Company registration number 00950118 (England and Wales)
AUGUSTUS MARTIN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
AUGUSTUS MARTIN LIMITED
COMPANY INFORMATION
Directors
M Barrow
M John
(Appointed 11 February 2025)
D L Barrow
(Appointed 11 February 2025)
A Welch
(Appointed 28 May 2025)
S Hunter
(Appointed 28 May 2025)
Company number
00950118
Registered office
8 St. Andrews Way
Devons Road
Bromley-By-Bow
London
E3 3PB
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
Business address
8 St Andrews Way
Bromley-By-Bow
London
E3 3PB
Bankers
Lloyds Bank Plc
210 Commercial Road
London
E1 2JR
AUGUSTUS MARTIN LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
AUGUSTUS MARTIN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Fair review of the business

During 2025 the UK economy remained flat, with intermittent recovery but no recession. These conditions continued to create a competitive environment for Augustus Martin.

The retail sector also continued to evolve. While e-commerce remains important, physical retail still accounts for the majority of consumer spending, with around 70% of UK retail expenditure occurring in-store. Retailers increasingly focused investment on higher-performing locations and larger destination formats that deliver stronger brand engagement.

Consumer behaviour remained cautious, with shoppers becoming more deliberate in their spending. As a result, retailers and brand owners placed greater emphasis on impactful and relevant in-store communication.

At the same time, rising labour costs and increased business rates for larger stores continued to place pressure on retailers, reinforcing the need for in-store marketing to deliver clear value and efficiency.

Rising inflation and high interest rates have continued feeding through to higher material costs even as availability of supply improved during the year. Competitive pressures made it difficult to both pass on increased costs and win new work. Nonetheless, the business saw an increase in sales volume, and EBITDA.

Management was pleased to onboard two major clients during the year, a testament to the quality of service and competitiveness we offer.

During 2025 and into 2026, as part of a wider strategic business review, the company has reaffirmed its commitment to process automation, improved production process flows and site optimisation in order to enhance operational efficiency.

The directors remain focused on the generation of new sales opportunities while continuing to manage the overall cost base with the aim of improving underlying profitability.

The short-term strategic direction for the business remains unchanged from last year:

- During the year the business invested in additional digital print technology and automation, enhancing production capability, efficiency and sustainability. One of the new assets uses water-based ink technology, improving recyclability compared with traditional solvent-based alternatives and supporting customers as environmental regulation, including Extended Producer Responsibility, continues to evolve.

- We have continued our investments into FUZE, Augustus Martin’s leading MRM solution with and exciting roadmap of launches scheduled for 2026.

- The business also continued its operational improvement programme, streamlining workflows, reducing waste and maintaining competitive lead times.

- Research and development remains a priority, with continued investment in materials, processes and production techniques to support more effective and sustainable in-store campaigns.

- Cost control has also remained a key focus, with management maintaining a disciplined cost base while prioritising work aligned with the company’s operational strengths as it moves into 2026.

The directors and senior management team constantly monitor internal and external risk factors and have put several measures in place to mitigate these risks and return the business to profitability in the medium term. The risks identified, and the steps taken to mitigate them are identified below:

AUGUSTUS MARTIN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Human resources

Augustus Martin has a dedicated workforce with longevity of service. Succession planning, cross-training, multi-skilling and, despite reducing overall numbers, recruitment of new talent is in progress across the business. This is from the core technical resources through to senior management. Augustus Martin continues to invest in developing management competencies across the business through Personal Development Planning, Supervisor, Management and Director training, and specific skills training. The business has made several management appointments from its existing pool of talent and it continues to recruit tactically where specialised competencies are required.

Financial resources

Our operational and strategic focus has and will be driving greater operational economies to bring continued efficiencies that are reflected in profitable sales growth. The directors are confident that the company has sufficient financial resources and facilities, together with strong on-going customer and stakeholder relationships, to manage its business risks successfully for the near future.

Materials supply and energy price volatility

In 2025 we started to see an increase in material prices coming through in many categories. Even though there are signs that the volatility has eased the situation is variable. We continue to focus on maintaining a varied supply base of robust and flexible suppliers to minimise the impact of this on our supply.

Summary

The business continues to operate in a period of global economic and geopolitical uncertainty, including the ongoing war in Ukraine and instability in the Middle East, and the potential impact these developments may have on the UK economy, input costs and supply chains. In response, Augustus Martin has undertaken a strategic review of its operations and continues to focus on improving operational efficiency through investment in automation technologies, enhanced production process flows and site optimisation, alongside disciplined cost management. Navigating these conditions strategically and operationally remains a priority for the business.

