| REGISTERED NUMBER: |
| PRECISION COLOUR PRINTING LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| REGISTERED NUMBER: |
| PRECISION COLOUR PRINTING LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 7 |
| Income Statement | 11 |
| Other Comprehensive Income | 12 |
| Balance Sheet | 13 |
| Statement of Changes in Equity | 14 |
| Notes to the Financial Statements | 15 |
| PRECISION COLOUR PRINTING LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Coppice House |
| Halesfield 7 |
| Telford |
| Shropshire |
| TF7 4NA |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| STRATEGIC REPORT |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| The directors present their strategic report for the period 31st December 2023 to 28th December 2024. |
| Throughout the period, the principal activity of the company has continued to be that of a commercial printer. |
| BUSINESS REVIEW |
| During 2024 the company has been subject to a change of control. The previous corporate parent undertaking Claverley Group Limited has extracted a freehold property and subsequently sold the shares in the company. On the one hand, this has led to a number of exceptional items. On the other hand, this has led to a comprehensive company fitness programme being set up and executed under new ownership. Significant progress has been made. |
| Whilst the bulk of the positive financial impact is expected to be harvested in 2025, the deployment of the programme allowed the company to return to positive EBITDA for the full year 2024. The EBITDA run-rate turned positive in the second part of the reporting period. Reported operating losses came to £1,962,000 in 2023, with 2024 showing an operating profit of £39,000. |
| In relation to sales and added value, the company has been able to secure the biggest win of contractual work in years (whilst secured in 2024, margin generation is from 2025 onwards). In addition, the company's two biggest contract customers were successfully renewed, hence retaining multi-million TCV (total contract value). Regarding one-off commercial printing work, the second part of the year has seen organic growth (vs prior year) which can be attributed to initiatives being taken. |
| Significant efficiency gains have been addressed and actioned during the second part of the year. The total annualised financial impact comes to £1,800,000. An amount of £300,000 has benefited the 2024 financial year, £1,700,000 will benefit financial year 2025 and the full impact of £1,800,000 is expected to materialise in financial year 2026. |
| From a business financing perspective, the company has been equipped with long term bank financing facilities totalling £4,700,000. |
| OUTLOOK |
| Looking to the remainder of 2025, the company expects to show continued increase in EBITDA profit performance as evidenced by the existing run-rate and implemented initiatives. As part of the fitness programme, a new shift pattern has been agreed and has come into force on April 1st 2025. The new pattern is delivering needed efficiencies across energy consumption, maintenance and manning. Realised strategic investments into technology - including a Cobot (material handling automation), a sheeter (broadening short-run print capabilities) and a new binder - are further supporting efficiency gains. Kaizen and other lean principles have been re-established. Multiple initiatives are being run to ultimately improve value for customers and enhancing OEE. The sales team are deploying a sales strategy and have identified initiatives which support a satisfactory run rate and pipeline. |
| The company is delivering positive EBITDA run rate. Robust efficiency measures have been implemented and most importantly the customer is being put first. |
| The directors are regularly monitoring the market and competitive environment to mitigate risks and seize opportunities. A continued consolidation of the wider commercial printing eco systems does offer opportunities too. The company holds a good deal flow in relation to inorganic growth opportunities. |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| STRATEGIC REPORT |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| PRINCIPLE RISKS AND UNCERTAINTIES |
| The company manages competitive trading risk by placing great emphasis on providing an unrivalled service to its customers and the delivery of a high-quality product. A regular exchange with all other primary stakeholders is ensured. A governance model of monitoring risks and potential areas of uncertainties is being operated. Mitigation measures are assigned to known areas of risks and checked for unknown risks in key areas. |
| The UK commercial printing market environment continues to be challenging. Overall macro uncertainty, further cost inflation caused by the prevailing UK government budgets, energy price volatility and wider implications of the cost-of-living crisis are affecting anyone in the industry. The company's new energy supply agreements allow to navigate volatility whilst protecting budgetary assumption and offering certainty to customers. Paper prices have shown a higher degree of stability lately. A regular dialogue with vendors, financial stakeholders and the workforce and their representatives is maintained. |
| KEY PERFORMANCE INDICATORS |
| We consider EBITDA to be a key performance indicator. In doing so, we look at EBITDA from an underlying and from a run-rate perspective. |
| Period ended 30 Period ended 28 |
| Dec 2023 Dec 2024 |
| EBITDA* (£442,093) £19.535 |
| It must be pointed out that significant efficiency enhancements and margin gains have been addressed in the second half of the 2024 financial year. Implemented measures will unfold EBITDA contributions of £1,700,000 in financial year 2025. The run-rate EBITDA is hence positive and has strongly improved. |
| *EBITDA excludes exceptional costs and group management charges |
| FUTURE DEVELOPMENTS |
