Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-30Paul McDermott Paul McDermott J Chevalier J Chevalier2024-06-30falsefalse412023-07-01false36false 08708460 2023-07-01 2024-06-30 08708460 2022-07-01 2023-06-30 08708460 2024-06-30 08708460 2023-06-30 08708460 2022-07-01 08708460 2 2022-07-01 2023-06-30 08708460 4 2023-07-01 2024-06-30 08708460 4 2022-07-01 2023-06-30 08708460 1 2023-07-01 2024-06-30 08708460 e:Director1 2023-07-01 2024-06-30 08708460 e:Director2 2023-07-01 2024-06-30 08708460 e:RegisteredOffice 2023-07-01 2024-06-30 08708460 d:OfficeEquipment 2023-07-01 2024-06-30 08708460 d:OfficeEquipment 2024-06-30 08708460 d:OfficeEquipment 2023-06-30 08708460 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 08708460 d:CurrentFinancialInstruments 2024-06-30 08708460 d:CurrentFinancialInstruments 2023-06-30 08708460 d:Non-currentFinancialInstruments 2024-06-30 08708460 d:Non-currentFinancialInstruments 2023-06-30 08708460 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 08708460 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 08708460 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 08708460 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 08708460 d:ReportableOperatingSegment1 2023-07-01 2024-06-30 08708460 d:ReportableOperatingSegment1 2022-07-01 2023-06-30 08708460 f:RestWorldOutsideUK 2023-07-01 2024-06-30 08708460 f:RestWorldOutsideUK 2022-07-01 2023-06-30 08708460 d:UKTax 2023-07-01 2024-06-30 08708460 d:UKTax 2022-07-01 2023-06-30 08708460 d:ShareCapital 2024-06-30 08708460 d:ShareCapital 2023-06-30 08708460 d:ShareCapital 2022-07-01 08708460 d:OtherMiscellaneousReserve 2023-07-01 2024-06-30 08708460 d:OtherMiscellaneousReserve 2024-06-30 08708460 d:OtherMiscellaneousReserve 2023-06-30 08708460 d:OtherMiscellaneousReserve 2022-07-01 08708460 d:OtherMiscellaneousReserve 2 2022-07-01 2023-06-30 08708460 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 08708460 d:RetainedEarningsAccumulatedLosses 2024-06-30 08708460 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 08708460 d:RetainedEarningsAccumulatedLosses 2023-06-30 08708460 d:RetainedEarningsAccumulatedLosses 2022-07-01 08708460 d:RetainedEarningsAccumulatedLosses 2 2022-07-01 2023-06-30 08708460 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-07-01 2024-06-30 08708460 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-06-30 08708460 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-06-30 08708460 e:OrdinaryShareClass1 2023-07-01 2024-06-30 08708460 e:OrdinaryShareClass1 2024-06-30 08708460 e:OrdinaryShareClass1 2023-06-30 08708460 e:FRS102 2023-07-01 2024-06-30 08708460 e:Audited 2023-07-01 2024-06-30 08708460 e:FullAccounts 2023-07-01 2024-06-30 08708460 e:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08708460 6 2023-07-01 2024-06-30 08708460 d:ShareCapital 2 2022-07-01 2023-06-30 08708460 g:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 08708460










CIMPRESS UK LIMITED

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

 
CIMPRESS UK LIMITED
 

COMPANY INFORMATION


Directors
Paul McDermott 
Jonathan Chevalier 




Registered number
08708460



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

Unit 4CL

London

EC3N 3AX




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
CIMPRESS UK LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 25


 
CIMPRESS UK LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activities
 
The Company’s principal activity is providing the Group with marketing and market strategy support services on a global level but particularly in the United Kingdom market for the trading of Vista products, based on large volumes of individually small, customized orders for a broad spectrum of print, signage, apparel and similar products.
The Company has a Service Agreement in place with Cimpress Schweiz GmbH that covers the above mentioned services and allows Cimpress UK Limited to re-invoice the incurred costs with a mark up to the Group. The average number of employees decreased by 12% to 36 
(2023 - 41). As a result, service revenue decreased by 7% to £5,047,638 (2023 -  £5,421,185).
For financial year 2024, the Company generated an operating profit of £257,481 (2023 - £445,146) and a loss for the financial year of £182,272 
(2023 - loss of £3,377), after deducting net interest payable of £439,753, incurred mainly on the outstanding revolving credit agreement with the ultimate parent company, Cimpress Plc.
 

