Company registration number 00593651 (England and Wales)
EGAN, REID STATIONERY CO LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
EGAN, REID STATIONERY CO LIMITED
COMPANY INFORMATION
Directors
M J Reid
A R Reid
C T Reid
G B Davie
Company number
00593651
Registered office
Horsfield Way
Bredbury Industrial Park
Stockport
Cheshire
United Kingdom
SK6 2SU
Auditor
Sedulo Audit Limited
5th Floor Walker House
Exchange Flags
Liverpool
Merseyside
United Kingdom
L2 3YL
EGAN, REID STATIONERY CO LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10 - 11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
EGAN, REID STATIONERY CO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

The Directors are pleased with the Group's performance in financial year 2024/25 despite the continuing challenging economic environment we operate in.

 

Group turnover grew by over £1m (7.4%) with all areas of the business contributing growth. Strong margin management and a return to profit of Todds Office Solutions saw Gross profit improve by 10% to £4.424m.

 

The performance of Egan Reid Stationery Company Ltd was particularly satisfactory (represents 89% of Group revenues) delivering year on year growth of 7.5% and an EBITDA of £746k (2.4%) which flowed through to a further strengthening of the company balance sheet. This was in line with Director expectations.

 

The improvement in Todds operating performance along with a strong focus on margin saw the Group deliver an improved performance with margins rising by 0.63% points to 28.79% for the year (2024: 28.16%).

 

Despite ongoing pressure on employment costs and general overheads these were contained at 5%, half that of the gross profit improvement

 

Group pre tax profit rose by 37% over 2024 to £617k.

 

The Directors are delighted with the effort and commitment put in by all the staff which has allowed the company to keep moving forward at a positive pace.

 

We have also continued to reduce our net borrowing in a market where interest rates remain high. This will help to support the bottom line moving forward.

 

Forward order books remain very healthy for our Fit Out & Office Furniture divisions.

 

As previously reported Todds Centenary Ltd a non-trading group company was closed down as of Oct 2024 with no impact on the Group finances. Todds Office Solutions is now 100% directly owned by Egan Reid Stationery Company Ltd.

 

KEY PERFORMANCE INDICATORS (as more discussed above):

 

 

2025

2024

Sales

£15.4m

£14.3m

Gross Profit

£4.424m

£4.031m

Margin

28.79%

28.16%

 

EGAN, REID STATIONERY CO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Principal risks and uncertainties

The principal risks and uncertainties facing the company can be summarised as

 

Subsequent Events

 

There are no material post year end events to report.

On behalf of the board

M J Reid
Director
11 July 2025
EGAN, REID STATIONERY CO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company and group continued to be that of commercial stationers and suppliers of office furniture.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £375,361 (2024: £329,904). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M J Reid
A R Reid
C T Reid
G B Davie
Research and development

The group did not conduct any research and development projects during the year under review.

Auditor

The auditors, Sedulo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

EGAN, REID STATIONERY CO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
M J Reid
Director
11 July 2025
EGAN, REID STATIONERY CO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EGAN, REID STATIONERY CO LIMITED
- 5 -
Opinion

We have audited the financial statements of Egan,Reid Stationery Co.Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

EGAN, REID STATIONERY CO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EGAN, REID STATIONERY CO LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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:

Extent to which the audit was capable of detecting irregularities, including fraud

The primary responsibility for the prevention and detection of fraud rests with directors and management, and we cannot be expected to detect non-compliance with all laws and regulations.

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our knowledge of the business and sector, enquiries of directors and management, and review of regulatory information and correspondence. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

 

We discussed with directors and management the policies and procedures in place to ensure compliance with laws and regulations and otherwise prevent, deter and detect fraud.

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified as potentially having a material effect on the financial statements. Our procedures included review of financial statement information and testing of that information, enquiry of management and examination of relevant documentation, analytical procedures to identify unusual or unexpected relationships that may indicate fraud, and procedures to address the risk of fraud through director or management override of controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

EGAN, REID STATIONERY CO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EGAN, REID STATIONERY CO LIMITED
- 7 -

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 an auditor's 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.

