Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31On 6 April 2024, the company repurchased 950 C Ordinary shares, with a nominal value of 1p each. The aggregate of consideration paid and allowable costs was £502,500. The repurchase was in order to allow a shareholder to exit the business. All of the repurchased shares were cancelled on the same day.2024-12-312024-12-31370falsetrue2024-01-01falseNo description of principal activityfalsefalse 06596905 2024-01-01 2024-12-31 06596905 2023-01-01 2023-12-31 06596905 2024-12-31 06596905 2023-12-31 06596905 2023-01-01 06596905 c:CompanySecretary1 2024-01-01 2024-12-31 06596905 c:Director2 2024-01-01 2024-12-31 06596905 c:Director3 2024-01-01 2024-12-31 06596905 c:RegisteredOffice 2024-01-01 2024-12-31 06596905 c:Agent1 2024-01-01 2024-12-31 06596905 d:Buildings 2024-01-01 2024-12-31 06596905 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 06596905 d:PlantMachinery 2024-01-01 2024-12-31 06596905 d:MotorVehicles 2024-01-01 2024-12-31 06596905 d:FurnitureFittings 2024-01-01 2024-12-31 06596905 d:ComputerEquipment 2024-01-01 2024-12-31 06596905 d:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 06596905 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 06596905 d:Goodwill 2024-01-01 2024-12-31 06596905 d:CurrentFinancialInstruments 2024-12-31 06596905 d:CurrentFinancialInstruments 2023-12-31 06596905 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 06596905 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06596905 d:ShareCapital 2024-12-31 06596905 d:ShareCapital 2023-12-31 06596905 d:ShareCapital 2023-01-01 06596905 d:SharePremium 2024-01-01 2024-12-31 06596905 d:SharePremium 2024-12-31 06596905 d:SharePremium 2023-12-31 06596905 d:SharePremium 2023-01-01 06596905 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 06596905 d:RetainedEarningsAccumulatedLosses 2024-12-31 06596905 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06596905 d:RetainedEarningsAccumulatedLosses 2023-12-31 06596905 d:RetainedEarningsAccumulatedLosses 2023-01-01 06596905 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 06596905 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 06596905 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2024-12-31 06596905 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-12-31 06596905 c:FRS102 2024-01-01 2024-12-31 06596905 c:Audited 2024-01-01 2024-12-31 06596905 c:FullAccounts 2024-01-01 2024-12-31 06596905 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06596905 d:Subsidiary1 2024-01-01 2024-12-31 06596905 d:Subsidiary1 1 2024-01-01 2024-12-31 06596905 d:Subsidiary2 2024-01-01 2024-12-31 06596905 d:Subsidiary2 1 2024-01-01 2024-12-31 06596905 d:Subsidiary3 2024-01-01 2024-12-31 06596905 d:Subsidiary3 1 2024-01-01 2024-12-31 06596905 c:Consolidated 2024-12-31 06596905 c:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 06596905 4 2024-01-01 2024-12-31 06596905 6 2024-01-01 2024-12-31 06596905 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 06596905
















INTEGRITY COMMUNICATIONS GROUP LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

































INTEGRITY COMMUNICATIONS GROUP LIMITED

 
COMPANY INFORMATION


DIRECTORS
M E Cornford 
R J Burgess 




COMPANY SECRETARY
R J Burgess



REGISTERED NUMBER
06596905



REGISTERED OFFICE
Integrity Communications Group Limited
First Avenue

Westfield Trading Estate

Midsomer Norton

Bath

BA3 4BS




INDEPENDENT AUDITORS
Bishop Fleming Audit Limited
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL




BANKERS
HSBC plc
3 Temple Quay

Bristol

BS1 6DZ




SOLICITORS
Freeths LLP

Oxford

Oxfordshire

OX4 2BH






INTEGRITY COMMUNICATIONS GROUP LIMITED


CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 7
Directors' responsibilities statement
 
8
Independent auditors' report
 
9 - 12
Consolidated statement of comprehensive income
 
13
Consolidated statement of financial position
 
14
Company statement of financial position
 
15
Consolidated statement of changes in equity
 
16
Company statement of changes in equity
 
17
Consolidated statement of cash flows
 
18
Consolidated analysis of net debt
 
19
Notes to the financial statements
 
20 - 36



INTEGRITY COMMUNICATIONS GROUP LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

INTRODUCTION
 
The directors present the strategic report of the Integrity Communications Group Limited Group (the "Group") for the year ended 31 December 2024.

