A.D.S. GRAPHICS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Company Registration No. 02233870 (England and Wales)
A.D.S. GRAPHICS LIMITED
COMPANY INFORMATION
Directors
Mrs B L Thatcher
Mr D H Patterson
Ms T Williams
Mr S W Preston
Secretary
Mr D H Patterson
Company number
02233870
Registered office
3-4 Apex Court
Bassendale Road
Wirral International Business Park
Bromborough
Wirral
CH62 4RE
Auditor
DSG Audit
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
A.D.S. GRAPHICS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
A.D.S. GRAPHICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

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

Principal activities

The principal activity of the company continued to be that of the design and manufacture of printed packaging and contract packing services to the medical device and pharmaceutical industries.

Review of the business

The company's results are summarised below with turnover having increased by 7.6% over the previous year. Demand for contract packing services remained stable throughout the year.

Gross margin was maintained during the year, despite continued inflationary pressures.

Principal risks and uncertainties

The market in which the company operates remains competitive but provides opportunities for expansion and growth.

As referred to above, supply chain shortages within the Pharmaceutical market are set to continue in the short term. The company has taken steps to mitigate this risk by diversifying into other markets and expanding its range of contract packing services into other dose formats.

Key performance indicators

The key financial performance indicators during the period were as follows:

|  |  |  | 202 5 |  | 202 4
Turnover (£000s) |  |  | £14,120 |  | £1 3,201
Gross Profit Margin |  | 32.9% |  | 29.4%
Operating Profit (£000s) |  | £412 |  | £160
EBITDA (£000 s) |  |  | £861 |  | £867

Other information and explanations

Reduced demand is set to continue in the short-term which will impact turnover in the first six months of the next financial year. However, the company has a robust balance sheet so is well placed to manage any downturn in revenue.

The current pipeline highlights a significant upturn in demand for the latter half of the year and the company is investing to ensure the necessary capacity is in place. In addition to this expansion related expenditure, the company is committed to exploring investment opportunities into new technologies to improve productivity and operating margins. The directors are confident that this strategy will deliver growth for the future bringing the company’s financial performance back in line with previous levels.

On behalf of the board

Mr D H Patterson
Director
20 February 2026
A.D.S. GRAPHICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 2 -

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

Results and dividends

The results for the year are set out on page 8.

No ordinary 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:

Mrs B L Thatcher
Mr D H Patterson
Ms T Williams
Mr S W Preston
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Foreign currency risk

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

The auditor, DSG Audit, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. The company has done so in respect of its principal activities and future developments of the business.

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.

A.D.S. GRAPHICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D H Patterson
Director
20 February 2026
A.D.S. GRAPHICS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
- 4 -

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; and

- 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.

A.D.S. GRAPHICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A.D.S. GRAPHICS LIMITED
- 5 -
Opinion

We have audited the financial statements of A.D.S. Graphics Limited (the 'company') for the year ended 31 May 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

A.D.S. GRAPHICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A.D.S. GRAPHICS LIMITED (CONTINUED)
- 6 -
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.

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.

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

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the company.

The following laws and regulations were identified as being of significance to the company:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations, health and safety legislation, trades description act, Medicines & Healthcare products Regulatory Agency (MHRA) and employment legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the company complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the company’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A.D.S. GRAPHICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A.D.S. GRAPHICS LIMITED (CONTINUED)
- 7 -

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

Use of our report

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

Jean Ellis BA FCA CTA (Senior Statutory Auditor)
For and on behalf of DSG Audit, Statutory Auditor
Chartered Accountants
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
20 February 2026
A.D.S. GRAPHICS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
14,199,885
13,200,742
Cost of sales
(9,521,839)
(9,314,581)
Gross profit
4,678,046
3,886,161
Administrative expenses
(4,299,436)
(3,764,459)
Other operating income
33,834
38,000
Operating profit
4
412,444
159,702
Interest receivable and similar income
7
16,507
23,231
Interest payable and similar expenses
8
(128,080)
(106,489)
Movement in investments
9
1,673
9,562
Fair value gains on investment properties
15
-
0
475,773
Profit before taxation
302,544
561,779
Tax on profit
10
(91,091)
(68,979)
Profit for the financial year
211,453
492,800

The notes on pages 12 to 27 form part of these financial statements.

