Stirland Paterson (Holdings) Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 04232130

Stirland Paterson (Holdings) Limited

Group Strategic Report, Report of the Directors and Consolidated Financial Statements

30 September 2025

Stirland Paterson (Holdings) Limited

Group Strategic Report, Report of the Directors and Consolidated Financial Statements

Year ended 30 September 2025

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Consolidated statement of income and retained earnings	9

Company statement of income and retained earnings	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of cash flows	13

Notes to the group strategic report, report of the directors and consolidated financial statements	14

Stirland Paterson (Holdings) Limited

Strategic Report

Year ended 30 September 2025

Principal activities

The principal activities of the group in the year under review were those of property leasing, marketing, print and associated services.

Review of the business

Since starting up in 1996 the subsidiary company has continued to grow and develop its products and services to meet customer requirements, investing in staff and equipment and monitoring processes to improve quality and speed, reduce wastage and emissions. The company has also grown its customer base and developed its services to provide a one stop shop for customers seeking more comprehensive experience. The company strives to provide a competitive service across all areas to be one of the front runners in print solutions.During the year the company sought to improve its pricing competitivity and reviewed its supply chain capabilities and requirements to generate greater economies of scale, leased additional sites and acquired more staff with different skillsets to diversify into new products as well as additional volume of work and storage. The parent company has increased it's portfolio of industrial rental property by expanding and developing existing sites.

Principal risks and uncertainties

There are a number of key risks pertaining to the management of the subsidiary company and the execution of its strategy. These key risks relate to the competition of both local and national providers of print and marketing services. To mitigate these risks the company focuses on producing a quality product and service and the development of customer relationships as well as sourcing and retaining high performing employees and equipment.

Business development

The group has had a successful year, increasing its turnover, gross profit and net profit, remaining solvent and able to service debts as they fall due. The group has continued to monitor spending and continually review and develop operations to provide a more encompassing service to customers. The group is also committed to ongoing sustainability and reducing carbon emissions in line with the Paris Agreement, utilising carbon specialists to help the company to identify emissions and target reductions. The group also offset scope 1 and 2 emissions by supporting the global conservation charity World Land Trust.

Key performance indicators

The group monitors its performance by reference to the following KPIs:

	2025	2024
Turnover	14,851,158	13,846,536
Gross profit %	36	35
EBT	2,101,411	1,679,663
Net assets	5,877,117	4,538,497

Price risk, credit risk, liquidity risk and cash flow risk

Price risk - energy prices have remained high and print machinery utilises a lot of power. The group tries to fix utility prices to provide price stability and the subsidiary company pays employees an industry competitive wage based on skill level. As Government wage thresholds increase, the group's wage costs also increase as it seeks to reflect national increases across the payroll. As it had been challenging to recruit skilled staff in the print sector, the subsidiary company continues to seek training opportunities for employees to meet skills deficits. This will also move more employees towards higher paid skilled wages. Credit risk - the subsidiary company is at risk of bad debts from customers. It operates controls over customer accounts, using external credit agencies to check and monitor customers, and also utilise an escalation process for pursuing debts outside of credit terms. Liquidity risk - the subsidiary company maintains good liquidity with a quick ratio of 1.3 and a current ratio of 1.5. Cash flow risk - the group has good cash reserves available to it, with both companies maintaining a healthy bank balance.

This report was approved by the board of directors on 9 February 2026 and signed on behalf of the board by:

Mr J Paterson

Director

Registered office:

Tomolivia Court

Unit 21B , Merlin Way

Quarry Hill Industrial Estate

Ilkeston

Derbyshire

DE7 4RA

Stirland Paterson (Holdings) Limited

Directors' Report

Year ended 30 September 2025

The directors present their report and the Group Strategic Report, Report of the Directors and Consolidated Financial Statements of the group for the year ended 30 September 2025 .

Directors

The directors who served the company during the year were as follows:

Mr S Stirland
Mr J Paterson

Dividends

Particulars of recommended dividends are detailed in note 11 to the Group Strategic Report, Report of the Directors and Consolidated Financial Statements.