BUSINESS REVIEW
 
Integrity Communications Group Limited has two trading subsidiaries, Integrity Print Ltd and A1 Security Print Ltd.  
Group sales were £69,020,000 (2023: £66,173,000) and a profit after tax of £1,905,000 (2023: £824,000). Overall performance in 2024 has been very encouraging and the key figures are showing an excellent performance.
In prior years Integrity Print Ltd responded to ongoing decline in the demand for traditional printed business forms by following a strategy of diversification by acquiring well established, profitable, niche businesses to help offset the decline. Where the acquired business was a limited company, immediately or soon after the acquisition, the business, goodwill and net assets of the limited company were hived up into Integrity Print Ltd so that the acquired business then traded as a division of Integrity Print Ltd.  This model has been followed for a number of acquisitions since late 2016.

A1 Security Print Limited has diversified its product offering and expanded into new markets to counteract the ongoing decline in traditional products within the UK market. Part of this strategy was the expansion of the export customer base by focusing on providing high level security print into the government, education and banking sectors. In addition, the company focused on the evolving UK market by complimenting traditional security print with digital technology to grow market share. To underpin this strategy the company invested in development software, digital printing hardware and increased the software development team.

On 12 January 2024, the Group acquired Denote Print Limited as part of this strategy.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The directors are pleased to see an increase in sales in 2024, to above pre-pandemic levels. The group is an essential supplier of products used in the NHS, Government, local authorities, utilities, financial services, charities, education and retail sectors, and this continues to give resilience to the majority of the revenue base. The process of diversification referred to above has ensured that the group is no longer just a producer of traditional products and has provided solidity. 
The directors have prepared detailed forecasts and based on these forecasts have a reasonable expectation that the group has adequate resources to continue to operate for the foreseeable future and for a period of at least one year from the date of these financial statements.
Other key commercial risks for the company are competition, technological developments and changes in the price of raw materials.
Competition:
The group continue to focus on providing an excellent service to customers by offering a wide range of products and services, introducing new products and services, maintaining high standards of quality and on time delivery, and remaining competitive on price.
Technological Developments:
The group has invested and, as referred to above, will continue to invest in new technology including digital equipment and new software to improve overall capability and operational efficiencies.

Page 1


INTEGRITY COMMUNICATIONS GROUP LIMITED


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Price of Raw Materials:
The principal raw materials used in the businesses are based on paper, inks and cardboard. The company mitigates the risk of price increases by having a number of potential suppliers to choose from for each key category of raw material, and also by entering into fixed pricing arrangements with suppliers with notice periods before price increases can be applied. The Group has a continual improvement programme of reducing wastage, usage of raw materials and costs to help offset the impact of raw material price increases when such increases cannot be avoided. The group will also increase sales prices where necessary to pass on raw material price increases in line with market conditions and contracts

FINANCIAL KEY PERFORMANCE INDICATORS
 
The directors use turnover and profit as the key performance indicators of the business, which are referred to in the Statement of Comprehensive Income on page 13.

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE GROUP
 
The directors act in good faith to promote the long term success of the Group and at the same time have a primary objective to foster healthy working relationships with key stakeholders such as employees, customers, suppliers, funders, and credit insurers through verbal and written communication where appropriate regarding important decisions that may affect those stakeholders. The Group ensures that employee welfare, interests and training are taken care of and also takes into account the impact of key decisions on the community and the environment.
The following are examples of compliance with the duty to promote the success of the Group:  
  
The Group provided regular updates to employees during the year on the key issues affecting the business including an overview of the financial performance of the business, capital expenditure decisions and any important changes in working practices.
The Group holds regular review meetings with key customers to discuss service levels and to ensure the Group understands the ongoing requirements of those customers.  Similarly, the Group holds regular review meeting with key suppliers to discuss service levels and to ensure the suppliers understand the ongoing requirements of the Group.


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



R J Burgess
Director

Date: 11 July 2025

Page 2

1
INTEGRITY COMMUNICATIONS GROUP LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,905,000 (2023: £824,000).

Dividends of £570,000 (2023: £358,000) were declared during the period.

DIRECTORS

The directors who served during the year were:

M E Cornford 
R J Burgess 

FINANCIAL RISK MANAGEMENT

The company is exposed to a number of financial risks:

Credit Risk
The company’s financial assets comprise trade and other debtors. The company has robust credit control policies including carrying out appropriate credit checks on customers before sales are made, prompt chasing of overdue debt, timely involvement of senior management to minimise the risk of bad debts and credit insurance on certain customers.