A.D.S. GRAPHICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
- 9 -
2025
2024
£
£
Profit for the year
211,453
492,800
Other comprehensive income
-
-
Total comprehensive income for the year
211,453
492,800
A.D.S. GRAPHICS LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
-
0
-
0
Tangible assets
12
5,080,434
5,009,757
Investment property
15
600,000
600,000
Investments
13
7,345
5,672
5,687,779
5,615,429
Current assets
Stocks
16
1,152,675
1,021,031
Debtors
17
5,339,021
3,613,643
Cash at bank and in hand
648,070
1,375,006
7,139,766
6,009,680
Creditors: amounts falling due within one year
18
(4,634,379)
(3,503,622)
Net current assets
2,505,387
2,506,058
Total assets less current liabilities
8,193,166
8,121,487
Creditors: amounts falling due after more than one year
19
(447,193)
(674,253)
Provisions for liabilities
Deferred tax liability
22
770,213
682,927
(770,213)
(682,927)
Net assets
6,975,760
6,764,307
Capital and reserves
Called up share capital
25
18,400
18,400
Profit and loss reserves
6,957,360
6,745,907
Total equity
6,975,760
6,764,307

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 20 February 2026 and are signed on its behalf by:
Mr D H Patterson
Director
Company registration number 02233870 (England and Wales)
A.D.S. GRAPHICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2023
18,400
6,253,107
6,271,507
Year ended 31 May 2024:
Profit and total comprehensive income
-
492,800
492,800
Balance at 31 May 2024
18,400
6,745,907
6,764,307
Year ended 31 May 2025:
Profit and total comprehensive income
-
211,453
211,453
Balance at 31 May 2025
18,400
6,957,360
6,975,760
A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 12 -
1
Accounting policies
Company information

A.D.S. Graphics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3-4 Apex Court, Bassendale Road, Wirral International Business Park, Bromborough, Wirral, CH62 4RE.

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 unless otherwise specified within the accounting policies detailed below.

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

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

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

The financial statements of the company are consolidated in the financial statements of ADS Group Holdings Limited. These consolidated financial statements are available from its registered office, 3-4 Apex Court, Bassendale Road, Wirral, Merseyside, England, CH62 3RE.

1.2
Going concern

The directors have considered the impact of potential operational true and financial challenges posed by the current economic situation, including but not restricted to, an assessment of the robustness of their supply chain and broader logistics arrangements. The directors have concluded that any operational and financial pressures caused directly by the current economic situation are unlikely to have a material impact on the company.

The directors have prepared forecasts and budgets which indicate that the company will continue to generate cash over the period considered by them w hich is at least twelve months from the date of approval of these financial statements, in their assessment of the appropriateness of adopting the going concern basis in preparation of these financial statements. The company has a strong asset base and cash reserves available.

Based on the above, the directors consider it appropriate to prepare these financial statements on a going concern basis.

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.

A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 13 -

Revenue from the provision of services is recognised as a percentage of goods packed compared to total batch quantity that require packing.

Certain jobs are undertaken for customers on long term contracts which require the company to hold a minimum level of completed goods for call off. Work on these contracts is valued at cost plus profit earned to stage of completion.

1.4
Intangible fixed assets - goodwill

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

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

1.5
Tangible fixed assets

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

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

Leasehold land and buildings
2% and 10% straight line
Plant and machinery
12% straight line
Fixtures and fittings
12% 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 credited or charged to profit or loss.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
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.

Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 14 -
1.8
Impairment of fixed assets

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

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

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

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

1.9
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first, in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

1.10
Cash and cash equivalents

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

1.11
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.

A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 company 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and other loans, 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.

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 16 -
1.12
Taxation

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

Current tax

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

Deferred tax

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

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

1.13
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.

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

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

1.14
Retirement benefits

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

1.15
Leases

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

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

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.

A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 17 -
1.16
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.

