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REGISTERED NUMBER: 01781305 (England and Wales)

| STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

| FOR |

| MIRAGE INKS LIMITED |

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 5 |

Statement of Comprehensive Income | 9 |

Balance Sheet | 10 |

Statement of Changes in Equity | 11 |

Cash Flow Statement | 12 |

Notes to the Cash Flow Statement | 13 |

Notes to the Financial Statements | 15 |

MIRAGE INKS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | Mrs E Fisher

| Ms T Young

| S Millen

| SECRETARY: |

| REGISTERED OFFICE: | Imperial Way

| Commerce Park

| Frome

| Somerset

| BA11 2FD

| REGISTERED NUMBER: | 01781305 (England and Wales)

| AUDITORS: | PG Owen Limited

| Chartered Accountants and

| Statutory Auditors

| 124 High Street

| Midsomer Norton

| Bath

| Avon

| BA3 2DA

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

The trading year continued the recovery from the aftermath of COVID-19 pandemic and supply issues and rampant price rises of 2022 and 2023. Whilst turnover remained constant year on year, the company continued to focus on improving gross margins. Continued work on Trade Agreements by the UK Government with other countries around the world will be welcomed by Mirage as the company's objective is to increase the number of agents operating within their own country selling Mirage products produced within the UK.

Results for the year showed a strong recovery in profitability. Management information for the current year to date indicates a stable customer base along with continued acceptable profitability levels which are expected to be maintained during the current year.

The current focus at Mirage is the investment in new ERP software to replace the existing product which has served the company well over the years. With technological advances moving at a rapid pace, the new software will enable Mirage to operate more efficiently by way of increased functionality, less downtime and improved security.

Existing liabilities continue to reduce, which should continue resulting in a a distinct improvement in cash flow during future periods. There is an ongoing objective and a desire to reduce non-conformances and target a "right first time" approach, in doing so benefitting our customers, the employees of Mirage alike and improving margin..

PRINCIPAL RISKS AND UNCERTAINTIES

The company actively trades with a large number of customers both in operational size and geographical location due to international demand for its products and to minimize it's exposure to risk. The company will continue to seek out new markets around the world in an effort to continue to further reduce exposure risks and offer its products to a broader market..

Mirage is well placed to take advantage of opportunities that exist increasing sales both within and outside of UK without the need for any major investment in manufacturing capability. For the current financial year, emphasis continues to be placed on the pricing model to ensure that all product is sold at appropriate pricing with a clear focus on obtaining satisfactory contribution to overheads. Throughout management will continue to contain and control operating costs.

One of the key performance drivers for the company was to return to a position of strong positive net current assets. The company has now reached the position of positive net current assets and future profitability will ensure this key performance indicator continues to improve. Further work will be done to continue this positive pathway.

ON BEHALF OF THE BOARD:

Ms T Young - Director

11 September 2025

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of ink manufacturers to the printing trade.

DIVIDENDS

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

DIRECTORS

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

Mrs E Fisher

Ms T Young

S Millen

Other changes in directors holding office are as follows:

S J Fisher - resigned 31 January 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;

- | 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2025

AUDITORS

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

ON BEHALF OF THE BOARD:

Ms T Young - Director

11 September 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MIRAGE INKS LIMITED

Opinion

We have audited the financial statements of Mirage Inks Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 March 2025 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MIRAGE INKS LIMITED

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 three, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MIRAGE INKS LIMITED

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;

- the engagement partner ensured that the engagement team collectively had the appropriate competence,

capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other

management, and from commercial knowledge and experience of the ink manufacturing and supply sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the

financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and

data protection,anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;and

- understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls, we;

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of

potential bias; and

- investigated the the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.Auditing standards also limit the the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MIRAGE INKS LIMITED

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.

Robin Browning BA(Hons) BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of PG Owen Limited

Chartered Accountants and

Statutory Auditors

124 High Street

Midsomer Norton

Bath

Avon

BA3 2DA

11 September 2025

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 7,565,166 |  | 7,551,230 |  |

Cost of sales | 5,722,422 |  | 6,051,316 |  |

GROSS PROFIT | 1,842,744 |  | 1,499,914 |  |

Administrative expenses | 1,391,780 |  | 1,494,837 |  |

OPERATING PROFIT | 4 | 450,964 |  | 5,077 |  |

Interest payable and similar expenses | 5 | 45,845 |  | 58,395 |  |

PROFIT/(LOSS) BEFORE TAXATION | 405,119 |  | (53,318 | ) |

Tax on profit/(loss) | 6 | 99,815 |  | (169 | ) |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 305,304 |  | (53,149 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 305,304 |  | (53,149 | ) |