Liquidity Risk
The company’s daily cash requirements are funded by a multi asset-based facility that is designed to ensure the company has sufficient available funds for operations. The directors are satisfied that the cash generation of the company will be sufficient to repay its loans as they fall due.

Interest Rate Risk
The company has interest-bearing loans. The directors monitor potential movements in interest rates on an ongoing basis. The company has not used hedging arrangements to mitigate the risk of an increase in interest rates as interest rates have been low for some time. The directors will review this policy should there be a foreseeable risk of a significant increase in interest rates in the future.  

FUTURE DEVELOPMENTS

In prior years Integrity Print Ltd responded to ongoing decline in the demand for traditional printed business forms by following a strategy of diversification by acquiring well established, profitable, niche businesses to help offset the decline. Where the acquired business was a limited company, immediately or soon after the acquisition, the business, goodwill and net assets of the limited company were hived up into Integrity Print Ltd so that the acquired business then traded as a division of Integrity Print Ltd.  This model has been followed for a number of acquisitions since late 2016.
A1 Security Print Limited has diversified its product offering and expanded into new markets to counteract the ongoing decline in traditional products within the UK market. Part of this strategy was the expansion of the export customer base by focusing on providing high level security print into the government, education and banking sectors. In addition, the company focused on the evolving UK market by complimenting traditional security print with digital technology to grow market share. To underpin this strategy the company invested in development software, digital printing hardware and increased the software development team.

EMPLOYEE INVOLVEMENT

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event members of staff become disabled, every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from disability.  

Page 3


INTEGRITY COMMUNICATIONS GROUP LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
ACQUISITION OF OWN SHARES

On 6 April 2024, the company repurchased 950 C Ordinary shares, with a nominal value of 1p each. The aggregate of consideration paid and allowable costs was £502,500. The repurchase was in order to allow a shareholder to exit the business.

All of the repurchased shares were cancelled on the same day.

Page 4


INTEGRITY COMMUNICATIONS GROUP LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

Introduction
In compliance with The Streamlined Energy and Carbon Reporting (SECR) legislation, this report outlines the greenhouse gas emissions arising from the activities of businesses within the Integrity Communications Group for the financial year ended 31st December 2024. 

Scope of Report
The report covers the Scope 1 and Scope 2 activities of the manufacturing and storage sites at Integrity Print Ltd and A1 Security Print Ltd, the two trading subsidiaries of Integrity Communications Group Limited.
Four office-based divisions within Integrity Print Ltd are not included within the full scope of the report because their energy use is immaterial compared to the rest of the group and supplied via charged account. However, business travel for these divisions has been included.
• 
Scope 1 – Direct Emissions:
From heating fuels for buildings, diesel-powered generator, diesel-powered fork-lift trucks, propane gas (LPG) and business travel.
• 
Scope 2 – Indirect Emissions:
From grid electricity used in buildings.
Electricity and gas data is obtained from automated half hourly meter readings, manual monthly meter readings plus electricity bills and gas bills. Diesel use and propane gas use data is obtained from supplier invoices. Business transport data is obtained from business mileage expenses claims and pool car records. The three largest manufacturing sites source electricity from 100% renewable energy. The data within this report is presented as both market-based and location-based figures.
Methodology
Data was collected from the sources outlined above in kilowatt hours, litres of fuel and vehicle mileage. This has been converted using the UK Government Greenhouse Gas (GHG) Conversion Factors for Company Reporting 2022 and is shown in tonnes of CO2 equivalents (tCO2e). 
Intensity Measure
The overall business turnover for the Integrity Communications Group Limited group has been used to calculate the total tCO2e per £1m of turnover.

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Page 5


INTEGRITY COMMUNICATIONS GROUP LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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Energy Improvement Programmes
Energy use is monitored by senior management throughout Integrity Communications Group Limited and by the management of each divisision where appropriate. The main Integrity Print site based at Midsomer Norton in Somerset is certificated to ISO14001:2015 Environmental Management Standard.
The following improvement programmes have recently been implemented or are in the process of being delivered:
 
Further upgrade of heating system boilers.
Investment in new production equipment that is energy efficient, including upgrading press drying systems from UV to LED.
Consolidation of print and finishing processes.
Net Zero Carbon programme.
Installation of new electricity sub-station on the Westfield site.



