Sarcon (No.191) Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: NI057166

Sarcon (No.191) Limited

Financial Statements

31 December 2024

Sarcon (No.191) Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Consolidated statement of income and retained earnings	9

Company statement of income and retained earnings	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of cash flows	13

Notes to the financial statements	14

Sarcon (No.191) Limited

Strategic Report

Year ended 31 December 2024

Business review The directors of the group offer the following general assessment of the business and its key factors during the financial year to 31st December 2024. The print industry remained challenging throughout 2024 but the Strategy was to grow the business and support customers by keeping prices as competitive as possible in the face of significant supplier cost increases. The sales strategy remains successful with turnover increased from £13.7 million in 2023 to £14.1 million. The business has worked tirelessly on a strategy of organisational change and believe strongly, that this will, with continued investment in people and processes, facilitate efficiencies and productivity gains crucial to continued success. The directors have carried out assessments of the principle risks facing it, specifically such areas as macro economic uncertainty, performance, liquidity and cash flows, supply chain and operational risk and believe that the group will emerge a more competitive and efficient company, better able to compete in the changing markets in which it operates. Financial risk management objectives and policies Results and performance Both the level of business and the year end position were considered satisfactory and the directors expect that the current level of activity will be further improved in the foreseeable future. Risk and Uncertainties The group is exposed to a variety of risks including credit risk, currency risk, raw material price control risk and risk inherent in the general printing environment. The group's management endeavour to mitigate these risks by implementing regular strategic and operational reviews. Credit Risk The nature of the business necessitates the provision of customer credit facilities. The group has implemented policies through its credit control procedures to manage this risk and ensure appropriate credit checks are performed on customers when sales are made. Currency Risk The group operates in several currency markets and uses both natural hedges and banking financial instruments as part of its overall currency risk strategy.

Market Risk The group continually monitors and reviews market penetration and customer profitability and works to generate new access to market opportunities wherever possible. Key Performance Indicators The group uses several key performance indicators to manage the day to day running of the business. The directors do not feel however that the use of KPI's in the statutory accounts are necessary currently. Future Development The group recognises the need to constantly review its market offering and will continue to invest through the purchase and development of modern technology. The company also realises that alongside new equipment, there is a need to continually develop internal processes and intends to recruit and develop suitably qualified staff to this end. Capital Expenditure The group constantly researches and invests in ways to improve the consistency and quality of its printed products.

This report was approved by the board of directors on 12 August 2025 and signed on behalf of the board by:

Mr P Moffett	Mr T Brennan
Director	Director

Registered office:

Newpark Industrial Estate

Greystone Press

Caulside Drive

Antrim

BT412RS

Sarcon (No.191) Limited

Directors' Report

Year ended 31 December 2024

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

Directors

The directors who served the company during the year were as follows:

Mr P Moffett
Mr T Brennan
Mr N Halligan
Mr D Hinds

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Future developments

The directors will continue to develop the business and will seek to take advantage of opportunities that arise in the future.

Disclosure of information in the strategic report

The directors have chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 12 August 2025 and signed on behalf of the board by:

Mr P Moffett	Mr T Brennan
Director	Director

Registered office:

Newpark Industrial Estate

Greystone Press

Caulside Drive

Antrim

BT412RS

Sarcon (No.191) Limited

Independent Auditor's Report to the Members of Sarcon (No.191) Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Sarcon (No.191) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Companies Act 2006 and compliance with FRS102 and laws and regulations concerned with UK government COVID-19 support schemes; and we assessed the risks of material misstatement in respect of fraud with the consideration of the company's own assessment of the risks that irregularities may occur either because of fraud or error; the results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations 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; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgment, such as disclosure of adjusting items. 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 framework 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 UK Companies Act and tax legislation; and 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 data protection, employment and health and safety regulations. Audit procedures designed to respond to the risks of fraud: We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We considered the risk of fraud through transactions outside the normal course of transactions by noting anything that was unusual in nature or size and enquired about such transaction to gain an understanding of their nature; based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud and other irregularities; extent of audit procedures; and we evaluated the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, that may be indicative of fraudulent financial reporting. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

