Inpress Precision Ltd Company accounts

COMPANY REGISTRATION NUMBER: 03556496

Inpress Precision Ltd

Financial Statements

31 December 2024

Inpress Precision Ltd

Financial Statements

Year ended 31 December 2024

Contents	Page

Strategic report	1

Directors' report	2

Independent auditor's report to the members	4

Statement of comprehensive income	8

Statement of financial position	9

Statement of changes in equity	10

Notes to the financial statements	11

Inpress Precision Ltd

Strategic Report

Year ended 31 December 2024

The directors present the strategic report for the year ending 31st December 2024. Performance The directors are able to report that during the trading period to the end of December 2024 the company was able to maintain its revenue in line with budget. Despite the significant challenges to supplies, most notably energy and raw materials, the company was able to react and maintain its profitability. The companies risk assessment process and documented mitigations were key in helping it plan during the various crises and remain a focus for governance going forward. The concerns that arise out of the various global geopolitical uncertainties could provide a number of opportunities for continued growth. Sustainability During this period the company also continued its extensive R&D work in its drive towards a more sustainable future. This has resulted in the expansion and strengthening of our management team with additions including a new chairperson. This puts the management team in a very strong position going forward to be able to take advantage of significant advances the company is making by investing in R&D in order to provide for growth and a more sustainable future. The company and its customers should reap the benefits of this over the next few years, with many opportunities for a circular economy. ESG The company has continued in its extensive ESG work, be it in the local community through our support of the local academy, supporting young people through further education as a part of the governments apprenticeship scheme or being a national leader in supporting the governments offender rehabilitation program. Investment During the year the company continued its investment program in new machinery in its drive towards a reduction in energy consumption to remain a provider of state of the art manufacturing. The operating facilities have had extensive refurbishment work carried out to improve energy efficiency and create a sound base to work from going forward.

This report was approved by the board of directors on 7 November 2025 and signed on behalf of the board by:

Mr W Powell

Director

Registered office:

1 Harwood Industrial Estate

Harwood Road

Littlehampton

West Sussex

BN17 7AU

Inpress Precision Ltd

Directors' Report

Year ended 31 December 2024

The directors present their report and the financial statements of the company for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

Mr W Powell
Mr H Powell

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 7 November 2025 and signed on behalf of the board by:

Mr W Powell

Director

Registered office:

1 Harwood Industrial Estate

Harwood Road

Littlehampton

West Sussex

BN17 7AU

Inpress Precision Ltd

Independent Auditor's Report to the Members of Inpress Precision Ltd

Year ended 31 December 2024

Opinion

We have audited the financial statements of Inpress Precision Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, 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 FRS 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 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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, 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' responsibilities statement, 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. 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: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general auditing and accounting experience and through discussion with the directors and other management (as required by auditing standards), the polices and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statement, for instance through the imposition of fines or litigation. We indemnified areas as those most likely to have such an effect such as anti bribery and certain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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. 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. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Other information

The financial statements of the company for the year ended 31 December 2021 were unaudited. We have followed auditing standards in accordance with ISA (UK) 705 in obtaining sufficient appropriated audit evidence regarding the opening balances.

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.

Thomas William McManners BSC ACA ACMI

(Senior Statutory Auditor)

For and on behalf of

TTCA Ltd

Chartered accountants & statutory auditor

269 Farnborough Road

Farnborough

Hampshire

GU14 7LY

7 November 2025

Inpress Precision Ltd

Statement of Comprehensive Income

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	5,336,643	6,098,141

Cost of sales	2,981,632	3,132,132
	------------	------------
Gross profit	2,355,011	2,966,009

Distribution costs		161,222	251,103
Administrative expenses		2,246,578	2,087,412
Other operating income	5	160,884	16,560
		------------	------------
Operating profit	6	108,095	644,054

Other interest receivable and similar income	9	10,999	475
Interest payable and similar expenses	10	136,977	91,217
		------------	------------
(Loss)/profit before taxation		( 17,883)	553,312

Tax on (loss)/profit	11	( 275,691)	88,625
		---------	---------
Profit for the financial year		257,808	464,687
		---------	---------

Revaluation of tangible assets	–	57,299
	---------	---------
Total comprehensive income for the year	257,808	521,986
	---------	---------

All the activities of the company are from continuing operations.