| The company has identified strategic levers to reduce units costs. Feasibility studies in relation to alternative energy sources, wider energy management and cogeneration technologies have been conducted. The company has advanced well in terms of data driven decision-making as underpinned by IT. Further strategic improvements are being explored in relation to enterprise planning applications and business applications. |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| STRATEGIC REPORT |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| ENVIRONMENTAL MATTERS |
| The company takes its environmental responsibilities seriously and recognises that business activities inevitably have an impact on the natural environment. It is committed to minimising this impact, wherever possible. In particular, the directors will make decisions that ensure the company is committed to minimising this environmental impact and continues to operate under the governance of the Programme for the Endorsement of Forest Certification (PEFC) and the Forest Stewardship Council (FSC). The company is regularly audited to ensure the exacting standards of these two programmes are maintained. |
| The continual improvement in the sortation of manufacturing waste ensures the company maximises its use of recycling, with over 97% of waste produced in 2024 being recycled. In conjunction with key strategic contract partners, the company undertook a project with the BPIF to become ISO 14064-1:2006 / ISO 167S9:2013 accredited, through the ClimateCalc Platform. Once audited by the BPIF, this gave PCP a Carbon Account showing Total Emissions of Greenhouse Gases (Scope 1 + 2 + 3) and the ability to calculate the Carbon Emissions of a product for those customers requiring it. On the 8th April 2025 the company reduced its environmental permit from the local council authorities from an A2 permit to a B permit. This certifies that the company is now a significantly lower risk to the environment. Electric forklifts have been ordered to replace the existing ICE powered (internal combustion engine) fleet. |
| ON BEHALF OF THE BOARD: |
| 8th May 2025 |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| REPORT OF THE DIRECTORS |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| The directors present their report with the financial statements of the company for the period 31st December 2023 to 28th December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the period under review was that of a commercial printer. |
| DIVIDENDS |
| No dividends will be distributed for the period ended 28th December 2024. |
| EVENTS SINCE THE END OF THE PERIOD |
| Information relating to events since the end of the period is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 31st December 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 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. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| REPORT OF THE DIRECTORS |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| AUDITORS |
| The auditors, Hollingsworth & Co Ltd, were appointed during the year. A proposal for their re-appointment will be made at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| PRECISION COLOUR PRINTING LIMITED |
| Opinion |
| We have audited the financial statements of Precision Colour Printing Limited (the 'company') for the period ended 28th December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 28th December 2024 and of its profit for the period 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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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. |
| Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| PRECISION COLOUR PRINTING LIMITED |
| 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 Report of the Directors. |
| We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page five, 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 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| PRECISION COLOUR PRINTING LIMITED |
| 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| As part of planning the audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring with management its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain.We also considered any potential financial or other pressures, opportunities and motivations for fraud. As part of these discussions we identified the internal controls established to mitigate risks related to fraud or non compliance with laws and regulations and how the management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management. |
| We considered any laws and regulations that could give rise to material misstatement in the financial statements. We made enquiries of management with regard to compliance with these laws and regulations and gained any evidence required to support this. |
| Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries to management. |
| We did not identify any key audit matters relating to irregularities, including fraud. We also addressed the risk of management override of internal controls, this included testing journals to identify if there was any risk of material misstatement due to fraud. |
| Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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, misrepresentation or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it. |
| 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 Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| PRECISION COLOUR PRINTING LIMITED |
| 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 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 a Report of the Auditors 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 |
| Coppice House |
| Halesfield 7 |
| Telford |
| Shropshire |
| TF7 4NA |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| INCOME STATEMENT |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| period | period |
| 31.12.23 | 1.1.23 |
| to | to |
| 28.12.24 | 30.12.23 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| (945,124 | ) | (1,962,380 | ) |
| Other operating income | 4 |
| OPERATING PROFIT/(LOSS) | 6 | ( |
) |
| Interest payable and similar expenses | 8 |
| LOSS BEFORE TAXATION | ( |
) | ( |
) |
| Tax on loss | 9 | ( |
) | ( |
) |
| PROFIT/(LOSS) FOR THE FINANCIAL PERIOD |
( |
