Company registration number 02509525 (England and Wales)
T.A.L.L. SECURITY PRINT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
T.A.L.L. SECURITY PRINT LIMITED
CONTENTS
Page
Independent auditor's report
1 - 4
Balance sheet
5
Statement of changes in equity
6
Notes to the financial statements
7 - 16
T.A.L.L. SECURITY PRINT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF T.A.L.L. SECURITY PRINT LIMITED
- 1 -
Qualified Opinion

We have audited the financial statements of T.A.L.L. Security Print Limited (the 'company') for the year ended 31 December 2024 which comprise , the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the matter described in the basis for qualified opinion section of our report, 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; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We were unable to obtain sufficient appropriate audit evidence regarding the stock valuation held at 31 December 2023, which is included in the balance sheet at £971,298. This limitation arises because the audit opinion on the prior year financial statements was qualified in respect of stock valuation. Notwithstanding the prior year adjustment to stock valuation, we were unable to satisfy ourselves regarding the opening stock position by alternative audit procedures.

Since opening stocks affect the determination of the results of operations, we were unable to determine whether adjustments to the results of operations and opening retained earnings might be necessary for the year ended 31 December 2024. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures.

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 qualified opinion.

Emphas e s of Matter

Basis of preparation

We draw attention to note 1.2 in the financial statements, which explains the directors have taken the strategic decision which will likely lead to a transfer of some or all of the company’s trade, assets and liabilities to the group's parent company, Parseq Limited, and therefore do not consider it appropriate to adopt the going concern basis of accounting. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter.

Prior year restatements

As discussed in note 1.15 and note 15 to the financial statements, the company has restated its comparative financial information for the year ended 31 December 2023 to correct for the following matters: to write off obsolete stock, remove incorrectly capitalised fixed assets, recognise intercompany sales, recognise an intercompany management charge and correct the timing of revenue to recognise in the correct period. Our opinion is not modified in respect of these matters.

T.A.L.L. SECURITY PRINT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF T.A.L.L. SECURITY PRINT LIMITED (CONTINUED)
- 2 -

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.

As described in the basis for qualified opinion section of our report, opening inventory was subject to a qualification. We have concluded that the other information may be materially misstated for the same reason with respect to the amounts or other items in the annual report affected by opening inventory and the impact on the current period.

Opinions on other matters prescribed by the Companies Act 2006

Except for the effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

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

- the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the effects of the matter described in the basis for qualified opinion section of our report, 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 directors' report.

As a result of the matter described in the basis for qualified opinion section of our report, we report:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; and

- we have not received all the information and explanations we require for our audit.

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:

- 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

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

T.A.L.L. SECURITY PRINT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF T.A.L.L. SECURITY PRINT LIMITED (CONTINUED)
- 3 -
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.

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

- the senior stat utory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the trade;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company;

- we assessed the extent of compliance with the laws and regulations considered above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

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

To address the risks of fraud through management bias and override controls, we:

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

- tested journal entries to identify unusual transactions;

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

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

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

- discussions with senior management regarding relevant regulations and reviewing the company’s legal and professional fees.

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

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

T.A.L.L. SECURITY PRINT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF T.A.L.L. SECURITY PRINT LIMITED (CONTINUED)
- 4 -

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

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.

Rachel Heath (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
Albert Works
Sidney Street
Sheffield
S1 4RG
16 January 2026
T.A.L.L. SECURITY PRINT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 5 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
389,900
491,877
Current assets
Stocks
770,910
971,298
Debtors
6
2,232,307
1,839,524
Cash at bank and in hand
87,511
116,709
3,090,728
2,927,531
Creditors: amounts falling due within one year
7
(1,730,952)
(1,971,993)
Net current assets
1,359,776
955,538
Total assets less current liabilities
1,749,676
1,447,415
Creditors: amounts falling due after more than one year
8
-
0
(15,173)
Provisions for liabilities
(57,000)
(35,000)
Net assets
1,692,676
1,397,242
Capital and reserves
Called up share capital
280,000
280,000
Share premium account
40,000
40,000
Profit and loss reserves
1,372,676
1,077,242
Total equity
1,692,676
1,397,242

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 16 January 2026 and are signed on its behalf by:
R Littlewood
Director
Company registration number 02509525 (England and Wales)
T.A.L.L. SECURITY PRINT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
280,000
40,000
1,091,167
1,411,167
Year ended 31 December 2023:
Loss and total comprehensive income as restated
-
-
(13,925)
(13,925)
Balance at 31 December 2023 as restated
280,000
40,000
1,077,242
1,397,242
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
295,434
295,434
Balance at 31 December 2024
280,000
40,000
1,372,676
1,692,676
T.A.L.L. SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
1
Accounting policies
Company information

