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REGISTERED NUMBER: 04665601 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

INKTEC EUROPE LIMITED

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Director | 3 |

Report of the Independent Auditors | 5 |

Statement of Profit or Loss | 9 |

Statement of Profit or Loss and Other Comprehensive Income | 10 |

Statement of Financial Position | 11 |

Statement of Changes in Equity | 13 |

Statement of Cash Flows | 14 |

Notes to the Statement of Cash Flows | 15 |

Notes to the Financial Statements | 16 |

INKTEC EUROPE LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTOR: | D Kim

| REGISTERED OFFICE: | Bulford House

| Supergas Industrial Estate, Downs Road

| Witney

| Oxfordshire

| OX29 0SZ

| REGISTERED NUMBER: | 04665601 (England and Wales)

| AUDITORS: | Jamesons Limited

| Chartered Accountants and Statutory Auditors

| Jamesons House

| Compton Way

| Witney

| OX28 3AB

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his strategic report for the year ended 31 December 2024.

The company has taken advantage of the exemption from preparing a strategic report.

ON BEHALF OF THE BOARD:

D Kim - Director

18 February 2025

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his 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 distribution & importers of plotter inks and printers.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

D Kim held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with UK-adopted international accounting standards. Under company law the director must not approve the financial statements unless he is 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 director is required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | state that the financial statements comply with IFRS;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31 DECEMBER 2024

AUDITORS

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

ON BEHALF OF THE BOARD:

D Kim - Director

18 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

INKTEC EUROPE LIMITED

Opinion

We have audited the financial statements of InkTec Europe Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Profit or Loss, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 International Financial Reporting Standards (IFRSs) as adopted by the UK.

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 IFRSs as adopted by the UK; 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

INKTEC EUROPE 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 Director.

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 director's remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

INKTEC EUROPE 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non - compliance with laws and regulations was as follows:

- |  | The engagement partner ensured that the engagement team collectively had appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations: |

- |  | We identified the laws and regulations applicable to the company through discussion with directors and informed management and from our commercial knowledge and experience of the industry; |

- |  | We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including Companies Act 2006, taxation legislation, employment legislation and health and safety legislation; |

- |  | We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing documentation during the audit; and |

- |  | Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance during the audit. |

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

- |  | Making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |

- |  | Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |

To address the risk of fraud through management bias and override of controls, we:

- |  | Reviewed the financial statements and records to identify any unusual or unexpected relationships; |

- |  | Tested journal entries to identify unusual transactions; |

- |  | Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |

- |  | Investigated the rationale behind any significant or unusual transactions. |

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- |  | Agreeing financial statement disclosures to underlying supporting documentation; |

- |  | Enquiring of management as to actual and potential litigation and claims; and |

- |  | Reviewing correspondence with HMRC and other applicable sources. |

There are inherent limitations in our audit procedures described above. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquire of the directors and informed management and the inspection of regulatory and legal correspondence if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation and there is therefore a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.

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

INKTEC EUROPE 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.

Anita Lyon FCA FCCA (Senior Statutory Auditor)

for and on behalf of Jamesons Limited

Chartered Accountants and Statutory Auditors

Jamesons House

Compton Way

Witney

OX28 3AB

18 February 2025

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

STATEMENT OF PROFIT OR LOSS

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

CONTINUING OPERATIONS

Revenue | 5,360,431 |  | 5,468,916 |  |

Cost of sales | (3,733,102 | ) | (4,086,202 | ) |

GROSS PROFIT | 1,627,329 |  | 1,382,714 |  |

Other operating income | 11,368 |  | 5,100 |  |

Administrative expenses | (1,482,069 | ) | (1,305,870 | ) |

OPERATING PROFIT | 156,628 |  | 81,944 |  |

Finance costs | 4 | (51,615 | ) | (48,549 | ) |

Finance income | 4 | 1,851 |  | 382 |  |

PROFIT BEFORE INCOME TAX | 5 | 106,864 |  | 33,777 |  |

Income tax | 6 | (33,198 | ) | (8,358 | ) |

PROFIT FOR THE YEAR | 73,666 |  | 25,419 |  |

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

£ | £ |

PROFIT FOR THE YEAR | 73,666 |  | 25,419 |  |

OTHER COMPREHENSIVE INCOME |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 73,666 |  | 25,419 |  |