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

Conor McCaffrey

(Senior Statutory Auditor)

For and on behalf of

Hill Vellacott

Chartered accountants & statutory auditor

22 Great Victoria Street

Belfast

BT2 7BA

12 August 2025

Sarcon (No.191) Limited

Consolidated Statement of Income and Retained Earnings

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	14,122,278	13,694,768

Cost of sales	9,923,241	9,352,409
	-------------	-------------
Gross profit	4,199,037	4,342,359

Distribution costs		1,197,389	1,133,386
Administrative expenses		2,953,476	2,126,260
Other operating income	5	368,755	198,004
		------------	------------
Operating profit	6	416,927	1,280,717

Other interest receivable and similar income	10	( 37,575)	( 51,241)
Interest payable and similar expenses	11	134,444	86,772
		------------	------------
Profit before taxation		244,908	1,142,704

Tax on profit	12	( 107,195)	350,539
		---------	------------
Profit for the financial year and total comprehensive income		352,103	792,165
		---------	------------

Dividends paid and payable	13	( 168,750)	( 180,000)

Retained earnings at the start of the year	2,702,653	2,090,488
	------------	------------
Retained earnings at the end of the year	2,886,006	2,702,653
	------------	------------

All the activities of the group are from continuing operations.

Sarcon (No.191) Limited

Company Statement of Income and Retained Earnings

Year ended 31 December 2024

		2024	2023
Note		£	£
Profit for the financial year and total comprehensive income		225,225	241,311
Dividends paid and payable	13	( 168,750)	( 180,000)

Retained earnings at the start of the year	190,710	129,400
	---------	---------
Retained earnings at the end of the year	247,185	190,711
	---------	---------

Sarcon (No.191) Limited

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	15	4,383,122	4,917,448

Current assets

Stocks	17	870,748	1,130,324
Debtors	18	2,447,596	2,403,625
Cash at bank and in hand		1,223,948	362,968
		------------	------------
		4,542,292	3,896,917

Creditors: amounts falling due within one year	20	3,942,863	4,283,565
		------------	------------
Net current assets/(liabilities)		599,429	( 386,648)
		------------	------------
Total assets less current liabilities		4,982,551	4,530,800

Creditors: amounts falling due after more than one year	21	1,235,615	881,047

Provisions	23	820,476	906,646
		------------	------------
Net assets		2,926,460	2,743,107
		------------	------------

Capital and reserves

Called up share capital	27	80	80
Share premium account	28	40,354	40,354
Capital redemption reserve	28	20	20
Profit and loss account	28	2,886,006	2,702,653
		------------	------------
Shareholders funds		2,926,460	2,743,107
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 12 August 2025 , and are signed on behalf of the board by:

Mr P Moffett	Mr T Brennan
Director	Director

Company registration number: NI057166

Sarcon (No.191) Limited

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Investments	16	4,416,026	4,416,026

Creditors: amounts falling due within one year	20	4,168,741	4,225,215
		------------	------------
Net current liabilities		4,168,741	4,225,215
		------------	------------
Total assets less current liabilities		247,285	190,811
		---------	---------

Capital and reserves

Called up share capital	27	80	80
Capital redemption reserve	28	20	20
Profit and loss account	28	247,185	190,711
		---------	---------
Shareholders funds		247,285	190,811
		---------	---------

The profit for the financial year of the parent company was £ 225,225 (2023: £ 241,311 ).