Page 6


INTEGRITY COMMUNICATIONS GROUP LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors’ report is approved confirm that:
 
So far as the director is aware, there is no relevant audit information of which the company’s auditors are unaware, and

The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and
the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

GOING CONCERN

The Group is mainly funded via term loans and an invoice finance facility provided by Investec Bank plc.
 
The facilities were renewed on 12 January 2024 and can be terminated from 31 March 2027 at which point a six months’ notice period would apply.

AUDITORS

The auditorsBishop Fleming Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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






R J Burgess
Director

Date: 11 July 2025

Integrity Communications Group Limited
First Avenue
Westfield Trading Estate
Midsomer Norton
Bath
BA3 4BS

Page 7


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 8


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRITY COMMUNICATIONS GROUP LIMITED
OPINION


We have audited the financial statements of Integrity Communications Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Consolidated Analysis of Net Debt and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the 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.


Page 9


INTEGRITY COMMUNICATIONS GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRITY COMMUNICATIONS GROUP LIMITED (CONTINUED)

OTHER INFORMATION


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


We have nothing to report in this regard.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

As explained more fully in the Directors' responsibilities statement set out on page 8, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 10


INTEGRITY COMMUNICATIONS GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRITY COMMUNICATIONS GROUP LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have considered the nature of the industry and sector, control environment, and business performance
including the design of remuneration policies;
 
We have considered the nature of the industry and sector, control environment and business performance.
We have considered the results of our enquiries of management and the board about their own identification
and assessment of the risks of irregularities.
For any matters identified we have obtained and reviewed the Group and Company’s documentation of their policies
and procedures relating to:
Identifying, evaluating and complying with laws and regulations, including Duty, and whether they were aware
of any instances of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud; and
The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
We have considered the matters discussed among the audit engagement team regarding how and where
fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud, and incorrect recognition of revenue at the year-end was identified as the greatest
potential area for fraud.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to
the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this context
included the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the
financial statements but compliance with which may be fundamental to the Company’s ability to operate or to
avoid a material penalty. These included compliance with Health and Safety regulations, GDPR, Company law,
tax legislation, Duty, and employment legislation.
Our procedures to respond to the fraud risks identified, including revenue recognition as a key audit matter,
included the following:
 
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial
statements.
Performing various substantive tests of detail related to the recognition of revenue.Enquiring of management and those charged with governance concerning actual and potential litigation and
claims.
Page 11


INTEGRITY COMMUNICATIONS GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRITY COMMUNICATIONS GROUP LIMITED (CONTINUED)

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks
of material misstatement due to fraud.
Reading minutes of meetings of those charged with governance.
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting
estimates are indicative of a potential bias.
 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout
the audit.
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 an error, as fraud may involve deliberate concealment by, for example, forgery,
misrepresentations 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 would 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 Auditors' report.


USE OF OUR REPORT
 

This report is made solely to the Company's shareholders, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's shareholders those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.






Simon Morrison FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming Audit Limited
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

14 July 2025
Page 12


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
69,020
66,173

Cost of sales
  
(38,293)
(37,824)

GROSS PROFIT
  
30,727
28,349

Administrative expenses
  
(26,931)
(25,664)

Exceptional administrative expenses
  
(200)
(430)

OPERATING PROFIT
 5 
3,596
2,255

Interest payable and similar expenses
 9 
(938)
(1,131)

PROFIT BEFORE TAXATION
  
2,658
1,124

Tax on profit
 10 
(753)
(300)

PROFIT FOR THE FINANCIAL YEAR
  
1,905
824

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Owners of the parent Company
  
1,905
824

  
1,905
824

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

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

The notes on pages 20 to 36 form part of these financial statements.

Page 13


INTEGRITY COMMUNICATIONS GROUP LIMITED
REGISTERED NUMBER:06596905

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£000
£000

FIXED ASSETS
  

Intangible assets
 13 
3,189
3,344

Tangible assets
 14 
7,737
7,056

  
10,926
10,400

CURRENT ASSETS
  

Stocks
 16 
5,719
5,005

Debtors: amounts falling due within one year
 17 
10,398
11,829

Cash at bank and in hand
 18 
468
285

  
16,585
17,119

Creditors: amounts falling due within one year
 19 
(12,609)
(12,216)

NET CURRENT ASSETS
  
 
 
3,976
 
 
4,903

TOTAL ASSETS LESS CURRENT LIABILITIES
  
14,902
15,303

Creditors: amounts falling due after more than one year
 20 
(7,009)
(8,643)