On behalf of the board

M Barrow
Director
16 April 2026
AUGUSTUS MARTIN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

The principal activities of Augustus Martin Limited are the manufacture of Point of Sale (POS) and Point of Purchase (POP) materials and of large format outdoor media.

Directors

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

L Barrow
(Deceased 28 May 2025)
M Barrow
M John
(Appointed 11 February 2025)
D L Barrow
(Appointed 11 February 2025)
A Welch
(Appointed 28 May 2025)
S Hunter
(Appointed 28 May 2025)
Results and dividends

The results for the year are set out on page 9.

Disabled persons

Applications for employment, training and promotion by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged.

Health and Safety

The company has a health and safety committee that meets following the works committee and has representation from both employee groups and operating management. The function of the committee is to oversee the operation of the company's health and safety policy.

Financial Instruments

The company's financial instruments comprise borrowings, cash and liquid resources, and various net working capital items, such as trade debtors and trade creditors. The main purpose of these financial instruments is to fund that part of the company's operations not financed by way of equity.

It is the company's policy not to trade in financial, or derivative instruments.

The main risks in providing funds for the company relate to interest rates and liquidity.

Employee involvement

The company's policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

AUGUSTUS MARTIN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Going concern

The Company currently meets its day to day working capital requirements through a third-party invoice finance facility.

Accordingly, at the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Auditor

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

Statement of directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

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

- 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.

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. It has done so in respect of future developments.

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.

Medium-sized companies exemption

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

AUGUSTUS MARTIN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
On behalf of the board
M Barrow
Director
16 April 2026
AUGUSTUS MARTIN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AUGUSTUS MARTIN LIMITED
- 6 -
Opinion

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

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 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.

AUGUSTUS MARTIN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AUGUSTUS MARTIN LIMITED (CONTINUED)
- 7 -
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.

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

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out.

These procedures included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Reading minutes of meetings of those charged with governance;

- Obtaining and reading correspondence from legal and regulatory bodies including HMRC;

- Identifying and testing journal entries;

- Challenging assumptions and judgements made by management in their significant accounting estimates.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

AUGUSTUS MARTIN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AUGUSTUS MARTIN LIMITED (CONTINUED)
- 8 -

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.

Matthew Cook (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP, Statutory Auditor
Chartered Accountants
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
16 April 2026
AUGUSTUS MARTIN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
33,914,014
31,264,055
Cost of sales
(24,691,846)
(23,334,855)
Gross profit
9,222,168
7,929,200
Distribution costs
(216,045)
(225,866)
Administrative expenses
(7,912,842)
(7,869,893)
Other operating income
19,927
19,927
Operating profit/(loss)
6
1,113,208
(146,632)
Interest receivable and similar income
8
1,780
882
Interest payable and similar expenses
10
(321,975)
(364,561)
Release of connected party indebtedness
-
0
1,960,000
Profit before taxation
793,013
1,449,689
Tax on profit
11
(57,482)
220,354
Profit for the financial year
735,531
1,670,043

The profit and loss account has been prepared on the basis that all operations are continuing operations.

AUGUSTUS MARTIN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,027,688
4,171,984
Investments
13
-
0
1,000
4,027,688
4,172,984
Current assets
Stocks
15
519,889
457,522
Debtors
14
11,239,163
9,454,355
Cash at bank and in hand
403,125
62,613
12,162,177
9,974,490
Creditors: amounts falling due within one year
16
(11,924,324)
(11,055,705)
Net current assets/(liabilities)
237,853
(1,081,215)
Total assets less current liabilities
4,265,541
3,091,769
Creditors: amounts falling due after more than one year
17
(596,933)
(158,692)
Net assets
3,668,608
2,933,077
Capital and reserves
Called up share capital
21
1,000
1,000
Revaluation reserve
530,790
821,955
Profit and loss reserves
3,136,818
2,110,122
Total equity
3,668,608
2,933,077

