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REGISTERED NUMBER: 04983326 (England and Wales)















CARTRIDGE SAVE LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Financial Statements 14


CARTRIDGE SAVE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: I Cowley
H C Clark
S Blanks
J D Clark





SECRETARY: H C Clark





REGISTERED OFFICE: 5 - 6 Gregson Road
Stockport
SK5 7SS





REGISTERED NUMBER: 04983326 (England and Wales)





AUDITORS: Clarke Nicklin LLP
Chartered Accountants and
Statutory Auditors
Clarke Nicklin House
Brooks Drive
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3TD

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
During 2024 Cartridge Save successfully retained its position as a market leading brand in the print consumables and hardware industry.

Like many businesses Cartridge Save had to adapt to the challenges presented by above inflation price increases. Significant fluctuations in demand between home and commercial printing products, as well as changes in customer buying habits have been observed across the industry over the past few years, as a result of the trend towards increased home-working. Enabled by our agile and dynamic ethos, Cartridge Save has risen to the challenge resulting in another highly profitable year.

Turnover, gross profit margin, and profit before tax are the main KPIs reviewed within the business. Turnover reduced to £32.7m (2023: £38.4m) as a result of an increasingly competitive marketplace. Despite this price sensitive competition, careful direct cost control and strategic purchasing resulted in the gross profit margin rising to 21.8% (2023: 21.6%). Profit before tax reduced to £4.4m (2023: £5.7m) as a result of turnover reduction and inflationary pressures on overheads.

Over many years the company has built up significant excess cash reserves. During the year, the company decided to distribute some excess cash, whilst retaining a strong balance sheet and leaving ample cash reserves in the business. As a result, the year end net total assets reduced to £5.0m (2023: £5.5m).

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the full range of risks affecting the company on a regular basis, and where appropriate take action to address such risks. The principal risks and uncertainties facing Cartridge Save are detailed below:

Market Risk
As with all technology markets, there is a risk that products will become outdated and the market will begin to decline. To date there is no evidence of decline, however the directors have considered this and are continuously adding the latest products.

Supplier Risk
There are a limited number of suppliers for many of the products in the Cartridge Save range. In order to reduce the risk of over exposure to a single supplier, and to ensure competitive pricing, the company aims to maintain good relationships with many suppliers.

Customer Risk
The company has a good mixed customer base and does not feel over dependent on any one customer or sector. The company has a good record of minimising bad debts, utilising credit reporting software prior to issuing credit terms, and through close monitoring thereafter.

Foreign Exchange Risk
Foreign exchange rates remain volatile. Management continue to review the volume of contracts entered into that are derived in foreign currencies. The current position of not hedging this risk is regularly considered, and should the directors consider the need, appropriate hedging strategies will be entered into.

ON BEHALF OF THE BOARD:





I Cowley - Director


14 April 2025

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of computer consumables.

DIVIDENDS
Interim dividends in the year totalling £764,397 (2023: £846,892), £764,397 (2023: £846,892), £1,101,221 (2023: £1,289,384) and £1,199,294 (2023: £1,341,528) were paid on the A, B, C and D Ordinary £1 shares respectively. The total distribution of dividends in the year was £3,829,308 (2023: £4,324,694).

The directors are recommending no final dividend on all share classes (2023: none).

FUTURE DEVELOPMENTS
The directors plan to closely monitor changes in the product sales mix through 2025 and beyond, ensuring the product offering remains both relevant and appealing to the customer base.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

I Cowley
H C Clark
S Blanks
J D Clark

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS
The auditors, Clarke Nicklin LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





I Cowley - Director


14 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARTRIDGE SAVE LIMITED


Opinion
We have audited the financial statements of Cartridge Save Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARTRIDGE SAVE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARTRIDGE SAVE LIMITED


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Procedures to identify risks:
- enquiring of management concerning the company's procedures relating to: identifying, evaluating and
complying with laws and regulations and whether they were aware of any instances of noncompliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud;
- discussing among the engagement team regarding how and where fraud might occur in the financial
statements and any potential indicators of fraud. As part of this discussion, we identified potential for
fraud in the following areas: timing of recognition of sales and purchases and their related stock
movements, posting of unusual journals; and
- obtaining an understanding of the legal and regulatory frameworks that the company operates in,
focusing on those laws and regulations that had a direct effect on the financial statements or that had a
fundamental effect on the operations of the company. The key laws and regulations we considered in
this context included UK Companies Act, employment law, health and safety, pensions legislation and
tax legislation.

