Caseware UK (AP4) 2024.0.164 2024.0.164 2025-04-30 2025-04-30 2025-04-30 The Group provided lithographic printing and converting for the packaging industry.false 2 2024-05-01 false 3 false false 09375956 2024-05-01 2025-04-30 09375956 2023-05-01 2024-04-30 09375956 2025-04-30 09375956 2023-05-01 09375956 c:Director1 2024-05-01 2025-04-30 09375956 c:Director1 2025-04-30 09375956 c:Director2 2024-05-01 2025-04-30 09375956 c:Director2 2025-04-30 09375956 c:Director3 2024-05-01 2025-04-30 09375956 c:Director3 2025-04-30 09375956 c:Director4 2024-05-01 2025-04-30 09375956 c:Director4 2025-04-30 09375956 c:RegisteredOffice 2024-05-01 2025-04-30 09375956 d:PlantMachinery 2024-05-01 2025-04-30 09375956 d:MotorVehicles 2024-05-01 2025-04-30 09375956 d:FurnitureFittings 2024-05-01 2025-04-30 09375956 d:ComputerEquipment 2024-05-01 2025-04-30 09375956 d:ShareCapital 2025-04-30 09375956 d:ShareCapital 2024-04-30 09375956 d:ShareCapital 2023-05-01 09375956 d:CapitalRedemptionReserve 2024-05-01 2025-04-30 09375956 d:CapitalRedemptionReserve 2025-04-30 09375956 d:CapitalRedemptionReserve 2024-04-30 09375956 d:CapitalRedemptionReserve 2023-05-01 09375956 d:RetainedEarningsAccumulatedLosses 2024-05-01 2025-04-30 09375956 d:RetainedEarningsAccumulatedLosses 2025-04-30 09375956 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 09375956 d:RetainedEarningsAccumulatedLosses 2024-04-30 09375956 d:RetainedEarningsAccumulatedLosses 2023-05-01 09375956 c:OrdinaryShareClass1 2024-05-01 2025-04-30 09375956 c:OrdinaryShareClass1 2025-04-30 09375956 c:OrdinaryShareClass1 2024-04-30 09375956 c:FRS102 2024-05-01 2025-04-30 09375956 c:Audited 2024-05-01 2025-04-30 09375956 c:FullAccounts 2024-05-01 2025-04-30 09375956 c:PrivateLimitedCompanyLtd 2024-05-01 2025-04-30 09375956 d:Subsidiary1 2024-05-01 2025-04-30 09375956 d:Subsidiary1 1 2024-05-01 2025-04-30 09375956 d:Subsidiary2 2024-05-01 2025-04-30 09375956 d:Subsidiary2 1 2024-05-01 2025-04-30 09375956 c:Consolidated 2025-04-30 09375956 c:ConsolidatedGroupCompanyAccounts 2024-05-01 2025-04-30 09375956 2 2024-05-01 2025-04-30 09375956 6 2024-05-01 2025-04-30 09375956 e:PoundSterling 2024-05-01 2025-04-30 09375956 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09375956 OFFSET PRINT LIMITED ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
OFFSET PRINT LIMITED COMPANY INFORMATION
Directors | H. J. Jarvis (resigned 29 October 2024)
| E. A. Bone (resigned 29 October 2024)
| V. I. Brearey (resigned 29 October 2024)
| A. Alzamora Planaguma (appointed 29 October 2024)
Registered number | 09375956
Registered office | 188 Forstal Road
| Aylesford
| Kent
| ME20 7DB
Independent auditor | MHA
| Lyndean House
| 30-32 Albion Place
| Maidstone
| United Kingdom
| ME14 5DZ
OFFSET PRINT LIMITED CONTENTS
| Page
Group strategic report | 1 - 3
Directors' report | 4 - 5
Independent auditor's report | 6 - 9
Consolidated statement of comprehensive income | 10
Consolidated balance sheet | 11 - 12
Company balance sheet | 13
Consolidated statement of changes in equity | 14
Company statement of changes in equity | 15
Consolidated statement of cash flows | 16 - 17
Notes to the financial statements | 18 - 37
OFFSET PRINT LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 APRIL 2025
Introduction
The directors present their strategic report of the Company and the Group for the year ended 30 April 2025.