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 16 April 2026 and are signed on its behalf by:
M Barrow
Director
Company registration number 00950118 (England and Wales)
AUGUSTUS MARTIN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
1,000
1,100,760
161,274
1,263,034
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
1,670,043
1,670,043
Transfers
-
(278,805)
278,805
-
Balance at 31 December 2024
1,000
821,955
2,110,122
2,933,077
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
-
735,531
735,531
Transfers
-
(291,165)
291,165
-
Balance at 31 December 2025
1,000
530,790
3,136,818
3,668,608
AUGUSTUS MARTIN LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
632,709
219,874
Interest paid
(321,975)
(364,561)
Income taxes refunded
220,807
445,618
Net cash inflow from operating activities
531,541
300,931
Investing activities
Purchase of tangible fixed assets
(131,892)
(111,807)
Proceeds from disposal of tangible fixed assets
179,602
258,784
Interest received
1,780
881
Net cash generated from investing activities
49,490
147,858
Financing activities
Repayment of borrowings
-
0
(521,356)
Payment of finance leases obligations
(240,519)
(54,884)
Net cash used in financing activities
(240,519)
(576,240)
Net increase/(decrease) in cash and cash equivalents
340,512
(127,451)
Cash and cash equivalents at beginning of year
62,613
190,064
Cash and cash equivalents at end of year
403,125
62,613
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

Augustus Martin Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 St. Andrews Way, Devons Road, Bromley-By-Bow, London, E3 3PB.

1.1
Accounting convention

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

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

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

The company has taken advantage of the exemption not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group. The accounts of subsidiary companies, which were dormant in the year, have not been consolidated with those of the Company as the directors consider that the amounts involved are not material.

1.2
Going concern

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

The Company currently meets its day to day working capital requirements through a third-party invoice finance facility.

Accordingly, at the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable from the provision of goods and services which fall within the company's ordinary activities after deduction of the trade discounts and value added tax.

Turnover 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.

1.4
Tangible fixed assets

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

AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold improvements
10 years straight line basis
Plant & equipment
15% on reducing balance, 4-6 years straight line basis / 6 years on straight line basis from revaluation date (31/12/2021)
Computer equipment
25% straight line basis
Motor vehicles
25% on reducing balance

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

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.7
Stocks

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

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

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

1.8
Cash and cash equivalents

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

1.9
Financial instruments

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

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

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

Basic financial assets

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

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.

AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
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, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

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

1.10
Equity instruments

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

1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

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 taxation is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset, or on unremitted earnings of subsidiaries and associates where there is no commitment to remit these earnings. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
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.

AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
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.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

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

Print Equipment

One recurring uncertainty for Augustus Martin Limited, as for any print business, is the expected useful life of its print equipment.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Printing
33,914,014
31,264,055
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 19 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
33,827,245
30,982,159
Europe
10,374
12,401
Rest of the world
76,395
269,495
33,914,014
31,264,055
4
Exceptional costs
Included within results for the year are the following items which the directors regard as being exceptional items.
2025
2024
£
£
Administrative expenses
Director loan account write off
-
(1,960,000)
-
(1,960,000)
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
40,450
39,500
6
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging:
£
£
Exchange losses
28,603
4,115
Depreciation of owned tangible fixed assets
572,172
288,743
Depreciation of tangible fixed assets held under finance leases
387,010
467,413
Loss on disposal of tangible fixed assets
4,121
89,619
Operating lease charges
421,199
288,866
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
7
Employees

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

2025
2024
Number
Number
Administration
36
25
Production
117
138
Sales
31
24
Directors
5
4
Total
189
191
2025
2024
£
£
Wages and salaries
7,865,318
7,875,926
Social security costs
985,065
842,782
Pension costs
535,046
580,596
9,385,429
9,299,304

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
759,851
916,970
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1,780
882
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,780
882
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
9
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
414,474
6,250
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
133,600
2,750
10
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
-
8,133
Other finance costs
Interest on finance leases and hire purchase contracts
22,527
3,624
Other interest
299,448
352,804
321,975
364,561
11
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
(38,765)
(220,354)
Deferred tax
Origination and reversal of timing differences
96,247
-
0
Total tax charge/(credit)
57,482
(220,354)
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Taxation
(Continued)
- 22 -

The actual charge/(credit) 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
793,013
1,449,689
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
198,253
362,422
Tax effect of expenses that are not deductible in determining taxable profit
268,104
131,328
Tax effect of income not taxable in determining taxable profit
-
0
(490,000)
Tax effect of utilisation of tax losses not previously recognised
(198,983)
-
0
Unutilised tax losses carried forward
-
0
(5,098)
Deferred tax movement
96,247
-
0
Depreciation on assets not qualifying for tax allowances
1,238
1,348
Research and development tax credit
(38,765)
(220,354)
Tax effect of capital allowances
(268,612)
-
0
Taxation charge/(credit) for the year
57,482
(220,354)

The company has estimated tax losses to carry forward in respect of trading losses of £13,625,372 (2024: £14,332,261).

