Company registration number 02750238 (England and Wales)
METAMARK (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
METAMARK (UK) LIMITED
COMPANY INFORMATION
Directors
Mr S J Ormerod
Mr M J Karlsson
(Appointed 4 February 2025)
Mr S Mebus
(Appointed 4 February 2025)
Mr T J Talvia
(Appointed 4 February 2025)
Ms E L Armstrong
(Appointed 16 June 2025)
Company number
02750238
Registered office
Luneside
New Quay Road
Lancaster
United Kingdom
LA1 5QP
Auditor
Azets Audit Services
Fleet House
New Road
Lancaster
United Kingdom
LA1 1EZ
METAMARK (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 28
METAMARK (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The Directors present the Strategic Report together with the audited financial statements for the year ended 31 March 2025.

Business Review

The Company generated a turnover of £60,002k during the year ended 31 March 2025 (2024 - £54,051k). Turnover has shown a strong growth in the year, as a result of both selling price increases and volume growth.

The gross profit for the financial year increased to £26,499k, 44.2% of turnover (2024 - £21,861k, 40.4% of turnover).

The profit before tax for the year was £10,336k, 17.2% of turnover (2024 - £7,769k, 14.4% of turnover).

Net assets increased as at 31 March 2025 to £21,687k (2024 - £18,149k).

EBITDA as at 31 March 2025 was £10,866k (2024 - £8,406k).

On 4 th February 2025 the group was acquired by UPM Raflatac Oy a subsidiary of UPM-Kymmene Oyj. UPM Raflatac Oy provides high-performance, innovative self-adhesive products, including label materials, graphics solutions, and specialty tapes, as well as reliable services close to customers. The division is one of UPM’s fastest-growing global businesses employing around 3,200 professionals. In 2024, sales reached nearly €1.6 billion (£1.35 billion).

As part of UPM Raflatac Oy, Metamark (UK) Limited will complement the divisions’ existing Graphic’s businesses, strengthen overall competitiveness, drive growth and bring major synergies.

Going concern

After making enquiries, and on the basis outlined in note 1 to the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

The Directors have considered and debated a range of substantial possible scenarios on the Group’s operations, financial position and forecasts covering a period of at least the next 12 months post sign off of the financial statements. The Group continues to be cash generative and taking into account reasonable possible changes in trading performance along with other mitigating factors available to them, the Directors have a reasonable expectation that the Group will continue to be so under the scenarios explored.

Financial key performance indicators

The Directors consider that the key financial performance indicators are those that communicate the financial controls and strength of the Group as a whole, these being turnover, gross margin, and earnings before interest, tax, depreciation, and amortisation (EBITDA).

Future outlook

We continue to implement value enhancing projects which are designed to keep sales growing at the recent year on year levels continue to enhance our gross margin and allow us to maximise the return on investments we have made over the past few years in terms of manufacturing assets.

Principal risks and uncertainties

Geopolitical and economic uncertainty

Russia’s war in Ukraine, the conflict in Isreal, Gaza and Iran, the continuing high interest rate environment, energy price volatility in Europe, rivalry between the US and China, policies of the new US presidential administration, as well as political uncertainties in several countries continue to cause uncertainty in trade policies, economic growth and the rule of law, and challenge competitiveness and predictability for companies with international value chains and operations in several countries. The testing relationships between businesses, governments and society and the growing international focus on military conflicts, hybrid activities and a protectionist approach to trade may stress the economic and political environment and cause local challenges to our operations or influence demand, sales prices or input costs for our products.

METAMARK (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Principal risks and uncertainties (continued)

The business has strong relationships with all its key stakeholders and works with them very closely, monitoring the geopolitical situation, to ensure the business can respond to any changes in the landscape.

Input price fluctuations on the main raw materials and services

The main production inputs required in the manufacturing of our products are paper (wood), film (oil), adhesive (oil), energy and water. The prices for many of these inputs have been volatile in recent years and are expected to remain volatile for the foreseeable future. Ongoing military conflicts, governmental protection, geoeconomic rivalry, climate change, supply chain disruptions, environmental policies and other governmental actions or restrictions, could continue to cause further uncertainty around the prices and availability of these inputs as well as logistics services.

The business continually monitors margin and works closely with key suppliers on pricing of products purchased, so a considered and appropriate response to any inflationary price rises can be determined. Sales volumes are also monitored daily, to review the impact of the current economic climate on demand and take steps to mitigate the impact of this if necessary.