Business review
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size of the business and is written in the context of the risks and uncertainties we face. The Company provided bespoke print and packaging solutions for other manufacturers, wholesalers and retailers (both multiple and independent). In late October 2024, the Offset Print group was purchased by Alzamora Group, and we are looking forward to further development of the business within this larger group environment, and the myriad opportunities this will present. Performance & key performance indicators Group revenues fell by 3.7% over FY24/25, to £23.4 million, with operating profit of £3,638,127 (2024: £4,942,381) and net profit of £2,593,891 (2024: £3,441,415). The Company’s balance sheet continues to show a strong position with net assets at £10,127,620 (2024: £9,233,729). We consider that our key performance indicators for the Group are operating profit, net profit and net asset value. KPIs have now been set for each department, with the aim of lowering our environmental impact whilst also improving the gross profit margin. Key non-financial performance indicators Management diversity
| Female | Female | Male | Male
| 2025 | 2024 | 2025 | 2024
Directors & senior management | 2 | 1 | 7 | 5
Middle management | 2 | 2 | 8 | 7
Corporate Social Responsibility Community ∙One of the largest employers in the Aylesford/Maidstone area ∙Stakeholder in local businesses community ∙Member of Kent Invicta Chamber of Commerce ∙Involved with local school leaver recruitment campaigns and apprenticeships initiatives, providing broad range of work experience placement opportunities ∙Donate packaging to local charities for projects to help homeless and disadvantaged communities in Kent ∙Installation of a public defibrillator, providing members of the local community with a better chance of surviving cardiac arrest ∙Sponsor of Aylesford village Christmas fair ∙Sponsor of St Peter’s Primary School craft & technical creative program ∙Supporter of Aylesford Food Bank’s Christmas appeal Page 1
OFFSET PRINT LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 Compliance, quality & service ∙BRCGS Packaging Materials A grade at 2024 audit ∙For Life CSR standard certified since 2020 ∙Platinum members of the BPIF ∙SEDEX members for ethical sourcing ∙ISO9001 certified ∙Packaging design award for accessible packaging Environment ∙4 electric car charging points installed in 2022 ∙Salary sacrifice electric car scheme available for all employees after 1 year of employment ∙All company cars are hybrid electric/petrol vehicles ∙FSC and PEFC certified ∙ISO14001 certified ∙Zero Waste to Landfill certified ∙LED lighting installed in factory in 2018 ∙Energy efficient ‘green’ evaporative cooler systems installed in March 2023 HR ∙Continual development of staff, both in-house and through recognised professional bodies ∙Promote from within with full training and support ∙Employ 5 apprentices through the Government apprenticeship scheme ∙Employee benefits package including free legal and counselling services, discounts on shopping, health & fitness, etc Page 2
OFFSET PRINT LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
Principal risks and uncertainties
The directors have considered the principal risks and uncertainties faced by the Group. These are as follows: Business risk We have addressed areas of risk where possible and to remain competitive, Offset Print and Packaging holds ISO9001 and ISO14001, which are a prerequisite for many existing and potential customers. We also hold BRC, FSC, PEFC, Zero Waste to Landfill & For Life accreditations. Financial risk The Group continues to develop regular financial and budgeting procedures which are reviewed by the directors to assess and manage the performance of the Company and Group at a critical level, together with liquidity and other financial risks. The Group’s credit risk is managed within its debt management policy which is aimed at minimizing losses by offering appropriate credit terms to each individual customer based on their credit worthiness. Legislative and regulatory risk The Group operates within multiple legal jurisdictions, primarily the UK and the Netherlands, and is subject to both UK and EU legislation. The differing and evolving regulatory frameworks, particularly in relation to post Brexit trade rules, may result in increased compliance costs, operational adjustments, and potential barriers to trade. Changes in EU or UK legislation could affect market access, product certification requirements, and cross-border supply chains. The Group actively monitors regulatory developments, engages with local advisers in both jurisdictions, and implements compliance measures to mitigae the potential impact of legislative changes on business continuity and competitiveness. This report was approved by the board and signed on its behalf.
................................................ A. Alzamora Planaguma Director
Date: 28 October 2025
Page 3
OFFSET PRINT LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 APRIL 2025 The directors present their report and the financial statements for the year ended 30 April 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £2,593,891 (2024 - £3,441,415). Dividends of £Nil (2024 - £Nil) were declared and paid in the year.