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

ASSETS

NON-CURRENT ASSETS

Owned

| Property, plant and equipment | 7 | 43,094 |  | 52,153 |  |

Right-of-use

| Property, plant and equipment | 7, 15 | 54,499 |  | 113,129 |  |

97,593 |  | 165,282 |  |

CURRENT ASSETS

Inventories | 8 | 1,814,132 |  | 2,595,915 |  |

Trade and other receivables | 9 | 845,787 |  | 987,202 |  |

Cash and cash equivalents | 10 | 322,185 |  | 160,319 |  |

2,982,104 |  | 3,743,436 |  |

TOTAL ASSETS | 3,079,697 |  | 3,908,718 |  |

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital | 11 | 72,700 |  | 72,700 |  |

Share premium | 12 | 96,675 |  | 96,675 |  |

Capital redemption reserve | 12 | 14,181 |  | 14,181 |  |

Retained earnings | 12 | 567,853 |  | 494,187 |  |

TOTAL EQUITY | 751,409 |  | 677,743 |  |

LIABILITIES

NON-CURRENT LIABILITIES

Financial liabilities - borrowings |

| Lease liabilities | 14, 15 | 520,317 |  | 538,102 |  |

Deferred tax | 16 | 10,488 |  | 9,645 |  |

530,805 |  | 547,747 |  |

CURRENT LIABILITIES

Trade and other payables | 13 | 1,227,980 |  | 2,485,667 |  |

Financial liabilities - borrowings |

| Lease liabilities | 14, 15 | 538,431 |  | 188,512 |  |

Tax payable | 31,072 |  | 9,049 |  |

1,797,483 |  | 2,683,228 |  |

TOTAL LIABILITIES | 2,328,288 |  | 3,230,975 |  |

TOTAL EQUITY AND LIABILITIES | 3,079,697 |  | 3,908,718 |  |

The financial statements were approved by the director and authorised for issue on 18 February 2025 and were signed by:

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

STATEMENT OF FINANCIAL POSITION - continued

31 DECEMBER 2024

D Kim - Director

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |  | Capital |

| share |  | Retained |  | Share |  | redemption |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2023 | 72,700 |  | 468,768 |  | 96,675 |  | 14,181 |  | 652,324 |  |

Changes in equity

Total comprehensive income | - |  | 25,419 |  | - |  | - |  | 25,419 |  |

Balance at 31 December 2023 | 72,700 |  | 494,187 |  | 96,675 |  | 14,181 |  | 677,743 |  |

Changes in equity

Total comprehensive income | - |  | 73,666 |  | - |  | - |  | 73,666 |  |

Balance at 31 December 2024 | 72,700 |  | 567,853 |  | 96,675 |  | 14,181 |  | 751,409 |  |

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

£ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (67,194 | ) | (756 | ) |

Interest paid | (43,583 | ) | (37,351 | ) |

Lease interest paid | (8,032 | ) | (11,198 | ) |

Tax paid | (10,331 | ) | (2,504 | ) |

Net cash from operating activities | (129,140 | ) | (51,809 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (9,960 | ) | (13,943 | ) |

Sale of tangible fixed assets | - |  | 2,052 |  |

Interest received | 1,851 |  | 382 |  |

Net cash from investing activities | (8,109 | ) | (11,509 | ) |

Cash flows from financing activities

New loans in year | 400,000 |  | 600,000 |  |

Loan repayments in year | - |  | (511,667 | ) |

Payment of lease liabilities | (100,885 | ) | (81,209 | ) |

Net cash from financing activities | 299,115 |  | 7,124 |  |

Increase/(decrease) in cash and cash equivalents | 161,866 |  | (56,194 | ) |

Cash and cash equivalents at beginning of year | 2 | 160,319 |  | 216,513 |  |

Cash and cash equivalents at end of year | 2 | 322,185 |  | 160,319 |  |

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Profit before income tax | 106,864 |  | 33,777 |  |

