Company registration number 00169536 (England and Wales)
GREENS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
GREENS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 25
GREENS LIMITED
COMPANY INFORMATION
Directors
D Buckland
M Day
J Mortimer
R Player
Company number
00169536
Registered office
Lincoln Road
Cressex Business Park
High Wycombe
Buckinghamshire
HP12 3RQ
Auditor
BK Plus Audit Limited
Oakingham House
Frederick Place
High Wycombe
Buckinghamshire
HP11 1JU
GREENS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

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

Review of the business

2025 continued the positive trend for the business in recent years with revenue growing again this year by 15.6%. A large portion of this growth in revenue came from pass-through costs for postage and delivery which has had an impact on the gross margin which has fallen by 1.1 percentage points in the year. Business costs also increased during the year due to lease of an additional factory unit as well as the hike in national insurance rates which has impacted the profitability.

The sales growth came from both new business which was won during the previous year as well as continued growth in revenue from existing customers. Price increases for delivery costs have also been passed on to customers resulting in a further increase in the revenue.

The trust ownership model has continued to work well for the business with stability in the Board of Directors and a strong second tier management team working to drive the business forwards and take advantage of opportunities.

2025 was a year of investment for the business. We have upgraded a large amount of our production kit as well as investing in new machinery to help improve the production efficiencies of the business.

IT remains a key part of our offering to our customers and our IT team are vital to this. We continue to invest in this team which allows us to develop our existing systems as well as new platforms to offer solutions to our customers.

Principal risks and uncertainties

The print industry remains competitive, the last few years have seen consolidation within the industry with several smaller businesses combining with larger partners. This change within the industry has provided a few opportunities and challenges, however the technical skills and the agility of our teams and systems puts us in a strong position to take advantage of any of these opportunities.

We have made a solid start to the new financial year with customers continuing to spend well with us. We continue to spend time searching for more opportunities to expand the business through growing the customer base. Overall, the company remains in a strong and stable position.

On behalf of the board

R Player
Director
28 April 2026
GREENS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -

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

Principal activities

The principal activity of the company continued to be that of printing.

Results and dividends

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

Ordinary dividends were paid amounting to £1,500,000. The directors do not recommend payment of a final dividend.

No preference dividends were paid.

Directors

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

D Buckland
M Day
J Mortimer
R Player
Auditor

In accordance with the company’s articles, a resolution proposing that BK Plus Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

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

On behalf of the board
R Player
Director
28 April 2026
GREENS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

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; 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.

GREENS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GREENS LIMITED
- 4 -
Opinion

We have audited the financial statements of Greens Limited (the 'company') for the year ended 31 August 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 August 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.

GREENS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GREENS LIMITED
- 5 -
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 are detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

From the preliminary stage of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance, if available;

- Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

GREENS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GREENS LIMITED
- 6 -

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions. There is always the unavoidable risk that material misstatements in the financial statements may not be detected despite the audit being properly performed in accordance with UK Auditing standards.

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.

Kapil Davda
Senior Statutory Auditor
For and on behalf of BK Plus Audit Limited
28 April 2026
Statutory Auditor
Oakingham House
Frederick Place
High Wycombe
Buckinghamshire
HP11 1JU
GREENS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
17,894,854
15,484,138
Cost of sales
(12,261,753)
(10,428,947)
Gross profit
5,633,101
5,055,191
Distribution costs
(475,366)
(254,415)
Administrative expenses
(3,220,361)
(2,836,694)
Operating profit
4
1,937,374
1,964,082
Interest receivable and similar income
7
358,127
311,591
Interest payable and similar expenses
8
(28,809)
(22,100)
Profit before taxation
2,266,692
2,253,573
Tax on profit
9
(483,373)
(494,335)
Profit for the financial year
1,783,319
1,759,238