2
Judgements and key sources of estimation uncertainty

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

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation of tangible assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimates, based on economic utilisation and the physical condition of the assets. Changes in the useful economic life of assets are accounted for by amending the prospective useful economic life and the annual depreciation charge over the remaining useful life of the asset.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
6,475,545
6,233,295
Sale of services
7,724,340
6,967,447
14,199,885
13,200,742
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
12,730,169
11,394,188
Europe
1,193,536
1,764,873
Rest of world
276,180
41,681
14,199,885
13,200,742
A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
3
Turnover and other revenue
(Continued)
- 18 -
2025
2024
£
£
Other revenue
Interest income
16,108
22,843
Dividends received
399
388
Grants received
33,834
38,000
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
2,301
2,201
Government grants
(33,834)
(38,000)
Auditors' remuneration
18,900
17,590
Depreciation of owned tangible fixed assets
401,616
641,116
Depreciation of tangible fixed assets held under finance leases
46,856
65,986
Profit on disposal of tangible fixed assets
(1,563)
-
Operating lease charges
453,362
398,255
5
Employees

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

2025
2024
Number
Number
Production
142
135
Administration and support
30
28
Other departments
15
16
Total
187
179

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
5,838,111
5,297,755
Social security costs
601,803
506,712
Pension costs
205,004
198,231
6,644,918
6,002,698
A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 19 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
431,309
421,102
Company pension contributions to defined contribution schemes
19,976
19,719
451,285
440,821

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
120,003
120,003
Company pension contributions to defined contribution schemes
6,000
6,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
16,108
22,843
Other income from investments
Dividends received
399
388
Total income
16,507
23,231
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
125,236
98,276
Interest on finance leases and hire purchase contracts
2,844
8,213
128,080
106,489
A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 20 -
9
Movement in investments
2025
2024
£
£
Fair value gains on financial instruments
Gain on financial assets held at fair value through profit or loss
1,673
671
Other gains
Gain on disposal of investments held at fair value
-
8,891
1,673
9,562
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
45,743
Adjustments in respect of prior periods
3,805
61
Total current tax
3,805
45,804
Deferred tax
Origination and reversal of timing differences
87,286
23,175
Total tax charge
91,091
68,979

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
302,544
561,779
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
75,636
140,445
Tax effect of expenses that are not deductible in determining taxable profit
111
(999)
Tax effect of income not taxable in determining taxable profit
(100)
(97)
Adjustments in respect of prior years
3,805
61
Group relief
(30,183)
(45,197)
Permanent capital allowances in excess of depreciation
41,822
(25,234)
Taxation charge for the year
91,091
68,979
A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 21 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2024 and 31 May 2025
13,342
Amortisation and impairment
At 1 June 2024 and 31 May 2025
13,342
Carrying amount
At 31 May 2025
-
0
At 31 May 2024
-
0
12
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2024
3,260,089
10,128,201
1,141,004
20,991
14,550,285
Additions
10,686
433,869
43,103
31,491
519,149
Disposals
-
0
-
0
(3,935)
(20,991)
(24,926)
At 31 May 2025
3,270,775
10,562,070
1,180,172
31,491
15,044,508
Depreciation and impairment
At 1 June 2024
1,083,426
7,589,806
846,305
20,991
9,540,528
Depreciation charged in the year
67,738
332,370
44,165
4,199
448,472
Eliminated in respect of disposals
-
0
-
0
(3,935)
(20,991)
(24,926)
At 31 May 2025
1,151,164
7,922,176
886,535
4,199
9,964,074
Carrying amount
At 31 May 2025
2,119,611
2,639,894
293,637
27,292
5,080,434
At 31 May 2024
2,176,663
2,538,395
294,699
-
0
5,009,757

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
364,125
411,374
A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 22 -
13
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
14
1
1
Listed investments
7,344
5,671
7,345
5,672
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 June 2024
1
5,671
5,672
Valuation changes
-
1,673
1,673
At 31 May 2025
1
7,344
7,345
Carrying amount
At 31 May 2025
1
7,344
7,345
At 31 May 2024
1
5,671
5,672
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Chester Medical Solutions Limited
3-4 Apex Court, Bassendale Road, Bromborough, Wirral, CH62 3RE
Ordinary
100.00
15
Investment property
2025
£
Fair value
At 1 June 2024 and 31 May 2025
600,000

Investment property comprises land held by the company. The fair value of the investment property has been arrived at on the basis of a valuation provided by an estate agents based on recent sales of land in the surrounding area. The directors have considered the value at 31 May 2025 and feel that the value remains appropriate.