Principal risks and uncertainties
 
The Company’s operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk and interest rate risk. The Company has in place a risk management program that seeks to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and the related finance costs.
• Credit risk
Credit risk arises from cash and cash equivalents, and credit exposures to customers. For banks and financial institutions, only independently rated parties with a minimum rating of ‘A’ are accepted. The creditworthiness of customers granted credit terms in the normal course of business is monitored continually. 
The terms and conditions of credit sales are designed to mitigate or eliminate concentrations of credit risk with any single customer.
At 30 June 2024, the Company’s debtor balances are mainly with related parties. 
• Cash Flow risk
The Company is providing the Group with marketing and other support services and is re-charging its operating expenses on a cost-plus mark-up basis with similar payment schedules as are existing for third party liabilities. Therefore, the Company is mainly exposed to the financial risks of changes in interest rates on their intercompany loan. The current loan is held at fixed rate to ensure certainty of cash flows.
• Liquidity risk
The Company ensures availability of funding for its operations through an appropriate amount of committed bank facilities on a group wide basis.


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



J Chevalier
Director

Page 1

 
CIMPRESS UK 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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

Company formation

The Company was incorporated on 27 September 2013. This report and the audited financial statements cover the year from 1 July 2023 to 30 June 2024.

Results and dividends

The loss for the year, after taxation, amounted to £182,272 (2023 - loss £3,377).

Further, as at 30 June 2024, the shareholders’ deficit amounted to £4,596,191. Therefore, the Company will not pay out any dividend (2023 - nil).

Directors

The directors who served during the year were:

Paul McDermott 
Jonathan Chevalier 

Political contributions

The Company has not granted any political donations during the fiscal years 2024 and 2023.

Page 2

 
CIMPRESS UK LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Future developments

Cimpress UK Limited experienced a slight decrease in the number of employees in fiscal year 2024, leading to lower service revenues. For fiscal year 2025, we expect this trend to remain stable. 
The Company's focus is to generate substantial operating profits to be able to reduce the outstanding loan with the ultimate parent company Cimpress Plc and to return to positive income throughout the next fiscal year.

Qualifying third party indemnity provisions

A qualifying third party indemnity provision is in place for the directors of the Company. This covers liability for the actions of directors and officers of the company and associated costs including legal costs. The indemnity was in force throughout the financial year and is currently in force.

Going concern

The directors believe that preparing the financial statements on the going concern basis is appropriate due to the continued support of the Company’s ultimate parent, Cimpress Plc.
The directors have received confirmation that Cimpress Plc intends to support the Company for a period of at least one year after the date of the approval of these financial statements. 

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

No additional significant event has taken place after the close of the financial year and until the date of execution of these annual financial statements that could affect such financial statements in a significant way.

Independent 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.
 





J Chevalier
Director

Page 3

 
CIMPRESS UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CIMPRESS UK LIMITED
 

Opinion


We have audited the financial statements of Cimpress UK 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 4

 
CIMPRESS UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CIMPRESS UK 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 2, 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 5

 
CIMPRESS UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CIMPRESS UK 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, enquiries with management and enquiries of legal counsel. 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 6

 
CIMPRESS UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CIMPRESS UK 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 7

 
CIMPRESS UK LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

  

Turnover
 5 
5,047,638
5,421,185

Gross profit
  
5,047,638
5,421,185

Administrative expenses
  
(4,790,157)
(4,976,039)

Operating profit
  
257,481
445,146

Interest receivable and similar income
 10 
14,629
13,114

Interest payable and similar expenses
 10 
(454,382)
(461,637)

Loss for the financial year
  
(182,272)
(3,377)

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

The notes on pages 11 to 25 form part of these financial statements.