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 3,769,631 |  | 3,904,679 |  |

CURRENT ASSETS

Stocks | 9 | 1,160,500 |  | 1,111,038 |  |

Debtors | 10 | 1,582,962 |  | 1,652,133 |  |

Cash at bank and in hand | 56,796 |  | 13,039 |  |

2,800,258 |  | 2,776,210 |  |

CREDITORS

Amounts falling due within one year | 11 | 2,527,586 |  | 2,892,930 |  |

NET CURRENT ASSETS/(LIABILITIES) | 272,672 |  | (116,720 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,042,303 |  | 3,787,959 |  |

CREDITORS

Amounts falling due after more than one year | 12 | (761,164 | ) | (890,936 | ) |

PROVISIONS FOR LIABILITIES | 16 | (271,517 | ) | (192,705 | ) |

NET ASSETS | 3,009,622 |  | 2,704,318 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 200,572 |  | 200,572 |  |

Retained earnings | 18 | 2,809,050 |  | 2,503,746 |  |

SHAREHOLDERS' FUNDS | 20 | 3,009,622 |  | 2,704,318 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

Ms T Young - Director

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 200,572 |  | 2,568,899 |  | 2,769,471 |  |

Changes in equity

Dividends | - |  | (12,004 | ) | (12,004 | ) |

Total comprehensive income | - |  | (53,149 | ) | (53,149 | ) |

Balance at 31 March 2024 | 200,572 |  | 2,503,746 |  | 2,704,318 |  |

Changes in equity

Total comprehensive income | - |  | 305,304 |  | 305,304 |  |

Balance at 31 March 2025 | 200,572 |  | 2,809,050 |  | 3,009,622 |  |

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 418,966 |  | 438,555 |  |

Interest paid | (43,662 | ) | (53,532 | ) |

Interest element of hire purchase payments paid | (2,183 | ) | (4,863 | ) |

Net cash from operating activities | 373,121 |  | 380,160 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (6,004 | ) | (4,133 | ) |

Sale of tangible fixed assets | 2,500 |  | 2,200 |  |

Net cash from investing activities | (3,504 | ) | (1,933 | ) |

Cash flows from financing activities

Loan repayments in year | (126,323 | ) | (125,424 | ) |

HP capital repayments in year | (32,359 | ) | (33,562 | ) |

Amount withdrawn by directors | (20,210 | ) | - |  |

Amount introduced by directors | - |  | 57,046 |  |

Equity dividends paid | - |  | (28,408 | ) |

Net cash from financing activities | (178,892 | ) | (130,348 | ) |

Increase in cash and cash equivalents | 190,725 |  | 247,879 |  |

Cash and cash equivalents at beginning of year | 2 | (1,045,980 | ) | (1,293,859 | ) |

Cash and cash equivalents at end of year | 2 | (855,255 | ) | (1,045,980 | ) |

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit/(loss) before taxation | 405,119 |  | (53,318 | ) |

| Depreciation charges | 133,378 |  | 152,880 |  |

| Loss/(profit) on disposal of fixed assets | 5,174 |  | (1,094 | ) |

| Finance costs | 45,845 |  | 58,395 |  |

589,516 |  | 156,863 |  |

| (Increase)/decrease in stocks | (49,462 | ) | 245,725 |  |

| Decrease in trade and other debtors | 69,171 |  | 245,357 |  |

| Decrease in trade and other creditors | (190,259 | ) | (209,390 | ) |

| Cash generated from operations | 418,966 |  | 438,555 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 56,796 |  | 13,039 |  |

| Bank overdrafts | (912,051 | ) | (1,059,019 | ) |

(855,255 | ) | (1,045,980 | ) |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 13,039 |  | 20,113 |  |

| Bank overdrafts | (1,059,019 | ) | (1,313,972 | ) |

(1,045,980 | ) | (1,293,859 | ) |

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 13,039 |  | 43,757 |  | 56,796 |  |

| Bank overdrafts | (1,059,019 | ) | 146,968 |  | (912,051 | ) |

(1,045,980 | ) | 190,725 |  | (855,255 | ) |

| Debt

| Finance leases | (42,741 | ) | 32,359 |  | (10,382 | ) |

| Debts falling due within 1 year | (126,554 | ) | 6,933 |  | (119,621 | ) |

| Debts falling due after 1 year | (880,554 | ) | 119,390 |  | (761,164 | ) |

(1,049,849 | ) | 158,682 |  | (891,167 | ) |

| Total | (2,095,829 | ) | 349,407 |  | (1,746,422 | ) |

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Mirage Inks 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.