Inpress Precision Ltd

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	13	213,835	149,830
Tangible assets	14	2,824,423	4,008,610
		------------	------------
		3,038,258	4,158,440

Current assets

Stocks	15	163,615	510,175
Debtors	16	1,468,116	1,186,758
Cash at bank and in hand		–	137,271
		------------	------------
		1,631,731	1,834,204

Creditors: amounts falling due within one year	17	1,879,312	2,045,356
		------------	------------
Net current liabilities		247,581	211,152
		------------	------------
Total assets less current liabilities		2,790,677	3,947,288

Creditors: amounts falling due after more than one year	18	775,322	1,218,483

Provisions	20	489,103	764,794
		------------	------------
Net assets		1,526,252	1,964,011
		------------	------------

Capital and reserves

Called up share capital	24	2	2
Revaluation reserve	25	1,440,914	1,481,207
Profit and loss account	25	85,336	482,802
		------------	------------
Shareholders funds		1,526,252	1,964,011
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 7 November 2025 , and are signed on behalf of the board by:

Mr W Powell

Director

Company registration number: 03556496

Inpress Precision Ltd

Statement of Changes in Equity

Year ended 31 December 2024

			Called up share capital	Revaluation reserve	Profit and loss account	Total
Note			£	£	£	£
At 1 January 2023			2	1,464,201	408,868	1,873,071

Profit for the year					464,687	464,687
Other comprehensive income for the year:
	Revaluation of tangible assets	14	–	57,299	–	57,299
	Reclassification from revaluation reserve to profit and loss account		–	( 40,293)	40,293	–
			----	------------	---------	------------
Total comprehensive income for the year			–	17,006	504,980	521,986

Dividends paid and payable		12	–	–	( 431,046)	( 431,046)
			----	------------	---------	------------
Total investments by and distributions to owners			–	–	( 431,046)	( 431,046)

At 31 December 2023			2	1,481,207	482,802	1,964,011

Profit for the year					257,808	257,808
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account		–	( 40,293)	40,293	–
			----	------------	---------	------------
Total comprehensive income for the year			–	( 40,293)	298,101	257,808

Dividends paid and payable		12	–	–	( 695,567)	( 695,567)
			----	----	---------	---------
Total investments by and distributions to owners			–	–	( 695,567)	( 695,567)

			----	------------	---------	------------
At 31 December 2024			2	1,440,914	85,336	1,526,252
			----	------------	---------	------------

Inpress Precision Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Harwood Industrial Estate, Harwood Road, Littlehampton, West Sussex, BN17 7AU.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Inpress Holdings Ltd which can be obtained from 1 Harwood Industrial Estate, Harwood Road, Littlehampton, West Sussex, BN17 7AU. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	20% straight line
Development costs	-	20% straight line
Patents, trademarks and licences	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% Straight line on buildings. Land is revalued to fair value
Plant and machinery	-	14 years straight line. Plant is revalued to fair value
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	5,336,643	6,098,141
	------------	------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2024	2023
	£	£
Government grant income	–	4,477
Other operating income	160,884	12,083
	---------	--------
	160,884	16,560
	---------	--------

6. Operating profit

Operating profit or loss is stated after charging:

	2024	2023
	£	£
Amortisation of intangible assets	67,165	30,642
Depreciation of tangible assets	252,388	300,292
Loss on disposal of tangible assets	160,199	14,737
Foreign exchange differences	3,034	3,644
	---------	---------

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	68	66
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	1,595,742	1,530,191
Social security costs	146,702	122,051
Other pension costs	59,959	43,968
	------------	------------
	1,802,403	1,696,210
	------------	------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	26,399	24,114
	--------	--------

9. Other interest receivable and similar income

	2024	2023
	£	£
Interest on cash and cash equivalents	10,999	475
	--------	----

10. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	136,977	91,217
	---------	--------

11. Tax on (loss)/profit

Major components of tax (income)/expense

	2024	2023
	£	£

Current tax:

UK current tax expense	–	33,592

Deferred tax:

Origination and reversal of timing differences	( 275,691)	55,033
	---------	--------
Tax on (loss)/profit	( 275,691)	88,625
	---------	--------

Reconciliation of tax (income)/expense

The tax assessed on the (loss)/profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).

	2024	2023
	£	£
(Loss)/profit on ordinary activities before taxation	( 17,883)	553,312
	--------	---------
(Loss)/profit on ordinary activities by rate of tax	( 4,471)	130,028
Effect of expenses not deductible for tax purposes	4,404	3,311
Effect of capital allowances and depreciation	( 205,323)	27,705
Effect of revenue exempt from tax	( 36,429)	–
Utilisation of tax losses	6,434	( 5,566)
Unused tax losses	–	( 37,703)
Research and Development credit	( 40,306)	( 29,150)
	---------	---------
Tax on (loss)/profit	( 275,691)	88,625
	---------	---------

12. Dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	695,567	431,046
	---------	---------

13. Intangible assets

	Goodwill	Development costs	Patents, trademarks and licences	Total
	£	£	£	£
Cost
At 1 January 2024	251,165	597,681	–	848,846
Additions	–	–	8,379	8,379
Additions from internal developments	–	122,791	–	122,791
	---------	---------	-------	---------
At 31 December 2024	251,165	720,472	8,379	980,016
	---------	---------	-------	---------
Amortisation
At 1 January 2024	251,165	447,851	–	699,016
Charge for the year	–	65,489	1,676	67,165
	---------	---------	-------	---------
At 31 December 2024	251,165	513,340	1,676	766,181
	---------	---------	-------	---------
Carrying amount
At 31 December 2024	–	207,132	6,703	213,835
	---------	---------	-------	---------
At 31 December 2023	–	149,830	–	149,830
	---------	---------	-------	---------

14. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	2,478,728	2,488,173	153,613	5,120,514
Additions	11,859	131,115	–	142,974
Disposals	–	( 1,348,170)	–	( 1,348,170)
	------------	------------	---------	------------
At 31 December 2024	2,490,587	1,271,118	153,613	3,915,318
	------------	------------	---------	------------
Depreciation
At 1 January 2024	200,210	826,096	85,598	1,111,904
Charge for the year	52,986	182,398	17,004	252,388
Disposals	–	( 273,397)	–	( 273,397)
	------------	------------	---------	------------
At 31 December 2024	253,196	735,097	102,602	1,090,895
	------------	------------	---------	------------
Carrying amount
At 31 December 2024	2,237,391	536,021	51,011	2,824,423
	------------	------------	---------	------------
At 31 December 2023	2,278,518	1,662,077	68,015	4,008,610
	------------	------------	---------	------------

Tangible assets held at valuation

Fixed assets are shown on a revalued basis. Land and Buildings are shown at a directors valuation. Plant and Machinery are valued by the directors .

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 December 2024	40,574
	--------
At 31 December 2023	51,408
	--------

15. Stocks

	2024	2023
	£	£
Raw materials and consumables	163,615	510,175
	---------	---------

16. Debtors

	2024	2023
	£	£
Trade debtors	385,756	660,033
Amounts owed by group undertakings	768,925	151,550
Prepayments and accrued income	179,842	225,978
Other debtors	133,593	149,197
	------------	------------
	1,468,116	1,186,758
	------------	------------

17. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	109,567	130,614
Trade creditors	730,200	659,137
Accruals and deferred income	311,706	340,657
Social security and other taxes	206,627	81,456
Obligations under finance leases and hire purchase contracts	34,609	16,861
Director loan accounts	130,000	150,000
Other creditors	356,603	666,631
	------------	------------
	1,879,312	2,045,356
	------------	------------

Included within Other Creditors there is £308,482 (2023: £574,215) of Factoring liabilities, secured against the companies sales ledger. Included within Other Creditors is £39,311 (2023: £61,161) of a sale and leaseback arrangement, secured against the assets of the company.

18. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	722,124	826,659
Obligations under finance leases and hire purchase contracts	21,753	32,158
Other creditors	31,445	359,666
	---------	------------
	775,322	1,218,483
	---------	------------

Included within Other Creditors is £31,445 (2023: £117,295) of a sale and leaseback arrangement, secured against the assets of the company.

19. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2024	2023
	£	£
Not later than 1 year	34,609	16,861
Later than 1 year and not later than 5 years	21,753	32,158
	--------	--------
	56,362	49,019
	--------	--------

20. Provisions

	Deferred tax (note 21)
	£
At 1 January 2024	764,794
Charge against provision	( 275,691)
	---------
At 31 December 2024	489,103
	---------

21. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 20)	489,103	764,794
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	108,368	395,925
Revaluation of tangible assets	380,735	368,869
	---------	---------
	489,103	764,794
	---------	---------

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 59,959 (2023: £ 43,968 ).

23. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2024	2023
	£	£

Recognised in other operating income:

Government grants recognised directly in income	–	4,477
	----	-------

24. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

25. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.

26. Related party transactions

During the year, goods and services amounting to £108,226 (exc VAT) were supplied to directors. Of this, £108,226 remained uninvoiced at the year end. During the year the company transferred assets with a value of £917,797 to Sharpak Healthcare Limited, a company controlled by Sharpak Holdings Ltd. Included within these assets were plant and machinery upon which secured loans of £82,916 remained outstanding at the year end. These loans are shown within the books of Sharpak Healthcare Ltd as the directors feel that the rights and obligations upon both the asset and loans have been transferred to Sharpak Healthcare Ltd. The secured loans remain legally in the name of Inpress Precision Ltd and were repaid in full after the year end.

27. Controlling party

The company is controlled by its parent company Sharpak Group Holding Ltd (formally known as Inpress Holding Ltd). These accounts are consolidated in to the parent company's group accounts. The address of Sharpak Group Holding Ltd is 1 Harwood Industrial Estate, Harwood Road, Littlehampton, West Sussex, BN17 7AU