Company registration number 03530246 (England and Wales)
THE MAILING ROOM HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
THE MAILING ROOM HOLDINGS LIMITED
COMPANY INFORMATION
Directors
H Bevan
G Bevan
M Smith
Secretary
Mrs H Bevan
Company number
03530246
Registered office
Bevan Kidwell LLP
113-117 Farringdon Road
London
EC1R 3BX
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Bevan Kidwell LLP
113-117 Farringdon Road
London
EC1R 3BX
THE MAILING ROOM HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Company statement of changes in equity
11
Group statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 29
THE MAILING ROOM HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 1 -

The directors present the strategic report for the year ended 31 July 2025.

Review of the business

The principal activities of the group comprise of the supply and servicing of mailing equipment solutions, other office systems and consumable goods, with a division that provides financing and product replacement cover for the mailing solutions.

Overall external sales decreased by 7.29% in the year to £16,184,912 (2024: £17,456,898), with an operating profit of £1,118,840 (2024: £3,551,646).

The group made charitable donations of £529,614 during the year.

Principal risks and uncertainties

The principal risks and uncertainties of the business relate to the general economic environment in the United Kingdom created by the rise in inflation. The Group continues to take substantial actions to mitigate these risks by taking tight control of cash flow and expenditure.

Declining postal volumes could have an adverse effect on business profits, however the rate of decline remains much slower than forecasted and new product opportunities continue to be developed.

The Group continues to manage and mitigate this risk by offering our customers, superior customer experience and support from within the UK along with competitive pricing.

Development and performance

The financial position of the group is set out in the balance sheet on page 9. Net assets at 31 July 2025 were £2,667,950 (2024: Net assets of £3,691,871), a decrease of 27.7% on the previous year.

A dividend of £1,500,000 was paid during the year (2024: £1,500,000).

Future Performance

The strategy of growth through both organic and acquisitions allied with the review and refinement of our systems continues to be reflected in current performance. Trading to date is in line with our budget expectations.

On behalf of the board

Mr M Smith
Director
10 December 2025
THE MAILING ROOM HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 July 2025.

Principal activities

The company is the holding entity of subsidiaries which have the principal activity of the rental of postal franking machines and sale of associated equipment.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £1,500,000. The directors do not recommend payment of a further dividend. A further dividend of £132,360 was paid out to non-controlling interests.

Directors

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

Mr G W Bevan
Mrs H Bevan
Mr M Smith
Mr M Smith
Auditor

Lopian Gross Barnett & Co were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr M Smith
Director
10 December 2025
THE MAILING ROOM HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2025
- 3 -

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

THE MAILING ROOM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE MAILING ROOM HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of The Mailing Room Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group's and the parent company's affairs as at 31 July 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he 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.

THE MAILING ROOM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE MAILING ROOM HOLDINGS LIMITED
- 5 -
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 their 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 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 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 group's and 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- We obtained an understanding of laws and regulations that affect the entity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations.

- Where considered necessary we enquired of those charged with governance, reviewed correspondence and reviewed meeting minutes for evidence of non-compliance with relevant laws and regulations.

- We gained an understanding of the controls environment which includes the controls in place to prevent and detect fraud. We enquired of those charged with governance about any incidences of fraud that had taken place during the accounting period.

- The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks.

- We reviewed financial statements disclosures to assess compliance with relevant laws and regulations.

- We enquired of those charged with governance about actual and potential litigation and claims.

- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

THE MAILING ROOM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE MAILING ROOM HOLDINGS LIMITED
- 6 -

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Nathaniel Davidson BA(Hons) ACA
Senior Statutory Auditor
For and on behalf of Lopian Gross Barnett & Co
10 December 2025
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
Manchester
M3 5FS
THE MAILING ROOM HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
16,184,912
17,456,898
Cost of sales
(6,735,117)
(6,111,660)
Gross profit
9,449,795
11,345,238
Administrative expenses
(8,330,955)
(7,793,592)
Operating profit
4
1,118,840
3,551,646
Interest receivable and similar income
7
5,956
5,288
Interest payable and similar expenses
9
(9,185)
(19,004)
Profit before taxation
1,115,611
3,537,930
Tax on profit
10
(501,134)
(1,146,087)
Profit for the financial year
25
614,477
2,391,843
Profit for the financial year is attributable to:
- Owners of the parent company
551,474
2,309,327
- Non-controlling interests
63,003
82,516
614,477
2,391,843
THE MAILING ROOM HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2025
- 8 -
2025
2024
£
£
Profit for the year
614,477
2,391,843
Other comprehensive income
Revaluation of tangible fixed assets
(6,038)
24,486
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
608,439
2,416,329
Total comprehensive income for the year is attributable to:
- Owners of the parent company
545,436
2,333,813
- Non-controlling interests
63,003
82,516
608,439
2,416,329
THE MAILING ROOM HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2025
31 July 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
3,280,459
3,865,728
Tangible assets
13
1,032,616
1,578,739
4,313,075
5,444,467
Current assets
Stocks
18
187,401
328,850
Debtors
17
725,260
1,088,753
Cash at bank and in hand
2,328,194
1,868,871
3,240,855
3,286,474
Creditors: amounts falling due within one year
19
(4,324,408)
(4,425,373)
Net current liabilities
(1,083,553)
(1,138,899)
Total assets less current liabilities
3,229,522
4,305,568
Creditors: amounts falling due after more than one year
20
(50,132)
(88,515)
Provisions for liabilities
Deferred tax liability
22
511,440
525,182
(511,440)
(525,182)
Net assets
2,667,950
3,691,871
Capital and reserves
Called up share capital
24
275
275
Share premium account
25
152,021
152,021
Revaluation reserve
25
1,138,081
1,144,119
Other reserves
32,986
32,986
Profit and loss reserves
1,461,869
2,410,395
Equity attributable to owners of the parent company
2,785,232
3,739,796
Non-controlling interests
(117,282)
(47,925)
2,667,950
3,691,871
The financial statements were approved by the board of directors and authorised for issue on 10 December 2025 and are signed on its behalf by:
10 December 2025
Mr M Smith
Director
Company registration number 03530246 (England and Wales)
THE MAILING ROOM HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2025
31 July 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
7,192,603
7,192,603
Current assets
Cash at bank and in hand
500
691
Creditors: amounts falling due within one year
19
(6,423,581)
(6,481,272)
Net current liabilities
(6,423,081)
(6,480,581)
Net assets
769,522
712,022
Capital and reserves
Called up share capital
24
275
275
Share premium account
25
152,021
152,021
Other reserves
32,986
32,986
Profit and loss reserves
584,240
526,740
Total equity
769,522
712,022

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,557,500 (2024 - £1,560,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 10 December 2025 and are signed on its behalf by:
10 December 2025
Mr M Smith
Director
Company registration number 03530246 (England and Wales)
THE MAILING ROOM HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 11 -
Share capital
Share premium account
Other Reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2023
275
152,021
32,986
466,740
652,022
Year ended 31 July 2024:
Profit and total comprehensive income for the year
-
-
-
1,560,000
1,560,000
Dividends
11
-
-
-
(1,500,000)
(1,500,000)
Balance at 31 July 2024
275
152,021
32,986
526,740
712,022
Year ended 31 July 2025:
Profit and total comprehensive income
-
-
-
1,557,500
1,557,500
Dividends
11
-
-
-
(1,500,000)
(1,500,000)
Balance at 31 July 2025
275
152,021
32,986
584,240
769,522
THE MAILING ROOM HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 12 -
Share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
£
Balance at 1 August 2023
275
152,021
1,119,633
32,986
1,601,068
2,905,983
83,419
2,989,402
Year ended 31 July 2024:
Profit for the year
-
-
-
-
2,309,327
2,309,327
82,516
2,391,843
Other comprehensive income:
-
Revaluation of franking machines
-
-
24,486
-
-
24,486
-
24,486
Total comprehensive income for the year
-
-
24,486
-
2,309,327
2,333,813
82,516
2,416,329
Dividends
11
-
-
-
-
(1,500,000)
(1,500,000)
(213,860)
(1,713,860)
Balance at 31 July 2024
275
152,021
1,144,119
32,986
2,410,395
3,739,796
(47,925)
3,691,871
Year ended 31 July 2025:
Profit for the year
-
-
-
-
551,474
551,474
63,003
614,477
Other comprehensive income:
Revaluation of franking machines
-
-
(6,038)
-
-
(6,038)
-
(6,038)
Total comprehensive income for the year
-
-
(6,038)
-
551,474
545,436
63,003
608,439
Dividends
11
-
-
-
-
(1,500,000)
(1,500,000)
(132,360)
(1,632,360)
Balance at 31 July 2025
275
152,021
1,138,081
32,986
1,461,869
2,785,232
(117,282)
2,667,950
THE MAILING ROOM HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
3,916,664
5,807,215
Interest paid
(9,185)
(19,004)
Income taxes paid
(834,319)
(1,211,341)
Net cash inflow from operating activities
3,073,160
4,576,870
Investing activities
Purchase of tangible fixed assets
(992,541)
(1,807,692)
Proceeds on disposal of tangible fixed assets
69,910
145,500
Repayment of loans
-
78,729
Interest received
5,956
5,288
Net cash used in investing activities
(916,675)
(1,578,175)
Financing activities
(Repayment)/Drawdown of bank loans
-
(1,896,839)
(Repayment)/Drawdown of finance leases obligations
(64,802)
50,356
Dividends paid to equity shareholders
(1,500,000)
(1,500,000)
Dividends paid to non-controlling interests
(132,360)
(213,860)
Net cash used in financing activities
(1,697,162)
(3,560,343)
Net increase/(decrease) in cash and cash equivalents
459,323
(561,648)
Cash and cash equivalents at beginning of year
1,868,871
2,430,519
Cash and cash equivalents at end of year
2,328,194
1,868,871
THE MAILING ROOM HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
30
(57,691)
1,777,166
Investing activities
Dividends received
1,557,500
1,560,000
Net cash generated from investing activities
1,557,500
1,560,000
Financing activities
Repayment of bank loans
-
(1,856,862)
Dividends paid to equity shareholders
(1,500,000)
(1,500,000)
Net cash used in financing activities
(1,500,000)
(3,356,862)
Net decrease in cash and cash equivalents
(191)
(19,696)
Cash and cash equivalents at beginning of year
691
20,387
Cash and cash equivalents at end of year
500
691
THE MAILING ROOM HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 15 -
1
Judgements and key sources of estimation uncertainty