| Turnover

| Turnover represents net invoiced sales of ink manufactured for the printing trade, excluding value added tax.

| Depreciation

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

| life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property (excluding land) |  | - 2% on cost |  |

| Plant and machinery |  | - 25% on reducing balance |  |

| Fixtures and fittings |  | - 25% on reducing balance |  |

| Motor vehicles |  | - 25% on reducing balance |  |

| Stocks

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

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

| Foreign currencies

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

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| 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.

3. | EMPLOYEES AND DIRECTORS

|  | 12 Months |  | 12 Months |  |

|  | to 31.3.25 |  | to 31.3.24 |  |

|  | £ |  | £ |  |

| Wages and salaries |  | 1,131,020 |  | 1,159,862 |  |

| Social security costs |  | 110,539 |  | 114,994 |  |

| Pension costs |  | 57283 |  | 56,993 |  |

|  | 1,298,842 |  | 1,331,849 |  |

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

|  | 2025 |  | 2024 |  |

| Production, sales and administration |  | 30 |  | 33 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 205,260 |  | 216,548 |  |

| Directors' pension contributions to money purchase schemes | 45,285 |  | 45,104 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 57,845 |  | 60,610 |  |

| Pension contributions to money purchase schemes | 3,292 |  | 3,111 |  |

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

4. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 113,602 |  | 126,282 |  |

| Depreciation - assets on hire purchase contracts | 19,776 |  | 26,598 |  |

| Loss/(profit) on disposal of fixed assets | 5,174 |  | (1,094 | ) |

| Auditors' remuneration | 26,768 |  | 23,842 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Loan fees and interest | 43,662 |  | 53,532 |  |

| Hire purchase interest | 2,183 |  | 4,863 |  |

45,845 |  | 58,395 |  |

6. | TAXATION

| Analysis of the tax charge/(credit)

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 21,003 |  | - |  |

| Deferred tax | 78,812 |  | (169 | ) |

| Tax on profit/(loss) | 99,815 |  | (169 | ) |

| Reconciliation of total tax charge/(credit) included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit/(loss) before tax | 405,119 |  | (53,318 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 22.485% (2024 - 19%) | 91,091 |  | (10,130 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 31,206 |  | - |  |

| Capital allowances in excess of depreciation | (12,907 | ) | - |  |

| Utilisation of tax losses | (88,387 | ) | - |  |

| Tax losses to carry forward | - |  | 10,130 |  |

| Deferred Tax movement during year | 78,812 |  | (169 | ) |

| Total tax charge/(credit) | 99,815 |  | (169 | ) |

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

7. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary Non Voting A shares of £10 each |

| Interim | - |  | 12,004 |  |

8. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 April 2024 | 4,257,582 |  | 3,033,297 |  | 169,936 |  | 109,756 |  | 7,570,571 |  |

| Additions | - |  | 3,475 |  | 2,529 |  | - |  | 6,004 |  |

| Disposals | - |  | - |  | (12,750 | ) | (53,408 | ) | (66,158 | ) |

| At 31 March 2025 | 4,257,582 |  | 3,036,772 |  | 159,715 |  | 56,348 |  | 7,510,417 |  |

| DEPRECIATION

| At 1 April 2024 | 588,785 |  | 2,828,301 |  | 152,924 |  | 95,882 |  | 3,665,892 |  |

| Charge for year | 76,146 |  | 51,352 |  | 3,267 |  | 2,613 |  | 133,378 |  |

| Eliminated on disposal | - |  | - |  | (8,500 | ) | (49,984 | ) | (58,484 | ) |

| At 31 March 2025 | 664,931 |  | 2,879,653 |  | 147,691 |  | 48,511 |  | 3,740,786 |  |

| NET BOOK VALUE

| At 31 March 2025 | 3,592,651 |  | 157,119 |  | 12,024 |  | 7,837 |  | 3,769,631 |  |

| At 31 March 2024 | 3,668,797 |  | 204,996 |  | 17,012 |  | 13,874 |  | 3,904,679 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 257,005 |  |

| DEPRECIATION

| At 1 April 2024 | 179,736 |  |

| Charge for year | 19,776 |  |

| At 31 March 2025 | 199,512 |  |

| NET BOOK VALUE

| At 31 March 2025 | 57,493 |  |

| At 31 March 2024 | 77,269 |  |

9. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 1,160,500 |  | 1,111,038 |  |