Disclosure of information in the strategic report

The company has chosen to set out certain directors report information in the strategic report. This information is in respect of future developments.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the Group Strategic Report, Report of the Directors and Consolidated Financial Statements in accordance with applicable law and regulations. Company law requires the directors to prepare Group Strategic Report, Report of the Directors and Consolidated Financial Statements for each financial year. Under that law the directors have elected to prepare the Group Strategic Report, Report of the Directors and Consolidated 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 Group Strategic Report, Report of the Directors and Consolidated Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these Group Strategic Report, Report of the Directors and Consolidated Financial Statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the Group Strategic Report, Report of the Directors and Consolidated 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 Group Strategic Report, Report of the Directors and Consolidated 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 9 February 2026 and signed on behalf of the board by:

Mr J Paterson

Director

Registered office:

Tomolivia Court

Unit 21B , Merlin Way

Quarry Hill Industrial Estate

Ilkeston

Derbyshire

DE7 4RA

Stirland Paterson (Holdings) Limited

Independent Auditor's Report to the Members of Stirland Paterson (Holdings) Limited

Year ended 30 September 2025

Opinion

We have audited the Group Strategic Report, Report of the Directors and Consolidated Financial Statements of Stirland Paterson (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Group Strategic Report, Report of the Directors and Consolidated Financial Statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 September 2025 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 group strategic report, report of the directors and consolidated financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the Group Strategic Report, Report of the Directors and Consolidated 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 Group Strategic Report, Report of the Directors and Consolidated Financial Statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Group Strategic Report, Report of the Directors and Consolidated Financial Statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the Group Strategic Report, Report of the Directors and Consolidated 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 Group Strategic Report, Report of the Directors and Consolidated Financial Statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the Group Strategic Report, Report of the Directors and Consolidated 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. In connection with our audit of the Group Strategic Report, Report of the Directors and Consolidated Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Group Strategic Report, Report of the Directors and Consolidated Financial Statements or our knowledge obtained in 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 there is a material misstatement in the Group Strategic Report, Report of the Directors and Consolidated Financial Statements or a material misstatement of the other information. 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 the audit:

- the information given in the strategic report and the directors' report for the financial year for which the Group Strategic Report, Report of the Directors and Consolidated Financial Statements are prepared is consistent with the Group Strategic Report, Report of the Directors and Consolidated Financial Statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company Group Strategic Report, Report of the Directors and Consolidated 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' responsibilities statement, the directors are responsible for the preparation of the Group Strategic Report, Report of the Directors and Consolidated 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 Group Strategic Report, Report of the Directors and Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Group Strategic Report, Report of the Directors and Consolidated Financial Statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the group strategic report, report of the directors and consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the Group Strategic Report, Report of the Directors and Consolidated 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 Group Strategic Report, Report of the Directors and Consolidated 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: Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for out audit opinion. Identifying and assessing potential risks related to irregularities in identifying and assessing risks of material misstatement: In respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following: -the nature of the business and its industry, the level of autonomy of management and the controls put in place by those charged with governance and business performance. -results of our enquiries of management and those charged with governance regarding their own identification and assessment of the risks of irregularities. -any matters we identified having documented and tested the company's policies and procedures including compliance with laws and regulations, internal controls and also from discussion within the audit engagement team and associated internal specialists regarding how and where fraud might occur and whether there were any potential indicators of fraud. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the Group Strategic Report, Report of the Directors and Consolidated Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Group Strategic Report, Report of the Directors and Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the Group Strategic Report, Report of the Directors and Consolidated Financial Statements, including the disclosures, and whether the Group Strategic Report, Report of the Directors and Consolidated Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated Group Strategic Report, Report of the Directors and Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 auditors 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.

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.