Katelyn Dutton (Senior Statutory Auditor)
For and on behalf of Sedulo Audit Limited, Statutory Auditor
Chartered Accountants
5th Floor Walker House
Exchange Flags
Liverpool
Merseyside
L2 3YL
United Kingdom
14 July 2025
EGAN, REID STATIONERY CO LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
15,364,565
14,311,422
Cost of sales
(10,940,674)
(10,280,716)
Gross profit
4,423,891
4,030,706
Administrative expenses
(3,979,134)
(3,783,640)
Other operating income
254,243
288,467
Operating profit
4
699,000
535,533
Interest receivable and similar income
8
873
1,171
Interest payable and similar expenses
9
(82,536)
(84,990)
Profit before taxation
617,337
451,714
Tax on profit
10
(179,900)
(149,832)
Profit for the financial year
25
437,437
301,882
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

All of the results shown above relate to continuing operations.

The notes on pages 15 to 33 form part of these financial statements.

EGAN, REID STATIONERY CO LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
330,767
420,451
Tangible assets
13
130,543
136,440
461,310
556,891
Current assets
Stocks
16
717,163
699,211
Debtors
17
1,791,113
1,669,899
Cash at bank and in hand
78,532
25,329
2,586,808
2,394,439
Creditors: amounts falling due within one year
18
(3,358,412)
(3,248,777)
Net current liabilities
(771,604)
(854,338)
Total assets less current liabilities
(310,294)
(297,447)
Creditors: amounts falling due after more than one year
19
(13,332)
(87,443)
Provisions for liabilities
Deferred tax liability
22
27,036
27,848
(27,036)
(27,848)
Net liabilities
(350,662)
(412,738)
Capital and reserves
Called up share capital
24
1,201
1,201
Profit and loss reserves
25
(351,863)
(413,939)
Total equity
(350,662)
(412,738)

The notes on pages 15 to 33 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 11 July 2025 and are signed on its behalf by:
11 July 2025
M J Reid
Director
Company registration number 00593651 (England and Wales)
EGAN, REID STATIONERY CO LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
109,002
107,584
Investments
14
934,820
884,104
1,043,822
991,688
Current assets
Stocks
16
670,602
675,444
Debtors
17
2,291,040
2,131,790
Cash at bank and in hand
78,213
24,886
3,039,855
2,832,120
Creditors: amounts falling due within one year
18
(3,016,379)
(2,830,690)
Net current assets
23,476
1,430
Total assets less current liabilities
1,067,298
993,118
Creditors: amounts falling due after more than one year
19
-
(54,110)
Provisions for liabilities
Deferred tax liability
22
21,651
20,736
(21,651)
(20,736)
Net assets
1,045,647
918,272
Capital and reserves
Called up share capital
24
1,201
1,201
Profit and loss reserves
25
1,044,446
917,071
Total equity
1,045,647
918,272

The notes on pages 15 to 33 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £502,736 (2024 - £432,416 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

EGAN, REID STATIONERY CO LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 11 July 2025 and are signed on its behalf by:
11 July 2025
M J Reid
Director
Company registration number 00593651 (England and Wales)
EGAN, REID STATIONERY CO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
1,200
(385,917)
(384,717)
Year ended 31 March 2024:
Profit and total comprehensive income
-
301,882
301,882
Dividends
11
-
(329,904)
(329,904)
Other movements
1
-
1
Balance at 31 March 2024
1,201
(413,939)
(412,738)
Year ended 31 March 2025:
Profit and total comprehensive income
-
437,437
437,437
Dividends
11
-
(375,361)
(375,361)
Balance at 31 March 2025
1,201
(351,863)
(350,662)

The notes on pages 15 to 33 form part of these financial statements.

EGAN, REID STATIONERY CO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
1,200
814,559
815,759
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
432,416
432,416
Dividends
11
-
(329,904)
(329,904)
Other movements
1
-
1
Balance at 31 March 2024
1,201
917,071
918,272
Year ended 31 March 2025:
Profit and total comprehensive income
-
502,736
502,736
Dividends
11
-
(375,361)
(375,361)
Balance at 31 March 2025
1,201
1,044,446
1,045,647

The notes on pages 15 to 33 form part of these financial statements.