) |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| period | period |
| 31.12.23 | 1.1.23 |
| to | to |
| 28.12.24 | 30.12.23 |
| Notes | £ | £ |
| PROFIT/(LOSS) FOR THE PERIOD | ( |
) |
| OTHER COMPREHENSIVE INCOME |
| Revaluation reserve | ( |
) |
| Income tax relating to other comprehensive income |
| OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
( |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
( |
) |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| BALANCE SHEET |
| 28TH DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Owned |
| Tangible assets | 10 | 2,878,354 | 6,757,983 |
| Right-of-use |
| Tangible assets | 10, 16 | 744,815 | - |
| CURRENT ASSETS |
| Stocks | 11 |
| Debtors | 12 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 14 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Revaluation reserve | 20 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1st January 2023 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 30th December 2023 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 28th December 2024 |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Precision Colour Printing Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 006. The financial statements have been prepared under the historical cost convention. |
| The company has elected to apply the amendments to FRS 102, published by the FRC in March 2024, for the current financial year, beginning on 31 December 2023. The amendments include the revised Section 20 on leases and the new Section 23 on revenue from contracts with customers, as well as changes to the treatment of uncertain tax treatments. The impact of these changes is reflected in the balance sheet and income statement, including the recognition of new lease liabilities and the re-recognition of previously unrecognised revenue. The amendments have been applied retrospectively. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows; |
| • | the requirement of paragraph 3.17(d); |
| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b), 12.29A and 12.30; |
| • | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
| • | the requirements of paragraphs 29.28(b) and 29.29; |
| • | the requirement of paragraph 33.7; |
| • | the requirements of paragraph 24(b) of IFRS 6. |
| Significant judgements and estimates |
| The company makes estimates and assumptions concerning the future.The resulting accounting estimates will, by definition, seldom equal the related actual results.The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
| The company makes an estimate when considering the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the ageing of the stock, whether it is a current grade, and anticipated saleability of stock. The net carrying amount of stock is detailed in the note to the accounts. |
| The company also makes an estimate of the useful lives of fixed assets and reflects any changes within the value of fixed assets. Depreciation charges are also amended when useful lives of assets are amended. |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 the following conditions are satisfied: |
| 1.The company has transferred the significant risks and rewards of ownership to the buyer. |
| 2. The company retains neither continuing managerial involvement to the degree usually |
| associated with ownership nor effective control over the goods sold. |
| 3. The amount of turnover can be measured reliably. |
| 4. It is probable that the company will receive the consideration due under the transition. |
| 5. The costs incurred or to be incurred in respect of the transaction can be easily measured. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for any obsolete and slow moving items. Cost is calculated using the first-in, first-out method. |
| Work in Progress and finished goods include labour and attributable overheads. Net realisable value is based on estimated selling price less additional costs to completion. |
| At each reporting date, stocks are assessed for impairment. Any impairment adjustment is recognised immediately in the profit and loss account. |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| (i) Financial assets |
| Basic financial assets , including trade and other receivables and cash and bank balances, 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 period 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 a 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 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 or 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) despite having retained some significant risks and rewards of ownership, 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. |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade and other payables and bank loans 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 of interest. |
| Trade payables are obligations to pay for goods and 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.Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Financial liabilities are derecognised when the liability is extinguished, that is, when the contractual obligation is discharged, cancelled or expires. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| 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. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Leases |
| Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | TURNOVER |
| The turnover and loss before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by geographical market is given below: |
| period | period |
| 31.12.23 | 1.1.23 |
| to | to |
| 28.12.24 | 30.12.23 |
| £ | £ |
| United Kingdom |
| Europe |
| Rest of the world | 236,837 | 236,873 |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| 4. | OTHER OPERATING INCOME |
| period | period |
| 31.12.23 | 1.1.23 |
| to | to |
| 28.12.24 | 30.12.23 |
| £ | £ |
| Sundry receipts | 308,075 | - |
| Gain/loss on revaluation of assets | 676,051 | - |
| 984,126 | - |
| Sundry receipts relates to a rebate received from the settlement of a borrowing facility. |
| 5. | EMPLOYEES AND DIRECTORS |
| period | period |
| 31.12.23 | 1.1.23 |
| to | to |