The procedures to respond to risks identified included:
- reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with relevant laws and regulations discussed above;
- enquiring of management, 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;
- reviewing correspondence with HMRC;
- testing the timing and matching of income and expense transactions relating to stock movements
either side of the year end; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments; assessing whether the judgements made in making accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course of business.

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.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulation that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detection one resulting from an error, as fraud may involve deliberate concealment, by for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARTRIDGE SAVE LIMITED


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




Andrew Baggott ACA (Senior Statutory Auditor)
for and on behalf of Clarke Nicklin LLP
Chartered Accountants and
Statutory Auditors
Clarke Nicklin House
Brooks Drive
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3TD

14 April 2025

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 32,662,648 38,418,973

Cost of sales 25,536,762 30,109,073
GROSS PROFIT 7,125,886 8,309,900

Administrative expenses 2,836,713 2,729,273
4,289,173 5,580,627

Other operating income 87,775 103,088
OPERATING PROFIT 4 4,376,948 5,683,715

Interest receivable and similar income 68,997 42,005
4,445,945 5,725,720

Interest payable and similar expenses 5 51 9,715
PROFIT BEFORE TAXATION 4,445,894 5,716,005

Tax on profit 6 1,123,321 1,378,486
PROFIT FOR THE FINANCIAL YEAR 3,322,573 4,337,519

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 3,322,573 4,337,519


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,322,573

4,337,519

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 6,300 10,188
Tangible assets 9 1,094,124 1,102,537
Investment property 10 1,480,000 1,480,000
2,580,424 2,592,725

CURRENT ASSETS
Stocks 11 2,860,128 3,741,731
Debtors 12 1,751,862 942,162
Cash at bank and in hand 1,353,895 1,986,091
5,965,885 6,669,984
CREDITORS
Amounts falling due within one year 13 3,362,180 3,570,288
NET CURRENT ASSETS 2,603,705 3,099,696
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,184,129

5,692,421

PROVISIONS FOR LIABILITIES 15 176,760 178,317
NET ASSETS 5,007,369 5,514,104

CAPITAL AND RESERVES
Called up share capital 16 1,175 1,175
Share premium 17 237,621 237,621
Retained earnings 17 4,768,573 5,275,308
SHAREHOLDERS' FUNDS 5,007,369 5,514,104

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:




I Cowley - Director



S Blanks - Director


CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2023 1,175 5,262,483 237,621 5,501,279

Changes in equity
Dividends - (4,324,694 ) - (4,324,694 )
Total comprehensive income - 4,337,519 - 4,337,519
Balance at 31 December 2023 1,175 5,275,308 237,621 5,514,104

Changes in equity
Dividends - (3,829,308 ) - (3,829,308 )
Total comprehensive income - 3,322,573 - 3,322,573
Balance at 31 December 2024 1,175 4,768,573 237,621 5,007,369

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 20 4,480,179 4,970,972
Interest paid (51 ) (9,715 )
Tax paid (1,251,981 ) (1,255,163 )
Net cash from operating activities 3,228,147 3,706,094

Cash flows from investing activities
Purchase of tangible fixed assets (128,472 ) (263,691 )
Sale of tangible fixed assets 28,440 83,995
Interest received 68,997 42,005
Net cash from investing activities (31,035 ) (137,691 )

Cash flows from financing activities
Equity dividends paid (3,829,308 ) (4,324,694 )
Net cash from financing activities (3,829,308 ) (4,324,694 )

Decrease in cash and cash equivalents (632,196 ) (756,291 )
Cash and cash equivalents at
beginning of year

21

1,986,091

2,742,382

Cash and cash equivalents at end of
year

21

1,353,895

1,986,091

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

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


1. COMPANY INFORMATION

Cartridge Save Limited ("the Company") is a limited company incorporated in the United Kingdom. The address of its registered office and principal place of business is 5-6 Gregson Road, Stockport, SK5 7SS.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" ("FRS 102") and applicable legislation as set out in the Companies Act 2006 and Schedule 1 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. These financial statements have been prepared under the historical costs convention.