Financial risk management objectives and policies

The Group holds or issues financial instruments in order to achieve three main objectives, being:

(a) to finance its operations;

(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and

(c) for trading purposes.

In addition, the Group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from the Group's operations.

Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below.

Interest rate risk

The Company is exposed to fair value interest rate risk on its borrowings and cash flow interest rate risk on the internal intercompany loans. The Company has entered into agreements with the group lending company so as to minimise its exposure to changes in interest rates.

Credit risk

Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the parent company board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts whenever considered necessary.

Liquidity risk

The Group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business.

Currency risk

The Group's principal foreign currency exposures arise from trading with overseas companies. The Group exposure to foreign currency movements. The Group monitors its exposure to risk through day to day management, weekly operational meetings and monthly board and management meetings.

METAMARK (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

On behalf of the board

Mr S J Ormerod
Director
30 October 2025
METAMARK (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of manufacturers and distributors of sign making materials.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £4,000k (2024: £5,600k). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P French
(Resigned 4 February 2025)
Mr I G Simister
(Resigned 4 February 2025)
Mr S A Hobson
(Resigned 4 February 2025)
Mr S J Ormerod
Mr P I Wild
(Resigned 31 May 2025)
Mr M J Karlsson
(Appointed 4 February 2025)
Mr S Mebus
(Appointed 4 February 2025)
Mr T J Talvia
(Appointed 4 February 2025)
Ms E L Armstrong
(Appointed 16 June 2025)
Qualifying third party indemnity provisions

The Company has maintained insurance on behalf of certain key directors and officials against liabilities arising in relation to the Company.

Directors' insurance

The company has maintained insurance on behalf of certain key directors and officials against liabilities arising in relation to the company.

Financial instruments

Details of the financial risk management objectives and policies are included in note 28 to the financial statements.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

METAMARK (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Auditor

Azets Audit Services were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Strategic report

In accordance with section 414C(11) of the Companies Act, certain matters required to be detailed in the Directors' Report are detailed in the Strategic Report where the Director considers them to be of strategic importance to the Company.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr S J Ormerod
Director
30 October 2025
METAMARK (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF METAMARK (UK) LIMITED
- 6 -
Opinion

We have audited the financial statements of Metamark (UK) Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

METAMARK (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF METAMARK (UK) LIMITED (CONTINUED)
- 7 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

METAMARK (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF METAMARK (UK) LIMITED (CONTINUED)
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

Susanna Cassey (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Fleet House
New Road
Lancaster
LA1 1EZ
31 October 2025
METAMARK (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£'000
£'000
Turnover
3
60,002
54,051
Cost of sales
(33,503)
(32,190)
Gross profit
26,499
21,861
Distribution costs
(5,854)
(4,894)
Administrative expenses
(10,493)
(9,278)
Operating profit
4
10,152
7,689
Interest receivable and similar income
3
1,902
103
Interest payable and similar expenses
8
(18)
(23)
Amounts written off investments
9
(1,700)
-
Profit before taxation
10,336
7,769
Tax on profit
10
(2,798)
(2,051)
Profit for the financial year
7,538
5,718

The notes on pages 12 to 28 form part of these financial statements.

METAMARK (UK) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Goodwill
12
773
691
Other intangible assets
12
189
108
Total intangible assets
962
799
Tangible assets
13
3,015
2,324
Investments
15
1,940
449
5,917
3,572
Current assets
Stocks
16
9,829
6,856
Debtors
17
14,216
15,208
Cash at bank and in hand
6,068
4,856
30,113
26,920
Creditors: amounts falling due within one year
18
(13,998)
(11,994)
Net current assets
16,115
14,926
Total assets less current liabilities
22,032
18,498
Creditors: amounts falling due after more than one year
19
(121)
(152)
Provisions for liabilities
Deferred tax liability
21
224
197
(224)
(197)
Net assets
21,687
18,149
Capital and reserves
Called up share capital
23
6
6
Share premium account
24
310
310
Profit and loss reserves
21,371
17,833
Total equity
21,687
18,149

The notes on pages 12 to 28 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 30 October 2025 and are signed on its behalf by:
Mr S J Ormerod
Director
Company registration number 02750238 (England and Wales)
METAMARK (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 April 2023
6
310
17,715
18,031
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
5,718
5,718
Dividends
11
-
-
(5,600)
(5,600)
Balance at 31 March 2024
6
310
17,833
18,149
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
7,538
7,538
Dividends
11
-
-
(4,000)
(4,000)
Balance at 31 March 2025
6
310
21,371
21,687

The notes on pages 12 to 28 form part of these financial statements.

METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information

Metamark (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Luneside, New Quay Road, Lancaster, United Kingdom, LA1 5QP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

T he results of Metamark (UK) Limited are included in the consolidated financial statements of Metamark Group Holdings Limited which are available from New Quay Road, Lancaster, Lancashire, England, LA1 5QP.

1.2
Going concern

The Directors while making the going concern assessment have considered the combined cash flows from Metamark Group Holdings Limited, Metamark (UK) Limited, Trimwel Limited and Magenta Prime Limited (together called as a ‘Group’). This is due to the fact that all of these entities in the group are integral to each other and support each other on an as needs basis. true

The Directors have considered and debated a range of substantial possible scenarios on the Group’s operations, financial position and forecasts covering a period of at least the next 12 months post sign off of the financial statements. The Group continues to be cash generative and taking into account reasonable possible changes in trading performance along with other mitigating factors available to them, the Directors have a reasonable expectation that the Group will continue to be so under the scenarios explored.

After review of the forecasts along with mitigating factors available to them, the Directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence and to satisfy any upcoming covenant conditions in the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing the annual report and financial statements.

METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Trademarks
10% straight line basis
Software development
33% straight line basis
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the length of the lease
Plant and equipment
10-12.5% straight line basis
Fixtures and fittings
20-33% straight line basis
Motor vehicles
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Estimation of valuation of stock

Included in the valuation of the stock are costs relating to coating and overheads. Management has adopted an absorption rate to allocate these costs to each product which has been estimated based on relevant costs incurred during the year and production quantities.

Estimation of valuation of trade debtors

Management assess the recoverability of all trade debtors on a regular basis. A provision is made to cover any bad or doubtful debts.

Amortisation and impairment of goodwill

FRS 102 requires goodwill to be amortised over its reliably estimated useful economic life. Management consider this to be a period of 10 years. Management also assess whether there are any indicators of impairment in considering the carrying value of goodwill.

3
Turnover and other revenue
2025
2024
£'000
£'000
Turnover analysed by geographical market
United Kingdom
38,534
33,520
Europe
15,619
16,391
Asia Pacific
2,983
1,916
North and South America
1,903
1,547
Middle East and Africa
963
677
60,002
54,051
2025
2024
£'000
£'000
Other revenue
Interest income
170
103
Dividends received
1,732
-
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£'000
£'000
Depreciation of owned tangible fixed assets
577
705
Loss on disposal of tangible fixed assets
3
-
Amortisation of intangible assets
137
12
Operating lease charges
538
568
METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
26
24
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Production and distribution staff
85
68
Administrative staff
49
47
Management staff
7
6
Sales staff
21
18
Total
162
139

Their aggregate remuneration comprised:

2025
2024
£'000
£'000
Wages and salaries
7,998
6,190
Social security costs
879
636
Pension costs
344
311
9,221
7,137
7
Directors' remuneration
2025
2024
£'000
£'000
Remuneration for qualifying services
761
924
Company pension contributions to defined contribution schemes
52
50
813
974

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 5).

METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£'000
£'000
Remuneration for qualifying services
243
304
Company pension contributions to defined contribution schemes
23
23

The directors have been paid by the immediate parent company, Magenta Prime Limited.

