REGISTERED NUMBER: 00667727 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31st January 2025

for

DELGA PRESS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Profit and Loss Account

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

Mr I M Conetta

Mr S H Grist

Mr S McLellan

REGISTERED OFFICE:

Seaplane House

Sir Thomas Longley Road

Medway City Estate

Rochester

Kent

ME2 4DP

REGISTERED NUMBER:

00667727 (England and Wales)

SENIOR STATUTORY AUDITOR:

Russell Tillbrook FCCA

AUDITORS:

Barrons Limited

Chartered Accountants

& Statutory Auditors

Monometer House

Rectory Grove

Leigh on Sea

Essex

SS9 2HN

INTRODUCTION

The directors have pleasure in presenting their strategic report for the year ended 31 January 2025. The directors aim to present a balanced and comprehensive review of the development and performance of the company’s business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties that the company faces.

REVIEW OF BUSINESS

The year has been severely disrupted as the company prepared for, and accommodated, the transfer of all business operations of its sister company, Collector Set Printers Limited, into the company's group headquarters at Seaplane House, Rochester.

This was a significant undertaking, involving extensive factory reorganisation, disruption as a consequence to the trading operations and capacity of the company to fulfil opportunities and significant on costs as the building was prepared to shape the group operations for the foreseeable future.

The directors are satisfied that the trading results of the company were materially impacted by the implications of the relocation and factory reorganisation,and are confident that the significantly reduced group overhead through economies of scale of operating within one location will bring substantial benefit toward the underlying trading model of Delga Press Limited particularly.

The directors are disappointed to have to report a turnover decline in this financial year (12.8%), although a material reason for the drop was resultant from the factory being under capacity for the most part of the first 6 months of the year up until the return to "operating as usual" from August 2024.

Notwithstanding the foregoing, the directors must report that market and economic conditions proved to be very difficult in the current financial year, despite continued investment in CRM systems, direct sales and marketing management. The Board are confident that their ongoing attempts to engage wider market penetration in various identified sectors will bear fruit in the coming years as the company's historic representation in the media sector reduces through market demand for a core product.

The company reports a decline in the level of gross profit margins reported (to 27.2% from 34.9%), again resultant from the impact of the relocation and reorganisation, but the directors do recognise that the margins also reflect the impact of reduced turnover levels against fixed direct costs and increasing costs in the market.

The company has recovered certain reorganisation and restructuring costs from its sister company, Collector Set Printers, agreeing with the board of Collector Set a contribution of £400,000 to reflect the disruption caused from th protection of that entities trading results whilst Delga Press was so impacted in the transition.

The Board are also pleased to report that there has been a reduction in the level of dilapidations reserves required following further work with regards to investigating the nature of such provisions with its professional advisers. This has resulted in a release of provision of £195,000 this financial year.

The decline in turnover levels and gross profit margins reported has led the company to report a significant change in profitability leading to a loss of £1,073,358 before tax (18.6%) as compared to the loss reported last year of £320,670 (1.6%).

It should be noted that within that reported loss is:

1. an exceptional item relating to the restructuring of group debt amounting to £554,932 (9.6% of turnover) which has no overall impact upon group results for the year; this loss relates to the transfer of Delga Labels to Delga Press as a going concern and allows a further cost reduction to be effected from reduced management and overhead.

2. The group relocation and consequent sharing of historic Delga Press overheads has substantially addressed the historic trading issues hitherto confronted by the company following the loss of the media work referred to in previous reports as the company seeks to rebuild its presence in packaging and label markets.

3. The directors are pleased to report that after the huge impact upon the business of the utility price increases resultant from the Ukraine war, from November 2024 the company has been able to secure material reductions in the contracted rates moving forward, saving hundred's of thousands of pounds.

4. The directors believe that the economies of scale generated by operating from one site will assist in the improvement of margins in the next financial year, notably as management and staffing costs have been trimmed from February 2025 through a full strategic, operational and economic review process undertaking following the amalgamation of the group into one premises.

5. A positive revaluation of £192,075 in respect of plant and machinery operated by the company reversing an overzealous depreciation policy following director reviews and external assessments.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors recognise that risk is inherent in any business and seek to manage risk in a controlled manner.