| Depreciation charges | 110,667 |  | 89,293 |  |

| Finance costs | 51,615 |  | 48,549 |  |

| Finance income | (1,851 | ) | (382 | ) |

267,295 |  | 171,237 |  |

| Decrease/(increase) in inventories | 781,783 |  | (318,496 | ) |

| Decrease/(increase) in trade and other receivables | 141,415 |  | (87,617 | ) |

| (Decrease)/increase in trade and other payables | (1,257,687 | ) | 234,120 |  |

| Cash generated from operations | (67,194 | ) | (756 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 322,185 |  | 160,319 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 160,319 |  | 216,513 |  |

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| InkTec Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparation

| These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

| Revenue recognition

| Revenue represents net invoiced sales of goods, excluding value added tax.

| Cash and cash equivalents

| Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

| In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

| Property, plant and equipment

| Depreciation is provided at the following annual rates in order to write off each assets over its estimated useful life.

| Freehold property |  | - |  | Straight line over 20 years |  |

| Motor vehicles |  | - |  | 25% on cost |  |

| Office equipment |  | - |  | 25% on cost |  |

| Fixtures and fittings |  | - |  | 25% on cost |  |

| Plant & machinery |  | - |  | Straight line over 8 years |  |

| Computer equipment |  | - |  | 25% on cost |  |

| Financial instruments

| Cash and cash equivalents

| Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

| Short-term debtors and creditors

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

| Inventories

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

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Taxation

| Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

| Leases

| Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

| Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

| Employee benefit costs

| 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.

| Deferred tax

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

3. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 738,263 |  | 661,510 |  |

| Social security costs | 79,142 |  | 71,385 |  |

| Other pension costs | 13,331 |  | 10,751 |  |

830,736 |  | 743,646 |  |

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

| 2024 |  | 2023

| Managers | 4 |  | 4 |  |

| Administrative | 6 |  | 3 |  |

| Technicians | 5 |  | 5 |  |

| Warehouse | 2 |  | 2 |  |

| Managing Director | 1 |  | 1 |  |

| Sales | 1 |  | 1 |  |

19 |  | 16 |  |

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | EMPLOYEES AND DIRECTORS - continued

| 2024 |  | 2023

£ | £ |

| Director's remuneration | 110,841 |  | 143,495 |  |

| Director's pension contributions to money purchase schemes | 1,321 |  | 1,321 |  |

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

| Money purchase schemes | 1 |  | 1 |  |

4. | NET FINANCE COSTS

| 2024 |  | 2023

£ | £ |

| Finance income:

| Deposit account interest | 1,851 |  | 382 |  |

| Finance costs:

| Bank interest | 14 |  | 5 |  |

| Bank loan interest | 43,569 |  | 37,346 |  |

| Hire purchase | - |  | 695 |  |

| Leasing | 8,032 |  | 10,503 |  |

51,615 |  | 48,549 |  |

| Net finance costs | 49,764 |  | 48,167 |  |

5. | PROFIT BEFORE INCOME TAX

| The profit before income tax is stated after charging/(crediting):

| 2024 |  | 2023

£ | £ |

| Cost of inventories recognised as expense | 3,733,102 |  | 4,086,202 |  |

| Depreciation - owned assets | 19,018 |  | 17,234 |  |

| Depreciation - assets on hire purchase contracts or finance leases | 91,648 |  | 72,060 |  |

| Auditors' remuneration | 17,600 |  | 17,895 |  |

| Profit and loss on foreign currency translation | (51,781 | ) | 6,361 |  |

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

6. | INCOME TAX

| Analysis of tax expense

| 2024 |  | 2023

£ | £ |

| Current tax:

| Tax | 31,072 |  | 9,049 |  |

| Under/over provision of

| corporation tax | 1,282 |  | - |  |

| Total current tax | 32,354 |  | 9,049 |  |

| Deferred tax | 844 |  | (691 | ) |

| Total tax expense in statement of profit or loss | 33,198 |  | 8,358 |  |

| Factors affecting the tax expense

| 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 income tax | 106,864 |  | 33,777 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 24.992% (2023 - 19%) | 26,707 |  | 6,418 |  |