8
Interest payable and similar expenses
2025
2024
£'000
£'000
Interest on finance leases and hire purchase contracts
17
18
Other interest
1
5
18
23
9
Amounts written off investments
2025
2024
£'000
£'000
Amounts written off investments held at fair value
(1,700)
-
10
Taxation
2025
2024
£'000
£'000
Current tax
UK corporation tax on profits for the current period
2,865
2,165
Adjustments in respect of prior periods
(94)
(51)
Total current tax
2,771
2,114
Deferred tax
Origination and reversal of timing differences
(73)
(107)
Adjustment in respect of prior periods
100
44
Total deferred tax
27
(63)
Total tax charge
2,798
2,051
METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 21 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£'000
£'000
Profit before taxation
10,336
7,769
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
2,584
1,942
Tax effect of expenses that are not deductible in determining taxable profit
642
109
Tax effect of income not taxable in determining taxable profit
(433)
-
0
Adjustments in respect of prior years
6
-
0
Permanent capital allowances in excess of depreciation
(1)
-
0
Taxation charge for the year
2,798
2,051
11
Dividends
2025
2024
£'000
£'000
Final paid
4,000
5,600
12
Intangible fixed assets
Externally Acquired Goodwill
Trademarks
Software development
Total
£'000
£'000
£'000
£'000
Cost
At 1 April 2024
691
138
-
0
829
Additions - internally developed
-
0
-
0
54
54
Additions - separately acquired
187
33
-
0
220
Transfers
-
0
-
0
395
395
At 31 March 2025
878
171
449
1,498
Amortisation and impairment
At 1 April 2024
-
0
30
-
0
30
Amortisation charged for the year
105
15
17
137
Transfers
-
0
-
0
369
369
At 31 March 2025
105
45
386
536
Carrying amount
At 31 March 2025
773
126
63
962
At 31 March 2024
691
108
-
0
799
METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Intangible fixed assets
(Continued)
- 22 -

More information on impairment movements in the year is given in note .

13
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 April 2024
580
4,993
1,624
-
0
7,197
Additions
134
932
164
70
1,300
Disposals
-
0
(67)
(97)
-
0
(164)
-
-
0
-
0
(427)
33
(394)
At 31 March 2025
714
5,858
1,264
103
7,939
Depreciation and impairment
At 1 April 2024
334
3,226
1,313
-
0
4,873
Depreciation charged in the year
62
396
105
14
577
Eliminated in respect of disposals
-
0
(64)
(97)
-
0
(161)
-
-
0
-
0
(369)
4
(365)
At 31 March 2025
396
3,558
952
18
4,924
Carrying amount
At 31 March 2025
318
2,300
312
85
3,015
At 31 March 2024
246
1,767
311
-
0
2,324

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£'000
£'000
Plant and equipment
312
448
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14
Subsidiaries
(Continued)
- 23 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Trimwel Limited
2A Canal Bank, Hume Avenue, Park West Industrial Park, Dublin 12, Republic of Ireland
Distributor of sign making materials
Ordinary
100.00
Metamark Technical Films Limited
Luneside, St George's Quay, New Quay Road, Lancaster, Lancashire, United Kingdom, LA1 5GQ
Dormant
Ordinary
100.00
Metamark India Private Limited
E-20, 2nd Floor, Hauz Khas, New Delhi, South Delhi, Delhi, 110016, India
Supply of sign systems to the trade
Ordinary
100.00
Fleet Design Ltd
Luneside, St George's Quay, New Quay Road, Lancaster, Lancashire, United Kingdom, LA1 5GQ
Manufacture and distribution of vinyl materials
Ordinary
100.00
Metmark USA LLC
300 Centre Drive, Suite G-313, Superior, CO, 80027, USA
Distribution of vinyl materials
Ordinary
100.00
Vuflex Limited
Luneside, St George's Quay, New Quay Road, Lancaster, Lancashire, United Kingdom, LA1 5GQ
Distribution of vinyl materials
Ordinary
100.00

Metamark (UK) Limited acquired 100% of the share capital of Vuflex Limited in February 2025.

Fleet Design Ltd was officially dissolved on 22 April 2025.

15
Fixed asset investments
2025
2024
Notes
£'000
£'000
Investments in subsidiaries
14
1,940
449
Movements in fixed asset investments
Shares in subsidiaries
£'000
Cost or valuation
At 1 April 2024
449
Additions
2,013
Payment of contingent consideration
1,178
Write off of investment
(1,700)
At 31 March 2025
1,940
Carrying amount
At 31 March 2025
1,940
At 31 March 2024
449

After the acquisition of Vuflex a dividend of £1.7m was received from the company which resulted in the need to impair the value of the investment by £1.7m.

METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
16
Stocks
2025
2024
£'000
£'000
Raw materials and consumables
2,613
2,190
Work in progress
80
67
Finished goods and goods for resale
7,136
4,599
9,829
6,856
17
Debtors
2025
2024
Amounts falling due within one year:
£'000
£'000
Trade debtors
11,778
11,335
Corporation tax recoverable
141
629
Amounts owed by group undertakings
536
2,071
Other debtors
349
-
0
Prepayments and accrued income
1,412
1,173
14,216
15,208

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

18
Creditors: amounts falling due within one year
2025
2024
Notes
£'000
£'000
Obligations under finance leases
20
60
56
Trade creditors
9,025
7,838
Amounts owed to group undertakings
1,761
1,330
Taxation and social security
1,034
1,117
Other creditors
55
44
Accruals and deferred income
2,063
1,609
13,998
11,994

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

Amounts owed to group undertakings are interest free and repayable on demand.

19
Creditors: amounts falling due after more than one year
2025
2024
Notes
£'000
£'000
Obligations under finance leases
20
121
152

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
20
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£'000
£'000
Within one year
60
56
In two to five years
121
152
181
208
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£'000
£'000
Accelerated capital allowances
224
197
2025
Movements in the year:
£'000
Liability at 1 April 2024
197
Charge to profit or loss
27
Liability at 31 March 2025
224
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
344
311

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

Contributions totalling £45k (2024: £44k) were payable to the fund at the reporting date and are included in creditors.

23
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
5,757
5,757
6
6
METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
23
Share capital
(Continued)
- 26 -

All Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights and are not redeemable.

24
Share premium account

The share premium account represents the premium paid on equity shares issued.

25
Acquisitions

On 24 May 2024 the company acquired the business of Vuflex Limited.

Fair Value
£'000
Tangible fixed assets
5
Stock
178
Trade and other debtors
477
Cash and cash equivalents
1,745
Trade and other creditors
(303)
Tax liabilities
(89)
Total identifiable net assets
2,013
Externally Acquired Goodwill
87
Total consideration
2,100
Satisfied by:
£'000
Cash
2,100
2,100
26
Financial commitments, guarantees and contingent liabilities

The company enter ed into forward currency contracts. At the balance sheet date, the company had forward currency contracts outstanding of £Nil (20 24: £324 k).

METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
27
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£'000
£'000
Within 1 year
485
467
Years 2-5
1,724
1,014
After 5 years
1,863
-
0
4,072
1,481
28
Financial risk management objectives and policies

The company holds or issues financial instruments in order to achieve three main objectives, being:

(a) to finance its operations;

(b) to manage its exposure to interest and currency risks arising from its operations and from its sources

of finance; and

(c) for trading purposes.

In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from the company’s operations.

Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below.

Interest rate risk

The company is exposed to fair value interest rate risk on its borrowings and cash flow interest rate risk on bank overdrafts and loans. The company has entered into agreements on its overdraft and loans so

as to minimise its exposure to changes in interest rates.

Credit risk

Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the parent company board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts whenever considered necessary.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Currency risk

The company's principal foreign currency exposures arise from trading with overseas companies. The company seeks to invoice and be invoiced in its principal trading currency wherever possible so as to minimise its exposure to foreign currency movements.

METAMARK (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
29
Related party transactions
Transactions with related parties
2025
2024
Amounts due to related parties
£'000
£'000
Entities with control, joint control or significant influence over the company
1,761
1,330
Other related parties
282
-
2025
2024
Amounts due from related parties
£'000
£'000
Entities with control, joint control or significant influence over the company
-
1,339
Entities over which the entity has control, joint control or significant influence
535
732
Other information

The group has taken advantage of the exemption contained in section 33 of Financial Reporting Standard 102 “Related Party Disclosures” from disclosing transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

30
Ultimate controlling party

The immediate parent company is Magenta Prime Limited, a company registered in England and Wales with registered office New Quay Road, Lancaster, United Kingdom, LA1 5QP.

The ultimate parent undertaking and ultimate controlling party up to 4 February 2025 was Primary Capital Partners LLP, an entity registered in England and Wales with registered office Augustine House, 6A Austin Friars, London, EC2N 2HA.

From 4 February 2025 the ultimate parent undertaking and ultimate controlling party is UPM-Kymmene Oyj, an entity registered in Finland with registered office Alvar Aallon Katu 1, FI-00100 Helsinki.

The largest and smallest group in which the results of the company are consolidated is that headed by Metamark Group Holdings Limited, a company registered in England and Wales with registered office New Quay Road, Lancaster, United Kingdon, LA1 5QP. The consolidated accounts for Metamark Group Holdings Limited are publicly available and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

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