The directors present the strategic report for the year ended 30 September 2024.

Printed Easy Limited (formerly known as Falkland Press Limited) began trading in 1976 and is based in Letchworth Garden City. The company specialises in Litho and digital printing, finishing, design, print on demand, and direct mail.

The company changed its trading name in 2018 from Falkland Press Limited to Printed Easy Limited. Jonathan Lancaster developed a dynamic pricing algorithm which is central to the Printed Easy website. The model ensured that every job is tracked automatically through each stage of production allowing any issues to be addressed immediately. Jobs are moved around the factory on bespoke tables which are on castor wheels, eliminating the need for pallets which makes life easier for operators.

Paul Duffy joined the company in 2018 and focused on the redevelopment of the website to improve customer interaction and experience. Jonathan Lancaster led the development of Chronos (a dynamic pricing and production software) which streamlined the production process which decreased the cost of wastage to below 1% of revenue. The redevelopment of the website and integration of Chronos has resulted in an increase of 149% in revenue from £6.1m (2019) to £15.2m (2024)

Principal risks and uncertainties

Market Risk:

Technological Disruption: Rapid advancements in technology may lead to the obsolescence of traditional printing methods. The industry must continually invest in new technologies to stay competitive, but the return on these investments may vary.

Digitalisation and Electronic Media: Shifts in consumer preferences towards digital media could reduce demand for traditional print products. The extent and speed of the transition to digital media are unpredictable, making it challenging for printing businesses to adapt.

Economic Downturn: Economic recessions can lead to reduced advertising budgets and lower demand for printed materials. Economic conditions are influenced by various factors, and predicting downturns can be difficult, making financial planning challenging.

Intellectual Property Issues: Risks associated with copyright infringement and intellectual property disputes can arise, especially with the reproduction of copyrighted content. Legal landscapes and interpretations of intellectual property laws can change, affecting printing businesses.

Regulatory Risk:

Environmental Regulations: Increasing environmental concerns may lead to stricter regulations on printing materials and processes. The timing and stringency of future environmental regulations are uncertain, requiring the industry to proactively address sustainability issues.

Competitive Risk:

Competition from Online Platforms: Increased competition from online platforms offering digital marketing solutions can impact demand for traditional printed advertising. The speed at which businesses transition to digital marketing and the effectiveness of online platforms are uncertain factors.

Supply Chain Disruptions: Dependence on a global supply chain for materials and equipment exposes the industry to disruptions due to geopolitical tensions, natural disasters, or other unforeseen events. Unpredictable events impacting the supply chain may cause delays and increased costs.

Competitive Risk (continued):

Changing Consumer Behaviour: Shifting consumer behaviours and preferences may lead to reduced demand for certain printed products. Understanding and predicting changes in consumer preferences is challenging, requiring constant market research and adaptation.

Cost Fluctuations: Fluctuations in the cost of raw materials, energy, and labour can impact the profitability of printing businesses. Factors such as geopolitical events, market dynamics, and regulatory changes contribute to the uncertainty of cost fluctuations.

Pandemics and Global Events: Events such as COVID or other global crises can disrupt the supply chain, reduce demand, and impact workforce availability. The occurrence and severity of such events are inherently uncertain, making it challenging to plan for and mitigate their effects.

The company has witnessed substantial development and growth through:

Product Expansion: The company has updated product lines to meet the evolving needs of businesses and individuals.

Investment in production: The company continues to invest in new production equipment to improve efficiency, enhanced print quality, and expanded service capabilities. By maintaining strong investment this ensures that the company continues their competitiveness and meets client expectations but also reduces operational costs and positions the company for long-term growth in the dynamic printing industry.

Revenue: The company recorded sales of £15.2m (2023 £14.2m) this is a increase of 7%. There has been an average annual increase in sales of 20.6% over the past 5 years.

EBITDA: The company recorded an EBITDA of £5.9m (2023 £6.5m) this is a decrease of 9%.

Average Daily run rate: The company has recorded a daily run rate of £61,300 (2023 £57,000) this is an increase of 14%.

Margin: The company recorded a gross margin of 51% (2023 54.3%).

The company prides itself on sustainability as we feel it is synonymous with longevity, consistency, and long-term viability. We base sustainability on the percentage of waste as a proportion of revenue. New investments have resulted in a reduction in wastage from 0.16% (2019) of revenue to 0.09% (2024) which is well below industry standard of 1% indicating that Printed Easy is a leading business in this industry.

Further information can be viewed in the on the Printed Easy website.

In conclusion, the company is well-positioned for growth and to sustain its strong position as a leader in the printing industry. The strategies in place, dedication to innovation and sustainability are key drivers to the future success of the company. The company would like to thank our stakeholders for their ongoing support.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 September 2024.

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £6,610,554. The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Gilberts Chartered Accountants were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

The directors are responsible for preparing the annual 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 company and of the profit or loss of the company for that period.

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

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• 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.

We have audited the financial statements of Printed Easy Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The 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 contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

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

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

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

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

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Printed Easy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Meredews, Works Road, Letchworth Garden City, Herts, SG6 1WH.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of Value Added Tax. The fair value of consideration takes into account trade and other discounts.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

The main activities of research and development relate to software development within the manufacturing process and online sales.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

The intangible asset recognised within the accounts was internally generated and recognised at cost.

As it is not possible to estimate the useful life of the software Chronos the maximum useful life of 10 years per FRS 102 has been used. As such the asset will be amortised at 10% on a straight line basis.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Items that are deemed to be capital in nature but have a cost of less than £500 will not be capitalised and instead recognised in profit or loss.

All land and building are held under a long lease exceeding 50 years.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The valuation of the property portfolio, resulting in a fair value uplift from £3.55m to £6.5 million, is subject to significant estimation uncertainty. Factors that could lead to material adjustments within the next financial year include:

• Market Volatility: Changes in market conditions could lead to fluctuations in property prices.

• Economic Changes: Shifts in economic policies relating to the general election, interest rates, and inflation could impact the valuation.

• Property-Specific Factors: Unforeseen issues with the property conditions or changes in environmental regulations could affect the valuation.

These factors represent the major sources of estimation uncertainty and any significant changes in these assumptions could result in material adjustments to the carrying amounts of the properties in future financial periods.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

The intangible asset "Chronos" has a carrying value of £250,000 with a useful economic life of 5 years remaining.

More information on impairment movements in the year is given in note 12.

More information on impairment movements in the year is given in note 12.

Land and buildings with a carrying amount of £5,000,000 as at the 1st October 2023 were revalued to £6,500,000 as at 30th September 2024 by Derrick Wade Waters Limited independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

Land and buildings are carried at valuation. If Land and buildings were measured using the cost model, the carrying amounts would have been:

The loan balance consists of the following:

Clydesdale Bank: 5 year loan at 5.75% (Ending January 2029)

Virgin Money: 5 year loan at 5% (Ending July 2028)

The loans are secured against the land and buildings and include personal guarantees from two of the directors of £250,000 each.

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company has two classes of ordinary shares both of which have no rights to fixed income.

Class A: Entitled to vote, participate in dividends declared on the class of share and participate in capital including winding up.

Class B: Entitled to participate in dividends declared on the class of share and participate in capital including winding up. These shares do not carry voting rights.

Dividends totalling £6,860,246 (2023 - £4,531,228) were paid in the year in respect of shares held by the company's directors.

The following transactions existed with directors as at year end. These transactions do not include the separate loan documented below;

Included in other debtors is the following loan;

The prior period reclassification represents the reallocation of historic revaluations of land and buildings to separate Revaluation Reserve.