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Registered number: 06596913
















INTEGRITY PRINT LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

































INTEGRITY PRINT LIMITED

 
COMPANY INFORMATION


DIRECTORS
R J Burgess 
M E Cornford 




COMPANY SECRETARY
R J Burgess



REGISTERED NUMBER
06596913



REGISTERED OFFICE
Integrity Print 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





Investec Bank plc

30 Gresham Street

London

EC2V 7QP




SOLICITORS
Freeths LLP
5000 Oxford Business Park South

Oxford

Oxfordshire

OX4 2BH






INTEGRITY PRINT LIMITED


CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Directors' responsibilities statement
 
5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Statement of financial position
 
11
Statement of changes in equity
 
12
Notes to the financial statements
 
13 - 30



INTEGRITY PRINT LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

INTRODUCTION
 
The directors present the Strategic Report of Integrity Print Limited (the "Company") for the year ended 31 December 2024.

BUSINESS REVIEW
 
The company turnover increased with sales of £58,685,000 (2023: £54,960,000) and a profit after tax of £854,000 (2023: loss of £533,000). In previous years the company 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.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The directors were pleased to see an increase in sales in 2024, to above pre-pandemic levels. The company is an essential supplier of products used in the NHS, Government, local authorities, utilities, financial services, charities 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 business 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 company 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 company 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 company 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.
Price of Raw Materials:
The principal raw materials used in the business 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 company 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 company 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 key performance indicators of the business, which are referred to in the Statement of Comprehensive Income on page 11.

Page 1


INTEGRITY PRINT LIMITED


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

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
 
The Directors act in good faith to promote the long-term success of the company 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 company 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 company:  
  
The company 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 company holds regular review meetings with key customers to discuss service levels and to ensure the company understands the ongoing requirements of those customers.  Similarly, the company holds regular review meeting with key suppliers to discuss service levels and to ensure the suppliers understand the ongoing requirements of the company.


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



R J Burgess
Director

Date: 11 July 2025

Page 2

1
INTEGRITY PRINT 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 directors do not recommend the payment of a dividend (2023: £Nil).

The profit for the year, after taxation, amounted to £854,000  (2023: loss of £533,000).

DIRECTORS

The directors who served during the year were:

R J Burgess 
M E Cornford 

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
The company 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. The company will continue to follow this strategy in the future.
 
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 PRINT LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

The Company has taken advantage of the exemption not to report its own individual greenhouse gas emissions, energy consumption and energy efficiency action as these have been included in the group report of Integrity Communications Group Limited. 



DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

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

GOING CONCERN

The directors have also confirmed in that report that based on detailed forecasts they have a reasonable expectation that the company 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 company 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 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 Print Limited
First Avenue
Westfield Trading Estate
Midsomer Norton
Bath
BA3 4BS

Page 4


INTEGRITY PRINT LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

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

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

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

make 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 Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5


INTEGRITY PRINT LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRITY PRINT LIMITED
OPINION


We have audited the financial statements of Integrity Print Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


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


We have nothing to report in this regard.


Page 6


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

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


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


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7


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

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

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


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

We 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 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 th 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.
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.
Page 8


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

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






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 9


INTEGRITY PRINT LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
58,685
54,960

Cost of sales
  
(35,086)
(33,543)

GROSS PROFIT
  
23,599
21,417

Administrative expenses
  
(21,295)
(20,205)

Exceptional administrative expenses
  
(180)
(430)

OPERATING PROFIT
 5 
2,124
782

Interest payable and similar expenses
 9 
(862)
(1,047)

PROFIT/(LOSS) BEFORE TAX
  
1,262
(265)

Tax on profit/(loss)
 10 
(408)
(268)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR
  
854
(533)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
854
(533)

The notes on pages 13 to 30 form part of these financial statements.

Page 10


INTEGRITY PRINT LIMITED
REGISTERED NUMBER:06596913

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£000
£000

FIXED ASSETS
  

Intangible assets
 12 
2,716
3,348

Tangible assets
 13 
5,690
5,942

  
8,406
9,290

CURRENT ASSETS
  

Stocks
 14 
3,819
3,708

Debtors: amounts falling due within one year
 15 
13,548
13,062

Cash at bank and in hand
 16 
247
210

  
17,614
16,980

Creditors: amounts falling due within one year
 17 
(14,314)
(13,812)

NET CURRENT ASSETS
  
 
 
3,300
 
 
3,168

TOTAL ASSETS LESS CURRENT LIABILITIES
  
11,706
12,458

Creditors: amounts falling due after more than one year
 18 
(6,740)
(8,616)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 21 
(910)
(640)

  
 
 
(910)
 
 
(640)

NET ASSETS
  
4,056
3,202


CAPITAL AND RESERVES
  

Called up share capital 
 22 
190
190

Profit and loss account
 23 
3,866
3,012

  
4,056
3,202


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 13 to 30 form part of these financial statements.

Page 11


INTEGRITY PRINT LIMITED


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


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 January 2024
190
3,012
3,202


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
854
854


AT 31 DECEMBER 2024
190
3,866
4,056


The notes on pages 13 to 30 form part of these financial statements.