Page 8

 
CIMPRESS UK LIMITED
REGISTERED NUMBER: 08708460

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 12 
30,028
19,108

Investments
  
1
1

  
30,029
19,109

Current assets
  

Debtors: amounts falling due within one year
 14 
584,689
465,388

Bank and cash balances
  
192,625
871,123

  
777,314
1,336,511

Creditors: amounts falling due within one year
 15 
(319,300)
(223,308)

Net current assets
  
 
 
458,014
 
 
1,113,203

Total assets less current liabilities
  
488,043
1,132,312

Creditors: amounts falling due after more than one year
 16 
(5,024,686)
(5,518,092)

Provisions for liabilities
  

Other provisions
 18 
(59,548)
(28,139)

  
 
 
(59,548)
 
 
(28,139)

Net liabilities
  
(4,596,191)
(4,413,919)


Capital and reserves
  

Called up share capital 
 19 
1
1

Capital contribution reserve
 20 
20,000,000
20,000,000

Profit and loss account
 20 
(24,596,192)
(24,413,920)

  
(4,596,191)
(4,413,919)


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




J Chevalier
Director

The notes on pages 11 to 25 form part of these financial statements.

Page 9

 
CIMPRESS UK LIMITED
 

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


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

£
£
£
£


At 1 July 2022
1
12,000,000
(24,410,543)
(12,410,542)


Comprehensive income for the year

Loss for the year
-
-
(3,377)
(3,377)


Contributions by and distributions to owners

Capital contribution
-
8,000,000
-
8,000,000



At 1 July 2023
1
20,000,000
(24,413,920)
(4,413,919)


Comprehensive income for the year

Loss for the year
-
-
(182,272)
(182,272)


At 30 June 2024
1
20,000,000
(24,596,192)
(4,596,191)


The notes on pages 11 to 25 form part of these financial statements.

Page 10

 
CIMPRESS UK LIMITED
 

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

1.


General information

Cimpress UK Limited (the Company) is providing marketing support services in the United Kingdom market for the trading of Vistaprint products, based on large volumes of individual small, customized orders for a broad spectrum of print, signage, apparel and similar products.
The Company is a private company limited by shares and is incorporated and domiciled in England. The address of its registered office is c/o Cogency Global (UK) Limited, 6 Lloyds Avenue, Unit 4CL, London, England, EC3N 3AX.


2.


Statement of compliance

The individual financial statements of Cimpress UK Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" and the Companies Act 2006.

3.Accounting policies

 
3.1

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 financial statements have been prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities measured at fair value through the profit or loss.
The financial statements present a true and fair view of the equity and the financial position of Cimpress UK Limited at 30 June 2024, as well as the results of its operations and the variations in the statements of shareholder's equity, which have occurred in Cimpress UK Limited in the year ended 30 June 2024.
The Statement of Comprehensive Income, Statement of Financial Position and Statement of Changes in Equity and accompanying notes to the financial statements are stated in GBP, unless otherwise stated. 

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 4).

The following principal accounting policies have been applied:

 
3.2

Going concern

The directors believe that preparing the financial statements on the going concern basis is appropriate due to the continued support of the Company’s ultimate parent, Cimpress Plc. The directors have received confirmation that Cimpress plc intends to support the Company for a period of at least one year after the date of approval of these financial statements. 

Page 11

 
CIMPRESS UK LIMITED
 

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

3.Accounting policies (continued)

  
3.3

Exemptions for qualifying entities under FRS 102

The Company has taken advantage of the exemption under FRS 102 paragraph 1.12(b), from preparing a statement of cash flows, on the basis that it is a qualifying entity and its ultimate parent company, Cimpress plc, includes the Company’s cash flows in its own consolidated financial statements.

  
3.4

Consolidated financial statements

The Company is a wholly owned subsidiary of the ultimate parent company of the group Cimpress Plc. It is included in the consolidated financial statements of Cimpress plc which are publicly available. Therefore, the Company is exempt by virtue of section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements.
These financial statements are the Company’s separate financial statements.

 
3.5

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

  
3.6

Turnover recognition

Turnover comprises the cost-plus mark-up of marketing support services provided in the United Kingdom net of value added tax.
Turnover is recognised as the cost is incurred.

Page 12

 
CIMPRESS UK LIMITED
 

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

3.Accounting policies (continued)

  
3.7

Employee benefits

The Company provides a range of benefits to employees, including a defined contribution pension plan.
Short term benefits are recognised as an expense in the year in which the service is received.
The Company maintains a defined contribution plan for its employees with a third-party pension provider. 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 when they are due. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the Company in investment vehicles administrated by the third-party pension provider.
The Company grants share based compensation to some of its employees through the equity compensation plan of the ultimate parent Company Cimpress plc. Compensation expense for awards granted to employees is determined on the date of grant and generally is not adjusted for subsequent events (with exception of modifications) provided that the awards can only be settled in stock. Once the expense for an award is determined, it is recorded through the Statement of Comprehensive Income over the service period of the award which is typically the vesting period.

