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| Registered number: 06596913
INTEGRITY PRINT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
INTEGRITY PRINT LIMITED COMPANY INFORMATION
DIRECTORS | R J Burgess
| M E Cornford
COMPANY SECRETARY | R J Burgess
REGISTERED NUMBER | 06596913
REGISTERED OFFICE | Integrity Print Limited
| First Avenue
| Westfield Trading Estate
| Midsomer Norton
| Bath
| BA3 4BS
INDEPENDENT AUDITORS | Bishop Fleming Audit Limited
| Chartered Accountants & Statutory Auditors
| 10 Temple Back
| Bristol
| BS1 6FL
BANKERS | HSBC plc
| 3 Temple Quay
| Bristol
| BS1 6DZ
| Investec Bank plc
| 30 Gresham Street
| London
| EC2V 7QP
SOLICITORS | Freeths LLP
| 5000 Oxford Business Park South
| Oxford
| Oxfordshire
| OX4 2BH
INTEGRITY PRINT LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Directors' responsibilities statement | 5
Independent auditors' report | 6 - 9
Statement of comprehensive income | 10
Statement of financial position | 11
Statement of changes in equity | 12
Notes to the financial statements | 13 - 31
INTEGRITY PRINT LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
INTRODUCTION
The directors present the Strategic Report of Integrity Print Limited (the "Company") for the year ended 31 December 2025.
BUSINESS REVIEW
The Company's turnover increased with sales of £60,005,000 (2024: £58,685,000) and a profit after tax of £690,000 (2024: £854,000). In previous years the Company responded to ongoing decline in the demand for traditional printed business forms by following a strategy of diversification by acquiring well established, profitable, niche businesses to help offset the decline. Where the acquired business was a limited company, immediately or soon after the acquisition, the business, goodwill and net assets of the limited company were hived up into the Company so that the acquired business then traded as a division of the Company.
PRINCIPAL RISKS AND UNCERTAINTIES
The directors were pleased to see an increase in sales in 2025. The Company is an essential supplier of products used in the NHS, Government, local authorities, utilities, financial services, charities and retail sectors, and this continues to give resilience to the majority of the revenue base. The process of diversification referred to above has ensured that the business is no longer just a producer of traditional products and has provided solidity. The directors have prepared detailed forecasts and based on these forecasts have a reasonable expectation that the Company has adequate resources to continue to operate for the foreseeable future and for a period of at least one year from the date of these financial statements. Other key commercial risks for the Company are competition, technological developments and changes in the price of raw materials. Competition: The Company continues to focus on providing an excellent service to customers by offering a wide range of products and services, introducing new products and services, maintaining high standards of quality and on time delivery, and remaining competitive on price. Technological Developments: The Company has invested and, as referred to above will continue to invest in new technology, including digital equipment and new software to improve overall capability and operational efficiencies. Price of Raw Materials: The principal raw materials used in the business are based on paper, inks and cardboard. The Company mitigates the risk of price increases by having a number of potential suppliers to choose from for each key category of raw material, and also by entering into fixed pricing arrangements with suppliers with notice periods before price increases can be applied. The Company has a continual improvement programme of reducing wastage, usage of raw materials and costs to help offset the impact of raw material price increases when such increases cannot be avoided. The Company will also increase sales prices where necessary to pass on raw material price increases in line with market conditions and contracts.
FINANCIAL KEY PERFORMANCE INDICATORS
The directors use turnover and profit as key performance indicators of the business, which are referred to in the Statement of Comprehensive Income on page 10. Page 1
INTEGRITY PRINT LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
The Directors act in good faith to promote the long-term success of the Company and at the same time have a primary objective to foster healthy working relationships with key stakeholders such as employees, customers, suppliers, funders, and credit insurers through verbal and written communication where appropriate regarding important decisions that may affect those stakeholders. The Company ensures that employee welfare, interests and training are taken care of and also takes into account the impact of key decisions on the community and the environment. The following are examples of compliance with the duty to promote the success of the Company: The Company provided regular updates to employees during the year on the key issues affecting the business including an overview of the financial performance of the business, capital expenditure decisions and any important changes in working practices. The Company holds regular review meetings with key customers to discuss service levels and to ensure the Company understands the ongoing requirements of those customers. Similarly, the Company holds regular review meeting with key suppliers to discuss service levels and to ensure the suppliers understand the ongoing requirements of the Company. This report was approved by the board and signed on its behalf.
