Company registration number 01881167 (England and Wales)
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
COMPANY INFORMATION
Directors
J T Bacon
R G Bacon
M King
Secretary
J T Bacon
Company number
01881167
Registered office
Hadden Court
Glaisdale Parkway
Glaisdale Drive West
Nottingham
NG8 4GP
Auditor
UHY Hacker Young
14 Park Row
Nottingham
NG1 6GR
Business address
Hadden Court
Glaisdale Parkway
Glaisdale Drive West
Nottingham
NG8 4GP
Bankers
HSBC Bank PLC
The Square
Beeston
Nottingham
NG9 2AN
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11 - 12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 29
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The Directors present their strategic review for the year ended 30 April 2025.

Fair review of the business

The Directors are disappointed to report a loss after tax of £105,353.

The Sherwood Press is a focused low cost printing business operating in the carton board food packaging industry and the greeting card market. In a world of increased business risk, Sherwood is well positioned to manage risk through continual improvement and investment in its low cost model. During the year the company has invested £500,000 in a 3rd automated blanking machine and upgraded its IT function. This completes a £3.2m investment in its state of the art finishing facility over the last four years.

The key strategy is to build sustainable growth in sales and profits. This is achieved by having long term relationships with customers combined with investment to increase productivity and profitability. The Directors consider food packaging has long term growth potential and has recently invested additional sales and marketing resources in this market.

Principal risks and uncertainties

The cost of living crisis, the poor UK economic outlook and the threat of global trade tariffs has reduced demand for food packaging by 20% according to industry studies. Sherwood has not been immune to this downturn and has seen a decline in turnover of 4.6% from £12,374,354 to £11,798,541 during the year. The decline in turnover of £575,813 is the result of the general decline in volume across our key accounts.

On a more positive note, the global supply of board, energy and raw materials has now normalised allowing us to improve our gross margin to 19.33%.

The Investment programme in our finishing department has fully offset increased labour costs, due to the rise in minimum wage and the additional cost of employer’s national insurance. Production labour costs included within cost of sales as a percentage of turnover has decreased to 19.4% from 19.8% of turnover.

We regularly monitor the profitability of all accounts and implement productivity improvement processes where necessary. We completed the installation of 733 solar panels costing £250,000 to provide a further 14% reduction in our electricity requirements and meet an important environmental pledge to a key account. We are pleased to announce that we have recently been awarded the prestigious Ecovadis silver rating.

The continued investment in new technology to increase productivity and profitability was completed in August 2024 with additional die cutting and blanking machinery with full logistics at a cost £500,000. This investment will complete our plan to increase capacity by 30% and we will have a low cost finishing department considered best in class, funded with no external debt.

We had hoped to continue our investment programme in our print department during the year to April 2026, however, due to the continued poor outlook for the UK Economy, the decision has been paused until financial year ending April 2027 when we expect to have higher cash reserves.

THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -
Development and performance

The year to the 30 April 2025 (FY2025) was a tough year for the industry with the cost of living crisis and increased labour costs that could not be fully passed on to customers. Oversupply in the industry continued to depress the sales prices that could be negotiated with customers. Increased sales are key to improving the performance of the business in the future. Increased sales resources, new processes and an improved product mix have been implemented during the year to address this issue. The Directors are confident this strategy will increase both Sales and profitability in the Year to April 2026.

The greeting card market continues to grow in value, if not in volume, as it is less impacted by the economic cycle. People continue to celebrate life events, even in a cost of living crisis.

Turnover decreased by 4.7% to £11,798,541 from £12,374,354, however gross margin increased slightly by 0.51% from 1 8.82% to 19.33% due to productivity improvements through investment. We are utilising lean manufacturing techniques such as value mapping, SMED and 7 waste analysis to improve productivity at an account level, in order to drive gross margin improvement. The Directors are confident that the benefits of this strategy will positively impact the net profit as sales and margin rise.

The Directors are disappointed to report a loss before tax of £136,77 2. The loss arose mainly due to lower sales volumes. During the year we did undertake the re-organisation of the transport and distribution department, as we moved our model to doorstep deliveries to key customers. Unfortunately, this led to 3 redundancies. The re-organisation has led to cost savings for key accounts and contract extensions, as we integrate further with our most strategic accounts.