These financial statements were approved by the board of directors and authorised for issue on 12 August 2025 , and are signed on behalf of the board by:

Mr P Moffett	Mr T Brennan
Director	Director

Company registration number: NI057166

Sarcon (No.191) Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
Note	£	£

Cash flows from operating activities

Profit for the financial year	352,103	792,165

Adjustments for:
Depreciation of tangible assets	823,746	613,049
Government grant income	( 20,207)	( 20,207)
Other interest receivable and similar income	37,575	51,241
Interest payable and similar expenses	134,444	86,772
Gains on disposal of tangible assets	–	( 557,336)
Tax on profit	( 107,195)	350,539
Accrued income	( 56,571)	( 212,017)

Changes in:
Stocks	259,576	( 243,107)
Trade and other debtors	( 43,971)	( 112,170)
Trade and other creditors	1,069,599	( 474,134)
	------------	---------
Cash generated from operations	2,449,099	274,795

Interest paid	( 172,019)	( 138,013)
Tax received	55,895	–
	------------	---------
Net cash from operating activities	2,332,975	136,782
	------------	---------

Cash flows from investing activities

Purchase of tangible assets	( 289,420)	( 2,127,148)
Proceeds from sale of tangible assets	–	1,098,259
	------------	------------
Net cash used in investing activities	( 289,420)	( 1,028,889)
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	( 1,482,088)	1,000,000
Repayments of borrowings	–	( 531,060)
Government grant income	20,207	20,207
Payments of finance lease liabilities	932,192	( 11,118)
Dividends paid	( 168,750)	( 180,000)
	------------	------------
Net cash (used in)/from financing activities	( 698,439)	298,029
	------------	------------

Net increase/(decrease) in cash and cash equivalents		1,345,116	( 594,078)
Cash and cash equivalents at beginning of year		(382,280)	211,798
		---------	---------
Cash and cash equivalents at end of year	19	962,836	( 382,280)
		---------	---------

Sarcon (No.191) Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Newpark Industrial Estate, Greystone Press, Caulside Drive, Antrim, BT412RS.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Significant judgements

There are no significant judgments (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies.

Fixed assets

Management have estimated the useful life of its main printing assets based on extensive experience in the printing industry.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Sarcon (No.191) Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	8% - 33% straight line
Motor vehicles	-	17% - 33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Investments in joint ventures

Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	14,122,278	13,694,768
	-------------	-------------

The whole of the turnover is attributable to one class of business and represents amounts invoiced during the year.

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2024	2023
	£	£
United Kingdom	7,620,515	7,266,470
Republic of Ireland	6,501,763	6,428,298
	-------------	-------------
	14,122,278	13,694,768
	-------------	-------------

5. Other operating income

	2024	2023
	£	£
Government grant income	20,207	20,207
Other operating income	348,548	177,797
	---------	---------
	368,755	198,004
	---------	---------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Depreciation of tangible assets	823,746	613,049
Gains on disposal of tangible assets	–	( 557,336)
Impairment of trade debtors	51,058	(13,233)
Operating lease rentals	71,494	77,528
Foreign exchange differences	38,426	11,260
	---------	---------

7. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	18,412	13,640
	--------	--------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	63	58
Distribution staff	3	5
Administrative staff	22	16
	----	----
	88	79
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	3,022,423	2,702,750
Social security costs	293,116	280,515
Other pension costs	126,408	133,192
	------------	------------
	3,441,947	3,116,457
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	164,312	203,171
	---------	---------

Remuneration of the highest paid director in respect of qualifying services:

	2024	2023
	£	£
Aggregate remuneration	52,375	64,536
	--------	--------

10. Other interest receivable and similar income

	2024	2023
	£	£
Interest on loans and receivables	(37,575)	(51,241)
	--------	--------

11. Interest payable and similar expenses

	2024	2023
	£	£
Interest on obligations under finance leases and hire purchase contracts	134,444	80,760
Other interest payable and similar charges	–	6,012
	---------	--------
	134,444	86,772
	---------	--------

12. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	45,389	10,519
Adjustments in respect of prior periods	( 66,414)	–
	--------	--------
Total current tax	( 21,025)	10,519
	--------	--------

Deferred tax:

Origination and reversal of timing differences	( 86,170)	340,020
	---------	---------
Tax on profit	( 107,195)	350,539
	---------	---------