The financial statements are presented in Sterling (£).

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

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

The most critical estimates and assumptions for investment property relate to the determination of carrying value. In determining this amount, the company made use of a professional valuation and then calculated an implied yield on part of the portfolio. This implied rental yield formed the key input for the determining the carrying value of the remainder of the portfolio. Rental income levels remained in line with 2023, so as a result, the carrying value is also unchanged.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Sales are recognised on the date of despatch to the customer.

Intangible assets
Intangible assets are initially recognised at cost. After initial recognition, intangibles are measured at cost less any accumulated amortisation and any impairment losses. Computer software is amortised over its expected useful life of 3 years, from the date it is first brought into use.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on cost

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

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


2. ACCOUNTING POLICIES - continued

Investment property
Investment property is revalued annually and included in the balance sheet at its open market value, which is estimated by the directors, based on rental yields. Changes in the market value are taken to the income statement.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

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


2. ACCOUNTING POLICIES - continued

Financial assets
Basic financial assets, including trade debtors, cash and bank balances and amounts owed by group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial Liabilities
Basic financial liabilities, including trade creditors and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,951,367 1,869,820
Social security costs 175,478 161,101
Other pension costs 110,434 93,445
2,237,279 2,124,366

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

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


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Warehouse 21 20
Contact Centre 16 20
Administration 23 21
Directors 4 4
64 65

2024 2023
£    £   
Directors' remuneration 245,865 240,723
Directors' pension contributions to money purchase schemes 39,984 36,652

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 72,713 70,093
Pension contributions to money purchase schemes 9,996 8,496

4. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 101,293 102,762
Loss on disposal of fixed assets 7,152 14,447
Computer software amortisation 3,888 6,667
Auditors' remuneration 18,575 16,500
Foreign exchange differences (2,998 ) (62,908 )
Operating lease costs 9,260 13,274
Impairment of trade debtors (2,195 ) (364 )
Impairment of stocks of finished goods 9,389 (29,974 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
HMRC interest 51 9,715

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

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


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,106,920 1,334,023
Under/(over) provision in prior year 17,958 38,000
Total current tax 1,124,878 1,372,023

Deferred tax (1,557 ) 6,463
Tax on profit 1,123,321 1,378,486

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 4,445,894 5,716,005
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 23.520%)

1,111,474

1,344,404

Effects of:
Expenses not deductible for tax purposes 13 -
Adjustments to tax charge in respect of previous periods 17,958 38,000
enhanced expenditure
increase
Enhanced capital allowances (867 ) (812 )
Effects of tax rate change (5,257 ) (3,106 )
Total tax charge 1,123,321 1,378,486

7. DIVIDENDS
2024 2023
£    £   
A Ordinary - D Ordinary shares of £1 each
Interim 3,829,308 4,324,694

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

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


8. INTANGIBLE FIXED ASSETS
Trade
marks & Computer
licences software Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 6,300 566,313 572,613
AMORTISATION
At 1 January 2024 - 562,425 562,425
Amortisation for year - 3,888 3,888
At 31 December 2024 - 566,313 566,313
NET BOOK VALUE
At 31 December 2024 6,300 - 6,300
At 31 December 2023 6,300 3,888 10,188

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2024 975,641 10,350 219,066
Additions - - 10,674
Disposals - - -
At 31 December 2024 975,641 10,350 229,740
DEPRECIATION
At 1 January 2024 191,610 9,488 183,701
Charge for year 19,513 862 7,058
Eliminated on disposal - - -
At 31 December 2024 211,123 10,350 190,759
NET BOOK VALUE
At 31 December 2024 764,518 - 38,981
At 31 December 2023 784,031 862 35,365