The Directors consider sales, gross margin and net profit as our key performance financial indicators, along with operational performance indicators such as ‘On Time in Full’ and ‘Cost of Quality’. Our OTIF measured 99.3% and our Cost of Quality was 0.32% of sales during the year.

As Managing Director I have continued to build an executive team to grow the company with further key appointments in Sales, Marketing and Commercial areas of the business. We are pleased to report that we are experiencing wins in competitive tendering processes, with recent wins on new business, as well as existing customer retention. This is testament to the strategy and culture of the business - that we are big enough to compete, but small enough to care. I have invested additional resources in the sales and marketing functions within the business.

We have recently published our 17th Corporate and Social Responsibility report which now includes our scope 1, 2 and 3 emissions. We were recently awarded a silver Ecovardis ESG status by a key customer and are committed to achieve their gold standard in the next 12 months. During the year we received the Gold Award in the Online Retail category in the Environmental Packaging Awards with our flower hydration pot for Bunches. We were also highly commended in the key “Carton Pack of the year” and “Environmental Pack of the year” at the prestigious Packaging Awards in London

The company has no particular pressure on its cashflows. The business has no external third party debt as at the signing date – with any funding for capital expenditure being provided by the Directors’ pension scheme. The company has cash reserves of £13 5,149 at the year end and the balance sheet stands at £3,886,025.

During the year (in April 2025) we retained our British Retail Consortium Accreditation – with a “AA+” standard hygiene rating, following a semi-unannounced audit. The site continues to be run in a safe and responsible manner.

THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -

On behalf of the board

R G Bacon
Director
3 September 2025
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Principal activities

The principal activity of the company continues to be that of manufacturers of cardboard food packaging and greeting cards.

Results and dividends

The results for the year are set out on page 10.

No interim dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

J T Bacon
R G Bacon
M King
Auditor

In accordance with the company's articles, a resolution proposing that UHY Hacker Young be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

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

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 of 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 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 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.

THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 5 -
Statement of disclosure to auditor

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

On behalf of the board
R G Bacon
Director
3 September 2025
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
- 6 -
Opinion

We have audited the financial statements of The Sherwood Press (Nottingham) Limited (the 'company') for the year ended 30 April 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK")) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE SHERWOOD PRESS (NOTTINGHAM) LIMITED (CONTINUED)
- 7 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

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

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE SHERWOOD PRESS (NOTTINGHAM) LIMITED (CONTINUED)
- 8 -
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.

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance related to the acts of the Company, including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and reducing losses.

Audit procedures performed included, but were not limited to:

- making enquiries of management on whether they had knowledge of any actual, suspected or alleged fraud;

- assessment of fraud prevention and detection procedures within the company;

- reviewing minutes of meetings of those charged with governance;

- evaluating whether journals posted gave indications of bias by the Directors;

- reviewing and testing the closing stock valuation;

- performed cut off testing either side of the year end, to confirm that revenue recognition is appropriate;

- making enquiry of management regarding actual and potential litigation and claims, or any potential breaches of laws and regulations; and

- gaining an understanding of the internal controls in place through performing walkthrough procedures.

There are inherent limitations in the audit procedures described above. In addition the further removed non-compliance is from the events and transactions reflected in the financial statements; the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE SHERWOOD PRESS (NOTTINGHAM) LIMITED (CONTINUED)
- 9 -

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.

Michael Carney
Senior Statutory Auditor
For and on behalf of UHY Hacker Young
4 September 2025
Chartered Accountants
Statutory Auditor
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
11,798,541
12,374,354
Cost of sales
(9,517,833)
(10,045,034)
Gross profit
2,280,708
2,329,320
Distribution costs
(639,014)
(733,665)
Administrative expenses
(1,748,740)
(1,724,002)
Other operating income
2,320
9,383
Operating loss
4
(104,726)
(118,964)
Interest payable and similar expenses
8
(32,046)
(37,436)
Loss before taxation
(136,772)
(156,400)
Tax on loss
9
31,419
21,097
Loss for the financial year
(105,353)
(135,303)
Other comprehensive income
Tax relating to other comprehensive income
1,221
1,095
Total comprehensive income for the year
(104,132)
(134,208)