Reconciliation of tax (income)/expense

The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 50 % (2023: 50 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	244,908	1,142,704
	---------	------------
Profit on ordinary activities by rate of tax	61,227	330,677
Adjustment to tax charge in respect of prior periods	( 66,414)	–
Effect of expenses not deductible for tax purposes	5,148	( 36,577)
Effect of capital allowances and depreciation	86,170	94,751
Effect of different UK tax rates on some earnings	(2,888)	(3,007)
Utilisation of tax losses	( 104,268)	( 35,305)
Other tax adjustment to increase/(decrease) tax liability - desc in a/cs	( 86,170)	–
	---------	------------
Tax on profit	( 107,195)	350,539
	---------	------------

13. Dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	168,750	180,000
	---------	---------

14. Intangible assets

Group and company	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	487,044
	---------
Amortisation
At 1 January 2024 and 31 December 2024	487,044
	---------
Carrying amount
At 1 January 2024 and 31 December 2024	–
	---------
At 31 December 2023	–
	---------

The basis of amortisation is set out in note 3.

15. Tangible assets

Group	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	216,010	9,921,719	75,222	10,212,951
Additions	–	289,420	–	289,420
	---------	-------------	--------	-------------
At 31 December 2024	216,010	10,211,139	75,222	10,502,371
	---------	-------------	--------	-------------
Depreciation
At 1 January 2024	–	5,260,332	35,171	5,295,503
Charge for the year	–	811,461	12,285	823,746
	---------	-------------	--------	-------------
At 31 December 2024	–	6,071,793	47,456	6,119,249
	---------	-------------	--------	-------------
Carrying amount
At 31 December 2024	216,010	4,139,346	27,766	4,383,122
	---------	-------------	--------	-------------
At 31 December 2023	216,010	4,661,387	40,051	4,917,448
	---------	-------------	--------	-------------

The company has no tangible assets.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 December 2024	28,391	9,692	38,083
	--------	-------	--------
At 31 December 2023	1,083	14,979	16,062
	--------	--------	--------

Company	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 December 2024	28,391	9,692	38,083
	--------	-------	--------
At 31 December 2023	–	–	–
	--------	-------	--------

16. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	4,416,026
	------------
Impairment
At 1 January 2024 and 31 December 2024	–
	------------

Carrying amount
At 1 January 2024 and 31 December 2024	4,416,026
	------------
At 31 December 2023	4,416,026
	------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
W&G Baird Limited	Ordinary	100

Sarcon (No 191) Limited purchased 100% of the shares of W&G Baird Limited on 12 May 2006 for a consideration of £4,416,026. The investment is stated at fair value at the balance sheet date. W & G Baird Limited's principal activity is printing of magazines, brochures, books and advertising materials. The subsidiary has an issued share capital of two £1 ordinary shares and prepares accounts to 31 December. The results for the year include a profit of £295,627 in relation to the subsidiary. The subsidiary has net assets of £7,095,200 at 31 December 2024.

17. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Raw materials and consumables	613,878	699,337	–	–
Work in progress	256,870	430,987	–	–
	---------	------------	----	----
	870,748	1,130,324	–	–
	---------	------------	----	----

18. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	2,231,508	2,019,478	–	–
Prepayments and accrued income	79,280	171,197	–	–
Other debtors	136,808	212,950	–	–
	------------	------------	----	----
	2,447,596	2,403,625	–	–
	------------	------------	----	----

19. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2024	2023
	£	£
Cash at bank and in hand	1,223,948	362,968
Bank overdrafts	( 261,112)	( 745,248)
	------------	---------
	962,836	( 382,280)
	------------	---------

20. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	645,837	2,236,248	–	–
Trade creditors	2,411,951	1,301,978	–	–
Amounts owed to group undertakings	–	–	4,099,401	4,165,736
Accruals and deferred income	495,222	551,793	–	–
Corporation tax	45,389	10,519	11,468	10,519
Social security and other taxes	71,593	73,531	–	–
Obligations under finance leases and hire purchase contracts	178,952	6,260	–	–
Director loan accounts	57,872	48,960	57,872	48,960
Other creditors	36,047	54,276	–	–
	------------	------------	------------	------------
	3,942,863	4,283,565	4,168,741	4,225,215
	------------	------------	------------	------------