| Effects of:

| Expenses not deductible for tax purposes | 2,163 |  | 1,995 |  |

| Depreciation in excess of capital allowances | 2,202 |  | 636 |  |

| Deferred tax | 844 |  | (691 | ) |

| Under provision last year | 1,282 |  | - |  |

| Tax expense | 33,198 |  | 8,358 |  |

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

7. | PROPERTY, PLANT AND EQUIPMENT

| Fixtures

| Short |  | Motor |  | and

| leasehold |  | vehicles |  | fittings

£ | £ | £ |

| COST

| At 1 January 2024 | 321,055 |  | 116,430 |  | 133,816 |  |

| Additions | - |  | 33,018 |  | 2,625 |  |

| Disposals | - |  | (41,320 | ) | - |  |

| At 31 December 2024 | 321,055 |  | 108,128 |  | 136,441 |  |

| DEPRECIATION

| At 1 January 2024 | 260,315 |  | 64,041 |  | 126,822 |  |

| Charge for year | 52,063 |  | 39,585 |  | 2,412 |  |

| Eliminated on disposal | - |  | (41,320 | ) | - |  |

| At 31 December 2024 | 312,378 |  | 62,306 |  | 129,234 |  |

| NET BOOK VALUE

| At 31 December 2024 | 8,677 |  | 45,822 |  | 7,207 |  |

| At 31 December 2023 | 60,740 |  | 52,389 |  | 6,994 |  |

| Plant & |  | Computer |

| machinery |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 79,335 |  | 88,243 |  | 738,879 |  |

| Additions | 2,026 |  | 5,308 |  | 42,977 |  |

| Disposals | - |  | - |  | (41,320 | ) |

| At 31 December 2024 | 81,361 |  | 93,551 |  | 740,536 |  |

| DEPRECIATION

| At 1 January 2024 | 53,539 |  | 68,880 |  | 573,597 |  |

| Charge for year | 5,797 |  | 10,809 |  | 110,666 |  |

| Eliminated on disposal | - |  | - |  | (41,320 | ) |

| At 31 December 2024 | 59,336 |  | 79,689 |  | 642,943 |  |

| NET BOOK VALUE

| At 31 December 2024 | 22,025 |  | 13,862 |  | 97,593 |  |

| At 31 December 2023 | 25,796 |  | 19,363 |  | 165,282 |  |

8. | INVENTORIES

2024 | 2023 |

£ | £ |

| Finished goods | 1,814,132 |  | 2,595,915 |  |

| Stock recognised in cost of sales during the year as an expense was £3,733,102 (2023: £4,086,202).

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

9. | TRADE AND OTHER RECEIVABLES

2024 | 2023 |

£ | £ |

| Current:

| Trade debtors | 711,254 |  | 842,669 |  |

| Other debtors | 76,660 |  | 40,708 |  |

| Prepayments | 57,873 |  | 103,825 |  |

845,787 |  | 987,202 |  |

10. | CASH AND CASH EQUIVALENTS

2024 | 2023 |

£ | £ |

| Cash in hand | 726 |  | 376 |  |

| Bank accounts | 321,459 |  | 159,943 |  |

322,185 |  | 160,319 |  |

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 72,700 | Ordinary | 1 | 72,700 |  | 72,700 |  |

12. | RESERVES

| Capital |

| Retained |  | Share |  | redemption |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 January 2024 | 494,187 |  | 96,675 |  | 14,181 |  | 605,043 |  |

| Profit for the year | 73,666 |  | 73,666 |  |

| At 31 December 2024 | 567,853 |  | 96,675 |  | 14,181 |  | 678,709 |  |

13. | TRADE AND OTHER PAYABLES

2024 | 2023 |

£ | £ |

| Current:

| Trade creditors | 964,959 |  | 2,313,257 |  |

| Social security and other taxes | 158,266 |  | 99,810 |  |

| Other creditors | 36,906 |  | 45 |  |

| Accrued expenses | 67,849 |  | 72,555 |  |

1,227,980 |  | 2,485,667 |  |

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

14. | FINANCIAL LIABILITIES - BORROWINGS |

2024 | 2023 |

£ | £ |

| Current:

| Other loans | 500,000 |  | 100,000 |  |

| Leases (see note 15) | 38,431 |  | 88,512 |  |

538,431 |  | 188,512 |  |

| Non-current:

| Other loans - 1-2 years | 500,000 |  | 500,000 |  |

| Leases (see note 15) | 20,317 |  | 38,102 |  |

520,317 |  | 538,102 |  |

| Terms and debt repayment schedule

| 1 year or |

| less |  | 1-2 years |  | 2-5 years |  | Totals

£ | £ | £ | £ |

| Other loans | 500,000 |  | - |  | 500,000 |  | 1,000,000 |  |

| Leases | 38,431 |  | 19,323 |  | 994 |  | 58,748 |  |

538,431 |  | 19,323 |  | 500,994 |  | 1,058,748 |  |

15. | LEASING

| Right-of-use assets

| Property, plant and equipment

2024 | 2023 |

£ | £ |

| COST OR VALUATION

| At 1 January 2024 | 437,485 |  | 403,585 |  |

| Additions | 33,018 |  | 33,900 |  |

| Disposals | (41,320 | ) | - |  |

429,183 |  | 437,485 |  |

| DEPRECIATION

| At 1 January 2024 | 324,356 |  | 252,296 |  |

| Charge for year | 91,648 |  | 72,060 |  |

| Eliminated on disposal | (41,320 | ) | - |  |

374,684 |  | 324,356 |  |

| NET BOOK VALUE | 54,499 |  | 113,129 |  |

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

15. | LEASING - continued

| The company leases a property and vehicles.The total cash outflow of these leases was £105,286 (2023 : £85,237).

| Lease liabilities

| Minimum lease payments fall due as follows:

2024 | 2023 |

£ | £ |

| Gross obligations repayable:

| Within one year | 41,043 |  | 94,919 |  |

| Between one and five years | 21,074 |  | 39,736 |  |

62,117 |  | 134,655 |  |

| Finance charges repayable:

| Within one year | 2,612 |  | 6,407 |  |

| Between one and five years | 757 |  | 1,634 |  |

3,369 |  | 8,041 |  |

| Net obligations repayable:

| Within one year | 38,431 |  | 88,512 |  |

| Between one and five years | 20,317 |  | 38,102 |  |

58,748 |  | 126,614 |  |

16. | DEFERRED TAX

2024 | 2023 |

£ | £ |

| Balance at 1 January | 9,645 |  | 10,335 |  |

| Movement in the year | 843 |  | (690 | ) |

| Balance at 31 December | 10,488 |  | 9,645 |  |

17. | PENSION COMMITMENTS

| The company contributes to personal pension schemes for the benefit of the employees and director. The total contributions for the year were £13,331 (2023 - £10,751). Contributions are charged to the profit and loss account as paid.

18. | ULTIMATE PARENT COMPANY

| The ultimate parent company and ultimate controlling party is InkTec Co. Ltd, a company registered in Korea. InkTec Co. Ltd hold 100% of the issued share capital.

| A copy of the consolidated accounts can be obtained from 108, Neungan-ro, Danwon-gu, Ansan-si, Gyeonggi-do, 425-839, Korea.

INKTEC EUROPE LIMITED (REGISTERED NUMBER: 04665601)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

19. | RELATED PARTY DISCLOSURES

| InkTec Co. Ltd supplies the company with stock to sell on normal commercial terms.

| Included in current trade and other payables is an amount of £891,471 (2023 - £2,190,378) that is due to the parent company, InkTec Co. Ltd.

| Goods purchased from InkTec Co. Ltd during the year totalled £1,890,207 (2023 - £3,172,583). These costs are disclosed as cost of sales in the income statement.

20. | EVENTS AFTER THE REPORTING PERIOD

| There have been no significant events affecting the Company since the reporting date which require amendment to, or disclosure in, the financial statements.