In the application of the group’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.

2
Accounting policies
Company information

The Mailing Room Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Bevan Kidwell LLP, 113-117 Farringdon Road, London, EC1R 3BX.

The group consists of The Mailing Room Holdings Limited and all of its subsidiaries.

2.1
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 franking machines. The principal accounting policies adopted are set out below.

2.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The consolidated financial statements incorporate those of The Mailing Room Holdings Limited and all of its subsidiaries (ie entities that the g roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

Control exists from the date the parent owns, directly or indirectly through subsidiaries, more than half of the voting power in the subsidiary.

All financial statements are made up to 31 July 2025.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

2.3
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve 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.

THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2
Accounting policies
(Continued)
- 16 -
2.4
Turnover

Revenue represents the amounts received or receivable for the rental of postal franking machines and the sale of associated equipment and is recognised net of VAT.

2.5
Intangible fixed assets other than goodwill

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
Straight line basis over 4 years
Customer list
Straight line basis over 10 years
2.6
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:

Leasehold land and buildings
25% straight line
Machines held for rental
Straight line over the length of the lease
Fixtures and fittings
15% straight line
Computers
3 or 4 years straight line
Motor vehicles
25% straight 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 recognised in the profit and loss account.

2.7
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at fair value. Any fair value gains or losses are recognised in the profit or loss.

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

2.8
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.

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.

2.9
Cash at bank and in hand

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 MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
2
Accounting policies
(Continued)
- 17 -
2.10
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its 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. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

2.11
Equity instruments

Equity instruments issued by the group 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 group.

2.12
Taxation

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

THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
2
Accounting policies
(Continued)
- 18 -
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 group’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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled.

2.13
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.

2.14
Retirement benefits

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

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Provision of services
16,184,912
17,456,898
2025
2024
£
£
Turnover analysed by geographical market
UK
16,184,912
17,456,898
2025
2024
£
£
Other revenue
Interest income
5,956
5,288
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 19 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
1,082,344
1,006,620
Depreciation of tangible fixed assets held under finance leases
69,716
55,294
Loss on disposal of tangible fixed assets
310,656
435,672
Amortisation of intangible assets
585,269
585,269
Operating lease charges
119,073
95,251

