REGISTERED NUMBER: 02768268 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

CADMUS INTERNATIONAL UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

I P Kline

REGISTERED OFFICE:

5th Floor

Holborn Gate

330 High Holborn

London

WC1V 7QH

REGISTERED NUMBER:

02768268 (England and Wales)

AUDITORS:

Clemence Hoar Cummings

Chartered Accountants and Statutory Auditor

Riverside House

1-5 Como Street

Romford

Essex

RM7 7DN

BANKERS:

Lloyds Bank plc

3rd Floor

125 London Wall

London

EC2Y 5AJ

FIXED ASSETS

Tangible assets

4

10,863

24,614

CURRENT ASSETS

Debtors

5

2,985,212

801,286

Cash at bank and in hand

1,669,098

2,215,258

4,654,310

3,016,544

CREDITORS

Amounts falling due within one year

6

2,304,218

1,087,545

NET CURRENT ASSETS

2,350,092

1,928,999

TOTAL ASSETS LESS CURRENT LIABILITIES

2,360,955

1,953,613

PROVISIONS FOR LIABILITIES

2,715

6,025

NET ASSETS

2,358,240

1,947,588

CAPITAL AND RESERVES

Called up share capital

8

236,318

236,318

Share premium

1,382,237

1,382,237

Retained earnings

739,685

329,033

SHAREHOLDERS' FUNDS

2,358,240

1,947,588

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 March 2026 and were signed by:

I P Kline - Director

1.	STATUTORY INFORMATION

Cadmus International UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover relates to the provision of consulting and advisory services in respect of economics predominantly in emerging markets. The amount recognised is based on invoiced sales exclusive of value added tax, an adjustment for work undertaken on contracts not completed at the year end is recognised, this is reduced by any element that will not be recovered under the terms of the contract.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

Straight line over 5 years

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to the profit and loss account in the period to which they relate.

Amounts recoverable on contracts

Amounts recoverable on contracts represents the proportion of projects completed at the year end based upon labour hours and other direct costs, less any revenue billed to date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2024 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2025

59,313

131,057

190,370

Additions

-

6,026

6,026

Disposals

(59,313

)

(3,831

)

(63,144

)

At 31 December 2025

-

133,252

133,252

DEPRECIATION

At 1 January 2025

58,111

107,645

165,756

Charge for year

-

14,744

14,744

Eliminated on disposal

(58,111

)

-

(58,111

)

At 31 December 2025

-

122,389

122,389

NET BOOK VALUE

At 31 December 2025

-

10,863

10,863

At 31 December 2024

1,202

23,412

24,614

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,487,342

283,667

Amounts recoverable on contract

1,380,878

466,971

Other debtors

86,957

18,450

VAT

7,290

-

Prepayments

22,745

32,198

2,985,212

801,286

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

657,039

134,966

Amounts owed to group undertakings

617,479

210,572

Taxation

133,424

33,486

Social security and other taxes

10,844

37,996

VAT

-

10,650

Other creditors

38,717

26,763

Accruals and deferred revenue

846,715

633,112

2,304,218

1,087,545

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

173,114

165,130

Between one and five years

29,000

216,614

202,114

381,744

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

236,318

Ordinary

£1

236,318

236,318

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Belbin BSc FCA DChA (Senior Statutory Auditor)

for and on behalf of Clemence Hoar Cummings

10.	RELATED PARTY DISCLOSURES

At the balance sheet date there was an outstanding balance due to Nathan Associates LLC totalling £617,479 (2024:£210,572), which is included within creditors.

There were intercompany transactions during the year totalling to £406,907 (2024: £113,498).

11.	ULTIMATE CONTROLLING PARTY

The Company is a 100% subsidiary of Nathan Associates LLC a company incorporated in the United States of America. Cadmus New Co LLC prepare group accounts, which owns 100% of the share capital of Nathan Associates LLC.

C I (Cadmus) Holding LLC has ultimate control of the Company.