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
3,123,848
3,068,649
Investments
11
255,340
255,340
3,379,188
3,323,989
Current assets
Stocks
13
1,767,426
1,588,727
Debtors
14
2,508,277
2,443,785
Cash at bank and in hand
135,149
264,209
4,410,852
4,296,721
Creditors: amounts falling due within one year
15
(3,589,690)
(3,283,588)
Net current assets
821,162
1,013,133
Total assets less current liabilities
4,200,350
4,337,122
Provisions for liabilities
Deferred tax liability
17
314,325
346,965
(314,325)
(346,965)
Net assets
3,886,025
3,990,157
Capital and reserves
Called up share capital
19
20,000
20,000
Share premium account
20
43,888
43,888
Revaluation reserve
20
178,407
182,070
Capital redemption reserve
20
2,224
2,224
Profit and loss reserves
20
3,641,506
3,741,975
Total equity
3,886,025
3,990,157
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2025
30 April 2025
- 12 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 3 September 2025 and are signed on its behalf by:
R G Bacon
Director
Company registration number 01881167 (England and Wales)
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 May 2023
20,000
43,888
185,354
2,224
3,872,899
4,124,365
Year ended 30 April 2024:
Loss for the year
-
-
-
-
(135,303)
(135,303)
Other comprehensive income:
Tax relating to other comprehensive income
-
-
1,095
-
-
0
1,095
Total comprehensive income for the year
-
0
-
0
1,095
-
0
(135,303)
(134,208)
Transfers
-
-
(4,379)
-
4,379
-
Balance at 30 April 2024
20,000
43,888
182,070
2,224
3,741,975
3,990,157
Year ended 30 April 2025:
Loss for the year
-
-
-
-
(105,353)
(105,353)
Other comprehensive income:
Tax relating to other comprehensive income
-
-
1,221
-
-
0
1,221
Total comprehensive income for the year
-
0
-
0
1,221
-
0
(105,353)
(104,132)
Transfers
-
-
(4,884)
-
4,884
-
Balance at 30 April 2025
20,000
43,888
178,407
2,224
3,641,506
3,886,025
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
276,224
138,939
Interest paid
(32,046)
(37,436)
Income taxes refunded
-
0
93,135
Net cash inflow from operating activities
244,178
194,638
Investing activities
Purchase of tangible fixed assets
(498,741)
(696,694)
Proceeds from disposal of tangible fixed assets
22,594
187,313
Net cash used in investing activities
(476,147)
(509,381)
Financing activities
Proceeds from borrowings
250,000
-
0
Proceeds/(repayment) of borrowings
(147,091)
(56,276)
Payment of finance leases obligations
-
0
(12,466)
Net cash generated from/(used in) financing activities
102,909
(68,742)
Net decrease in cash and cash equivalents
(129,060)
(383,485)
Cash and cash equivalents at beginning of year
264,209
647,694
Cash and cash equivalents at end of year
135,149
264,209
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 15 -
1
Accounting policies
Company information

The Sherwood Press (Nottingham) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hadden Court, Glaisdale Parkway, Glaisdale Drive West, Nottingham, NG8 4GP.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention modified to include the revaluation of certain tangible fixed assets at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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

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

Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

Rental income is accrued on a time basis, by reference to the agreements entered.

Commissions receivable are accrued on a time basis, when it is probable that economic benefits will flow to the entity and the value of the transaction can be measured reliably.

1.4
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.

THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 16 -

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Leasehold improvements
10% reducing balance basis
Plant and machinery
10%, 12.5% or 25% reducing balance basis
Fixtures and fittings
10% or 25% reducing balance basis
Motor vehicles
25% reducing balance basis

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

1.5
Fixed asset investments

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

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

1.6
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).

1.7
Stocks

Stocks and work in progress 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.

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.

THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 17 -
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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

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 SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 18 -
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.

1.13
Retirement benefits

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

1.14
Leases

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
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 19 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock absorption costing

I n determining the stock valuation of work in progress and finished goods, management have made judgements regarding the absorption of costs. Management consider that the majority of administration costs relate to production and this should be absorbed in to the valuation of work in progress and finished goods.

Depreciation

Management consider that the majority of plant and equipment has a relatively long economic useful life and which results in a depreciation charge of £366,916 (2024: £322,779). The original cost of plant and equipment at April 2025 was £6,119,028 and net book value of plant and equipment at 30 April 2025 was £2,671,952. Accordingly a 10% decrease to the assessment of the economic useful life would lead to an increase in the depreciation charge of approximately £37,945 in the year 30 April 2025.