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 24 
(1,215)
(815)

  
 
 
(1,215)
 
 
(815)

NET ASSETS
  
6,678
5,845


CAPITAL AND RESERVES
  

Share premium account
 25 
160
160

Profit and loss account
 25 
6,518
5,685

  
6,678
5,845


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M E Cornford
Director

Date: 11 July 2025

Page 14


INTEGRITY COMMUNICATIONS GROUP LIMITED
REGISTERED NUMBER:06596905

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£000
£000

FIXED ASSETS
  

Investments
 15 
2,265
2,265

  
2,265
2,265

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 17 
1,475
1,475

  
1,475
1,475

Creditors: amounts falling due within one year
 19 
(3,404)
(2,902)

NET CURRENT LIABILITIES
  
 
 
(1,929)
 
 
(1,427)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
336
838

  

  

NET ASSETS
  
336
838


CAPITAL AND RESERVES
  

Share premium account
 25 
160
160

Profit and loss account
  
176
678

  
336
838


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





M E Cornford
Director

Date: 11 July 2025

The notes on pages 20 to 36 form part of these financial statements.

Page 15


INTEGRITY COMMUNICATIONS GROUP LIMITED


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Share premium account
Profit and loss account
Total equity

£000
£000
£000

At 1 January 2024
160
5,685
5,845


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
1,905
1,905

Dividends: Equity capital
-
(570)
(570)

Purchase of own shares
-
(502)
(502)


AT 31 DECEMBER 2024
160
6,518
6,678


The notes on pages 20 to 36 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Share premium account
Profit and loss account
Total equity

£000
£000
£000

At 1 January 2023
160
5,722
5,882


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
824
824

Dividends: Equity capital
-
(358)
(358)

Purchase of own shares
-
(503)
(503)


AT 31 DECEMBER 2023
160
5,685
5,845


The notes on pages 20 to 36 form part of these financial statements.

Page 16


INTEGRITY COMMUNICATIONS GROUP LIMITED


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£000
£000
£000
£000

At 1 January 2024
-
160
678
838


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
570
570

Dividends: Equity capital
-
-
(570)
(570)

Purchase of own shares
-
-
(502)
(502)


AT 31 DECEMBER 2024
-
160
176
336


The notes on pages 20 to 36 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£000
£000
£000
£000

At 1 January 2023
-
160
81
241


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
1,458
1,458

Dividends: Equity capital
-
-
(358)
(358)

Purchase of own shares
-
-
(503)
(503)


AT 31 DECEMBER 2023
-
160
678
838


The notes on pages 20 to 36 form part of these financial statements.

Page 17


INTEGRITY COMMUNICATIONS GROUP LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£000
£000

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
1,905
824

ADJUSTMENTS FOR:

Amortisation of intangible assets
713
693

Depreciation of tangible assets
1,407
1,388

Loss on disposal of tangible assets
-
(138)

Interest paid
938
1,131

Taxation charge
754
300

(Increase)/decrease in stocks
(714)
1,459

Decrease/(increase) in debtors
1,158
(501)

Increase/(decrease) in creditors
619
(303)

Corporation tax (paid)
(3)
(69)

NET CASH GENERATED FROM OPERATING ACTIVITIES

6,777
4,784


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of intangible fixed assets
(557)
-

Purchase of tangible fixed assets
(1,679)
(1,997)

Sale of tangible fixed assets
-
279

HP interest paid
(165)
(138)

NET CASH FROM INVESTING ACTIVITIES

(2,401)
(1,856)

CASH FLOWS FROM FINANCING ACTIVITIES

Purchase of ordinary shares
(502)
(503)

Repayment of loans
(1,724)
(1,426)

Repayment of/new finance leases
(624)
270

Dividends paid
(570)
(358)

Interest paid
(773)
(993)

NET CASH USED IN FINANCING ACTIVITIES
(4,193)
(3,010)

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
183
(82)

Cash and cash equivalents at beginning of year
285
367

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
468
285


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
468
285

468
285


Page 18


INTEGRITY COMMUNICATIONS GROUP LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£000

£000

£000

Cash at bank and in hand

285

183

468

Debt due after 1 year

(7,353)

1,474

(5,879)

Debt due within 1 year

(1,486)

-

(1,486)

Finance leases

(1,930)

213

(1,717)



(10,484)
1,870
(8,614)

The notes on pages 20 to 36 form part of these financial statements.