T.A.L.L. Security Print Limited is a private company limited by shares incorporated in England and Wales. The registered office is Parseq Lowton Way, Hellaby, Rotherham, South Yorkshire, S66 8RY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

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

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

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

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

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

1.2
Going concern

Subsequent to the balance sheet date, the directors have taken the strategic decision which will likely lead to a transfer of some or all of the company’s trade, assets and liabilities to the group's parent company, Parseq Limited, and therefore do not consider it appropriate to adopt the going concern basis of accounting. Accordingly, the financial statements have been prepared on a basis other than going concern. This change in basis of preparation does not result in any restatement of figures.true

1.3
Turnover

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

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

T.A.L.L. SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 8 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

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

1.5
Tangible fixed assets

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

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

Plant and equipment
2-10 years straight line
Fixtures and fittings
10 years striaght line

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

1.6
Impairment of fixed assets

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

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

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

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

T.A.L.L. SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 9 -
1.7
Stocks

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

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

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

1.8
Cash and cash equivalents

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

1.9
Financial instruments

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

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

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

T.A.L.L. SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.10
Equity instruments

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

1.11
Taxation

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

Current tax

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

Deferred tax

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

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

1.12
Employee benefits

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

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

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

1.13
Retirement benefits

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

1.14
Leases

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

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

T.A.L.L. SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -

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

1.15

Prior year restatement

Basis of Restatement

During the current year, management identified that income and expenditure relating to intercompany transactions between the three subsidiary companies of the TALL Group of Companies Limited, comprising of Checkprint Limited, DLRT Limited, and T.A.L.L. Security Print Limited, that had not been appropriately allocated in prior periods. Specifically, transactions were not recorded in the entity in which the underlying economic activity occurred. As a result, the standalone financial statements did not accurately reflect the financial performance of the individual entities.

Nature of Adjustment

To ensure that income and expenditure are recognised in the correct legal entities, a prior year adjustment has been made to reallocate intercompany transactions. This adjustment aligns the financial statements with the economic substance of the transactions.

The statement of comprehensive income has been restated to account for intercompany sales of £1,485,002 and management charges of £247,974 not previously recorded. The net impact is an increase in profit of £1,237,028.

The prior year stock balance has been restated to write off stock that was obsolete at the accounting reference date. The net impact of this is a reduction in stock value of £149,873.

A prior year adjustment has been made to remove a fixed asset addition that was capitalised when the correct treatment should have been to expense the costs. This has resulted in an increase in the loss incurred in the 2023 financial statements by £100,000.

A prior year adjustment has been made to recognise revenue that had been incorrectly recognised in the 2024 financial year. This has resulted in an increase of £27,500 in revenue for 2023.

T.A.L.L. SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2
Judgements and key sources of estimation uncertainty

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

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

Key Sources of Estimation Uncertainty

The allocation of labour and overheads to stock involves the use of estimates and judgements, particularly in determining:

- The normal capacity of production facilities for the allocation of fixed overheads.

- The applicable labour and overheads.

- The basis for allocating overheads (e.g., machine hours, labour hours).

- The assessment of net realisable value, which may require judgement in estimating selling prices and costs to complete and sell.

Management reviews the basis and rates of overhead absorption annually to ensure they remain appropriate.

Where actual production is significantly lower than normal capacity, unallocated overheads are recognised as an expense in the period in which they are incurred.

Applicable labour and overheads - key judgement

Management consider that the applicable labour and overheads include all labour and overheads within the three subsidiary companies of the TALL Group of Companies Limited comprising Checkprint Limited, DLRT Limited, and T.A.L.L. Security Print Limited.

This is considered the most appropriate measure of the cost of producing stock, on the basis that the three companies are managed as a single entity.

3
Employees

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

2024
2023
Number
Number
Total
42
45
T.A.L.L. SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
103,200
Amortisation and impairment
At 1 January 2024 and 31 December 2024
103,200
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
5
Tangible fixed assets
Plant and machinery etc
as restated
£
Cost
At 1 January 2024 as restated
4,165,477
Additions
23,210
Disposals
(273,199)
At 31 December 2024
3,915,488
Depreciation and impairment
At 1 January 2024
3,673,600
Depreciation charged in the year
117,172
Eliminated in respect of disposals
(265,184)
At 31 December 2024
3,525,588
Carrying amount
At 31 December 2024
389,900
At 31 December 2023 as restated
491,877
6
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Trade debtors
425,075
722,715
Amounts owed by group undertakings
1,708,171
1,018,944
Other debtors
99,061
97,865
2,232,307
1,839,524
T.A.L.L. SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
683,210
568,614
Amounts owed to group undertakings
577,106
873,312
Taxation and social security
45,519
33,380
Other creditors
425,117
496,687
1,730,952
1,971,993