Tax losses

The Directors consider that the company will make sufficient profits in the foreseeable future to utilise the £1,716,895 tax losses carried forward as at April 2025. This judgement supports the corresponding Deferred Tax Asset of £429,224.

THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 20 -
3
Turnover and other revenue

The whole of turnover is attributable to the company's principal activity.

2025
2024
£
£
Turnover analysed by geographical market
UK sales
11,787,341
12,363,754
EU sales
11,200
10,600
11,798,541
12,374,354
4
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Government grants
(2,320)
(2,320)
Depreciation of owned tangible fixed assets
418,355
389,737
Loss/(profit) on disposal of tangible fixed assets
2,593
(64,362)
Amortisation of intangible assets
-
8,000
Operating lease charges
170,000
147,900
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,700
24,175
6
Employees

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

2025
2024
Number
Number
Production staff
55
67
Office and management
9
9
Administration staff
13
13
Total
77
89
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,131,542
3,271,705
Pension costs
84,254
85,117
3,215,796
3,356,822
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
221,927
212,065
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
86,389
96,814
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
32,046
35,861
Other finance costs:
Interest on finance leases and hire purchase contracts
-
1,575
32,046
37,436
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 22 -
9
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
-
0
(2,522)
Deferred tax
Origination and reversal of timing differences
(31,419)
(18,575)
Total tax credit
(31,419)
(21,097)

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

2025
2024
£
£
Loss before taxation
(136,772)
(156,400)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(34,193)
(39,100)
Tax effect of expenses that are not deductible in determining taxable profit
1,004
871
Adjustments in respect of prior years
2,814
-
0
Under/(over) provided in prior years
(1,613)
(1,427)
Deferred tax adjustments in respect of prior years
(904)
-
0
Deferred tax on depreciation of revalued plant and machinery
550
611
Movement in deferred tax not recognised
923
17,948
Taxation credit for the year
(31,419)
(21,097)

In addition to the amount credited to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property, plant and equipment
(1,221)
(1,095)

The company had tax trading losses of £1,716,895 to carry forward (2024: £1,485,459).

THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 23 -
10
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2024
37,265
6,119,028
1,367,375
359,370
7,883,038
Additions
15,990
366,916
92,472
23,363
498,741
Disposals
-
0
(21,901)
(30,318)
(122,016)
(174,235)
At 30 April 2025
53,255
6,464,043
1,429,529
260,717
8,207,544
Depreciation and impairment
At 1 May 2024
15,261
3,456,618
1,077,941
264,569
4,814,389
Depreciation charged in the year
2,631
352,393
34,143
29,188
418,355
Eliminated in respect of disposals
-
0
(16,920)
(18,516)
(113,612)
(149,048)
At 30 April 2025
17,892
3,792,091
1,093,568
180,145
5,083,696
Carrying amount
At 30 April 2025
35,363
2,671,952
335,961
80,572
3,123,848
At 30 April 2024
22,004
2,662,410
289,434
94,801
3,068,649

The directors deem the valuation of the assets to be reasonable as at 30 April 2025.

11
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
12
255,340
255,340
12
Subsidiaries

Separate company financial statements are required to be prepared by law. Consolidated financial statements for Sherwood Press (Holdings) Limited are prepared and are publicly available.

Details of the company's subsidiaries at 30 April 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held direct
Flexeprint (UK) Limited
United Kingdom
Dormant company
Ordinary
100
Gordon Graphics Limited
United Kingdom
Dormant company
Ordinary
100
Milford Printers Limited
United Kingdom
Dormant company
Ordinary
100
Pura Packaging Limited
United Kingdom
Dormant company
Ordinary
100
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 24 -
13
Stocks
2025
2024
£
£
Raw materials and consumables
327,531
335,504
Work in progress
544,274
323,423
Finished goods and goods for resale
895,621
929,800
1,767,426
1,588,727
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,878,295
1,774,895
Amounts owed by group undertakings
16,243
10,535
Other debtors
448,571
453,917
Prepayments and accrued income
165,168
204,438
2,508,277
2,443,785
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Other borrowings
16
609,404
506,495
Trade creditors
2,350,277
2,052,014
Amounts owed to group undertakings
251,248
251,248
Taxation and social security
218,906
306,232
Other creditors
33,662
27,166
Accruals and deferred income
126,193
140,433
3,589,690
3,283,588
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 25 -
16
Loans and overdrafts
2025
2024
£
£
Other loans
609,404
506,495
Payable within one year
609,404
506,495

The loans are secured by fixed charges over the assets.