Page 19


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

Integrity Communication Group Limited (the "Company") is a holding Company of a group whose activities are that of a leading provider of operational business print, encompassing the production of direct mail, applied labels, integrated cards, security print, digital colour, transactional and mailing services.
The Company is a limited liability Company incorporated in the United Kingdom. The registered office is First Avenue, Westfield Trading Estate, Midsomer Norton, Bath, BA3 4BS.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 January 2015.

 
2.3

GOING CONCERN

The directors have prepared detailed forecasts and based on these forecasts have a reasonable expectation that the Group has adequate resources to continue to operate for the foreseeable future and for a period of at least one year from the date of these financial statements.
The Group is mainly funded via term loans and an invoice finance facility provided by Investec Bank plc, and also has access to the wider facilities within the Integrity Communications Group Limited group of which it is part.
The facilities were renewed on 12 January 2024 and can be terminated from 31st March 2027 at which point a six months’ notice period would apply.

Page 20


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TURNOVER

Turnover comprises invoiced amounts in respect of document printing, packaging, mailing and associated materials that are supplied to customers, excluding value added tax and trade discounts. Turnover is recognised in accordance with agreed shipping terms relevant to the customer. The majority of turnover is recognised on the despatch of goods.

 
2.5

INTANGIBLE ASSETS

GOODWILL

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

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Order books
-
10
years
Goodwill
-
10
years
Customer lists
-
10
years

 
2.6

TANGIBLE FIXED ASSETS

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

Page 21


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.6
TANGIBLE FIXED ASSETS (CONTINUED)

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

Depreciation is provided on the following basis:

Freehold property
-
50 years
Short-term leasehold property
-
10 years
Plant and machinery
-
5 to 15 years
Motor vehicles
-
4 years
Fixtures and fittings
-
5 to 15 years
Computer equipment
-
3 to 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 22


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

FINANCIAL INSTRUMENTS

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 23


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.14

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.15

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.16

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.17

BORROWING COSTS

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

 
2.18

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 24


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.19

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.


Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:

 
2.20

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based upon historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily available from other sources. Actual results may subsequently differ from these estimates. 
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The critical accounting judgments adopted by management applicable to the Company and Group are:
 
Valuation of stock, which is in part done on an average basis for certain materials where the purchase price varies. 
 
Stock provision which is based on the relative ageing of the products which have been part consumed. 
 
The classification of leases as operating or finance leases requires management to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Statement of Financial Position.
 
At each reporting date the group assesses whether there is any indication of impairment of the investment value, or the value of goodwill. If such indicators exist, the recoverable amount of the asset, i.e. the higher of its fair value less costs to sell and its value in use, is determined. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 25


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


TURNOVER

The whole of the turnover is attributable to the principal activity of the Company.

Analysis of turnover by country of destination:

2024
2023
£000
£000

United Kingdom
65,524
62,394

Rest of Europe
1,285
1,428

Rest of the World
2,211
2,351

69,020
66,173



5.


OPERATING PROFIT/(LOSS)

The operating profit/(loss) is stated after charging:

2024
2023
£000
£000

Gain on disposal of fixed assets
-
15

Exchange differences
16
16

Other operating lease rentals
2,903
1,513

Depreciation of tangible fixed assets
1,326
1,388

Amortisation of intangible assets, including goodwill
657
693

Defined benefit pension cost
1,005
1,116


6.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£000
£000

Fees payable to the Group's auditors and their associates for the audit of the consolidated and parent Company's financial statements
49
32


Taxation compliance services
6
5

All other services
-
5

Page 26


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


EMPLOYEES

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


Group
Group
2024
2023
£000
£000


Wages and salaries
14,356
13,282

Social security costs
1,466
1,353

Cost of defined contribution scheme
1,145
1,116

16,967
15,751


The average monthly number of employees, including the directors, during the year370 was as follows:


        2024
        2023
            No.
            No.







Office and Management
88
111



Plant Operatives
282
292

370
403

The Company has no employees other than the directors, who did not receive any remuneration (2023: £NIL)

8.


DIRECTORS' REMUNERATION

2024
2023
£000
£000



Directors' emoluments
152
139

Contributions to defined contribution pension schemes
59
18

211
157

During the year retirement benefits were accruing to one director (2023: one) in respect of defined contribution pension schemes.