Included within other creditors is an amount due to Bibby Financial Services Limited of £170,834 ( 2023: £167,499). This balance is secured by a cross guarantee and indemnity between: T.A.L.L Security Print Limited, Checkprint Limited, DLRT Limited and Parseq Limited. Additional security is provided by a personal guarantee from the ultimate controlling party.

Other creditors includes obligations under hire purchase agreements totalling £14,413 (2023: £30,875). The related hire purchase liabilities are secured on the assets to which they relate.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
15,173

Other creditors are in respect of obligations under hire purchase agreements. The related hire purchase liabilities are secured on the assets to which they relate.

9
Operating lease commitments
Lessee

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

2024
2023
as restated
£
£
932,048
1,063,740
10
Related party transactions

The company has taken advantage of the exemptions in FRS102 1A from disclosing transactions with other members of the group.

T.A.L.L. SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
11
Parent company

The company's immediate parent company is The Tall Group of Companies Limited, incorporated in England and Wales.

The smallest group of undertakings, including the company, for which group accounts have been drawn up is that headed by Parseq Limited. A company incorporated in England and Wales.

The ultimate parent is Parabellum Investments Limited, incorporated in Jersey.

The ultimate controlling party is Rami Cassis.

12
Post balance sheet event

Subsequent to the balance sheet date, the directors have taken the strategic decision which will likely lead to a transfer of some or all of the company’s trade, assets and liabilities to the group's parent company, Parseq Limited. The legal implementation timeline is yet to be determined.

13
Prior year qualification

The financial statements for the year ended 31 December 2023 were subject to a qualified opinion due to a limitation of scope regarding inventory valuation. The previous auditor was unable to materially verify the valuation of inventory at year end. For the year ended 31 December 2024, the current auditor is satisfied that valuation of inventory is materially correct following additional work performed by management.

14
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Remove capital addition
-
(100,000)
Intercompany sales
-
1,485,002
Management charge
-
(247,974)
Stock write-off
-
(149,873)
Revenue recognition adjustment
-
27,500
Total adjustments
-
1,014,655
Equity as previously reported
1,411,167
382,587
Equity as adjusted
1,411,167
1,397,242
Analysis of the effect upon equity
Profit and loss reserves
-
1,014,655
T.A.L.L. SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Prior period adjustment
(Continued)
- 16 -
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Remove capital addition
(100,000)
Intercompany sales
1,485,002
Management charge
(247,974)
Stock write-off
(149,873)
Revenue recognition adjustment
27,500
Total adjustments
1,014,655
Loss as previously reported
(1,028,580)
Loss as adjusted
(13,925)
Notes to reconciliation

A prior year adjustment has been made upon the identification of expenditure that did not meet the requirements of FRS section 15 and as such have now been expensed. The impact of this is an increase in the loss incurred in the 2023 financial statements of £100,000 and decreased reserves brought forward of £100,000.

During the current year, management identified that income and expenditure relating to intercompany transactions between the three subsidiary companies of the TALL Group of Companies Limited, comprising Checkprint Limited, DLRT Limited, and T.A.L.L. Security Print Limited, had not been appropriately allocated in prior periods. Specifically, transactions were not recorded in the entity in which the underlying economic activity occurred. As a result, the standalone financial statements did not accurately reflect the financial performance of the individual entities.

Nature of Adjustment

To ensure that income and expenditure are recognised in the correct legal entities, a prior year adjustment has been made to reallocate intercompany transactions. This adjustment aligns the financial statements with the economic substance of the transactions.

Impact on Financial Statements

Comparative figures for the prior year have been restated accordingly. The impact of the restatement is:

• Adjustments to revenue of £1,485,002 in relation to intercompany sales

• Adjustment to expenditure of £247,974 in relation to a management charge

• Changes to intercompany balances of £1,237,028.

During the current year management identified stock of £149,873 that was obsolete at both the 31 December 2023 and 31 December 2024. This was written off as a prior year adjustment.

The prior year stock balance has been restated to write off stock that was obsolete at the accounting reference date.

During the current year management identified revenue that should have been recognised in the prior year. This has resulted in an increase of £27,500 in revenue in 2023.

The total effect on retained earnings at the end of the comparative period £1,014,655.

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