  
3.8

Taxation

Taxation expense for the year comprises current and deferred tax recognised in the reporting year. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.
Current and deferred taxation assets and liabilities are not discounted.
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.
Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Page 13

 
CIMPRESS UK LIMITED
 

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

3.Accounting policies (continued)

 
3.9

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Computer equipment
-
3-5 years

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.

  
3.10

Operating leases: lessee

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

 
3.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
3.12

Provisions for liabilities

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliabily estimated.  Provisions are not recognised for future operating losses.
Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks spcific to the obligation.  The increase in the provision due to the passage of time is recognised as a finance cost.
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at that reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the Company's control.  Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
 
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

Page 14

 
CIMPRESS UK LIMITED
 

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

3.Accounting policies (continued)

  
3.13

Financial assets

Financial instruments are assessed applying guidance provided under FRS 102, section 11/12. 
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting year financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit and loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

 
3.14

Financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. 

  
3.15

Share capital

Share capital is made up exclusively of ordinary shares and is classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds, net of tax.

Page 15

 
CIMPRESS UK LIMITED
 

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

4.


Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Given the uncertainty inherent thereto, there is a risk that considerable changes may ensue in the value of affected assets and liabilities, in the event of changes in the hypotheses, facts and circumstances on which they are based. Such adjustments, if any, shall be recorded prospectively, recognising the effects of such changes in the financial statements of the pertaining financial year.


5.


Turnover

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


2024
2023
£
£

Service fees
5,047,638
5,421,185


Analysis of turnover by country of destination:

2024
2023
£
£

Switzerland
5,047,638
5,421,185



6.


Operating profit

The operating loss is stated after charging:


2024
2023
£
£



Wages and salaries
3,476,713
3,920,875

Social security costs
446,053
483,056

Other pension costs
212,157
231,380

Share based compensation costs
299,231
163,920

Staff costs

4,434,154
4,799,231




Depreciation of tangible fixed assets - owned by the company
14,676
18,873

Loss on tangible fixed asset disposals
77
4,753

Foreign exchange (gain)/loss

(15,629)
(231,521)

Page 16

 
CIMPRESS UK 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
16,695
15,900

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
3,775,944
4,084,795

Social security costs
446,053
483,056

Cost of defined contribution scheme
212,157
231,380

4,434,154
4,799,231


Included in wages and salaries is a cost of £299,231 (2023 - £163,920) relating to share based payments to employees (see note 9).

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


        2024
        2023
            No.
            No.







Marketing & analytics
26
30



Administrative support
5
7



Creative
5
4

36
41

Directors
In 2024 and 2023 none of the directors obtained emolument payments or any other benefits such as share based payment or retirement benefits from the Company in their function as director. However, the directors are remunerated through Cimpress USA Inc. for other services they provide to the Group.

Page 17

 
CIMPRESS UK LIMITED
 

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

9.


Share-based payments

The parent company has granted restricted share units (RSUs) and performance share units (PSUs) that are settled in shares of Cimpress plc to certain employees of the Company. The RSUs and PSUs were granted to employees of the Company and the recognised compensation expense is equal to the fair value of the award over the service period of the arrangement.
The 2011 Equity Incentive Plan (the “2011 Plan”) became effective upon shareholder approval on June 30, 2011 and allows the parent company to grant share options, share appreciation rights, restricted shares, restricted share units and other awards based on the ordinary shares of Cimpress plc to employees, officers, non-employee supervisory board directors, consultants and advisors.
The 2016 Performance Equity Plan became effective upon shareholder approval on June 30, 2016 and allows the parent company to grant performance share units based on the ordinary shares of Cimpress plc to employees, officers and directors, including members of the Management Board and Supervisory Board, as well as to consultants and advisors.
In 2020 the ultimate parent company Cimpress plc renewed its Equity Incentive Plan which allows the aforementioned to grant share options, share appreciation rights (SARs), restricted share units (RSUs) and other share-based awards to employees, officers and directors, as well as consultants and advisors to the Company.
For the year ended 30 June 2024 and the year ended 30 June 2023 restricted share units (RSUs) and performance share units (PSUs) were granted to employees of Cimpress UK Limited. 
Restricted Share Units
The fair value of restricted share units (RSUs) is equal to the fair market value of the parent company Cimpress plc ordinary shares on the date of grant and is recognized as compensation expense on a straight-line basis over the requisite service period. RSUs generally vest 25% at each anniversary during the four years of the requisite service period.
At year-end 30 June 2024, there were 12,089 RSUs outstanding
 (30 June 2023 - 13,249).





