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

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

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

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

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.

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

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.

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.

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.

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

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

)

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

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

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

)

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

)

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

)

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.

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

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

)

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