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

GREENS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2025
31 August 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
727,544
392,160
Investments
11 & 12
662,996
662,996
1,390,540
1,055,156
Current assets
Stocks
13
80,921
61,039
Debtors
14
3,996,985
3,273,870
Cash at bank and in hand
2,904,811
3,193,360
6,982,717
6,528,269
Creditors: amounts falling due within one year
16
(3,183,673)
(2,916,866)
Net current assets
3,799,044
3,611,403
Total assets less current liabilities
5,189,584
4,666,559
Creditors: amounts falling due after more than one year
17
(140,319)
(13,334)
Provisions for liabilities
Provisions
20
20,008
-
0
Deferred tax liability
21
175,383
90,168
(195,391)
(90,168)
Net assets
4,853,874
4,563,057
Capital and reserves
Called up share capital
22
3,755
3,755
Capital redemption reserve
695
695
Other reserves
24
9,957
2,459
Profit and loss reserves
4,839,467
4,556,148
Total equity
4,853,874
4,563,057
The financial statements were approved by the board of directors and authorised for issue on 28 May 2026 and are signed on its behalf by:
R Player
Director
Company registration number 00169536 (England and Wales)
GREENS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 9 -
Share capital
Capital redemption reserve
Other Reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 September 2023
3,755
695
-
3,796,930
3,801,380
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
-
1,759,238
1,759,238
Dividends
-
-
-
(1,000,020)
(1,000,020)
Charge
-
-
2,459
-
0
2,459
Balance at 31 August 2024
3,755
695
2,459
4,556,148
4,563,057
Year ended 31 August 2025:
Profit and total comprehensive income
-
-
-
1,783,319
1,783,319
Dividends
-
-
-
(1,500,000)
(1,500,000)
Charge
-
-
7,498
-
0
7,498
Balance at 31 August 2025
3,755
695
9,957
4,839,467
4,853,874
GREENS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
2025
2024
Note
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,009,729
2,004,320
Interest paid
(28,809)
(22,100)
Income taxes paid
(747,605)
(352,114)
Net cash inflow from operating activities
1,233,315
1,630,106
Investing activities
Purchase of tangible fixed assets
(515,509)
(198,643)
Proceeds from disposal of tangible fixed assets
541
-
0
Interest received
8,127
11,591
Dividends received
350,000
300,000
Net cash (used in)/generated from investing activities
(156,841)
112,948
Financing activities
Proceeds from new bank loans / (Repayment of bank loans)
92,500
(40,000)
Proceeds from new finance lease obligations / (Payment of finance leases obligations)
42,477
(12,500)
Dividends paid
(1,500,000)
(1,000,020)
Net cash used in financing activities
(1,365,023)
(1,052,520)
Net (decrease)/increase in cash and cash equivalents
(288,549)
690,534
Cash and cash equivalents at beginning of year
3,193,360
2,502,826
Cash and cash equivalents at end of year
2,904,811
3,193,360
GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
1
Accounting policies
Company information

Greens Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lincoln Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3RQ.

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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Greens Limited is a wholly owned subsidiary of Greens (Lincoln Road) Limited and the results of Greens Limited are included in the consolidated financial statements of Greens (Lincoln Road) Limited which are available from Lincoln Road, Cressex Business Park, High Wycombe, HP12 3RQ.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The true d irector s ha ve reviewed and considered relevant information, including the annual budget and future cash flows in making his assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the d irector s ha ve concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 12 -
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.

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:

Plant and equipment
10-20% per annum
Fixtures and fittings
10-20% per annum
Computers
20-33% per annum
Motor vehicles
20% per annum

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

1.5
Fixed asset investments

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

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

1.6
Impairment of fixed assets

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

1.7
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.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 13 -

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.

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.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 14 -
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.

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
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.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 15 -
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.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the black-scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 16 -
1.16
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.

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

Tangible fixed assets are depreciated to write off the cost of the asset, less any residual value, over its useful

life. Estimates of useful lives are based on the nature of the asset and management's experience. The actual

useful lives of assets may vary.

Provision for doubtful debts

The company estimates the recoverable amount of trade and other receivables. In assessing potential impairment, management consider factors including the debtor’s credit rating, the age of outstanding balances, and past collection experience.

Stock Provision

The company estimates a provision for obsolete or slow-moving stock based on management’s judgement. The provision represents management’s best estimate of the provision as at the reporting date.