Page 18

 
CIMPRESS UK LIMITED
 

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

9.Share-based payments (continued)

Performance Share Units (Long-term Incentive)
PSUs are one component of the long-term incentive (“LTI”) compensation program which got renewed in 2016 and wherein the beneficiary can choose, under certain restrictions, to be compensated either through PSUs or a cash retention bonus (CRB). 
Each PSU represents the right to receive between 0 and 2.5 ordinary shares upon the satisfaction of both service-based vesting over time and performance conditions relating to the compound annual growth rate, or CAGR, of the three-year moving average of the daily closing share price of our ordinary shares, or 3YMA, over a 6- to 10-year period. The service-based vesting is in general set as 25% per year over four years. For the performance condition the target of the compound annual growth rate is set at 11% and is calculated beginning on the sixth anniversary of the baseline measurement date of the PSU and on each anniversary thereafter through year nine. If the calculated percentage is in one of these years equal or higher than 11% the performance condition is met and triggers the issuance of a number of ordinary shares which can go up to a max. of 2.5 ordinary shares per PSU in function of a performance-based multiplier. If the 3YMA has not reached at least 11% CAGR on any of the sixth through ninth anniversaries of the baseline measurement date for the PSU award and thus a Performance Dependent Issuance has not yet occurred, then the threshold CAGR level for 3YMA performance at the tenth anniversary of the baseline measurement date is lowered to a 7% CAGR.
If the calculated percentage is equal or higher 7% ordinary shares are still issued at a declining multiple. If none of the CAGR performance goals are achieved by the tenth anniversary of the baseline measurement date, then the PSU award will be terminated and no ordinary shares will be issued with respect to the award.
At year-end 30 June 2024, there were 3,735 PSUs outstanding 
(30 June 2023 - 1,254).

2024
2023
£
£


Equity-settled schemes
299,231
163,920


10.


Net interest expenses

2024
2023
£
£



Bank and other interest receivable
(14,629)
(13,114)

Group interest payable
453,784
460,038

Bank interest payable
598
1,599

439,753
448,523

During the fiscal year 2017 the Cimpress Group entered into an agreement with JP Morgan Chase Bank, N.A., for the set-up of a notional cash pooling. The notional cash pooling remained active during the fiscal years 2024 and 2023. Cimpress UK Limited's bank account held at JP Morgan Chase Bank forms part of the notional cash pooling and the interests received/paid on cash at bank derive from the cash pooling.

Page 19

 
CIMPRESS UK LIMITED
 

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

11.


Tax on loss


2024
2023
£
£



UK corporation tax on loss for year
-
-


Deferred tax


Origination and reversal of timing differences
-
-


Taxation on profit on ordinary activities
-
-

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

(182,272)
(3,377)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
(34,632)
(642)

Effects of:


Expenses not considerable for tax purposes
(5,678)
23,009

Capital allowances for year in excess of depreciation
(6,502)
(5,778)

Utilisation of brought forward tax losses
-
(19,349)

Book profit on chargeable assets
15
2,760

Unrelieved tax losses carried forward
46,797
-

Total tax charge for the year
-
-


Factors that may affect future tax charges

The Company has tax losses arising in the UK of £4,057,042 (2023 - £3,810,740) that are available indefinitely to offset against future taxable profits. 
The only other factors affecting tax charges are those imposed by HMRC. 

Page 20

 
CIMPRESS UK LIMITED
 

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

12.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 July 2023
34,211


Additions
25,673


Disposals
(4,288)



At 30 June 2024

55,596



Depreciation


At 1 July 2023
15,103


Charge for the year on owned assets
14,676


Disposals
(4,211)



At 30 June 2024

25,568



Net book value



At 30 June 2024
30,028



At 30 June 2023
19,108

All tangible assets are company owned. There are no assets held under finance lease as at 30 June 2024 and 30 June 2023.

Page 21

 
CIMPRESS UK LIMITED
 

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

13.