Russell Eley FCCA

(Senior Statutory Auditor)

For and on behalf of

Xeinadin Audit Limited

Chartered Accountants & statutory auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD

20 March 2026

Stirland Paterson (Holdings) Limited

Consolidated Statement of Income and Retained Earnings

Year ended 30 September 2025

		2025	2024
Note		£	£
Turnover	4	14,851,158	13,846,536

Cost of sales	9,470,606	9,028,165
	-------------	-------------
Gross profit	5,380,552	4,818,371

Distribution costs		13,540	13,175
Administrative expenses		3,337,278	3,211,414
Other operating income	5	99,461	125,471
		------------	------------
Operating profit	6	2,129,195	1,719,253

Other interest receivable and similar income	11,223	25,320
Interest payable and similar expenses	39,007	64,910
	------------	------------
Profit before taxation	2,101,411	1,679,663

Tax on profit	10	544,716	426,617
		------------	------------
Profit for the financial year and total comprehensive income		1,556,695	1,253,046
		------------	------------

Dividends paid and payable	11	( 218,000)	( 200,000)

Retained earnings at the start of the year	4,538,222	3,485,176
	------------	------------
Retained earnings at the end of the year	5,876,917	4,538,222
	------------	------------

All the activities of the group are from continuing operations.

Stirland Paterson (Holdings) Limited

Company Statement of Income and Retained Earnings

Year ended 30 September 2025

		2025	2024
Note		£	£
Profit for the financial year and total comprehensive income		927,837	898,742
Dividends paid and payable	11	( 218,000)	( 200,000)

Retained earnings at the start of the year	2,472,838	1,774,096
	------------	------------
Retained earnings at the end of the year	3,182,675	2,472,838
	------------	------------

Stirland Paterson (Holdings) Limited

Consolidated Statement of Financial Position

30 September 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	12		3,737,427	4,041,501

Current assets

Stocks	14	935,262	711,694
Debtors	15	3,688,579	2,871,786
Cash at bank and in hand		1,077,232	1,407,696
		------------	------------
		5,701,073	4,991,176

Creditors: Amounts falling due within one year	16	2,945,295		3,636,897
		------------		------------
Net current assets			2,755,778	1,354,279
			------------	------------
Total assets less current liabilities			6,493,205	5,395,780

Creditors: Amounts falling due after more than one year	17		130,374	308,604

Provisions	19	485,714	548,754
		------------	------------
Net assets		5,877,117	4,538,422
		------------	------------

Capital and reserves

Called up share capital	23	200	200
Profit and loss account		5,876,917	4,538,222
		------------	------------
Shareholders funds		5,877,117	4,538,422
		------------	------------

These Group Strategic Report, Report of the Directors and Consolidated Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These Group Strategic Report, Report of the Directors and Consolidated Financial Statements were approved by the board of directors and authorised for issue on 9 February 2026 , and are signed on behalf of the board by:

Mr J Paterson

Director

Company registration number: 04232130

Stirland Paterson (Holdings) Limited

Company Statement of Financial Position

30 September 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	12	3,309,478	3,528,555
Investments	13	40,002	40,002
		------------	------------
		3,349,480	3,568,557

Current assets

Stocks	14	15,000	15,000
Debtors	15	430,661	297,079
Cash at bank and in hand		564,518	396,704
		------------	---------
		1,010,179	708,783

Creditors: Amounts falling due within one year	16	641,205		1,040,264
		------------		------------
Net current assets/(liabilities)			368,974	( 331,481)
			------------	------------
Total assets less current liabilities			3,718,454	3,237,076

Creditors: Amounts falling due after more than one year	17		130,374	308,604

Provisions	19	405,205	455,434
		------------	------------
Net assets		3,182,875	2,473,038
		------------	------------

Capital and reserves

Called up share capital	23	200	200
Profit and loss account		3,182,675	2,472,838
		------------	------------
Shareholders funds		3,182,875	2,473,038
		------------	------------

The profit for the financial year of the parent company was £ 927,837 (2024: £ 898,742 ).

These Group Strategic Report, Report of the Directors and Consolidated Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These Group Strategic Report, Report of the Directors and Consolidated Financial Statements were approved by the board of directors and authorised for issue on 9 February 2026 , and are signed on behalf of the board by:

Mr J Paterson

Director

Company registration number: 04232130

Stirland Paterson (Holdings) Limited

Consolidated Statement of Cash Flows

Year ended 30 September 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	1,556,695	1,253,046

Adjustments for:
Depreciation of tangible assets	308,880	245,753
Government grant income	( 7,557)	( 7,557)
Other interest receivable and similar income	( 11,223)	( 25,320)
Interest payable and similar expenses	39,007	64,910
Loss on disposal of tangible assets	78,953	6,739
Tax on profit	544,716	426,617
Accrued (income)/expenses	( 7,256)	85,874