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


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 January 2023
190
3,545
3,735


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
(533)
(533)


AT 31 DECEMBER 2023
190
3,012
3,202


The notes on pages 13 to 30 form part of these financial statements.

Page 12


INTEGRITY PRINT LIMITED

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

1.


GENERAL INFORMATION

Integrity Print Limited is a trading 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. 

Integrity Print Limited is a private Company limited by shares 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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Integrity Communications Group Limited as at 31 December 2024 and these financial statements may be obtained from the registered office.

 
2.3

GOING CONCERN

The directors have also confirmed in that report that based on detailed forecasts they have a reasonable expectation that the company 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 company 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 31 March 2027 at which point a six months’ notice period would apply.

Page 13


INTEGRITY PRINT LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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

 
2.5

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.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

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.

Page 14


INTEGRITY PRINT LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

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.

 
2.8

BORROWING COSTS

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

 
2.9

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

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

The contributions are recognised as an expense 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 Company in independently administered funds.

 
2.10

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 operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.11

EXCEPTIONAL ITEMS

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

Page 15


INTEGRITY PRINT LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

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 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 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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 
2.13

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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 to 5 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.

Page 16


INTEGRITY PRINT LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.14

IMPAIRMENT OF FIXED ASSETS AND GOODWILL

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset or Cash-Generating Unit (CGU) to which the asset has been allocated is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's or CGU's fair value less cost to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable CGU's. Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. 

 
2.15

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

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.

 
2.20

HOLIDAY PAY ACCRUAL

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Page 17


INTEGRITY PRINT LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.21

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.22

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 Company'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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.
Page 18


INTEGRITY PRINT LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)


2.22
FINANCIAL INSTRUMENTS (CONTINUED)


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.


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 judgments, 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 judgments 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 judgments 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 this Company are:

Valuation of stock, which is in part calculated on an average cost basis for certain materials where the purchase price varies

Stock provisions which are based on the relative ageing of the products that have been part-consumed. Management apply judgment as to the most applicable treatment based on likely future use.

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 Company 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 19


INTEGRITY PRINT 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
57,493
53,663

Rest of Europe
1,159
1,264

Rest of the World
33
33

58,685
54,960



5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£000
£000

Depreciation of tangible fixed assets
1,171
1,153

Amortisation of intangible assets including goodwill
633
669

Other operating lease rentals
1,993
1,322

Cost of defined contribution scheme
1,055
1,048


6.


AUDITORS' REMUNERATION

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


2024
2023
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
26
20

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
3
5

All other services
-
5

Page 20


INTEGRITY PRINT LIMITED

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

7.


EMPLOYEES

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


2024
2023
£000
£000

Wages and salaries
11,704
10,849

Social security costs
1,201
1,103

Cost of defined contribution scheme
1,055
1,048

13,960
13,000


The average monthly number of employees, including the directors, during the year306 was as follows:


        2024
        2023
            No.
            No.







Office and Management
61
84



Plant Operatives
245
251

306
335


8.


DIRECTORS' REMUNERATION

2024
2023
£000
£000

Directors' emoluments
152
139

Company contributions to defined contribution pension schemes
59
18

211
157


During the year retirement benefits were accruing to one director (2023: 1) in respect of defined contribution pension schemes.


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£000
£000


Bank interest payable
606
789

Other loan interest payable
91
120

Finance leases and hire purchase contracts
165
138

862
1,047

Page 21


INTEGRITY PRINT 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
138
-


138
-


TOTAL CURRENT TAX
138
-

DEFERRED TAX


Origination and reversal of timing differences
270
268

TOTAL DEFERRED TAX
270
268


TAX ON PROFIT/(LOSS)
408
268

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/(loss) on ordinary activities before tax
1,262
(265)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.5%)
316
(62)

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
12
11

Capital allowances for year in excess of depreciation
177
171

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

Adjustment in research and development tax credit leading to a decrease in the tax charge
(96)
(66)

Non-taxable income not deductible for tax purposes
(1)
-

Remeasurement of deferred tax for changes in tax rates
-
19

Group relief
-
244

TOTAL TAX CHARGE FOR THE YEAR
408
268

Page 22


INTEGRITY PRINT LIMITED

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


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


11.


EXCEPTIONAL ITEMS

2024
2023
£000
£000


Redundancy costs
180
450

Property dilapidations
-
(20)

180
430


12.


INTANGIBLE ASSETS




Order Book
Customer Lists
Goodwill
Total

£000
£000
£000
£000



COST


At 1 January 2024
9
20
8,268
8,297



At 31 December 2024

9
20
8,268
8,297



AMORTISATION


At 1 January 2024
9
9
4,931
4,949


Charge for the year on owned assets
-
7
626
633



At 31 December 2024

9
16
5,557
5,582



NET BOOK VALUE



At 31 December 2024
-
4
2,711
2,715



At 31 December 2023
-
11
3,337
3,348



Page 23
 

INTEGRITY PRINT LIMITED
 
 
 

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


13.