The loans are taken out from the Sherwood Press Pension Fund and are repayable on demand at four weeks notice. All loans taken out are interest bearing at a commercial rate.

17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
749,370
734,718
Tax losses
(429,224)
(371,364)
Provisions
(5,821)
(16,389)
314,325
346,965
2025
Movements in the year:
£
Liability at 1 May 2024
346,965
Credit to profit or loss
(31,419)
Credit to other comprehensive income
(1,221)
Liability at 30 April 2025
314,325

The deferred tax relating to accelerated capital allowances as set out above are expected to substantially reverse within six years and relates to accelerated capital allowances that are expected to mature within the same period. The company has trading losses of £1,716,895 to carry forward.

THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 26 -
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
84,254
85,117

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

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary UK shares of £1 each
10,002
10,002
10,002
10,002
Ordinary HK shares of £1 each
9,998
9,998
9,998
9,998
20,000
20,000
20,000
20,000

Holders of the Ordinary UK shares and Ordinary HK Shares are entitled to one vote per share.

Holders of the Ordinary UK shares shall be entitled to the profits of the Company available for distribution to which the holders of the Ordinary HK shares are not entitled. Holders of the Ordinary HK shares shall be entitled to the profits of the Company available for distribution attributable to the HK shares (as defined in the Company's articles of association) only.

In the event of a winding up, the holders of the Ordinary UK shares are entitled to the balance of any assets to which the holders of the Ordinary HK shares are not entitled. The holders of the Ordinary HK shares are entitled to the balance of any HK shares (as defined in the Company's articles of association) or any assets associated with or connected to the HK shares.

20
Reserves
Revaluation reserve

This undistributable reserve is used to record increases in fair value of fixed assets and decreases to the extent that such decrease relates to an increase on the same asset.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit and loss reserves

This compromises of opening retained earnings, the profit or loss for the year and dividends paid as set out in the Statement of Changes in Equity.

THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 27 -
21
Operating lease commitments
Lessee

Non-cancellable operating leases relate to rental expenses.

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

2025
2024
£
£
Within one year
170,000
170,000
Between two and five years
425,000
595,000
595,000
765,000
22
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
-
406,163
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
545,762
492,263
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales with entities over which the company has joint control or significant influence of £34,193 (2024: £87,786).

Purchases with entities over which the company has joint control or significant influence of £76,770 (2024: £80,222).

Rental expenses with other related parties of £170,000 (2024: £170,000).

THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
23
Related party transactions
(Continued)
- 28 -

At the balance sheet date the company owed £260,747 (2024: £194,961) to entities over which the company has joint control or significant influence.

The company also owed £609,404 (2024: £506,495) to other related parties.

At the balance sheet date the company was due £287,850 (2024: £287,850) from entities over which the company has joint control or significant influence.

There are no unusual terms and conditions or guarantees relating to any of the amounts owed by the company or due to the company.

24
Ultimate controlling party

The controlling party of The Sherwood Press (Nottingham) Limited is Sherwood Press (Holdings) Limited - which is under the control of its shareholders.

25
Cash generated from operations
2025
2024
£
£
Loss for the year after tax
(105,353)
(135,303)
Adjustments for:
Taxation credited
(31,419)
(21,097)
Finance costs
32,046
37,436
Loss/(gain) on disposal of tangible fixed assets
2,593
(64,362)
Amortisation and impairment of intangible assets
-
0
8,000
Depreciation and impairment of tangible fixed assets
418,355
389,737
Movements in working capital:
(Increase)/decrease in stocks
(178,699)
480,102
Increase in debtors
(64,492)
(10,269)
Increase/(decrease) in creditors
203,193
(545,305)
Cash generated from operations
276,224
138,939
THE SHERWOOD PRESS (NOTTINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 29 -
26
Analysis of changes in net debt
1 May 2024
Cash flows
30 April 2025
£
£
£
Cash at bank and in hand
264,209
(129,060)
135,149
Borrowings excluding overdrafts
(506,495)
(102,909)
(609,404)
(242,286)
(231,969)
(474,255)
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