Changes in:
Stocks	( 223,568)	( 302,487)
Trade and other debtors	( 816,793)	( 831,739)
Trade and other creditors	( 981,781)	916,314
	------------	------------
Cash generated from operations	480,073	1,832,150

Interest paid	( 39,007)	( 64,910)
Interest received	11,223	25,320
Tax paid	( 273,611)	( 140,108)
	---------	------------
Net cash from operating activities	178,678	1,652,452
	---------	------------

Cash flows from investing activities

Purchase of tangible assets	( 167,780)	( 805,121)
Proceeds from sale of tangible assets	84,021	28,901
	---------	------------
Net cash used in investing activities	( 83,759)	( 776,220)
	---------	------------

Cash flows from financing activities

Proceeds from borrowings	( 90,475)	( 268,068)
Government grant income	7,557	7,557
Payments of finance lease liabilities	( 124,465)	( 112,430)
Dividends paid	( 218,000)	( 200,000)
	---------	------------
Net cash used in financing activities	( 425,383)	( 572,941)
	---------	------------

Net (decrease)/increase in cash and cash equivalents	( 330,464)	303,291
Cash and cash equivalents at beginning of year	1,407,696	1,104,405
	------------	------------
Cash and cash equivalents at end of year	1,077,232	1,407,696
	------------	------------

Stirland Paterson (Holdings) Limited

Notes to the Group Strategic Report, Report of the Directors and Consolidated Financial Statements

Year ended 30 September 2025

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Tomolivia Court, Unit 21B , Merlin Way, Quarry Hill Industrial Estate, Ilkeston, Derbyshire, DE7 4RA.

2. Statement of compliance

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'' and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are presented in Sterling (£).

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) Disclosures in respect of financial instruments have not been presented. (c) Disclosures in respect of share-based payments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel. The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.

Consolidation

The Group Strategic Report, Report of the Directors and Consolidated Financial Statements consolidate the Group Strategic Report, Report of the Directors and Consolidated Financial Statements of Stirland Paterson (Holdings) Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation charge is calculated based on estimates and assumptions on asset useful economic lives and expected residual values.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered and rent receivable, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% reducing balance
Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% straight line
Computer equipment	-	33 % straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Cost is calculated using the FIFO (first in, first out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Rendering of services	14,851,158	13,846,536
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Other operating income

	2025	2024
	£	£
Rental income	82,486	104,500
Government grant income	7,557	7,557
Waste disposal sales	9,418	13,414
	--------	---------
	99,461	125,471
	--------	---------

6. Operating (loss)/profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	308,880	245,753
Loss on disposal of tangible assets	78,953	6,739
Impairment of trade debtors	40,019	–
Foreign exchange differences	388	( 4)
	---------	---------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the group strategic report, report of the directors and consolidated financial statements	12,500	12,000
	--------	--------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	45	42
Administrative staff	39	37
Management staff	4	4
	----	----
	88	83
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	3,307,395	3,084,424
Social security costs	16,635	14,568
Other pension costs	169,872	173,892
	------------	------------
	3,493,902	3,272,884
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	113,919	112,539
Company contributions to defined contribution pension plans	120,000	120,000
	---------	---------
	233,919	232,539
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	2	2
	----	----

10. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	607,756	273,611
Adjustments in respect of prior periods	–	( 12)
	---------	---------
Total current tax	607,756	273,599
	---------	---------

Deferred tax:

Origination and reversal of timing differences	( 63,040)	153,018
	---------	---------
Tax on profit	544,716	426,617
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	2,101,411	1,679,663
	------------	------------
Profit on ordinary activities by rate of tax	775,352	419,916
Adjustment to tax charge in respect of prior periods	–	( 12)
Effect of expenses not deductible for tax purposes	21,254	8,603
Effect of revenue exempt from tax	( 251,890)	( 1,890)
	------------	------------
Tax on profit	544,716	426,617
	------------	------------

11. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	218,000	200,000
	---------	---------