12
Tangible fixed assets
Leasehold improvements
Plant & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025
952,126
20,081,451
1,454,373
124,660
22,612,610
Additions
39,884
774,591
89,855
94,281
998,611
Disposals
-
0
(1,044,692)
-
0
-
0
(1,044,692)
At 31 December 2025
992,010
19,811,350
1,544,228
218,941
22,566,529
Depreciation and impairment
At 1 January 2025
914,600
16,090,865
1,360,499
74,662
18,440,626
Depreciation charged in the year
5,239
867,212
72,503
14,230
959,184
Eliminated in respect of disposals
-
0
(860,969)
-
0
-
0
(860,969)
At 31 December 2025
919,839
16,097,108
1,433,002
88,892
18,538,841
Carrying amount
At 31 December 2025
72,171
3,714,242
111,226
130,049
4,027,688
At 31 December 2024
37,526
3,990,586
93,874
49,998
4,171,984
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Tangible fixed assets
(Continued)
- 23 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Plant & equipment
978,165
652,756
Motor vehicles
206,305
121,064
1,184,470
773,820

13
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
-
0
1,000
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025
1,000
Disposals
(1,000)
At 31 December 2025
-
Carrying amount
At 31 December 2025
-
At 31 December 2024
1,000

Billboard Posters Limited a wholly owned subsidiary was dissolved on 16 September 2025.

AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
10,521,966
8,427,053
Corporation tax recoverable
43,073
225,115
Other debtors
20,044
39,730
Prepayments and accrued income
654,080
666,210
11,239,163
9,358,108
Deferred tax asset (note 19)
-
0
96,247
11,239,163
9,454,355
15
Stocks
2025
2024
£
£
Raw materials
447,830
405,402
Finished goods
72,059
52,120
519,889
457,522
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
18
277,231
89,272
Trade creditors
4,822,760
3,530,154
Amounts owed to group undertakings
-
0
1,000
Taxation and social security
1,039,393
1,007,393
Other creditors
4,787,291
5,043,590
Accruals and deferred income
997,649
1,384,296
11,924,324
11,055,705

Included in other creditors is £3,245,004 (2024: £3,597,226) relating to an invoice discount facility secured by way of a fixed and floating charge over the company.

17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
18
596,933
158,692
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
18
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
277,231
89,272
After more than one year
596,933
158,692
874,164
247,964
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
277,231
89,272
In two to five years
596,933
158,692
874,164
247,964
19
Deferred taxation

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

Assets
Assets
2025
2024
Balances:
£
£
ACAs
-
36,244
Other Timing Differences
-
60,003
-
96,247
2025
Movements in the year:
£
Asset at 1 January 2025
(96,247)
Charge to profit or loss
96,247
Liability at 31 December 2025
-
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
535,046
580,596

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.

AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
22
Operating lease commitments
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 one year
606,960
246,960
23
Related party transactions
Transactions with related parties

During the year, the company entered into the following transactions with entities controlled by the directors:

2025
2024
£
£
Sales
1,425,861
1,014,418
Purchases
6,300,066
5,689,154
Management charges
1,395,799
1,002,677
Other information

The total amounts outstanding at the reporting period date owed to entities controlled by a director was £1,355,799 (2024: £1,195,422).

The company paid rent in respect of property owned by a director of £411,125 (2024: £278,625).

The director's loan account closed the period with a credit balance of £Nil (2024: £176,415).

24
Ultimate controlling party

The company is owned and controlled by M. Barrow.

AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
25
Analysis of changes in net debt
1 January 2025
Cash flows
New leases
31 December 2025
£
£
£
£
Cash at bank and in hand
62,613
340,512
-
403,125
Lease liabilities
(247,964)
240,519
(866,719)
(874,164)
(185,351)
581,031
(866,719)
(471,039)
26
Cash generated from operations
2025
2024
£
£
Profit after taxation
735,531
1,670,043
Adjustments for:
Taxation charged/(credited)
57,482
(220,354)
Finance costs
321,975
364,561
Investment income
(1,780)
(882)
Loss on disposal of tangible fixed assets
4,121
89,619
Loss on disposal of subsidary
1,000
-
Release of connected party indebtedness
-
0
(1,960,000)
Depreciation and impairment of tangible fixed assets
959,184
756,782
Movements in working capital:
(Increase)/decrease in stocks
(62,367)
318,741
Increase in debtors
(2,063,097)
(1,003,722)
Increase/(decrease) in creditors
680,660
(205,086)
Cash generated from operations
632,709
219,874
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