Directors
The directors who served during the year were:
H. J. Jarvis (resigned 29 October 2024)
E. A. Bone (resigned 29 October 2024)
V. I. Brearey (resigned 29 October 2024)
A. Alzamora Planaguma (appointed 29 October 2024)
Matters covered in the Group strategic report
Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Group's principal activity, and principle risks and uncertainties. Page 4
OFFSET PRINT LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditor
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ A. Alzamora Planaguma Director
Date: 28 October 2025
Page 5
OFFSET PRINT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT LIMITED
Opinion
We have audited the financial statements of Offset Print Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2025, which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Balance sheets, the Consolidated Statement of cash flows, the Consolidated and Company Statement of changes in equity and the related notes, 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 Group's and of the parent Company's affairs as at 30 April 2025 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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. Page 6
OFFSET PRINT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT LIMITED (CONTINUED)
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.
Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Directors' report 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report. 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company 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. Page 7
OFFSET PRINT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 4, 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 Group's and the parent 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 Group or the parent 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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Enquiry of management around actual and potential litigation and claims; ∙Enquiry of management to identify any instances of non-compliance with laws and regulations; ∙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 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 bias; and ∙Reviewing minutes of meetings of those charged with governance 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditor's report. Page 8
OFFSET PRINT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT LIMITED (CONTINUED)
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. Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor) for and on behalf of MHA Statutory Auditor Maidstone United Kingdom 5 November 2025 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542) Page 9
OFFSET PRINT LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 23,428,969 | 24,211,545
Cost of sales |  | (16,250,345) | (16,944,764)
Gross profit |  | 7,178,624 | 7,266,781
Administrative expenses |  | (2,594,779) | (2,363,038)
Other operating income | 5 | 78,669 | 38,638
Operating profit before non-recurring costs | 6 | 4,662,514 | 4,942,381
Non-recurring costs |  | (1,024,387) | -
Total operating profit |  | 3,638,127 | 4,942,381
Income from fixed assets investments |  | 872 | 1,128
Interest receivable and similar income | 11 | 95,803 | 5,308
Interest payable and similar expenses | 12 | (192,583) | (243,237)
Other finance income |  | (9,703) | 2,128
Profit before tax |  | 3,532,516 | 4,707,708
Tax on profit | 13 | (938,625) | (1,266,293)
Profit for the financial year |  | 2,593,891 | 3,441,415
Profit for the year attributable to: |  |  |
Owners of the parent Company |  | 2,593,891 | 3,441,415
|  | 2,593,891 | 3,441,415
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 18 to 37 form part of these financial statements.
Page 10
OFFSET PRINT LIMITED REGISTERED NUMBER: 09375956 CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 15 |  | - |  | 123,379
Tangible assets | 16 |  | 6,411,449 |  | 7,018,797
|  |  | 6,411,449 |  | 7,142,176
Current assets |  |  |  |  |
Stocks | 18 | 1,722,752 |  | 2,292,679 |
Debtors: amounts falling due within one year | 19 | 4,460,293 |  | 5,080,530 |
Current asset investments | 20 | 60,046 |  | 71,481 |
Cash at bank and in hand | 21 | 4,725,810 |  | 3,196,490 |
|  | 10,968,901 |  | 10,641,180 |
Creditors: amounts falling due within one year | 22 | (3,412,494) |  | (3,921,925) |
Net current assets |  |  | 7,556,407 |  | 6,719,255