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

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


9. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 304,600 204,487 1,714,144
Additions 107,859 9,939 128,472
Disposals (56,080 ) (8,557 ) (64,637 )
At 31 December 2024 356,379 205,869 1,777,979
DEPRECIATION
At 1 January 2024 93,361 133,447 611,607
Charge for year 45,547 28,313 101,293
Eliminated on disposal (20,488 ) (8,557 ) (29,045 )
At 31 December 2024 118,420 153,203 683,855
NET BOOK VALUE
At 31 December 2024 237,959 52,666 1,094,124
At 31 December 2023 211,239 71,040 1,102,537

10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 1,480,000
NET BOOK VALUE
At 31 December 2024 1,480,000
At 31 December 2023 1,480,000

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2024 1,480,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,072,888 1,072,888

Investment property was valued on an open market basis on 31 December 2024 by the directors, based on rental yields .

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

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


11. STOCKS
2024 2023
£    £   
Finished goods 2,860,128 3,741,731

Stocks of finished goods are stated after provisions for impairment of £72,897 (2023: £63,508).

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 553,580 634,540
Other debtors 906,085 675
Prepayments and accrued income 292,197 306,947
1,751,862 942,162

Trade debtors are stated after provisions for impairment of £18,288 (2023: £20,483).

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,172,031 1,963,516
Corporation tax 506,920 634,023
Social security and other taxes 38,490 44,918
VAT 114,907 200,783
Other creditors 241,354 259,798
Accrued expenses 288,478 467,250
3,362,180 3,570,288

Other creditors include unpaid pension contributions of £13,036 (2023: £11,237)

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 2,325 6,519
Between one and five years - 1,630
2,325 8,149

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 176,760 178,317

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

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


15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 178,317
Movement in year (1,557 )
Balance at 31 December 2024 176,760

The provision for deferred taxation is made up as follows
20242023
££
Accelerated capital allowances79,49180,599
Revaluation of investment property101,777101,777
Other timing differences(4,508)(4,059)
176,760178,317

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1,171 Ordinary £1 1,171 1,171
1 A Ordinary £1 1 1
1 B Ordinary £1 1 1
1 C Ordinary £1 1 1
1 D Ordinary £1 1 1
1,175 1,175

Ordinary shares have voting, dividend and capital distribution rights. A, B, C and D Ordinary shares have dividend rights, but no voting or capital distribution rights.

17. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 5,275,308 237,621 5,512,929
Profit for the year 3,322,573 3,322,573
Dividends (3,829,308 ) (3,829,308 )
At 31 December 2024 4,768,573 237,621 5,006,194

18. RELATED PARTY DISCLOSURES

Included in other debtors is a loan issued to a company under common control. Interest is charged at the Bank of England Base Rate. The loan is repayable on demand.

CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

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


18. RELATED PARTY DISCLOSURES - continued

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Interest charged to related party in year 4,777 -
Amount due by related party at the balance sheet date 906,085 -

19. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J D Clark.

20. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 4,445,894 5,716,005
Depreciation charges 105,181 109,429
Loss on disposal of fixed assets 7,152 14,447
Finance costs 51 9,715
Finance income (68,997 ) (42,005 )
4,489,281 5,807,591
Decrease in stocks 881,603 239,346
(Increase)/decrease in trade and other debtors (809,700 ) 73,000
Decrease in trade and other creditors (81,005 ) (1,148,965 )
Cash generated from operations 4,480,179 4,970,972

21. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 1,353,895 1,986,091
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,986,091 2,742,382


CARTRIDGE SAVE LIMITED (REGISTERED NUMBER: 04983326)

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


22. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 1,986,091 (632,196 ) 1,353,895
1,986,091 (632,196 ) 1,353,895
Total 1,986,091 (632,196 ) 1,353,895