EGAN, REID STATIONERY CO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
750,355
559,318
Interest paid
(82,536)
(84,990)
Income taxes paid
(153,801)
(95,415)
Net cash inflow from operating activities
514,018
378,913
Investing activities
Purchase of tangible fixed assets
(26,756)
(25,653)
Interest received
873
1,171
Net cash used in investing activities
(25,883)
(24,482)
Financing activities
Repayment of borrowings
9,105
(68,536)
Repayment of bank loans
(117,184)
(161,300)
Payment of finance leases obligations
(4,390)
(7,566)
Dividends paid to equity shareholders
(375,361)
(329,904)
Net cash used in financing activities
(487,830)
(567,306)
Net increase/(decrease) in cash and cash equivalents
305
(212,875)
Cash and cash equivalents at beginning of year
(476,334)
(263,459)
Cash and cash equivalents at end of year
(476,029)
(476,334)
Relating to:
Cash at bank and in hand
78,532
25,329
Bank overdrafts included in creditors payable within one year
(554,561)
(501,663)

The notes on pages 15 to 33 form part of these financial statements.

EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
1
Accounting policies
Company information

Egan,Reid Stationery Co.Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Horsfield Way, Bredbury Industrial Park, Bredbury, Stockport, Cheshire, United Kingdom, SK6 2SU.

 

The group consists of Egan,Reid Stationery Co.Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Egan,Reid Stationery Co.Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases. Investments in subsidiary undertakings are recognised at cost.

EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At 31 March 2025, the group had net liabilities of £350,662 (2024: £412,738) including amounts due to the directors of £300,682 (2024: £291,577) and net Current Liabilities of £771,604 (2024: £854,338).

 

In assessing the appropriateness of the going concern assumption, the directors have carried out a review of the Group's forecast cash requirements for a period of at least 12 months from the approval of these financial statements. The going concern basis of the Group depends on the continuing support from the directors, who have agreed through a formal letter of support to continue to provide that support, if required, to the Group for the foreseeable future and for at least 12 months after these financial statements are approved by the directors. As such, the going concern status of the Company is linked to the directors' ability to fund the Group.

 

The directors have concluded that adequate financial resources are available to the parent to ensure that the Group can meet its obligations as they fall due for the foreseeable future and has therefore continued to adopt the going concern basis in preparing these financial statements. However, as this funding is not a legal liability, the directors have identified a material uncertainty that may cast doubt over the Group's ability to continue and therefore its ability to realise its assets and discharge its liabilities in the normal course of business.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. Goodwill is amortised through the profit and loss account in equal instalments over the estimated useful lives of 10-15 years.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% on cost
Fixtures and fittings
25% on reducing balance and 6.7% on cost
Computers
25% on reducing balance and 12.5% on cost
Motor vehicles
25% on reducing balance and 16.67% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

 

Fixed asset investments are stated at cost less provision for diminution in value.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.10
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 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 or loss.

EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Hire purchase and leasing commitments

Assets obtained under the hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.18

Invoice discounting

The group discounts its trade debts. The policy is to include trade debts within current assets as trade debtors and to record cash advances within creditors due within one year. Discounting fees and interest are charged to the profit and loss account when incurred. Bad debts are borne by the company and are charged to the profit and loss account when incurred.

1.19

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,' not to disclose related party transactions with wholly owned subsidiaries within the group.

 

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Sales of goods and services
15,364,565
14,311,422

All turnover arose on sales in the United Kingdom.

4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Exchange (gains)/losses
-
47
Research and development costs
190
-
Depreciation of owned tangible fixed assets
32,653
33,102
Amortisation of intangible assets
89,684
150,182
Operating lease charges
161,926
185,042
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,500
22,000
Audit of the financial statements of the company's subsidiaries
7,500
-
22,000
22,000
For other services
Taxation compliance services
4,865
1,525
All other non-audit services
4,050
7,860
8,915
9,385
EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Administration
19
21
10
10
Sales and marketing
22
22
22
22
Warehouse
11
12
11
12
Distribution
11
12
11
12
Total
63
67
54
56

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,989,695
1,854,941
1,748,752
1,638,321
Social security costs
169,843
159,463
148,629
138,661
Pension costs
64,643
63,625
59,748
58,807
2,224,181
2,078,029
1,957,129
1,835,789
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
44,646
44,646
Company pension contributions to defined contribution schemes
23,671
20,058
68,317
64,704
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
873
1,171
EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Interest receivable and similar income
(Continued)
- 23 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
873
1,171
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
28,976
34,122
Other interest on financial liabilities
52,317
49,959
81,293
84,081
Other finance costs:
Interest on finance leases and hire purchase contracts
1,285
909
Other interest
(42)
-
Total finance costs
82,536
84,990
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
181,880
153,781
Adjustments in respect of prior periods
(1,168)
-
0
Total current tax
180,712
153,781
Deferred tax
Origination and reversal of timing differences
(812)
(1,342)
Adjustment in respect of prior periods
-
0
(2,607)
Total deferred tax
(812)
(3,949)
Total tax charge
179,900
149,832
EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
617,337
451,714
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
154,334
112,929
Tax effect of expenses that are not deductible in determining taxable profit
3,902
3,168
Permanent capital allowances in excess of depreciation
412
(423)
Amortisation on assets not qualifying for tax allowances
22,420
37,545
Deferred tax adjustments in respect of prior years
-
0
(3,387)
Adjustments to tax charge in respect of previous periods
(1,168)
-
0
Taxation charge
179,900
149,832