Total assets less current liabilities |  |  | 13,967,856 |  | 13,861,431
Creditors: amounts falling due after more than one year | 23 |  | (2,327,184) |  | (2,948,015)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 26 | (1,513,052) |  | (1,679,687) |
|  |  | (1,513,052) |  | (1,679,687)
Net assets |  |  | 10,127,620 |  | 9,233,729
Capital and reserves |  |  |  |  |
Called up share capital | 27 |  | 400,000 |  | 400,000
Capital redemption reserve | 28 |  | 2,804,000 |  | 2,804,000
Profit and loss account | 28 |  | 6,923,620 |  | 6,029,729
Equity attributable to owners of the parent Company |  |  | 10,127,620 |  | 9,233,729
|  |  | 10,127,620 |  | 9,233,729
Page 11
OFFSET PRINT LIMITED REGISTERED NUMBER: 09375956 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 APRIL 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ A. Alzamora Planaguma
Director
Date: 28 October 2025
The notes on pages 18 to 37 form part of these financial statements. Page 12
OFFSET PRINT LIMITED REGISTERED NUMBER: 09375956 COMPANY BALANCE SHEET AS AT 30 APRIL 2025
| 2025 | 2024
Note | £ | £
Fixed assets |  |  |
Investments | 17 | 9,013,516 | 9,013,516
|  | 9,013,516 | 9,013,516
Total assets less current liabilities |  | 9,013,516 | 9,013,516
Net assets |  | 9,013,516 | 9,013,516
Capital and reserves |  |  |
Called up share capital | 27 | 400,000 | 400,000
Capital redemption reserve | 28 | 2,804,000 | 2,804,000
Profit and loss account | 28 | 5,809,516 | 5,809,516
|  | 9,013,516 | 9,013,516
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ A. Alzamora Planaguma
Director
Date: 28 October 2025
The notes on pages 18 to 37 form part of these financial statements. Page 13
OFFSET PRINT LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 May 2023 | 400,000 | 2,804,000 | 2,588,314 | 5,792,314
Profit for the year | - | - | 3,441,415 | 3,441,415
At 1 May 2024 | 400,000 | 2,804,000 | 6,029,729 | 9,233,729
Profit for the year | - | - | 2,593,891 | 2,593,891
Dividends: Equity capital | - | - | (1,700,000) | (1,700,000)
At 30 April 2025 | 400,000 | 2,804,000 | 6,923,620 | 10,127,620
| The notes on pages 18 to 37 form part of these financial statements.
Page 14
OFFSET PRINT LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 May 2023 | 400,000 | 2,804,000 | 42 | 3,204,042
Profit for the year | - | - | 5,809,474 | 5,809,474
At 1 May 2024 | 400,000 | 2,804,000 | 5,809,516 | 9,013,516
Profit for the year | - | - | 1,700,000 | 1,700,000
Dividends: Equity capital | - | - | (1,700,000) | (1,700,000)
At 30 April 2025 | 400,000 | 2,804,000 | 5,809,516 | 9,013,516
| The notes on pages 18 to 37 form part of these financial statements.
Page 15
OFFSET PRINT LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,593,891 | 3,441,415
Adjustments for: |  |
Amortisation of intangible assets | 123,379 | 123,375
Depreciation of tangible assets | 826,607 | 806,902
Loss on disposal of tangible assets | 491 | (779,576)
Interest paid | 192,583 | 243,237
Interest and dividend received | (96,675) | (5,308)
Taxation charge | 938,625 | 1,266,293
Decrease in stocks | 569,927 | 1,865,066
Decrease/(increase) in debtors | 1,222,364 | (1,860,968)
(Increase)/decrease in amounts owed by groups | (602,127) | -
(Decrease) in creditors | (14,206) | (2,606,041)
Corporation tax (paid) | (1,431,560) | (284,808)
Loss/(gain) on listed investments | 11,435 | (2,128)
Net cash generated from operating activities | 4,334,734 | 2,207,459
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (220,269) | (330,397)
Sale of tangible fixed assets | 519 | 802,500
Interest received | 95,803 | 4,180
HP interest paid | (192,680) | (237,884)
Dividends received | 872 | 1,128
Net cash from investing activities | (315,755) | 239,527
Page 16
OFFSET PRINT LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Payment of principal element of lease liabilities | (789,756) | (1,102,020)
Dividends paid | (1,700,000) | -
Interest paid | 97 | (5,353)
Net cash used in financing activities | (2,489,659) | (1,107,373)
Net increase in cash and cash equivalents | 1,529,320 | 1,339,613
Cash and cash equivalents at beginning of year | 3,196,490 | 1,856,877
Cash and cash equivalents at the end of year | 4,725,810 | 3,196,490
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 4,725,810 | 3,196,490
| 4,725,810 | 3,196,490
The notes on pages 18 to 37 form part of these financial statements.
