REGISTERED NUMBER: R0000576 (Northern Ireland)

NORTH WEST OF IRELAND PRINTING AND

PUBLISHING COMPANY LIMITED

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Gerard Lynch

Austin Lynch

Michael Austin Currie

Anita Currie

REGISTERED OFFICE:

10-14 John Street

Omagh

Co. Tyrone

BT78 1DW

REGISTERED NUMBER:

R0000576 (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

Tangible assets

5

1,390,180

1,424,680

Investments

6

1,541,579

2,337,173

Investment property

7

330,000

172,899

3,261,759

3,934,752

CURRENT ASSETS

Receivables: amounts falling due within one year

8

333,624

335,982

Cash at bank

203,624

370,822

537,248

706,804

PAYABLES

Amounts falling due within one year

9

(813,076

)

(956,937

)

NET CURRENT LIABILITIES

(275,828

)

(250,133

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,985,931

3,684,619

PAYABLES

Amounts falling due after more than one year

10

(126,874

)

(243,118

)

PROVISIONS FOR LIABILITIES

12

(105,638

)

(54,771

)

GOVERNMENT GRANTS

13

(131,520

)

(143,412

)

NET ASSETS

2,621,899

3,243,318

CAPITAL AND RESERVES

Called up share capital

5,726

5,726

Share premium

66

66

Capital redemption reserve

2,679

2,679

Retained earnings

2,613,428

3,234,847

2,621,899

3,243,318

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 Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

Michael Austin Currie - Director

1.	STATUTORY INFORMATION

North West of Ireland Printing and Publishing Company Limited 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.

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. The financial statements of the company for the year ended 31 December 2022 have been prepared in accordance with the provisions of FRS 102 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 the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Revenue

Revenue represents the total invoice value, excluding value added tax, of sales made during the year and is net of sales returns, discounts and rebates. Revenue is recognised when, and to the extent that, the company obtains the right to consideration in exchange for its delivery of goods and services.

Property, plant and equipment and depreciation

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:

Freehold Property

4% Straight line

Plant and machinery

15 - 25% Straight line

Fixtures, fittings and equipment

10- 25% Straight line

Computer equipment

15 - 33% 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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuations use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the Income Statement.

Financial instruments

The company has 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 companies 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 a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts 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.

(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 and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

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.

Financial assets

Unlisted Non-Current Asset investments are stated at the lower of cost and net realisable value.

Employee benefits

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

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.

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.

Investment Income

Investment income comprises of income recieved in respect to rental of the companies investment property. Investment income is recognised in the income statement as it is received.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 71 (2023 - 75 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

2,114,175

368,469

608,917

3,091,561

Additions

-

3,007

26,456

29,463

At 31 December 2024

2,114,175

371,476

635,373

3,121,024

DEPRECIATION

At 1 January 2024

1,168,795

276,585

221,501

1,666,881

Charge for year

-

16,618

47,345

63,963

At 31 December 2024

1,168,795

293,203

268,846

1,730,844

NET BOOK VALUE

At 31 December 2024

945,380

78,273

366,527

1,390,180

At 31 December 2023

945,380

91,884

387,416

1,424,680

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

2,337,173

Additions

2,469

Impairments

(798,063

)

At 31 December 2024

1,541,579

NET BOOK VALUE

At 31 December 2024

1,541,579

At 31 December 2023

2,337,173

The Company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Kaizen Print Ltd

Registered Office:

10-14 John Street, Omagh, Co. Tyrone, Northern Ireland, BT78 1DW

Nature of Business:

Publishing Activities

%

Class of Shares:

Holdings

Ordinary

100.00

4SM (N.I.) Limited

Registered Office:

10-14 John Street, Omagh, Co. Tyrone, Northern Ireland, BT78 1DW

Nature of Business:

Publishing Activities

%

Class of Shares:

Holdings

Ordinary

100.00

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

172,899

Revaluations

157,101

At 31 December 2024

330,000

NET BOOK VALUE

At 31 December 2024

330,000

At 31 December 2023

172,899

Fair value at 31 December 2024 is represented by:

£

Valuation in 2024

157,101

Cost

172,899

330,000

The company's investment property was revalued in June 2024 on the basis of open market value for existing use by a qualified valuation expert. The valuations were undertaken in accordance with The RICS Valuation - Professional Standards 2020.

8.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade receivables

218,704

242,718

Other receivables

1,852

1,015

Prepayments and accrued income

113,068

92,249

333,624

335,982

9.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank and other loans (see note 11)

354,863

359,685

Trade payables

92,199

108,490

Amounts owed to group undertakings

23,693

130,883

Social security and other taxes

46,619

40,545

VAT

46,215

45,973

Other payables

171,442

189,019

Accruals and deferred income

78,045

82,342

813,076

956,937

10.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

2024

2023

£

£

Bank loans (see note 11)

125,334

241,578

Other creditors

1,540

1,540

126,874

243,118

11.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

144,863

154,685

Other loans

210,000

205,000

354,863

359,685

Amounts falling due between one and two years:

Bank loans - 1-2 years

114,687

154,685

Amounts falling due between two and five years:

Bank loans - 2-5 years

10,647

86,893

Other loans of £210,000 (2023: £205,000) are in respect of loans received from shareholders.

12.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

105,638

54,771

Deferred tax

£

Balance at 1 January 2024

54,771

Charge to Income Statement during year

14,978

Prior year adjustment

35,889

Balance at 31 December 2024

105,638

13.	GOVERNMENT GRANTS

2024

2023

£

£

Deferred government grants

131,520

143,412

14.	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

15.	CONTINGENT LIABILITIES

The company has received grants in recent years. Within the terms and conditions of some of these grants are claw-back clauses which may result in repayment of elements of grant in certain conditions. These conditions are unlikely to result in any repayment.

16.	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.