| 28.12.24 | 30.12.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the period was as follows: |
| period | period |
| 31.12.23 | 1.1.23 |
| to | to |
| 28.12.24 | 30.12.23 |
| Directors | 4 | 7 |
| Employees | 182 | 195 |
| The total amount payable to directors in respect of emoluments was £452,266 (52 week period to 30 December 2023: £503,782) The amount payable to the highest paid director was £201,450 (52 week period to 30 Deccember 2023: £157.523) |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| 6. | OPERATING PROFIT/(LOSS) |
| The operating profit (2023 - operating loss) is stated after charging/(crediting): |
| period | period |
| 31.12.23 | 1.1.23 |
| to | to |
| 28.12.24 | 30.12.23 |
| £ | £ |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| Foreign exchange differences |
| 7. | EXCEPTIONAL ITEMS |
| period | period |
| 31.12.23 | 1.1.23 |
| to | to |
| 28.12.24 | 30.12.23 |
| £ | £ |
| Exceptional items | (200,748 | ) | (160,407 | ) |
| The exceptional costs relate to the sale of the company to the new parent undertaking Premu Print Holdco Limited. |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| period | period |
| 31.12.23 | 1.1.23 |
| to | to |
| 28.12.24 | 30.12.23 |
| £ | £ |
| Bank interest |
| Lease interest |
| Discounting facility interest |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| 9. | TAXATION |
| Analysis of the tax credit |
| The tax credit on the loss for the period was as follows: |
| period | period |
| 31.12.23 | 1.1.23 |
| to | to |
| 28.12.24 | 30.12.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | ( |
) |
| Deferred tax | ( |
) | ( |
) |
| Tax on loss | ( |
) | ( |
) |
| Tax effects relating to effects of other comprehensive income |
| 31.12.23 to 28.12.24 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation reserve | ( |
) | - | (676,051 | ) |
| 1.1.23 to 30.12.23 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation reserve | - | 676,051 |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 31st December 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| Reclassification/transfer |
| At 28th December 2024 |
| DEPRECIATION |
| At 31st December 2023 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| Charge written back | - | (435,415 | ) | - | (435,415 | ) |
| Reversal of impairments | ( |
) | ( |
) |
| At 28th December 2024 |
| NET BOOK VALUE |
| At 28th December 2024 |
| At 30th December 2023 |
| The company has extended the estimated useful life of certain assets within plant and machinery. The change resulted in a decrease in depreciation of £435,415. The new useful life was determined using a combination of the company's assessment and industry standards. |
| 11. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Raw materials |
| Work-in-progress |
| 12. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| 12. | DEBTORS - continued |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due after more than one year: |
| Deferred taxation |
| Aggregate amounts |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 15) |
| Other loans (see note 15) |
| Leases (see note 16) |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 15) |
| Leases (see note 16) |
| 15. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Other loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| 15. | LOANS - continued |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 16. | LEASING |
| Right-of-use assets |
| Tangible fixed assets |
| 2024 | 2023 |
| £ | £ |
| COST |
| Additions | 16,500 | - |
| Reclassification/transfer | 1,241,399 | - |
| 1,257,899 | - |
| DEPRECIATION |
| Charge for year | 513,084 | - |
| NET BOOK VALUE | 744,815 | - |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| 16. | LEASING - continued |
| Lease liabilities |
| Minimum lease payments fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year | 466,442 | - |
| Between one and five years | 1,134,390 | - |
| 1,600,832 | - |
| Finance charges repayable: |
| Within one year | 96,984 | - |
| Between one and five years | 176,995 | - |
| 273,979 | - |
| Net obligations repayable: |
| Within one year | 369,458 | - |
| Between one and five years | 957,395 | - |
| 1,326,853 | - |
| 17. | SECURED DEBTS |
| Other creditors includes an amount owing to Leumi UK Group Limited of £1,728,011. The company entered in to a confidential invoice discounting arrangement with Leumi UK Group Limited during 2024 with a maximum limit of £4,500,000 plus an additional term loan of £250,000 with interest payable for a minimum term of 48 months expiring in May 2028. This facility is secured by way of a fixed and floating charge on the plant and machinery assets of the company. |
| 18. | PROVISIONS FOR LIABILITIES |
| Deferred tax |
| Balance at 31st December 2023 (246,030) |
| Credit to Income Statement during period (361,418) |
| Balance at 28th December 2024 (607,448) |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| PRECISION COLOUR PRINTING LIMITED (REGISTERED NUMBER: 00772047) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 31ST DECEMBER 2023 TO 28TH DECEMBER 2024 |
| 20. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 31st December 2023 | 5,914,789 |
| Profit for the period |
| Revaluation reserve release | - | (676,051 | ) | (676,051 | ) |
| At 28th December 2024 | 5,517,557 |
| 21. | ULTIMATE PARENT COMPANY |
| Premu Print Holdco Limited (incorporated in England and Wales ) is regarded by the directors as being the company's ultimate parent company. |
| 22. | POST BALANCE SHEET EVENTS |
| Parent Company Debtor: |
| Included within debtors is an amount due from the parent company Premu Print Holdco Limited of £1,155,583. This amount was settled in February 2025. |
| Restructure / Redundancies: |
| The company is undergoing a restructure of working patterns. The redundancy procedure which involves 18 employees is scheduled to be completed by April 2025 and is expected to have costs of approximately £230,000. No further redundancies are planned. |
| 23. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling parties are Christian Schmehl and Philipp Sterkel by way of their indirect ownership of Premu Print Holdco Limited. |