5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
55
66
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
6,611,965
6,552,783
-
0
-
0
Social security costs
574,870
521,018
-
-
Pension costs
136,717
140,306
-
0
-
0
7,323,552
7,214,107
-
0
-
0
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company's subsidiaries
42,000
37,500
For other services
All other non-audit services
12,000
8,500
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 20 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
-
0
3,871
Other interest income
5,956
1,417
Total income
5,956
5,288
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
3,871
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
1,349,117
1,292,216
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
570,340
522,075
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3,132
4,909
Other finance costs:
Interest on finance leases and hire purchase contracts
6,053
5,641
Other interest
-
8,454
Total finance costs
9,185
19,004
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
535,153
1,080,665
Adjustments in respect of prior periods
(14,846)
-
0
Total current tax
520,307
1,080,665
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
10
Taxation
2025
2024
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
(19,173)
65,422
Total tax charge
501,134
1,146,087

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

2025
2024
£
£
Profit before taxation
1,115,611
3,537,930
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
278,903
884,483
Tax effect of expenses that are not deductible in determining taxable profit
100,368
97,347
Permanent capital allowances in excess of depreciation
(64,448)
(137,559)
Under/(over) provided in prior years
(14,846)
-
0
Movement in deferred tax
(19,173)
65,422
Group-level adjustments not subject to corporation tax
220,330
236,394
Taxation charge
501,134
1,146,087
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
1,500,000
1,500,000
In addition to the above dividend, a further £132,360 dividend was paid to non-controlling interests.
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 22 -
12
Intangible fixed assets
Group
Software
Customer list
Total
£
£
£
Cost
At 1 August 2024 and 31 July 2025
50,714
6,997,023
7,047,737
Amortisation and impairment
At 1 August 2024
50,714
3,131,295
3,182,009
Amortisation charged for the year
-
0
585,269
585,269
At 31 July 2025
50,714
3,716,564
3,767,278
Carrying amount
At 31 July 2025
-
0
3,280,459
3,280,459
At 31 July 2024
-
0
3,865,728
3,865,728
The company had no intangible fixed assets at 31 July 2025 or 31 July 2024.
13
Tangible fixed assets
Group
Leasehold land and buildings
Machines held for rental
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2024
162,869
3,247,884
119,046
196,632
406,519
4,132,950
Additions
5,080
968,648
2,958
15,855
-
0
992,541
Disposals
-
0
(1,438,817)
(25,568)
(8,339)
(42,905)
(1,515,629)
Revaluation
-
0
(6,038)
-
0
-
0
-
0
(6,038)
At 31 July 2025
167,949
2,771,677
96,436
204,148
363,614
3,603,824
Depreciation and impairment
At 1 August 2024
22,405
2,147,712
56,459
196,867
130,768
2,554,211
Depreciation charged in the year
41,776
971,236
27,012
11,300
100,736
1,152,060
Eliminated in respect of disposals
-
0
(1,067,561)
(23,958)
(6,896)
(36,648)
(1,135,063)
At 31 July 2025
64,181
2,051,387
59,513
201,271
194,856
2,571,208
Carrying amount
At 31 July 2025
103,768
720,290
36,923
2,877
168,758
1,032,616
At 31 July 2024
140,464
1,100,172
62,587
(235)
275,751
1,578,739
The company had no tangible fixed assets at 31 July 2025 or 31 July 2024.
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
13
Tangible fixed assets
(Continued)
- 23 -

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
121,086
190,802
-
0
-
0
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
7,192,603
7,192,603
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2024 and 31 July 2025
7,192,603
Carrying amount
At 31 July 2025
7,192,603
At 31 July 2024
7,192,603
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 24 -
15
Subsidiaries

Details of the company's subsidiaries at 31 July 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Franking Direct Limited
England
Ordinary
100.00
Mailing Systems Limited
England
Ordinary
100.00
Mailserve Limited
England
Ordinary
100.00
Monsters Ink Limited
England
Ordinary
100.00
The Mailing Room Finance Limited
England
Ordinary
100.00
The Mailing Room Limited
England
Ordinary
100.00
TMR Executive Agency Limited
England
Ordinary
100.00
Gem U.K. Mailing Solutions Limited
England
Ordinary
100.00
Digital Post Solutions Limited
England
Ordinary
100.00
Novaburn Solutions Limited
England
Ordinary
100.00
TMR Agility Communications Limited
England
Ordinary
50.00

All of the above listed subsidiaries have been consolidated into the group accounts.

By virtue of s479A of Companies Act 2006 the following dormant subsidiaries are fully exempt from audit during the current accounting period - Franking Direct Limited, Mailing Systems Limited, Mailserve Limited, Monsters Ink Limited, Gem U.K. Mailing Solutions Limited, Digital Post Solutions Limited & Novaburn Solutions Limited.

