REGISTERED NUMBER: NI627027 (Northern Ireland)

KAIZEN PRINT LTD

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Michael Austin Currie

REGISTERED OFFICE:

10-14 John Street

Omagh

Co. Tyrone

BT78 1DW

REGISTERED NUMBER:

NI627027 (Northern Ireland)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

SOLICITORS:

Arthur Cox

Victoria House

Gloucester Street

Belfast

BT1 4LS

NON-CURRENT ASSETS

Intangible assets

5

301,345

268,750

Tangible assets

6

61,336

72,558

362,681

341,308

CURRENT ASSETS

Stocks

7

35,184

38,792

Receivables: amounts falling due within one year

8

294,372

452,703

Cash at bank and in hand

171,813

85,269

501,369

576,764

PAYABLES

Amounts falling due within one year

9

(230,023

)

(223,855

)

NET CURRENT ASSETS

271,346

352,909

TOTAL ASSETS LESS CURRENT LIABILITIES

634,027

694,217

PROVISIONS FOR LIABILITIES

11

(9,174

)

-

GOVERNMENT GRANTS

(15,756

)

-

NET ASSETS

609,097

694,217

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

608,997

694,117

609,097

694,217

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 September 2025 and were signed by:

Michael Austin Currie - Director

1.	STATUTORY INFORMATION

Kaizen Print Ltd is a private company, limited by shares , registered in Northern Ireland. 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.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis under the historical costs convention. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Going Concern

At 31 December 2024, the company generated a profit before tax of £90,925 (2023: £165,409 loss) and had closing net assets of £609,097 (2023: £694,217). On review of post year end performance the company is loss making. The company has faced challenges over the past number of years in relation to competition, rising cost pressures along with changing attitude within customers to print versus digital publications. These challenges have resulted in cashflow pressures with such pressures being expected to continue during the remainder of 2025 and into 2026. The directors have obtained confirmation that the company has underlying support from its parent entity North West of Ireland Printing and Publishing Company Limited for a period of at least 12 months from the date of signing the financial statements should the need arise. It is on this basis, that the directors have prepared the financial statements on a going concern basis.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the

company and the revenue can be reliably measured. Revenue is measured as the fair value of the

consideration received or receivable, excluding discounts, rebates, value added tax and other sales

taxes. The following criteria must also be met before revenue is recognised:

Sale of goods:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the significant risks and rewards of ownership have been transferred to the buyer;

- the company retains no continuing involvement or control over the goods;

- the amount of revenue can be measured reliably;

- it is probable that future economic benefits will flow through the company.

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of 20 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off the cost less estimated

residual value of each asset over its estimated useful life.

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant

and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant & Machinery

25% Straight line

Fixtures, fittings and equipment

20% Straight line

Motor Vehicles

20% Straight line

Computer equipment

25% Straight line

Long leasehold property

20% Straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in

periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories

Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Financial instruments

The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial

instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts

owed by related parties are initially recognised at transaction price, unless the arrangement

constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at

amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for

objective evidence of impairment. If an asset is impaired the impairment loss is the difference

between the carrying amount and the present value of the estimated cash flows discounted at the

asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is 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 when (a) the contractual rights to the cash flows from the asset

expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset

are transferred to another party or (c) despite having retained some significant risks and rewards

of ownership, control of the asset has been transferred to another party who has the practical

ability to unilaterally sell the asset to an unrelated third party without imposing additional

restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and

amounts owed to related parties are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the

present value of the future receipts discounted at a market rate of interest. Debt instruments are

subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the

establishment of loan facilities are recognised as transaction costs of the loan to the extent that it

is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until

the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the

facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and

amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. Accounts payable are classified as current liabilities if payment

is due within one year or less. If not, they are presented as non-current liabilities. Trade payables

are recognised initially at transaction price and subsequently measured at amortised cost using the

effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual

obligation is discharged, cancelled or expires.

Financial instruments - continued

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements

when there is a legally enforceable right to set off the recognised amounts and there is an

intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

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

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

Deferred tax

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

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

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

Foreign currencies

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new

ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Finance Costs

Finance costs are charged to the Income Statement over the term of the debt.

Finance Income

Finance income comprises of interest receivable on funds invested in loans and cash and cash equivalents. Interest is recognised in the income statement as it accrues.

Dividends

Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 31 ) .

5.	INTANGIBLE FIXED ASSETS

Development

Goodwill

costs

Totals

£

£

£

COST

At 1 January 2024

500,000

-

500,000

Additions

-

71,282

71,282

At 31 December 2024

500,000

71,282

571,282

AMORTISATION

At 1 January 2024

231,250

-

231,250

Amortisation for year

36,905

1,782

38,687

At 31 December 2024

268,155

1,782

269,937

NET BOOK VALUE

At 31 December 2024

231,845

69,500

301,345

At 31 December 2023

268,750

-

268,750

6.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Long

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

21,120

64,018

81,774

103,919

270,831

Additions

-

2,000

4,668

5,636

12,304

At 31 December 2024

21,120

66,018

86,442

109,555

283,135

DEPRECIATION

At 1 January 2024

4,456

32,378

76,303

85,136

198,273

Charge for year

4,223

9,912

2,952

6,439

23,526

At 31 December 2024

8,679

42,290

79,255

91,575

221,799

NET BOOK VALUE

At 31 December 2024

12,441

23,728

7,187

17,980

61,336

At 31 December 2023

16,664

31,640

5,471

18,783

72,558

7.

STOCKS

2024

2023

£

£

Inventories

35,184

38,792

8.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade receivables

256,558

273,035

Amounts owed by group undertakings

4,092

120,035

Other receivables

6,111

3,080

Tax

-

25,967

Prepayments

27,611

30,586

294,372

452,703

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

9.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade payables

52,662

84,407

Taxation and social security

81,012

66,509

Other payables

96,349

72,939

230,023

223,855

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

42,500

42,500

Between one and five years

127,500

166,458

170,000

208,958

11.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

9,174

-

Deferred tax

£

Charge to Income Statement during year

9,174

Balance at 31 December 2024

9,174

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Ryan Falls (F.C.A) (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited

13.	CAPITAL COMMITMENTS

At 31 December 2024, the company had no capital commitments (2023: £35,460).

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15.	ULTIMATE PARENT UNDERTAKING

North West of Ireland Printing and Publishing Company Limited is regarded by the directors as being the Company's ultimate parent company.