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£000
£000


Bank interest payable
682
873

Other loan interest payable
91
120

Finance leases and hire purchase contracts
165
138

938
1,131

Page 27


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


TAXATION


2024
2023
£000
£000

CORPORATION TAX


Current tax on profits for the year
353
-

Adjustments in respect of previous periods
-
1


TOTAL CURRENT TAX
353
1

DEFERRED TAX


Origination and reversal of timing differences
399
299

Adjustments in respect of prior periods
1
-

TOTAL DEFERRED TAX
400
299


TAX ON PROFIT
753
300

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 23.5%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
2,658
1,124


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.5%)
665
264

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
11
11

Capital allowances for year in excess of depreciation
222
198

Adjustments to tax charge in respect of prior periods
-
1

Adjustment in research and development tax credit leading to a decrease in the tax charge
(145)
(145)

Remeasurement of deferred tax for changes in tax rates
-
20

Adjustments to tax charge in respect of prior periods - deferred tax
-
(49)

TOTAL TAX CHARGE FOR THE YEAR
753
300


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 28


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


DIVIDENDS

Dividends of £570,000 (2023: £357,700) were declared and paid during the period.


12.


EXCEPTIONAL ITEMS

2024
2023
£000
£000


Reorganisational costs
200
450

Property dilapidations
-
(20)

200
430


13.


INTANGIBLE ASSETS

Group





Order books
Customer lists
Goodwill
Total

£000
£000
£000
£000



COST


At 1 January 2024
9
20
8,483
8,512


Additions
-
-
557
557



At 31 December 2024

9
20
9,040
9,069



AMORTISATION


At 1 January 2024
9
9
5,150
5,168


Charge for the year on owned assets
-
7
706
713



At 31 December 2024

9
16
5,856
5,881



NET BOOK VALUE



At 31 December 2024
-
4
3,184
3,188



At 31 December 2023
-
11
3,333
3,344



Page 29


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


14.


TANGIBLE FIXED ASSETS


Group







Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£000
£000
£000
£000
£000
£000
£000



COST


At 1 January 2024
1,055
327
18,470
116
588
1,689
22,245


Additions
-
59
1,782
-
67
181
2,089



At 31 December 2024

1,055
386
20,252
116
655
1,870
24,334



DEPRECIATION


At 1 January 2024
125
6
13,559
58
324
1,118
15,190


Charge for the year on owned assets
19
32
650
10
58
168
937


Charge for the year on financed assets
-
-
447
-
-
23
470



At 31 December 2024

144
38
14,656
68
382
1,309
16,597



NET BOOK VALUE



At 31 December 2024
911
348
5,596
48
273
561
7,737



At 31 December 2023
930
321
4,911
58
264
571
7,055

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£000
£000



Plant and machinery
2,728
3,072

Computer equipment
43
31

2,771
3,103


15.


FIXED ASSET INVESTMENTS

Page 30


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Company





Investments in subsidiary companies

£000



COST OR VALUATION


At 1 January 2024
2,265



At 31 December 2024
2,265





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Integrity Print Limited
First Avenue, Westfield Trading Estate, Midsomer Norton, Bath, BA3 4BS
Leading provider of operation print, encompassing the production of direct mail, integrated cards and labels, security print, digital colour, transactional mailing and e-commerce solutions
Ordinary
100%
A1 Security Print Limited
Camp Lane Handsworth, Birmingham, B21 8JB
Manufacture of secure printed documents
Ordinary
100%
Denote Print Limited
Camps Lane, Handsworth, Birmingham, B21 8JB
Manufacture of printed documents
Ordinary
100%


16.


STOCKS

Group
Group
2024
2023
£000
£000

Raw materials and consumables
2,727
2,595

Work in progress (goods to be sold)
1,530
938

Finished goods and goods for resale
1,462
1,472

5,719
5,005


Stock recognised in cost of sales during the year as an expense was £37,578,000 (2023: £33,289,000).


17.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
Page 31


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.DEBTORS (CONTINUED)

£000
£000
£000
£000


Trade debtors
8,435
9,506
-
-

Amounts owed by group undertakings
82
-
1,475
1,475

Other debtors
1,316
1,318
-
-

Prepayments and accrued income
565
1,005
-
-

10,398
11,829
1,475
1,475


Amounts owed by Group undertakings are unsecured, interest free and repayable on demand.


18.