Page 17
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
Offset Print & Packaging Limited is a private company, limited by shares, incorporated in England and Wales in the United Kingdom. The address of the registered office is 188 Forstal Road, Aylesford, Kent, ME20 7DB. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis. No material uncertainties which may cast significant doubt about the Company and Group's ability to continue as a going concern have been identified by the directors.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP, rounded to the nearest £1. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 18
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of packaging Revenue from the sale of packaging is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.6 | Operating leases: the Group as lessee
Rentals payable under operating leases are charged to Statement of Comprehensive Income on a straight-line basis over the lease term. Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over there 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 those obligations is charged to the Consolidated Statement of Comprehensive Income over the relevant period. The capital element of future payments is treated as a liability. Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the Company. Rights to use assets and corresponding obligations to lessors under finance leases are recognised in the balance sheet as assets and liabilities at the lower of fair value of the assets and the present value of the minimum lease payments, determined at the inception of the lease. Lease payments are apportioned between finance charges and reduction of outstanding lease liabilities using the effective interest method, so as to produce a constant rate of interest on the remaining balance of the liabilities, Finance charges are recognised in the Consolidated statement of comprehensive income
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 19
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 20
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.11 | Intangible assets
Goodwill Goodwill arising on the acquisition of a business combination represents the excess of the cost of acquisition over the Company's interest in the new fair value of the identifiable assets, liabilities and contingent liabilities recognised at the date of acquisition. Amortisation Amortisation is provided so as to write off the cost or valuation, less any estimated residual value, over the expected useful economic life as follows: Subsidiary Goodwill - over 10 years
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% on cost, 10% on cost and 8.33% on cost
|  |  |  | Motor vehicles | - | 33% on cost
|  |  |  | Fixtures and fittings | - | 33% on cost, 25% on cost, 20% on cost and 10% on cost
|  |  |  | Computer equipment | - | 33% on cost, 25% on cost and 20% on cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. Page 21
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.14 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.15 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.16 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.17 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 22
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.19 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic 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 Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.20 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 23
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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. Revision to the accounting estimates are recognised in the period in which the estimate is revised if the revisions affect only that period, or in the period of revision and future periods if the revision affects both current and future periods. Key assumptions have been made regarding the life of assets and depreciation rates on plant and machinery at each reporting date, based on the expected utility of the assets and previous experience on the useful lives of depreciable assets. Assumptions have also been made by management regarding stock provisions and the net realisable value of stocks, taking into account the most reliable evidence available at each reporting date, which includes sales invoices issued after the year end.
4. | Turnover
| The turnover and profit before taxation are attributable to the one principal activity of the Group. The percentage of the Group's turnover relating to sales to or within Europe was 42.9% (2024: 47%), the balance for both years relating to the UK.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Waste recycling rebate | 76,968 | 38,010
| Sundry income | 1,701 | 628
|  | 78,669 | 38,638
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (10,410) | 79,616
| Other operating lease rentals | 387,500 | 225,000
Page 24
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
7. | Auditor's remuneration
| During the year, the Group obtained the following services from the Company's auditor in respect of:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| The audit of the consolidated and parent Company's financial statements | 10,470 | 5,350
| Fees payable to the Company's auditor in respect of: |  |
| Tax compliance services | 5,500 | 4,750
| The audit of the subsidiary Company's financial statements | 63,700 | 30,175
| Other non-audit services | 11,800 | 11,140
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 5,003,006 | 3,786,764
| Social security costs | 507,356 | 376,313
| Cost of defined contribution scheme | 198,680 | 88,691
|  | 5,709,042 | 4,251,768
| Included within staff costs are non-recurring bonus payments totalling £961,783 as a result of the sale of the Company in the year. These exceptional items are separately disclosed to provide clarity on the underlying recurring staff expenses. See note 14.