The Mailing Room Holdings Limited has control over TMR Agility Communications Limited.

The registered office for all subsidiaries is as follows:

C/o Bevan Kidwell

113-117 Farringdon Road

London

EC1R 3BX

16
Financial instruments

There are no financial instruments held at fair value.

17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
530,705
938,154
-
0
-
0
Other debtors
37,370
40,107
-
0
-
0
Prepayments and accrued income
146,845
105,583
-
0
-
0
714,920
1,083,844
-
-
Deferred tax asset (note 22)
10,340
4,909
-
0
-
0
725,260
1,088,753
-
-
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 25 -
18
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Machine Stock
187,401
328,850
-
-
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
21
38,383
64,802
-
0
-
0
Trade creditors
454,671
471,454
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
6,422,557
6,480,248
Corporation tax payable
201,903
515,915
-
0
-
0
Other taxation and social security
613,156
819,058
-
-
Other creditors
74,199
117,480
-
0
-
0
Accruals and deferred income
2,942,096
2,436,664
1,024
1,024
4,324,408
4,425,373
6,423,581
6,481,272
20
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
21
50,132
88,515
-
0
-
0
21
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
38,383
115,942
-
0
-
0
In two to five years
50,132
37,375
-
0
-
0
88,515
153,317
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 26 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
511,440
525,182
10,340
4,909
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 August 2024
520,273
-
Credit to profit or loss
(19,173)
-
Liability at 31 July 2025
501,100
-

23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
136,717
140,306

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
5,834
5,834
59
59
Ordinary B of 1p each
20,000
20,000
200
200
Ordinary C of 1p each
1,620
1,620
16
16
27,454
27,454
275
275
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 27 -
25
Reserves
Share premium

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Revaluation reserve

This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

26
Financial commitments, guarantees and contingent liabilities

HSBC UK Bank Plc holds a fixed and floating charge over the assets and undertakings of the company.

The charge relates to wider banking facilities including payment limits and card limits.

27
Events after the reporting date

There were no other events after the reporting period end date which require disclosure.

28
Related party transactions
Transactions with related parties

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

Sales
Purchases
2025
2024
2025
2024
£
£
£
£
Group
Entities under common control
193,840
65,743
330,062
400,404

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Entities under common control
46,177
60,217

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Entities under common control
4,866
4,756
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
28
Related party transactions
(Continued)
- 28 -

Dividends of £1,500,000 were paid out to shareholders (2024: £1,500,000).

Disclosure for compensation of key management personnel can be found within note 7 on page 20.

During the year the group made donations of £270,000 (2024: £40,000) to a registered society where one of the directors is a registered member

There were no other related party transactions outside the normal course of business.

Specific related party disclosure for group subsidiaries can be obtained from the relevant company accounts.

29
Controlling party

The ultimate controlling parties are G Bevan and H Bevan.

30
Cash (absorbed by)/generated from operations - company
2025
2024
£
£
Profit after taxation
1,557,500
1,560,000
Adjustments for:
Investment income
(1,557,500)
(1,560,000)
Movements in working capital:
(Decrease)/increase in creditors
(57,691)
1,777,166
Cash (absorbed by)/generated from operations
(57,691)
1,777,166
31
Analysis of changes in net funds - group
1 August 2024
Cash flows
31 July 2025
£
£
£
Cash at bank and in hand
1,868,871
459,323
2,328,194
Obligations under finance leases
(153,317)
64,802
(88,515)
1,715,554
524,125
2,239,679
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 29 -
32
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
614,477
2,391,843
Adjustments for:
Taxation charged
501,134
1,146,087
Finance costs
9,185
19,004
Investment income
(5,956)
(5,288)
Loss on disposal of tangible fixed assets
310,656
435,672
Amortisation and impairment of intangible assets
585,269
585,269
Depreciation and impairment of tangible fixed assets
1,152,060
1,061,914
Movements in working capital:
Decrease in stocks
141,449
246,566
Decrease/(increase) in debtors
368,924
(121,540)
Increase in creditors
239,466
47,688
Cash generated from operations
3,916,664
5,807,215
33
Analysis of changes in net funds - company
1 August 2024
Cash flows
31 July 2025
£
£
£
Cash at bank and in hand
691
(191)
500
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