REGISTERED NUMBER: 03730074 (England and Wales)

Page

Company Information  

1

Group Strategic Report  

2

Report of the Directors  

3

Report of the Independent Auditors  

5

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet  

10

Company Balance Sheet  

11

Consolidated Statement of Changes in Equity  

12

Company Statement of Changes in Equity  

13

Consolidated Cash Flow Statement  

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

K Sturdy

E Cavill

T Cavill

R M Cavill

SECRETARY:

M J Clayphan

REGISTERED OFFICE:

The View

Bridgehead Business Park

Hessle

East Yorkshire

HU13 0GD

REGISTERED NUMBER:

03730074 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

The directors present their strategic report of the company and the group for the year ended 30 April 2025.

REVIEW OF BUSINESS

The results for the period and financial position of the group are shown in the annexed financial statements.

During the year ended 30 April 2025, the group has met management expectations. Revenues have remained steady at £11.58 million for the year, and pre-tax profits excluding exceptional items have remained at £1.9 million. EBITDA rose slightly to £2.36 million.

The management team have set a target of becoming one of the UK's leading independent automation and print management specialists. Organic growth and growth by acquisition remain at the forefront of the groups plans in the upcoming financial year.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the group's strategy are subject to a number of risks. The directors consider the key business risks affecting the group to be market competition and the level of national economic growth.

The group is exposed to a number of financial risks that include the effects of commodity price risk, credit risk, liquidity risk and interest rate risk. The group has in place a number of risk management processes that seek to limit the adverse effect of these on its financial performance.

The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit which is reassessed annually by the board.

The group actively manages its working capital requirement to ensure that there are sufficient funds for its operations and planned expansion. The requirements for medium- and long-term debt finance are reviewed by the board of directors based on the group's forecasts.

KEY PERFORMANCE INDICATORS

The key performance indicators of the business are focussed on growth of its revenue streams by acquisition and organically.

ON BEHALF OF THE BOARD:

K Sturdy - Director

29 October 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2025.

PRINCIPAL ACTIVITIES

DIVIDENDS

During the year interim dividends totalling £1,210,000 were paid.

The directors recommend that no final dividend be paid.

The total distribution for the year ended 30th April 2025 will be £1,210,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2024 to the date of this report.

K Sturdy

E Cavill

T Cavill

R M Cavill

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year.  Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors,  Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

K Sturdy - Director

29 October 2025

Opinion

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the group 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 group's and 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-

the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

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

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

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were

indicative of potential bias; and

-

investigated the 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;

-

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

-

reviewing correspondence with relevant regulators and the company's legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

I R Lamb FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

29 October 2025

TURNOVER

3

11,586,385

11,701,998

Cost of sales

5,349,186

5,535,862

GROSS PROFIT

6,237,199

6,166,136

Distribution costs

2,506,904

2,260,010

Administrative expenses

1,967,101

2,120,912

4,474,005

4,380,922

1,763,194

1,785,214

Other operating income

73,681

95,116

OPERATING PROFIT

5

1,836,875

1,880,330

Profit on sale of associate

6

-

2,585,331

1,836,875

4,465,661

Interest receivable and similar income

143,914

137,962

1,980,789

4,603,623

Interest payable and similar expenses

7

83,350

91,553

PROFIT BEFORE TAXATION

1,897,439

4,512,070

Tax on profit

8

556,266

572,074

PROFIT FOR THE FINANCIAL YEAR

1,341,173

3,939,996

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

1,341,173

3,939,996

Profit attributable to:

Owners of the parent

1,341,173

3,939,996

Total comprehensive income attributable to:

Owners of the parent

1,341,173

3,939,996

FIXED ASSETS

Intangible assets

11

2,510,836

1,700,698

Tangible assets

12

2,036,523

2,066,624

Investments

13

-

-

Investment property

14

738,000

738,000

5,285,359

4,505,322

CURRENT ASSETS

Stocks

15

789,359

698,007

Debtors

16

3,391,200

3,503,482

Cash at bank and in hand

837,100

1,421,314

5,017,659

5,622,803

CREDITORS

Amounts falling due within one year

17

2,907,960

2,666,518

NET CURRENT ASSETS

2,109,699

2,956,285

TOTAL ASSETS LESS CURRENT

LIABILITIES

7,395,058

7,461,607

CREDITORS

Amounts falling due after more than one

year

18

(755,629

)

(960,008

)

PROVISIONS FOR LIABILITIES

22

(153,882

)

(147,275

)

NET ASSETS

6,485,547

6,354,324

CAPITAL AND RESERVES

Called up share capital

23

2,030

1,980

Capital redemption reserve

3,000,150

3,000,150

Retained earnings

3,483,367

3,352,194

SHAREHOLDERS' FUNDS

6,485,547

6,354,324

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

K Sturdy - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

1,700,818

1,748,739

Investments

13

8,814,971

10,324,306

Investment property

14

738,000

738,000

11,253,789

12,811,045

CURRENT ASSETS

Debtors

16

1,813,188

1,912,625

Cash at bank

910

7,663

1,814,098

1,920,288

CREDITORS

Amounts falling due within one year

17

2,211,342

4,073,275

NET CURRENT LIABILITIES

(397,244

)

(2,152,987

)

TOTAL ASSETS LESS CURRENT

LIABILITIES

10,856,545

10,658,058

CREDITORS

Amounts falling due after more than one

year

18

(755,629

)

(897,508

)

PROVISIONS FOR LIABILITIES

22

(100,653

)

(81,312

)

NET ASSETS

10,000,263

9,679,238

CAPITAL AND RESERVES

Called up share capital

23

2,030

1,980

Capital redemption reserve

3,000,150

3,000,150

Retained earnings

6,998,083

6,677,108

SHAREHOLDERS' FUNDS

10,000,263

9,679,238

Company's profit for the financial year

1,530,975

3,213,416

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

K Sturdy - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£   

£   

£   

£   

Balance at 1 May 2023

1,975

1,642,198

3,000,150

4,644,323

Changes in equity

Issue of share capital

5

-

-

5

Dividends

-

(2,230,000

)

-

(2,230,000

)

Total comprehensive income

-

3,939,996

-

3,939,996

Balance at 30 April 2024

1,980

3,352,194

3,000,150

6,354,324

Changes in equity

Issue of share capital

50

-

-

50

Dividends

-

(1,210,000

)

-

(1,210,000

)

Total comprehensive income

-

1,341,173

-

1,341,173

Balance at 30 April 2025

2,030

3,483,367

3,000,150

6,485,547