The key business risks are set out as follows:

Economic - the company is subject to many of the same general economic risks faced by other businesses especially during periods of economic downturn. The company seeks to mitigate this risk by having a diverse geographical and sector mix of customers.

Commercial - the company operates in a competitive marketplace and faces competition from other manufacturers. The company seeks to mitigate this risk by continually developing and expanding their product range, and offering an extensive range of high quality products.

Financing - the company's funding requirements are met through a combination of medium term loans and short term invoice discounting facilities.

Financial - the company has a specific exposure to credit risk, liquidity risk, and interest rate fluctuations. The company has established a number of policies and management tools to mitigate the risks presented.

FINANCIAL KEY PERFORMANCE INDICATORS

The key performance indicators are as follows:

2025

2024

£'000

£'000

Turnover

5,773

6,622

Gross profit

1,570

2,310

Operating profit

(1,033)

(277)

Pre-tax profit

(1,073)

(321)

The directors monitor a range of KPIs on a regular basis including operating efficiency, asset utilisation, liquidity and asset ratios, as well as extensive short and medium term cash flow forecasting systems.

ON BEHALF OF THE BOARD:

Mr I M Conetta - Director

31st October 2025

The directors present their report with the financial statements of the company for the year ended 31st January 2025.

PRINCIPAL ACTIVITY

The principal activities of the company continued to be that of printers, printed packaging and fulfilment specialists.

DIVIDENDS

No dividends will be distributed for the year ended 31st January 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st February 2024 to the date of this report.

Mr I M Conetta

Mr S H Grist

Mr S McLellan

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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 judgments and accounting estimates that are reasonable and prudent

- state whether applicable UK Accounting Standards have been followed, subject to any material departures, disclosed and explained in the financial statements

- 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr I M Conetta - Director

31st October 2025

Opinion

We have audited the financial statements of Delga Press Limited (the 'company') for the year ended 31st January 2025 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and 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 31st January 2025 and of its loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

-	certain disclosures of 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 Statement of Directors' Responsibilities set out on page five, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Russell Tillbrook FCCA Senior Statutory Auditor

for and on behalf of Barrons Limited

Chartered Accountants

& Statutory Auditors

Monometer House

Rectory Grove

Leigh on Sea

Essex

SS9 2HN

31st October 2025

TURNOVER

3

5,772,977

6,622,136

Cost of sales

4,201,796

4,312,588

GROSS PROFIT

1,571,181

2,309,548

Distribution costs

513,456

559,609

Administrative expenses

2,531,391

2,495,223

3,044,847

3,054,832

(1,473,666

)

(745,284

)

Other operating income

440,298

468,516

OPERATING LOSS

5

(1,033,368

)

(276,768

)

Factory relocation

6

400,000

-

Dilapidation costs

6

195,000

-

Group loan write off

6

(554,932

)

-

(993,300

)

(276,768

)

Interest receivable and similar income

1,609

1,483

(991,691

)

(275,285

)

Interest payable and similar expenses

7

81,667

45,385

LOSS BEFORE TAXATION

(1,073,358

)

(320,670

)

Tax on loss

8

(121,061

)

16,860

LOSS FOR THE FINANCIAL YEAR

(952,297

)

(337,530

)

LOSS FOR THE YEAR

(952,297

)

(337,530

)

OTHER COMPREHENSIVE INCOME

Revaluation of fixed assets

192,075

-

Income tax relating to other comprehensive income

(48,019

)

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

144,056

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(808,241

)

(337,530

)

FIXED ASSETS

Tangible assets

9

1,617,842

1,439,349

CURRENT ASSETS

Stocks

10

267,123

335,681

Debtors

11

4,330,286

3,814,905

Cash at bank and in hand

19,785

8,325

4,617,194

4,158,911

CREDITORS

Amounts falling due within one year

12

4,252,091

2,506,218

NET CURRENT ASSETS

365,103

1,652,693

TOTAL ASSETS LESS CURRENT LIABILITIES

1,982,945

3,092,042

CREDITORS

Amounts falling due after more than one year

13

(517,262

)

(550,076

)

PROVISIONS FOR LIABILITIES

17

(546,805

)

(814,847

)

NET ASSETS

918,878

1,727,119

CAPITAL AND RESERVES

Called up share capital

18

10,000

10,000

Revaluation reserve

19

144,056

-

Retained earnings

19

764,822

1,717,119

SHAREHOLDERS' FUNDS

918,878

1,727,119

The financial statements were approved by the Board of Directors and authorised for issue on 31st October 2025 and were signed on its behalf by:

Mr I M Conetta - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st February 2023

10,000

2,054,649

-

2,064,649

Changes in equity

Total comprehensive income

-

(337,530

)

-

(337,530

)

Balance at 31st January 2024

10,000

1,717,119

-

1,727,119

Changes in equity

Total comprehensive income

-

(952,297

)

144,056

(808,241

)

Balance at 31st January 2025

10,000

764,822

144,056

918,878

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

The turnover 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 the revenue is recognised:

Sale of goods

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

-

the Company has transferred the significant risks and rewards of ownership to the buyer;

-

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the transaction; and

-

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets other than plant and machinery are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Plant and machinery are stated at fair value less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Improvements to property - Straight line over 13 years

Plant and machinery etc. - straight line over the useful life of the asset

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contacts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit and loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, 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, less any impairment.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Invoice discounting

The company has an agreement with HSBC Bank Plc whereby the majority of its trade debtors are invoice discounted with recourse after 60 days. On the basis that the benefits and risks attaching to the debts remain with the company, a separate presentation has been adopted, in accordance with FRS102 section 2. On this basis the gross debts are included as an asset within trade debtors and the proceeds received are included within bank loans as a liability.

Dilapidation

A provision is recognised for the present value of the estimated cost to return leased premises to their original condition at the end of the lease term, as required by the lease agreement.The provision is measured at the best estimate of the present value of the expenditure expected to be required to settle the obligation.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

5,663,831

6,414,013

Europe

109,146

208,123

5,772,977

6,622,136

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,150,194

2,014,142

Social security costs

205,651

190,709

Other pension costs

37,933

36,244

2,393,778

2,241,095

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

2025

2024

Directors

3

3

Administration

19

21

Distribution

1

1

Marketing

4

3

Production

26

29

Repro

6

5

Sales

4

4

63

66

2025

2024

£

£

Directors' remuneration

225,246

213,345

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

80,000

75,000

5.	OPERATING LOSS

The operating loss is stated after charging/(crediting):

2025

2024

£

£

Hire of plant and machinery

181,434

160,664

Other operating leases

240,853

280,776

Depreciation - owned assets

261,003

255,938

(Profit)/loss on disposal of fixed assets

(2,368

)

16,883

Auditors' remuneration

13,538

8,857

Foreign exchange differences

(2,212

)

4,195

Auditors non audit service fees

84,836

69,191

6.	EXCEPTIONAL ITEMS

2025

2024

£

£

Factory relocation

400,000

-

Dilapidation costs

195,000

-

Group loan write off

(554,932

)

-

40,068

-

During the year fellow group company Collector Set Printers Limited (CSP) ceased operating from its own factory and relocated into the factory used by Delga Press Limited (DP). In order to facilitate the move there were unavoidable disruptions in production for DP as the layout of the factory needed to be changed. This has had an impact on gross profit margins this year for DP so a provision has been made for an after date sales invoice from DP to CSP representing the estimated cost of the disruptions to bring the gross profit margin back in line with expectations. £400,000 has been provided and shown as income within exceptional items.

During the year ended 31st January 2023 there was a provision made totalling £530,000 for future dilapidation costs to return the factory to its original condition on the cessation of the lease. The assessment was undertaken by a third party expert of the condition of leasehold properties and their estimate of the cost of the necessary work required to comply with the lease terms. During the current year a further professional assessment of dilapidations was carried out by an external third party to reassess the total dilapidation cost required. The report assesses total costs of £335,000 and therefore there has been a material overprovision. £195,000 has been released from provisions and shown as income within exceptional items.

During the year fellow group company Delga Labels Limited merged its trade into Delga Press Limited and effectively the company ceased to trade as at 31st January 2025. After the company ceased to trade all group loans were assessed for impairment. As there is no future trade the loans have become irrecoverable so the loan given to Delga Labels has been impaired. The loan impairment totals £554,932 and has been shown as a cost within exceptional items.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Factor interest

30,094

4,750

Hire purchase

51,573

40,635

81,667

45,385

8.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2025

2024

£

£

Deferred tax

(121,061

)

16,860

Tax on loss

(121,061

)

16,860