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 1,517,100 |  | 1,499,236 |  |

| Prepayments and accrued income | 65,862 |  | 152,897 |  |

1,582,962 |  | 1,652,133 |  |

11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 13) | 1,031,672 |  | 1,185,573 |  |

| Hire purchase contracts (see note 14) | 10,382 |  | 32,359 |  |

| Trade creditors | 1,049,633 |  | 1,246,302 |  |

| Tax | 21,003 |  | - |  |

| Social security and other taxes | 127,074 |  | 106,132 |  |

| Proposed dividend | 400 |  | 400 |  |

| Other creditors | 195,569 |  | 44,456 |  |

| Directors' current accounts | - |  | 204,906 |  |

| Accruals | 91,853 |  | 72,802 |  |

2,527,586 |  | 2,892,930 |  |

12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans (see note 13) | 761,164 |  | 880,554 |  |

| Hire purchase contracts (see note 14) | - |  | 10,382 |  |

761,164 |  | 890,936 |  |

13. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 912,051 |  | 1,059,019 |  |

| Bank loan | 119,621 |  | 126,554 |  |

1,031,672 |  | 1,185,573 |  |

| Amounts falling due between two and five years:

| Bank loan | 664,830 |  | 642,060 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loan | 96,334 |  | 238,494 |  |

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

13. | LOANS - continued

| The bank loan is for a ten year term and attracts interest at a fixed rate of 3.49% over LIBOR for the first 5 years, with the rate reducing to 2.55% over LIBOR for the final five years of the loan, payable monthly.

14. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Gross obligations repayable:

| Within one year | 10,543 |  | 34,570 |  |

| Between one and five years | - |  | 10,543 |  |

10,543 |  | 45,113 |  |

| Finance charges repayable:

| Within one year | 161 |  | 2,211 |  |

| Between one and five years | - |  | 161 |  |

161 |  | 2,372 |  |

| Net obligations repayable:

| Within one year | 10,382 |  | 32,359 |  |

| Between one and five years | - |  | 10,382 |  |

10,382 |  | 42,741 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 46,665 |  | 25,519 |  |

| Between one and five years | 70,248 |  | - |  |

116,913 |  | 25,519 |  |

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

15. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdrafts | 912,051 |  | 1,059,019 |  |

| Bank loans | 880,785 |  | 1,007,108 |  |

| Hire purchase contracts | 10,382 |  | 42,741 |  |

1,803,218 |  | 2,108,868 |  |

| The bank overdraft is secured by debentures in favour of HSBC Bank plc, over the book debts of the company, and hire purchase contracts are secured on the assets to which they relate. The bank loan is secured by legal charges in favour of HSBC Bank plc, over the freehold property at Imperial Way, Commerce Park, Frome, Somerset.

16. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 271,517 |  | 192,705 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 192,705 |  |

| Charge to Statement of Comprehensive Income during year | 78,812 |  |

| Balance at 31 March 2025 | 271,517 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 200,000 | Ordinary | £1 | 200,000 |  | 200,000 |  |

| 20 | Ordinary Non Voting B | £1 | 20 |  | 20 |  |

| 2 | Ordinary Non Voting C Joiners | £1 | 2 |  | 2 |  |

200,022 |  | 200,022 |  |

| Allotted and issued:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 55 | Non Voting A shares | £10 | 550 |  | 550 |  |

MIRAGE INKS LIMITED (REGISTERED NUMBER: 01781305)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

18. | RESERVES

| Retained

| earnings

£ |

| At 1 April 2024 | 2,503,746 |  |

| Profit for the year | 305,304 |  |

| At 31 March 2025 | 2,809,050 |  |

19. | RELATED PARTY DISCLOSURES

| The company was under the control of the directors throughout the current and previous period. Creditors in note 11 to the Financial Statements includes £184,696 (31 March 2024 - £204,906) due to majority shareholder.

20. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

2025 | 2024 |

£ | £ |

| Profit/(loss) for the financial year | 305,304 |  | (53,149 | ) |

| Dividends | - |  | (12,004 | ) |

| Net addition/(reduction) to shareholders' funds | 305,304 |  | (65,153 | ) |

| Opening shareholders' funds | 2,704,318 |  | 2,769,471 |  |

| Closing shareholders' funds | 3,009,622 |  | 2,704,318 |  |