Dilapidations Provision

The company estimates a provision for dilapidations based on management’s judgement. The provision represents management’s best estimate of the provision as at the reporting date.

Impairment of investment in subsidiaries

The review of investments in subsidiaries for impairment reflects managements best estimate on the future cashflows, with the estimate of its fair value less costs to sell and/or value in use.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Printing
17,894,854
15,484,138
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
14,561,625
12,229,650
Rest of the world
3,333,229
3,254,488
17,894,854
15,484,138
2025
2024
£
£
Other revenue
Interest income
8,127
11,591
Dividends received
350,000
300,000
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
37,741
62,058
Depreciation of owned tangible fixed assets
179,314
208,169
Loss on disposal of tangible fixed assets
270
16,335
Share-based payments
7,498
2,459
Operating lease charges
257,775
192,014
5
Employees

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

2025
2024
Number
Number
Production
51
45
Sales & Distribution
8
9
Administration
21
18
Management
7
7
Total
87
79
GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,639,386
3,181,636
Social security costs
402,704
319,225
Pension costs
159,735
95,206
4,201,825
3,596,067
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
780,186
680,976
Company pension contributions to defined contribution schemes
62,213
28,434
842,399
709,410
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
250,600
218,016
Company pension contributions to defined contribution schemes
22,652
14,613
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
8,127
11,591
Income from fixed asset investments
Income from shares in group undertakings
350,000
300,000
Total income
358,127
311,591
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
8,127
11,591
GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,394
4,101
Other finance costs:
Other interest
21,415
17,999
28,809
22,100
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
398,158
499,022
Adjustments in respect of prior periods
-
0
113
Total current tax
398,158
499,135
Deferred tax
Origination and reversal of timing differences
85,215
(4,800)
Total tax charge
483,373
494,335

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
2,266,692
2,253,573
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
566,673
563,393
Tax effect of expenses that are not deductible in determining taxable profit
8,051
13,369
Adjustments in respect of prior years
-
0
113
Group relief
(4,489)
(3,448)
Depreciation for the year in excess of capital allowances
(85,418)
716
Other timing differences
85,214
(4,800)
Dividend income
(87,500)
(75,000)
Pensions
774
(8)
Loss on sale of fixed assets
68
-
0
Taxation charge for the year
483,373
494,335
GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -
10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2024
1,428,779
118,775
276,800
36,614
1,860,968
Additions
373,651
57,490
62,373
21,995
515,509
Disposals
(250,178)
(4,648)
(3,066)
(18,624)
(276,516)
At 31 August 2025
1,552,252
171,617
336,107
39,985
2,099,961
Depreciation and impairment
At 1 September 2024
1,095,349
88,468
263,668
21,323
1,468,808
Depreciation charged in the year
139,026
15,439
17,918
6,931
179,314
Eliminated in respect of disposals
(249,367)
(4,648)
(3,066)
(18,624)
(275,705)
At 31 August 2025
985,008
99,259
278,520
9,630
1,372,417
Carrying amount
At 31 August 2025
567,244
72,358
57,587
30,355
727,544
At 31 August 2024
333,430
30,307
13,132
15,291
392,160
11
Fixed asset investments
2025
2024
Note
£
£
Investments in subsidiaries
12
662,996
662,996
12
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Wimpole Printing Limited
England and Wales
Ordinary shares
100.00
Doxzoo Limited
England and Wales
Ordinary shares
100.00
Greens Printing Services Limited
England and Wales
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Wimpole Printing Limited
197,558
(487)
0
Doxzoo Limited
(369,311)
0
(27,123)
0
Greens Printing Services Limited
684,310
354,145
GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -
13
Stocks
2025
2024
£
£
Raw materials
80,921
61,039
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,891,224
2,302,477
Amounts owed by group undertakings
898,784
781,061
Other debtors
6,862
375
Prepayments and accrued income
200,115
189,957
3,996,985
3,273,870
15
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,796,870
3,083,913
Carrying amount of financial liabilities
Measured at amortised cost
3,009,319
2,231,030
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
43,334
40,000
Obligations under finance leases
19
9,866
5,208
Trade creditors
1,213,778
1,006,045
Amounts owed to group undertakings
496,887
188,339
Corporation tax
148,288
497,735
Other taxation and social security
166,385
201,435
Other creditors
28,104
21,578
Accruals and deferred income
1,077,031
956,526
3,183,673
2,916,866
GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 22 -
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans
18
102,500
13,334
Obligations under finance leases
19
37,819
-
0
140,319
13,334
18
Loans and overdrafts
2025
2024
£
£
Bank loans
145,834
53,334
Payable within one year
43,334
40,000
Payable after one year
102,500
13,334