The following security is held on the bank loan:(a) a fixed charge over book debts of the company as per Bank of Ireland Commercial Finance Agreement; (b) a debenture charging all of the assets and undertaking of the borrower;(c) an assignment of the life policy on the life of Patrick Moffett with sufficient cover to be acceptable to the Bank; (d) an assignment of the life policy on the life of Trevor Brennan with sufficient cover to be acceptable to the bank; (e) an assignment of the life policy on the life of David Hinds with sufficient cover to be acceptable to the bank; (f) an assignment of the life policy on the life of Niall Halligan with sufficient cover to be acceptable to the bank; (g) a guarantee and indemnity from Sarcon (No.191) Limited in the sum of £150,000.

21. Creditors: amounts falling due after more than one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	400,759	785,484	–	–
Accruals and deferred income	70,139	90,346	–	–
Obligations under finance leases and hire purchase contracts	764,717	5,217	–	–
	------------	---------	----	----
	1,235,615	881,047	–	–
	------------	---------	----	----

22. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	178,952	6,260	178,952	–
Later than 1 year and not later than 5 years	764,717	5,217	764,717	–
	---------	--------	---------	----
	943,669	11,477	943,669	–
	---------	--------	---------	----

23. Provisions

Group	Deferred tax (note 24)
	£
At 1 January 2024	906,646
Charge against provision	( 86,170)
	---------
At 31 December 2024	820,476
	---------

The company does not have any provisions.

Deferred taxation has been fully provided in respect of the following and represents the full potential liability.

24. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in provisions (note 23)	820,476	906,646	–	–
	---------	---------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	820,476	906,646	820,476	–
	---------	---------	---------	----

25. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 126,408 (2023: £ 133,192 ).

26. Government grants

The amounts recognised in the financial statements for government grants are as follows:

Group		Company
2024	2023	2024	2023
£	£	£	£

Recognised in creditors:

Deferred government grants due within one year	20,207	20,207	–	–
Deferred government grants due after more than one year	70,139	90,346	–	–
	--------	---------	----	----
	90,346	110,553	–	–
	--------	---------	----	----

Recognised in other operating income:

Government grants released to profit or loss	20,207	20,207	–	–
	--------	--------	----	----

27. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	80	80	80	80
	----	----	----	----

28. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Share Premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Capital Redemtion reserve - This reserve records the nominal value of shares repurchased by the company.

29. Ultimate controlling party

The ultimate controlling party are the shareholders of Sarcon (No.191) Limited .

30. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	362,968	860,980	1,223,948
Bank overdrafts	(745,248)	484,136	(261,112)
Debt due within one year	(1,546,220)	924,671	(621,549)
Debt due after one year	(790,701)	(374,775)	(1,165,476)
	------------	------------	------------
	( 2,719,201)	1,895,012	( 824,189)
	------------	------------	------------

31. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	56,890	31,700	56,890	–
Later than 1 year and not later than 5 years	53,637	7,925	53,637	–
	---------	--------	---------	----
	110,527	39,625	110,527	–
	---------	--------	---------	----

Sarcon (No.191) Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

32. Limitation of auditors liability

The group has entered into a liability limitation agreement with the group's auditor which was approved on 31 January 2025. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.

33. Related party transactions

Company

W & G Baird Limited is a 100% subsidiary of Sarcon (No.191) Limited . The Related party transaction are set out in the Directors advances note. During the year the company entered into the following transactions with related parties: The directors operated current accounts within the company during the year. During the year the directors advanced net funds of £159,838 (2023: £160,560) and received dividends of £168,750 (2023: £180,000). At the balance sheet date, the company owed the directors £57,872 (2023: £48,960).