Investments

2024
2023
£
£



At 1 July
1
1

Additions
-
-

Impairment
-
-

Fixed asset investments
1
1

2024
2023
£
£

Analysed as:


Tradeprint Distribution Limited
-
-

Vistaprint Corporate Solutions UK Limited
1
1

Cimpress UK Manufacturing Limited
-
-

Fixed asset investments
1
1

The Company owns 100% of the ordinary share capital of Tradeprint Distribution Limited, c/o Cogency Global (UK) Limited, 6 Lloyds Avenue, Unit 4CL, London, EC3N 3AX, which was acquired as at 31 July 2015.
Further, the Company owns 100% of the ordinary share capital of Vistaprint Corporate Solutions UK Limited and Cimpress UK Manufacturing Limited which were incorporated on the 20 September 2016 and 22 September 2016 respectively. The registered office address of Vistaprint Corporate Solutions UK Limited is c/o Cogency Global (UK) Limited, 6 Lloyds Avenue, Unit 4CL, London, EC3N 3AX. Cimpress UK Manufacturing Limited is in liquidation and its registered office address is Lawrence House, 5 St Andrews Hill, Norwich, Norfolk, NR2 1AD.

Page 22

 
CIMPRESS UK LIMITED
 

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

14.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
557,059
373,041

Other debtors
8,293
71,145

Prepayments and accrued income
19,337
21,202

584,689
465,388


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Prepayments and accrued income do not include balances falling due after more than one year.


15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
34,072
5,058

Amounts owed to group undertakings
26,776
12,905

Other taxation and social security
14,292
12,697

Other creditors
6,278
-

Accruals and deferred income
237,882
192,648

319,300
223,308


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Revolving credit owed to group undertaking
5,024,686
5,518,092


With effective date 26 February 2018, Cimpress UK Limited signed a revolving credit agreement up to a maximum of $5,000,000 which was subsequently increased to $10,000,000. On 25 February 2023, the revolving credit agreement was extended to 25 February 2028 with an interest rate of three month LIBOR + 3.25%. On 30 June 2023 all USD LIBOR rates were discontinued and from 1 July 2023 the Group adopted the 3 month term SOFR as a base rate for intercompany loans. At the end of June 2024 the Company had £5,024,686 (2023 - £5,518,092) outstanding out of this credit line. 

Page 23

 
CIMPRESS UK LIMITED
 

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

17.


Post-employment benefits

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The cost of contributions to the defined contribution scheme amounts to £212,157 (2023 - £231,380). As at 30 June 2024 there are outstanding contribution payments of £30,038 (2023 - £33,152)


18.


Provisions for liabilities

The Company had the following provisions during the year: 
Sabbatical provision






Sabbatical Provision

£





At 1 July 2023
28,139


Charged to profit or loss
31,409



At 30 June 2024
59,548

Since April 2017, Cimpress UK Limited offers to its employees a sabbatical-like benefit (“the break”) that enables to take time away from work while receiving full pay and benefits. The length of the break is set at two weeks and employees are eligible and may request the break for every fifth year of active service. The break starts accruing from the first day the team member joins the company. For the calculation of the sabbatical provision as at 30 June 2024 the employees original start dates were taken into consideration.


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



20.


Reserves

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.

Page 24

 
CIMPRESS UK LIMITED
 

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

21.


Ultimate parent and controlling party

The immediate and ultimate parent company as well as the controlling party is Cimpress plc, a company incorporated in Ireland.
Cimpress plc is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 30 June 2024. The consolidated financial statements of Cimpress plc are available from Cimpress plc, First Floor Building 3, Finnabair Business & Technology Park, A91 XR61, Dundalk, County Louth, Ireland and from their website at Cimpress.com.


22.


Related party transactions

The Company is wholly owned by Cimpress plc. Transactions between the Company and other wholly owned subsidiary companies of Cimpress plc are not disclosed as the Company has taken advantage of the exemption available under FRS102, 33.1A “Related Party Disclosures” from disclosing such transactions.


23.


Contingent liabilities

At 30 June 2024 and 30 June 2023, Cimpress UK Limited did not have guarantees with any third party.


24.


Capital and other commitments

At 30 June 2024 and 30 June 2023, the Company did not have capital or other commitments with any third party. 


25.


Post balance sheet events

No significant event has taken place after the close of the financial year and until the date of execution of these annual financial statements that could affect such financial statements in a significant way.

Page 25