The bank loan (note 17 and 18) is secured by fixed and floating charges over all the property and assets of the company.

19
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
9,866
5,208
In two to five years
37,819
-
0
47,685
5,208

The finance leases are secured by charges over the assets that they relate to.

20
Provisions for liabilities
2025
2024
£
£
Dilapidations Provision
20,008
-
Movements on provisions:
Dilapidations Provision
£
Additional provisions in the year
20,008

The dilapidations provision is expected to be utilised within five years.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 23 -
21
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
175,383
90,168
2025
Movements in the year:
£
Liability at 1 September 2024
90,168
Charge to profit or loss
85,215
Liability at 31 August 2025
175,383
22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
755
755
755
755
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
3,000
3,000
3,000
3,000
Preference shares classified as equity
3,000
3,000
Total equity share capital
3,755
3,755
23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
159,735
95,206

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 year end, the company has an outstanding amount of £17,184 (2024: £12,441) payable to the scheme.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 24 -
24
Other Reserves
2025
2024
£
£
At the beginning of the year
2,459
-
Charge for the year
7,498
2,459
At the end of the year
9,957
2,459

During the prior financial year share options, under an EMI scheme, were granted by Greens Lincoln Road Limited to three employees of Greens Limited to purchase shares in Greens Lincoln Road Limited (parent company).

The options shall become exercisable in full on or after the date on which the vendor loan notes and the EOT debt (if any) has been repaid in full subject to the employees remaining within the employment of the company during this period.

As the vendor loan notes do not have a fixed repayment term, the directors of the company have estimated the vesting period to be 10 years from the date of grant. This estimate will be revised each accounting period to reflect the most up to date information.

| Number of options
Outstanding at the beginning of the year | 32,355
Granted during the year | -
Forfeited during the year | -
Exercised during the year | -
Expired during the year | -
Outstanding at the end of the year | 32,355
Exercisable at the end of the year | -

The weighted average exercise price of the share options granted during the prior financial year is £5.80 per share measured using the Black-Scholes pricing model. The key inputs for the fair value measurement can be summarised as follows:

Share price at grant date | £5.8
Strike price | £5.8
Expected volatility | 5%
Expected life | 10 years
Risk free rate | 5%
Expected dividend yield | 0%

25
Related party transactions

The company has taken advantage of the exemption in paragraph 1AC 35 of FRS102 not to disclose transactions with wholly owned group entities.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 25 -
26
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
251,226
199,112
Between two and five years
961,195
796,448
In over five years
404,938
925,968
1,617,358
1,921,528
27
Controlling party

The company's immediate parent company is Greens (Lincoln Road) Limited.

The ultimate controlling party is Greens (Lincoln Road) Limited Employee Ownership Trust.

28
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
1,783,319
1,759,238
Adjustments for:
Taxation charged
483,373
494,335
Finance costs
28,809
22,100
Investment income
(358,127)
(311,591)
Loss on disposal of tangible fixed assets
270
16,335
Depreciation and impairment of tangible fixed assets
179,314
208,169
Equity settled share based payment expense
7,498
2,459
Increase in provisions
20,008
-
Movements in working capital:
(Increase)/decrease in stocks
(19,882)
603
Increase in debtors
(723,115)
(216,952)
Increase in creditors
608,262
29,624
Cash generated from operations
2,009,729
2,004,320
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