Registered number: 03302074
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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TRADEPRINT DISTRIBUTION LIMITED
COMPANY INFORMATION
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TRADEPRINT DISTRIBUTION LIMITED
CONTENTS
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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.
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.
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.
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TRADEPRINT DISTRIBUTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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.
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.
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TRADEPRINT DISTRIBUTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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.
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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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the 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 2006. They 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.
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.
The directors who served during the year were:
Future developments have been discussed within the Strategic Report.
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TRADEPRINT DISTRIBUTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
There have been no significant events affecting the Company since the year end.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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TRADEPRINT DISTRIBUTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADEPRINT DISTRIBUTION LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.
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.
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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TRADEPRINT DISTRIBUTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADEPRINT DISTRIBUTION LIMITED (CONTINUED)
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.
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.
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TRADEPRINT DISTRIBUTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADEPRINT DISTRIBUTION LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.
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TRADEPRINT DISTRIBUTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADEPRINT DISTRIBUTION LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
14 City Quay
DD1 3JA
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TRADEPRINT DISTRIBUTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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TRADEPRINT DISTRIBUTION LIMITED
REGISTERED NUMBER: 03302074
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 29 form part of these financial statements.
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