In the Spring Budget 2021, the UK Government announced from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021.

 

Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
375,361
329,904
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
2,164,570
Amortisation and impairment
At 1 April 2024
1,744,119
Amortisation charged for the year
89,684
At 31 March 2025
1,833,803
EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Intangible fixed assets
(Continued)
- 25 -
Carrying amount
At 31 March 2025
330,767
At 31 March 2024
420,451
Company
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
1,267,729
Amortisation and impairment
At 1 April 2024 and 31 March 2025
1,267,729
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
-
0
13
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
132,712
211,118
190,870
88,757
623,457
Additions
-
0
22,191
4,565
-
0
26,756
At 31 March 2025
132,712
233,309
195,435
88,757
650,213
Depreciation and impairment
At 1 April 2024
132,712
158,943
130,364
64,998
487,017
Depreciation charged in the year
-
0
9,980
17,202
5,471
32,653
At 31 March 2025
132,712
168,923
147,566
70,469
519,670
Carrying amount
At 31 March 2025
-
0
64,386
47,869
18,288
130,543
At 31 March 2024
-
0
52,175
60,506
23,759
136,440
EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Tangible fixed assets
(Continued)
- 26 -
Company
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
132,712
134,486
190,870
37,312
495,380
Additions
-
0
22,191
4,565
-
0
26,756
Business combinations
-
0
1,575
-
0
73
1,648
At 31 March 2025
132,712
158,252
195,435
37,385
523,784
Depreciation and impairment
At 1 April 2024
132,712
88,625
130,364
36,095
387,796
Depreciation charged in the year
-
0
8,817
17,202
967
26,986
At 31 March 2025
132,712
97,442
147,566
37,062
414,782
Carrying amount
At 31 March 2025
-
0
60,810
47,869
323
109,002
At 31 March 2024
-
0
45,861
60,506
1,217
107,584

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
-
0
12,462
-
0
-
0
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
934,820
884,104
EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
884,104
Additions
50,716
At 31 March 2025
934,820
Carrying amount
At 31 March 2025
934,820
At 31 March 2024
884,104
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Education Express Limited
Horsfield Way, Bredbury Industrial Park, Stockport, Cheshire, SK6 2SU
Dormant
Ordinary shares
100.00
Todds Office Solutions Limited
Horsfield Way, Bredbury Industrial Park, Stockport, Cheshire, SK6 2SU
Wholesale of office furniture
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Education Express Limited
100
-
0
Todds Office Solutions Limited
(738,968)
0
(272,912)
0
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Goods for resale
717,163
699,211
670,602
675,444
EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,651,360
1,451,840
1,642,100
1,401,340
Amounts owed by group undertakings
-
-
514,000
537,348
Other debtors
2,675
2,675
1
1
Prepayments and accrued income
137,078
215,384
134,939
193,101
1,791,113
1,669,899
2,291,040
2,131,790

The loans owed to group undertakings bear no interest and are repayable by mutual agreement.

18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
590,188
580,363
397,176
361,234
Obligations under finance leases
21
-
0
4,390
-
0
-
0
Directors' loan accounts
20
300,682
291,577
300,682
291,577
Trade creditors
1,446,578
1,438,284
1,373,984
1,354,732
Corporation tax payable
181,860
154,949
154,941
153,781
Other taxation and social security
208,728
249,773
179,740
208,713
Other creditors
488,545
390,761
488,545
389,803
Accruals and deferred income
141,831
138,680
121,311
70,850
3,358,412
3,248,777
3,016,379
2,830,690

The loans owed by group undertakings bear no interest and are repayable by mutual agreement.