TANGIBLE FIXED ASSETS






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
624
327
13,876
88
471
1,349
16,735


Additions
-
59
675
-
11
174
919



At 31 December 2024

624
386
14,551
88
482
1,523
17,654



DEPRECIATION


At 1 January 2024
66
6
9,574
50
297
800
10,793


Charge for the year on owned assets
12
32
454
7
39
157
701


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



At 31 December 2024

78
38
10,475
57
336
980
11,964



NET BOOK VALUE



31 December 2024
546
348
4,076
31
146
543
5,690



31 December 2023
558
321
4,302
38
174
549
5,942

Page 24

INTEGRITY PRINT LIMITED

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

           13.TANGIBLE FIXED ASSETS (CONTINUED)

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


14.


STOCKS

2024
2023
£000
£000

Raw materials and consumables
1,995
1,923

Work in progress (goods to be sold)
362
313

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

3,819
3,708


There are no material differences between the replacement cost of stock and the statement of financial position amounts.
Stock recognised in cost of sales during the year as an expense was £38,921,000 (2023: £33,544,000).
An impairment loss of £52,000 (2023: £34,000) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.


15.


DEBTORS

2024
2023
£000
£000


Trade debtors
7,303
7,802

Amounts owed by group undertakings
4,515
3,617

Other debtors
1,310
1,270

Prepayments and accrued income
420
373

13,548
13,062


Page 25


INTEGRITY PRINT LIMITED

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

16.


CASH AND CASH EQUIVALENTS

2024
2023
£000
£000

Cash at bank and in hand
247
210

247
210



17.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£000
£000

Bank loans
1,486
1,486

Trade creditors
5,128
5,568

Amounts owed to group undertakings
3,967
3,021

Corporation tax
138
-

Other taxation and social security
743
678

Obligations under finance lease and hire purchase contracts
580
634

Other creditors
209
49

Accruals and deferred income
2,063
2,376

14,314
13,812


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
The hire purchase liability of £580,000 (2023: £634,000) is secured on the related assets. Secured loans are detailed in Note 19.


18.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£000
£000

Bank loans
5,629
7,353

Net obligations under finance leases and hire purchase contracts
1,111
1,263

6,740
8,616


The hire purchase liability of £1,111,000 (2023: £1,263,000) is secured on the related assets. Secured loans are detailed in Note 19.

Page 26


INTEGRITY PRINT LIMITED

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

19.


LOANS


Analysis of the maturity of loans is given below:


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


7,115
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 draw down 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 Communications Group Limited, the ultimate parent company.


20.


FINANCIAL INSTRUMENTS

2024
2023
£000
£000

FINANCIAL ASSETS


Financial assets measured at fair value through profit or loss
13,647
12,899


FINANCIAL LIABILITIES


Financial liabilities measured at amortised cost
(20,445)
(21,752)


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

Page 27


INTEGRITY PRINT LIMITED

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

21.


DEFERRED TAXATION




2024
2023


£000

£000






At beginning of year
(640)
(372)


Charged to profit or loss
(270)
(268)



AT END OF YEAR
(910)
(640)

The provision for deferred taxation is made up as follows:

2024
2023
£000
£000


Fixed asset timing differences
(952)
(891)

Short term timing differences
42
29

Losses and other deductions
-
222

(910)
(640)


22.


SHARE CAPITAL

2024
2023
£000
£000
ALLOTTED, CALLED UP AND FULLY PAID



190,000 (2023: 190,000) Ordinary shares of £1.00 each
190
190



23.


RESERVES

Profit and loss account

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


24.


CONTINGENT LIABILITIES

The Company is part of a Group bank facility arrangement provided by Investec Bank plc. The maximum facility (assuming sufficient collateral) held by the Group at the balance sheet dates amounts to £14,168,083 (2023: £15,365,083).

Page 28


INTEGRITY PRINT LIMITED

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

25.


CAPITAL COMMITMENTS


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

2024
2023
£000
£000


Contracted for but not provided in these financial statements
351
52

351
52


26.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,055,000 (2023: £1,048,000).Contributions totalling £131,000 (2023: £89,000) were payable to the fund at the reporting date.


27.


COMMITMENTS UNDER OPERATING LEASES

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

2024
2023
£000
£000



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

2024
2023

£000
£000



Not later than 1 year
791
809

Later than 1 year and not later than 5 years
760
1,190

Later than 5 years
13
54

1,564
2,053


28.


RELATED PARTY TRANSACTIONS

The Company has taken exemption under Section 33 of FRS 102 from disclosing transactions and balances with 100% owned subsidiaries within the same Group.
Key Management Personnel
Key management personnel consists of directors of the Company. The directors received remuneration as shown in Note 8. 

Page 29


INTEGRITY PRINT LIMITED

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

29.


CONTROLLING PARTY

The immediate and ultimate parent Company is Integrity Communications Group Limited, a Company incorporated in England and Wales. Integrity Communications Group Limited is the parent undertaking of the smallest and largest Group to consolidate these financial statements. Copies of the consolidated financial statements can be obtained from the Company Secretary at: First Avenue, Westfield Trading Estate, Midsomer Norton, Bath, BA3 4BS. 
The ultimate controlling party is M Cornford by virtue of his majority shareholding in Integrity Communications Group Limited.

 
Page 30