R J Burgess Director
Date: 21 July 2026
Page 2
INTEGRITY PRINT LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
RESULTS AND DIVIDENDS
The directors do not recommend the payment of a dividend (2024: £Nil). The profit for the year, after taxation, amounted to £690 K (2024:£854 K).
DIRECTORS
The directors who served during the year were:
R J Burgess
M E Cornford
FINANCIAL RISK MANAGEMENT
The Company is exposed to a number of financial risks: Credit Risk The Company’s financial assets comprise trade and other debtors. The Company has robust credit control policies including carrying out appropriate credit checks on customers before sales are made, prompt chasing of overdue debt, timely involvement of senior management to minimise the risk of bad debts and credit insurance on certain customers. Liquidity Risk The Company’s daily cash requirements are funded by a multi asset-based facility that is designed to ensure the Company has sufficient available funds for operations. The directors are satisfied that the cash generation of the Company will be sufficient to repay its loans as they fall due. Interest Rate Risk The Company has interest-bearing loans. The directors monitor potential movements in interest rates on an ongoing basis. The Company has not used hedging arrangements to mitigate the risk of an increase in interest rates as interest rates have been low for some time. The directors will review this policy should there be a foreseeable risk of a significant increase in interest rates in the future. FUTURE DEVELOPMENTS Future developments are discussed in the Strategic Report.
EMPLOYEE INVOLVEMENT
Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event members of staff become disabled, every effort is made to ensure that their employment with the Company continues and that appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from disability.
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION
The Company has taken advantage of the exemption not to report its own individual greenhouse gas emissions, energy consumption and energy efficiency action as these have been included in the group report of Integrity Communications Group Limited, the Company's immediate and ultimate parent company. Page 3
INTEGRITY PRINT LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
GOING CONCERN
The directors have prepared detailed forecasts and based on these forecasts have reasonable expectations that the Company has adequate resources to continue to operate for the foreseeable future and for a period of at least one year from the date of these financial statements. The Company is mainly funded by term loans and an invoice finance facility provided by Investec Bank plc, and also has access to the wider facilities within the Integrity Communications Group Limited group of which it is part. The facilities were renewed on 12 January 2024 and can be terminated from 31 March 2027 at which point a six months’ notice period would apply.
AUDITORS
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
R J Burgess Director
Date: 21 July 2026
Page 4
INTEGRITY PRINT LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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. Page 5
INTEGRITY PRINT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRITY PRINT LIMITED
OPINION
We have audited the financial statements of Integrity Print Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 United Kingdom, including the Financial Reporting Council'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 Auditors' 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. Page 6
INTEGRITY PRINT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRITY PRINT LIMITED (CONTINUED)
OPINION 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 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.
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 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, 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' responsibilities statement set out on page 5, 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. Page 7
INTEGRITY PRINT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRITY PRINT LIMITED (CONTINUED)
AUDITORS' 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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 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 industry and sector, control environment and business performance; ∙results of our enquiries of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; ∙any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: ∙identifying, evaluating and complying with laws and regulations, including Duty, and whether they are aware of any instances of non compliance; ∙detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non compliance with laws and regulations; and ∙the matters discussed among the audit engagement team regarding how and where fraud may occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest areas of risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. We have also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we have considered in this context include the UK Companies Act and UK tax legislation. In addition, we have considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Company's ability to operate or avoid a material penalty. These include health and safety regulations, employment legislation and data protection laws. Our procedures to respond to the fraud risks identified, including revenue recognition as a key audit matter, included the following: ∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements. ∙Performing various substantive tests of detail related to the recognition of revenue. ∙Enquiring of management and those charged with governance concerning actual and potential litigation and claims. ∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. ∙Reading minutes of meetings of those charged with governance. ∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias. Page 8
INTEGRITY PRINT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRITY PRINT LIMITED (CONTINUED) We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 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. Simon Morrison FCA (Senior statutory auditor) for and on behalf of Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL 10 August 2026 Page 9
INTEGRITY PRINT LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 60,005 | 58,685
Cost of sales |  | (36,037) | (35,086)
Gross profit |  | 23,968 | 23,599
Administrative expenses |  | (22,097) | (21,295)
Exceptional administrative expenses | 11 | (77) | (180)
Operating profit | 5 | 1,794 | 2,124
Interest payable and similar expenses | 9 | (645) | (862)
Profit before tax |  | 1,149 | 1,262
Tax on profit | 10 | (459) | (408)
Profit for the financial year |  | 690 | 854
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 13 to 31 form part of these financial statements.