19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
13,332
87,443
-
0
54,110
EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
48,959
166,143
15,625
112,809
Bank overdrafts
554,561
501,663
381,551
302,535
Other loans
300,682
291,577
300,682
291,577
904,202
959,383
697,858
706,921
Payable within one year
890,870
871,940
697,858
652,811
Payable after one year
13,332
87,443
-
0
54,110

The bank loan is secured by a fixed and floating charge over the assets of the company.

 

Included within other creditors is an amount of £375,815 (2024: £313,277) in relation to a confidential invoice discounting facility that is secured upon the debtor book.

21
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
4,390
-
0
-
0

Hire purchase liabilities are secured on the fixed assets to which the finance relates.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
32,421
27,950
Pensions
-
(102)
32,421
27,848
Statutory database figures differ from the trial balance:
Deferred tax balances
27,036
27,848
Difference
5,385
-
EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
22
Deferred taxation
(Continued)
- 30 -
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
21,651
20,736
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
27,848
20,736
(Credit)/charge to profit or loss
(812)
915
Liability at 31 March 2025
27,036
21,651

The substantially enacted rate of taxation is 25% and as such deferred tax has been calculated using this rate.

23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
64,643
63,625

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised, issued and fully paid
Ordinary shares of £1 each
1,191
1,191
1,191
1,191
A Ordinary shares of £1 each
1
1
1
1
B Ordinary shares of £1 each
1
1
1
1
C Ordinary shares of £1 each
1
1
1
1
D Ordinary shares of £1 each
1
1
1
1
E Ordinary shares of £1 each
1
1
1
1
F Ordinary shares of £1 each
1
1
1
1
G Ordinary shares of £1 each
1
1
1
1
H Ordinary shares of £1 each
1
1
1
1
I Ordinary shares of £1 each
1
1
1
1
J Ordinary shares of £1 each
1
1
1
1
1,201
1,201
1,201
1,201

Rights, preferences and restrictions attaching to each class of share:

 

Ordinary shares- all shares carry equal rights as far as voting, right to receive dividends and rights to participate in a distribution.

 

A-J Ordinary shares- Full voting, full equity, dividend rights, non-redeemable.

 

25
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
(413,939)
(385,917)
917,071
814,559
Profit for the year
437,437
301,882
502,736
432,416
Dividends
(375,361)
(329,904)
(375,361)
(329,904)
At the end of the year
(351,863)
(413,939)
1,044,446
917,071
EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
307,889
111,414
304,577
104,790
Between two and five years
1,001,680
3,312
1,001,680
-
In over five years
663,875
-
663,875
-
1,973,444
114,726
1,970,132
104,790
27
Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

28
Related party disclosures

The only key management personnel are the directors of the company.

 

During the year the group paid rent of £108,000 (2024: £108,000) to The Egan Reid Stationery Company Limited Directors Pension Scheme. Rent were paid on an independent valuation of the commercial property.

 

The above transactions were undertaken on an arm's length basis.

 

MJ Reid and AR Reid are both directors of Egan Reid Stationery Company Limited and trustees and beneficiaries of The Egan Reid Stationery Company Limited Directors Pension Scheme.

 

Balances due to the directors and shareholders as at the balance sheet date amounted to £300,682 (2024: £297,511). The director loan balances are repayable on demand and unsecured.

 

During the year, the directors charged interest in their loan account balances amounting to £47,893 (2024: £44,343). Interest is charged at 4% above bank base rate and represents charges made on loans at commercial rates.

29
Ultimate controlling party

The directors are the controlling party by virtue of their shareholdings.

EGAN, REID STATIONERY CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
30
Cash generated from group operations
2025
2024
£
£
Profit after taxation
437,437
301,882
Adjustments for:
Taxation charged
179,900
149,832
Finance costs
82,536
84,990
Investment income
(873)
(1,171)
Amortisation and impairment of intangible assets
89,684
150,182
Depreciation and impairment of tangible fixed assets
32,653
33,102
Movements in working capital:
Increase in stocks
(17,952)
(11,157)
(Increase)/decrease in debtors
(121,214)
80,992
Increase/(decrease) in creditors
68,184
(229,334)
Cash generated from operations
750,355
559,318
31
Analysis of changes in net debt - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
25,329
53,203
78,532
Bank overdrafts
(501,663)
(52,898)
(554,561)
(476,334)
305
(476,029)
Borrowings excluding overdrafts
(457,720)
108,079
(349,641)
Obligations under finance leases
(4,390)
4,390
-
(938,444)
112,774
(825,670)
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