinery depreciation policy is considered to be the most significant estimation within the company's financial statements. The net book value of the plant and machinery as at 30 June 2024 amounted to £3,656,276 (2023 - £3,898,667).
The plant and machinery depreciation policy, detailed at note 2.13, states the assets are depreciated at 10% - 33% on a straight line basis.
Management review the depreciation policy regularly to determine whether the rates and methods are reasonable for each machine. If the net book values of these assets were considered to change significantly, a change in the depreciation rates may be required.
 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Provision of printing products and services
19,693,229
17,433,734


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
53,083
-



6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
801,116
939,609

Exchange differences
89,636
(488,372)

Other operating lease rentals
25,519
8,755

Page 21

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
16,500
15,450

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

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


2024
2023
£
£

Wages and salaries
4,860,937
4,213,182

Social security costs
410,444
387,118

Cost of defined contribution scheme
84,971
76,176

5,356,352
4,676,476


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


        2024
        2023
            No.
            No.







Employees
149
143

Page 22

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
339,785
348,722

Company contributions to defined contribution pension schemes
2,642
2,642

342,427
351,364


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

The highest paid director received remuneration of £177,279 (2023 - £187,864).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
1,885
1,803


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
139

Other loan interest payable
15
149

Loans from group undertakings
853,129
519,305

Finance leases and hire purchase contracts
-
2,386

853,144
521,979

Page 23

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(40,032)
-

Taxation on (loss)/profit on ordinary activities
 
(40,032)
 
-

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 19% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(1,382,244)
(998,093)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
(262,626)
(189,638)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
382
158

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
49,605
25,207

Capital allowances for year in excess of depreciation
23,819
(587,983)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(40,032)
-

Book profit on chargeable assets
1,881
(27,168)

Unrelieved tax losses carried forward
186,939
779,424

Total tax charge for the year
(40,032)
-


Factors that may affect future tax charges

The Company has tax losses arising in the UK of £20,580,738 (2023 - £19,636,878) that are available indefinitely for offset against future taxable profits.
The only other factors which may impact future tax charges are those set by HMRC.

Page 24

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Intangible assets




Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 July 2023
-
41,202
41,202


Additions
24,273
-
24,273


Disposals
-
(33,702)
(33,702)



At 30 June 2024

24,273
7,500
31,773



Amortisation


At 1 July 2023
-
34,535
34,535


Charge for the year on owned assets
2,642
2,500
5,142


On disposals
-
(33,702)
(33,702)



At 30 June 2024

2,642
3,333
5,975



Net book value



At 30 June 2024
21,631
4,167
25,798



At 30 June 2023
-
6,667
6,667



Page 25

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Tangible fixed assets





Freehold property
Plant and machinery
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 July 2023
-
9,519,153
93,677
9,612,830


Additions
1,774,600
564,644
47,797
2,387,041


Disposals
-
(195,207)
(17,448)
(212,655)



At 30 June 2024

1,774,600
9,888,590
124,026
11,787,216



Depreciation


At 1 July 2023
-
5,620,486
54,708
5,675,194


Charge for the year on owned assets
29,577
760,301
11,238
801,116


Disposals
-
(148,473)
(17,448)
(165,921)



At 30 June 2024

29,577
6,232,314
48,498
6,310,389



Net book value



At 30 June 2024
1,745,023
3,656,276
75,528
5,476,827



At 30 June 2023
-
3,898,667
38,969
3,937,636


15.


Stocks

2024
2023
£
£

Raw materials and consumables
324,071
483,918

Work in progress (goods to be sold)
29,497
11,539

353,568
495,457


Page 26

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Debtors

2024
2023
£
£


Trade debtors
629,585
603,499

Other debtors
260,088
233,472

Prepayments and accrued income
304,044
251,286

1,193,717
1,088,257



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
17,361
-

Trade creditors
2,536,840
2,049,800

Amounts owed to group undertakings
9,776,480
8,183,597

Other taxation and social security
110,767
95,854

Other creditors
332,990
83,513

Accruals and deferred income
1,188,661
884,540

13,963,099
11,297,304


Amounts owed to group undertakings includes a revolving credit facility provided by Cimpress Plc., the ultimate parent of Tradeprint Distribution Limited. Interest is charged on a quarterly basis, at a rate per annum equal to three month LIBOR plus 2.25% on the unpaid principal amount of the loan. While this loan is repayable on demand, full repayment of the principal amount is required by May 2026.
Amounts included in net obligations under finance leases and hire purchase contracts are secured over related assets.


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



120 (2023 - 120) Ordinary shares of £1.00 each
120
120


Page 27

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Reserves

Share premium account

The balance on this account equates to the additional price paid in excess of par value of the share capital of the company when the shares were initially issued.

Capital redemption reserve

The balance on this account equates to the par value of previously issued share capital that has been cancelled.

Capital contribution reserve

The balance on this account equates to amounts invested by the parent company to be treated as equity but has not resulted in the issue of additional share capital.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


20.


Capital commitments


At 30 June 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
421,260
41,141


21.


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 £84,971 (2023 - £76,176). Contributions totalling £26,104 (2023 - £415) were payable to the fund at the reporting date and are included in creditors.

Page 28

 
TRADEPRINT DISTRIBUTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Related party transactions

The parent and ultimate parent company are detailed in the controlling party note.
The Company has taken advantage of provisions within FRS102 and has not disclosed transactions  entered into with other wholly owned members of the group.
The directors consider themselves to be the only key management personnel, and their remuneration for the period is disclosed at note 9.


23.


Post balance sheet events

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


24.


Controlling party

Tradeprint Distribution Limited and its immediate parent company, Cimpress UK Limited (a company registered in England) are exempt from the requirement to prepare consolidated financial statements under Section 400 of Companies Act 2006 as wholly owned subsidiaries of Cimpress Plc. The registered address of Cimpress UK Limited is C/O Cogency Global (Uk) Limited, 6 Lloyds Avenue, Unit 4cl, London, England, EC3N 3AX 
The ultimate parent company is Cimpress Plc, a company registered in Ireland (commission file number 000-51539). The consolidated financial statements are available to the public from the registered address of Cimpress Plc, First Floor Building 3, Finnabair Business and Technology Park, A91 XR61, Dundalk, Louth, Ireland, and from their website, Cimpress.com. 


Page 29