CASH AND CASH EQUIVALENTS

Group
Group
2024
2023
£000
£000

Cash at bank and in hand
468
285

468
285



19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Bank loans
1,486
1,486
-
-

Trade creditors
6,354
6,307
-
-

Amounts owed to group undertakings
81
-
3,404
2,902

Corporation tax
351
1
-
-

Other taxation and social security
1,054
1,158
-
-

Obligations under finance lease and hire purchase contracts
587
641
-
-

Other creditors
570
55
-
-

Accruals and deferred income
2,126
2,568
-
-

12,609
12,216
3,404
2,902


The hire purchase liabilities of £606,000 (2023: £641,000) are secured on the related assets. Amounts owed to Group undertakings are unsecured, interest free and repayable on demand. Secured loans are detailed in Note 21.

Page 32


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
2024
2023
£000
£000

Bank loans
5,879
7,353

Net obligations under finance leases and hire purchase contracts
1,130
1,290

7,009
8,643


The hire purchase liabilities of £1,111,000 (2023: £1,290,000) are secured on the related assets. Secured loans are detailed in Note 21.




21.


LOANS


Group
Group
2024
2023
£000
£000

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
1,486
1,486


1,486
1,486


AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
5,629
7,353


5,629
7,353

AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS

Bank loans
250
-

7,365
8,839


Bank borrowings comprise amounts drawn under a multi asset-based finance facility with Investec Bank plc. The facility includes a fixed term loan and other revolving facilities which enable the Company to drawdown funds against eligible trade debtors and eligible inventory. The facilities are continuing and can be terminated from 31 March 2027 at which point a 6 month notice period would apply. The facilities bear interest at various rates above base rate.
The maximum available facility (assuming sufficient collateral) is £14,168,083 (2023: £15,365,083).
The facility is subject to a cross guarantee and debenture between the Company, Denote Print Limited, A1 Security Print Limited, and Integrity Print Limited and its subsidiaries.

Page 33


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£000
£000

Within one year
556
668

Between 1-5 years
1,130
1,263

1,686
1,931


23.


FINANCIAL INSTRUMENTS

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

FINANCIAL ASSETS

Financial assets measured at fair value through profit or loss
10,105
11,112
-
375


FINANCIAL LIABILITIES

Financial liabilities measured at amortised cost
16,359
19,700
-
-


Financial assets that are debt instruments measured at amortised cost comprise cash at bank and in hand, trade debtors, other debtors and amounts owed by group undertakings.


Financial liabilities measured at amortised cost comprise trade creditors, other creditors, bank loans, obligations under finance lease and hire purchase agreements and accruals.


24.


DEFERRED TAXATION


Group



2024


£000






At beginning of year
(815)


Charged to profit or loss
(400)



AT END OF YEAR
(1,215)

Page 34


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
24.DEFERRED TAXATION (CONTINUED)

Company


2024






AT END OF YEAR
-
Group
Group
2024
2023
£000
£000

Fixed asset timing differences
(1,274)
(1,066)

Short term timing differences
59
29

Losses and other deductions
-
222

(1,215)
(815)


25.


RESERVES

Share premium account

The share premium account represents the consideration received on the issue of shares in the Company in excess of the nominal value of those shares, net of the share issues costs, bonus issues of shares and any subsequent capital reductions.

Profit and loss account

The profit and loss account represents the accumulated profits, losses and distributions of the Company.


26.


CONTINGENT LIABILITIES

The Group is part of a Group bank facility arrangement, as referred to in Note 21.


27.


CAPITAL COMMITMENTS




At 31 December 2024 the Group and Company had capital commitments as follows:


Group
Group
2024
2023
£000
£000

Contracted for but not provided in these financial statements
351
446

351
446

Page 35


INTEGRITY COMMUNICATIONS GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

28.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £1,145,000 (2023: £1,116,000). Contributions totalling £138,000 (2023: £89,000) were payable to the fund at the reporting date. Payables are detailed in Note 19.


29.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£000
£000

Land and Buildings

Not later than 1 year
1,268
1,184

Later than 1 year and not later than 5 years
4,834
4,805

Later than 5 years
1,106
2,237

7,208
8,226



Group
Group
2024
2023
£000
£000

Other

Not later than 1 year
981
1,000

Later than 1 year and not later than 5 years
1,296
1,920

Later than 5 years
197
289

2,474
3,209


30.


RELATED PARTY TRANSACTIONS

The Company has taken exemption under section 33 of FRS102 from disclosing transaction and balances with 100% owned subsidiaries within the same Group. 
All directors in the Group who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management personnel. 
Total compensation (including remuneration and social security contributions) in respect of these individuals is £152,000 (2023: £139,000).


31.


CONTROLLING PARTY

The ultimate controlling party is M Cornford by virtue of his majority shareholding.

 
Page 36