12. Tangible assets

Group	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Computer equipment	Total
	£	£	£	£	£	£
Cost
At 1 Oct 2024	1,635,549	4,208,972	369,348	81,986	401,305	6,697,160
Additions	20,773	125,222	–	–	21,785	167,780
Disposals	–	( 700,537)	( 36,177)	( 16,805)	–	( 753,519)
	------------	------------	---------	--------	---------	------------
At 30 Sep 2025	1,656,322	3,633,657	333,171	65,181	423,090	6,111,421
	------------	------------	---------	--------	---------	------------
Depreciation
At 1 Oct 2024	–	1,931,525	358,550	39,573	326,011	2,655,659
Charge for the year	–	252,193	4,807	13,915	37,965	308,880
Disposals	–	( 537,564)	( 36,177)	( 16,804)	–	( 590,545)
	------------	------------	---------	--------	---------	------------
At 30 Sep 2025	–	1,646,154	327,180	36,684	363,976	2,373,994
	------------	------------	---------	--------	---------	------------
Carrying amount
At 30 Sep 2025	1,656,322	1,987,503	5,991	28,497	59,114	3,737,427
	------------	------------	---------	--------	---------	------------
At 30 Sep 2024	1,635,549	2,277,447	10,798	42,413	75,294	4,041,501
	------------	------------	---------	--------	---------	------------

Company	Freehold property	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 October 2024	1,635,549	3,479,085	315,587	5,430,221
Additions	20,773	91,353	–	112,126
Disposals	–	( 669,651)	( 36,176)	( 705,827)
	------------	------------	---------	------------
At 30 September 2025	1,656,322	2,900,787	279,411	4,836,520
	------------	------------	---------	------------
Depreciation
At 1 October 2024	–	1,595,112	306,554	1,901,666
Charge for the year	–	178,214	4,168	182,382
Disposals	–	( 520,830)	( 36,176)	( 557,006)
	------------	------------	---------	------------
At 30 September 2025	–	1,252,496	274,546	1,527,042
	------------	------------	---------	------------
Carrying amount
At 30 September 2025	1,656,322	1,648,291	4,865	3,309,478
	------------	------------	---------	------------
At 30 September 2024	1,635,549	1,883,973	9,033	3,528,555
	------------	------------	---------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group and company	Plant and machinery
	£
At 30 September 2025	814,468
	---------
At 30 September 2024	904,965
	---------

13. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 October 2024 and 30 September 2025	40,002
	--------
Impairment
At 1 October 2024 and 30 September 2025	–
	--------

Carrying amount
At 1 October 2024 and 30 September 2025	40,002
	--------
At 30 September 2024	40,002
	--------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Stirland Paterson (Printers) Ltd	Tomolivia Court	Ordinary	100
	Unit 21B
	Merlin Way
	Quarry Hill Industrial Estate
	Ilkeston
	Derbyshire
	DE7 4RA

14. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Raw materials and consumables	737,129	398,550	15,000	15,000
Work in progress	198,133	313,144	–	–
	---------	---------	--------	--------
	935,262	711,694	15,000	15,000
	---------	---------	--------	--------

15. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	2,758,569	2,593,758	85,043	89,369
Amounts owed by undertakings in which the company has a participating interest	250,000	–	–	–
Prepayments and accrued income	91,961	83,679	10,672	8,522
Directors loan account	364,885	149,070	111,070	94,127
Other debtors	223,164	45,279	223,876	105,061
	------------	------------	---------	---------
	3,688,579	2,871,786	430,661	297,079
	------------	------------	---------	---------

16. Creditors: Amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	30,947	85,962	30,947	54,119
Trade creditors	1,468,213	2,680,824	67,494	501,188
Amounts owed to group undertakings	–	–	281,794	298,213
Accruals and deferred income	256,163	263,429	17,648	16,508
Corporation tax	607,756	273,611	35,315	–
Social security and other taxes	345,569	159,190	4,569	4,216
Obligations under finance leases and hire purchase contracts	135,223	124,465	135,223	124,465
Other creditors	101,424	49,416	68,215	41,555
	------------	------------	---------	------------
	2,945,295	3,636,897	641,205	1,040,264
	------------	------------	---------	------------

Other creditors due by the Group within one year include secured creditors of £135,223 (2024-£124,465). These amounts are hire purchase creditors and are secured on the assets to which they relate. The bank loan due within one year amounts to £30,947 (2024-£85,962) and is secured on one of the company's freehold properties.