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Cost of sales | 72 | 75 | - | -
|  | Admin | 27 | 25 | 2 | 3
|  |  | 99 | 100 | 2 | 3
Page 25
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 107,097 | 209,931
| Group contributions to defined contribution pension schemes | 1,303 | 2,607
|  | 108,400 | 212,538
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
10. | Income from investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Income from current asset investments | 872 | 1,128
|  | 872 | 1,128
11. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank and other interest receivable | 95,803 | 5,308
|  | 95,803 | 5,308
12. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | (97) | 5,353
| Finance leases and hire purchase contracts | 192,680 | 237,884
|  | 192,583 | 243,237
Page 26
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
13. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 690,059 | 302,351
|  | 690,059 | 302,351
| Foreign tax |  |
| Foreign tax on income for the year | 415,201 | 501,975
|  | 415,201 | 501,975
| Total current tax | 1,105,260 | 804,326
| Deferred tax |  |
| Origination and reversal of timing differences | (166,635) | 461,967
| Total deferred tax | (166,635) | 461,967
|  | 938,625 | 1,266,293
Page 27
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 13.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,532,516 | 4,707,708
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 883,129 | 1,176,927
| Effects of: |  |
| Expenses not deductible for tax purposes | 53,263 | 83,390
| Other timing differences leading to an increase (decrease) in taxation | - | (281)
| Non-taxable income | (218) | -
| Other differences on foreign tax | 4,877 | 13,500
| Chargeable losses | (2,426) | -
| Movement in deferred tax not recognised | - | (7,243)
| Total tax charge for the year | 938,625 | 1,266,293
14. | Non-recurring items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bonuses | 961,783 | -
| Legal and professional | 59,744 | -
| Personal expenses of ex-shareholders | 2,860 | -
|  | 1,024,387 | -
| The non-recurring items are a result of the sale of Offset Print Group to Alzamora Group on 29 October 2024.
Page 28
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
15. | Intangible assets
| Group
|  | Goodwill
|  | £
| Cost |
| At 1 May 2024 | 1,233,754
| At 30 April 2025 | 1,233,754
| Amortisation |
| At 1 May 2024 | 1,110,375
| Charge for the year | 123,379
| At 30 April 2025 | 1,233,754
| Net book value |
| At 30 April 2025 | -
| At 30 April 2024 | 123,379
Page 29
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
16. | Tangible fixed assets
| Group
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 May 2024 | 9,475,280 | 75,424 | 750,046 | 306,235 | 10,606,985
| Additions | 65,950 | 38,900 | 88,111 | 27,308 | 220,269
| Disposals | (42,440) | - | (625) | (1,050) | (44,115)
| At 30 April 2025 | 9,498,790 | 114,324 | 837,532 | 332,493 | 10,783,139
| Depreciation |  |  |  |  |
| At 1 May 2024 | 3,036,669 | 27,546 | 249,656 | 274,317 | 3,588,188
| Charge for the year | 698,251 | 17,298 | 91,102 | 19,956 | 826,607
| Disposals | (42,440) | - | (169) | (496) | (43,105)
| At 30 April 2025 | 3,692,480 | 44,844 | 340,589 | 293,777 | 4,371,690
| Net book value |  |  |  |  |
| At 30 April 2025 | 5,806,310 | 69,480 | 496,943 | 38,716 | 6,411,449
| At 30 April 2024 | 6,438,611 | 47,878 | 500,390 | 31,918 | 7,018,797
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 4,701,618 | 5,177,842
| Motor vehicles | - | 21,315
|  | 4,701,618 | 5,199,157
Page 30
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
17. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 May 2024 | 9,013,516
| At 30 April 2025 | 9,013,516
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Offset Print & Packaging Limited (directly held) | 188 Forstal Road, Aylesford, Kent, England, ME20 7DB | Ordinary | 100%
| Offset Netherlands B.V. (directly held by Offset Print & Packaging Limited) | Castorstraat 8, Tilburg, 5047RC | Ordinary | 100%
18. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Finished goods | 547,716 | 526,059
| Raw materials | 886,022 | 1,342,491
| Work in progress | 289,014 | 424,129
|  | 1,722,752 | 2,292,679
| Stocks are shown net of a provision for obsolescence of £120,872 (2024: £98,775). No physical impairments have taken place.
Page 31
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
19. | Debtors
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Trade debtors | 3,408,345 | 3,720,627
| Amounts owed by group undertakings | 602,127 | -
| Other debtors | 50,781 | 1,297,867
| Prepayments and accrued income | 399,040 | 62,036
|  | 4,460,293 | 5,080,530
| Other debtors included amounts owed on invoice financing of £Nil (2024: £1,278,417).