A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 23 -
16
Stocks
2025
2024
£
£
Raw materials and consumables
1,152,675
1,021,031
17
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,200,914
2,273,508
Amounts recoverable on contracts
596,300
502,264
Amounts owed by group undertakings
460,535
242,183
Other debtors
550,221
72,009
Prepayments and accrued income
531,051
523,679
5,339,021
3,613,643

Amounts owed by group undertakings are interest free, have no fixed date of repayment and are repayable upon demand.

18
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
20
207,781
195,307
Obligations under finance leases
21
30,133
118,139
Trade creditors
1,702,289
1,300,987
Corporation tax
-
0
45,743
Other taxation and social security
520,578
465,990
Government grants
23
13,000
33,833
Other creditors
1,815,214
1,118,896
Accruals and deferred income
345,384
224,727
4,634,379
3,503,622

Included within other creditors is £1,713,595 (2024: £986,508) which is secured by a fixed and floating charge over the undertakings property and assets.

A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 24 -
19
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans
20
390,943
574,719
Obligations under finance leases
21
-
0
30,283
Government grants
23
56,250
69,251
447,193
674,253
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
92,642
20
Loans and overdrafts
2025
2024
£
£
Bank loans
553,908
718,751
Bank overdrafts
44,816
51,275
598,724
770,026
Payable within one year
207,781
195,307
Payable after one year
390,943
574,719

Included in bank loans is an amount of £453,908 (2024: £518,751) in respect of a bank loan. The bank loan is secured by a first legal charge over the leasehold property of the company. The bank loan incurs interest at a fixed rate of 3.13% per annum. The loan is due to mature in August 2031.

Also included within bank loans is an amount of £100,000 (2024: £200,000) in respect of a Coronavirus Business Interruption Loan. The bank loan is secured by a first legal charge over the leasehold property of the company. The bank loan incurs interest at a rate of 2.89% per annum over Base Rate. The loan is due to mature in May 2026.

21
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
30,133
118,139
In two to five years
-
0
30,283
30,133
148,422

The finance liabilities are secured on the fixed assets acquired.

A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 25 -
22
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
769,217
681,931
Investments
996
996
770,213
682,927
2025
Movements in the year:
£
Liability at 1 June 2024
682,927
Charge to profit or loss
87,286
Liability at 31 May 2025
770,213
23
Government grants
2025
2024
£
£
Arising from government grants
69,250
103,084
Included in the financial statements as follows:
Current liabilities
13,000
33,833
Non-current liabilities
56,250
69,251
69,250
103,084
24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
205,004
198,231

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. At 31 May 2025 there were contributions payable of £38,634 (2024: £36,573).

A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 26 -
25
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
18,400
18,400
18,400
18,400
26
Operating lease commitments
As lessee

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 1 year
387,850
341,026
Years 2-5
801,165
825,940
1,189,015
1,166,966
27
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
2,941,837
42,227
28
Related party transactions
Transactions with related parties

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

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Entities over which the entity has control, joint control or significant influence
1,505
622
14,420
15,080

At the year end, a balance of £22,966 (2024: £56,197) was due to the shareholders. This balance is included in other creditors in note 18.

A.D.S. GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
28
Related party transactions
(Continued)
- 27 -

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
-
177,183
Other information

The company has taken advantage of the reduced disclosure exemption available under Financial Reporting Standard 102 relating to the disclosure of related party transactions between wholly owned group companies.

No other transactions with related parties were undertaken such as are required to be disclosed Financial Reporting Standard 102.

29
Directors' transactions

Credits have been granted by the company to its directors as follows:

Description
Opening balance
Amounts repaid
Closing balance
£
£
£
Total
39,555
(67)
39,488
39,555
(67)
39,488
30
Ultimate controlling party

The ultimate parent company is ADS Group Holdings Limited, a company incorporated in Great Britain and registered in England and Wales.

ADS Group Holdings Limited is the smallest and largest company for which consolidated accounts which include A.D.S. Graphics Limited are prepared. The consolidated accounts of ADS Group Holdings Limited are available from its registered office, 3-4 Apex Court, Bassendale Road, Wirral, Merseyside, United Kingdom CH62 3RE.

Mr D Patterson, by way of his shareholding, is the ultimate controlling party.

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