17. Creditors: Amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	–	35,460	–	35,460
Accruals and deferred income	–	7,547	–	7,547
Obligations under finance leases and hire purchase contracts	130,374	265,597	130,374	265,597
	---------	---------	---------	---------
	130,374	308,604	130,374	308,604
	---------	---------	---------	---------

Other creditors due by the Group over one year include secured creditors of £135,223 (2024-£265,597). These amounts are hire purchase creditors and are secured on the assets to which they relate. Bank loans due over one year amount to £nil (2024-£35,460) and are secured on one of the company's freehold properties.

The group has one bank loan.

The bank loan commenced in 2019. It is repayable over a term of 84 months with equal monthly repayments of £5,313.

18. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	135,223	124,465	135,223	124,465
Later than 1 year and not later than 5 years	130,374	265,597	130,374	265,597
	---------	---------	---------	---------
	265,597	390,062	265,597	390,062
	---------	---------	---------	---------

19. Provisions

Group	Deferred tax (note 20)
	£
At 1 October 2024	548,754
Charge against provision	( 12,811)
Other movements 1	(50,229)
	---------
At 30 September 2025	485,714
	---------

Company	Deferred tax (note 20)
	£
At 1 October 2024	455,434
Other movements 1	(50,229)
	---------
At 30 September 2025	405,205
	---------

20. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 19)	485,714	548,754	405,205	455,434
	---------	---------	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	485,714	548,754	405,205	455,434
	---------	---------	---------	---------

21. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 169,872 (2024: £ 173,892 ).

22. Government grants

The amounts recognised in the Group Strategic Report, Report of the Directors and Consolidated Financial Statements for government grants are as follows:

Group		Company
2025	2024	2025	2024
£	£	£	£

Recognised in creditors:

Deferred government grants due within one year	7,548	7,558	7,548	7,558
Deferred government grants due after more than one year	–	7,547	–	7,547
	-------	--------	-------	--------
	7,548	15,105	7,548	15,105
	-------	--------	-------	--------

Recognised in other operating income:

Government grants released to profit or loss	7,557	7,557	7,557	7,557
	-------	-------	-------	-------

23. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	200	200	200	200
	----	----	----	----

24. Analysis of changes in net debt

	At 1 Oct 2024	Cash flows	At 30 Sep 2025
	£	£	£
Cash at bank and in hand	1,407,696	(330,464)	1,077,232
Debt due within one year	(210,427)	44,257	(166,170)
Debt due after one year	(301,057)	170,683	(130,374)
	------------	---------	------------
	896,212	( 115,524)	780,688
	------------	---------	------------

25. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	469,998	354,609	–	–
Later than 1 year and not later than 5 years	761,997	606,327	–	–
	------------	---------	----	----
	1,231,995	960,936	–	–
	------------	---------	----	----

Lease payments recognised as an expense amounted to £79,609.

26. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr S Stirland	40,688	193,618	( 123,248)	111,058
Mr J Paterson	108,382	295,140	( 149,695)	253,827
	---------	---------	---------	---------
	149,070	488,758	( 272,943)	364,885
	---------	---------	---------	---------

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr S Stirland	( 63,560)	104,248	–	40,688
Mr J Paterson	( 1,075)	109,457	–	108,382
	--------	---------	----	---------
	( 64,635)	213,705	–	149,070
	--------	---------	----	---------

Stirland Paterson (Holdings) Limited

Notes to the Group Strategic Report, Report of the Directors and Consolidated Financial Statements (continued)

Year ended 30 September 2025

27. Related party transactions

Group

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

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
Entities subject to common control	223,164	–	223,164	–
Other related parties	–	48	250,000	5,000
	---------	----	---------	-------

Transactions with related parties are undertaken at market value. Loans with related parties are interest free.

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £ 351,587 (2024: £ 380,593 ).

Company

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

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
Entities subject to common control	223,164	-	223,164	-
	---------	----	---------	----