20. | Current asset investments
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Listed investments | 60,046 | 71,481
|  | 60,046 | 71,481
21. | Cash and cash equivalents
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Cash at bank and in hand | 4,725,810 | 3,196,490
|  | 4,725,810 | 3,196,490
Page 32
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
22. | Creditors: Amounts falling due within one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Trade creditors | 1,704,175 | 1,635,257
| Corporation tax | 222,863 | 549,163
| Other taxation and social security | 351,690 | 608,709
| Obligations under finance lease and hire purchase contracts | 620,830 | 789,755
| Other creditors | 16,255 | 14,420
| Accruals and deferred income | 496,681 | 324,621
|  | 3,412,494 | 3,921,925
23. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Net obligations under finance leases and hire purchase contracts | 2,327,184 | 2,948,015
|  | 2,327,184 | 2,948,015
Page 33
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
24. | Leasing agreements
| Minimum lease payments fall due as follows: Group
|  | Hire purchase contracts 2025 | Hire purchase contracts 2024
|  | £ | £
| Gross obligations repayable |  |
| Within one year | 781,135 | 987,387
| Between one and five years | 2,621,023 | 2,769,651
| In more than five years | - | 632,507
|  | 3,402,158 | 4,389,545
| Finance charges repayable |  |
| Within one year | 160,305 | 197,633
| Between one and five years | 293,839 | 433,924
| In more than five years | - | 20,220
|  | 454,144 | 651,777
| Net obligations repayable |  |
| Within one year | 620,830 | 789,754
| Between one and five years | 2,327,184 | 2,335,728
| In more than five years | - | 612,287
|  | 2,948,014 | 3,737,769
Page 34
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
25. | Secured debts
| The following secured debts are included within creditors:
|  | 2025 | 2024
|  | £ | £
| Group |  |
| Obligations under finance lease and hire purchase contracts | 2,948,014 | 3,737,769
| Invoice financing | - | (1,278,417)
| Trade loans | - | -
|  | 2,948,014 | 2,459,352
| Invoice financing balances and bank loans of the Company were secured by a debenture including first fixed charge over book and other debts, and first floating charge over all assets. Net obligations under hire purchase and finance lease contracts are secured by fixed charges on the assets concerned. HSBC holds a debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future. The Company is party to an Unlimited Multilateral Guarantee also given by Offset Print Limited, and Offset Netherlands B.V.
26. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (1,679,687) | (1,217,720)
| Charged to profit or loss | 166,635 | (461,967)
| At end of year | (1,513,052) | (1,679,687)
Page 35
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 26.Deferred taxation (continued)
| Company
| At beginning of year | - | -
| At end of year | - | -
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (1,521,805) | (1,684,730)
| Other short-term timing differences | 2,811 | 1,527
| Fair value on listed investments | 5,942 | 3,516
|  | (1,513,052) | (1,679,687)
27. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 400,000 (2024 - 400,000) Ordinary shares of £1.00 each | 400,000 | 400,000
| Each share is entitled to one vote in any circumstance and each share is also entitled to dividend payments or any other distribution, including a distribution arising from a winding up of the Company.
28. | Reserves
Capital redemption reserve The capital redemption reserve represents the cumulative nominal value of cancelled share capital. Profit and loss account The profit and loss account represents accumulated comprehensive income for the period net of dividends and other adjustments. Page 36
OFFSET PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
29. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £198,680 (2024: £88,691). Contributions totalling £61,255 (2024: £14,420) were payable to the fund at the balance sheet date and are included in creditors.
30. | Commitments under operating leases
| At 30 April 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 375,000 | 387,500
| Later than 1 year and not later than 5 years | 750,000 | 1,125,000
|  | 1,125,000 | 1,512,500
31. | Related party transactions
| The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 (January 2022) 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group owned by Beralza S.L. Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. Other related party transactions There are no balances due to or from the directors or former directors of the Company at the year end (2024: £nil). During the year Offset Print & Packaging Limited leased a property from a company which is controlled by a director of Offset Print Limited until 29 October 2024. The rental charge for the year was £387,500 (2024: £231,010).
32. | Ultimate controlling party
The immediate parent company is Alzamora Group S.L., a company registered in Spain The ultimate controlling party, and the parent of the largest group for which consolidated financial statements are available is Beralza, S.L., a company registered in Spain. The financial statements for Beralza, S.L. are available from its registered office at Carretera Nacional, km 260,81 – Polígono Industrial Sant, 17857 Sant Joan les Fonts (Girona), Spain.
Page 37