Page 10
INTEGRITY PRINT LIMITED REGISTERED NUMBER:06596913 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 2,083 |  | 2,716
Tangible assets | 13 |  | 5,682 |  | 5,690
|  |  | 7,765 |  | 8,406
Current assets |  |  |  |  |
Stocks | 14 | 3,617 |  | 3,819 |
Debtors: amounts falling due within one year | 15 | 14,272 |  | 13,548 |
Cash at bank and in hand | 16 | 437 |  | 247 |
|  | 18,326 |  | 17,614 |
Creditors: amounts falling due within one year | 17 | (14,896) |  | (14,314) |
Net current assets |  |  | 3,430 |  | 3,300
Total assets less current liabilities |  |  | 11,195 |  | 11,706
Creditors: amounts falling due after more than one year | 18 |  | (5,517) |  | (6,740)
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 |  | (932) |  | (910)
Net assets |  |  | 4,746 |  | 4,056
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 190 |  | 190
Profit and loss account | 22 |  | 4,556 |  | 3,866
|  |  | 4,746 |  | 4,056
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M E Cornford
Director
Date: 21 July 2026
The notes on pages 13 to 31 form part of these financial statements. Page 11
INTEGRITY PRINT LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 January 2024 | 190 | 3,012 | 3,202
Comprehensive income for the year |  |  |
Profit for the year | - | 854 | 854
At 1 January 2025 | 190 | 3,866 | 4,056
Comprehensive income for the year |  |  |
Profit for the year | - | 690 | 690
At 31 December 2025 | 190 | 4,556 | 4,746
| The notes on pages 13 to 31 form part of these financial statements.
Page 12
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | GENERAL INFORMATION
Integrity Print Limited is a trading company of a group whose activities are that of a leading provider of operational business print, encompassing the production of direct mail, applied labels, integrated cards, security print, digital colour, transactional and mailing services. Integrity Print Limited is a private Company limited by shares incorporated in the United Kingdom. The registered office is First Avenue, Westfield Trading Estate, Midsomer Norton, Bath, BA3 4BS. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Integrity Communications Group Limited as at 31 December 2025 and these financial statements may be obtained from First Avenue, Westfield Trading Estate, Midsomer Norton, Bath, BA3 4BS.
| 2.3 | GOING CONCERN
The directors have prepared detailed forecasts and based on these forecasts have reasonable expectations that the Company has adequate resources to continue to operate for the foreseeable future and for a period of at least one year from the date of these financial statements. The company is mainly funded via term loans and an invoice finance facility provided by Investec Bank plc, and also has access to the wider facilities within the Integrity Communications Group Limited group of which it is part. The facilities were renewed on 12 January 2024 and can be terminated from 31 March 2027 at which point a six months’ notice period would apply. Page 13
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | FOREIGN CURRENCY TRANSLATION
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | TURNOVER
Turnover comprises invoiced amounts in respect of document printing, packaging, mailing and associated materials that are supplied to customers, excluding value added tax and trade discounts. Turnover is recognised in accordance with agreed shipping terms relevant to the customer. The majority of turnover is recognised on the despatch of goods. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.6 | OPERATING LEASES: THE COMPANY AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 14
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.7 | FINANCE COSTS
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | CURRENT AND DEFERRED TAXATION
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.11 | EXCEPTIONAL ITEMS
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 15
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.12 | INTANGIBLE ASSETS
GOODWILL Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life. OTHER INTANGIBLE ASSETS Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.13 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 50 years
|  |  |  | Short-term leasehold property | - | 10 years
|  |  |  | Plant and machinery | - | 5 to 15 years
|  |  |  | Motor vehicles | - | 4 to 5 years
|  |  |  | Fixtures and fittings | - | 5 to 15 years
|  |  |  | Computer equipment | - | 3 to 10 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 16
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.14 | IMPAIRMENT OF FIXED ASSETS AND GOODWILL
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset or Cash-Generating Unit (CGU) to which the asset has been allocated is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's or CGU's fair value less cost to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable CGU's. Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.15 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.16 | STOCKS
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.17 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.18 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.19 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.20 | HOLIDAY PAY ACCRUAL
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date. Page 17
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.21 | PROVISIONS FOR LIABILITIES
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
| 2.22 | FINANCIAL INSTRUMENTS
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Page 18
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.22 | FINANCIAL INSTRUMENTS (CONTINUED)
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
3. | JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of financial statements in conformity with FRS 102 requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based upon historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about carrying values of assets and liabilities that are not readily available from other sources. Actual results may subsequently differ from these estimates. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The critical accounting judgments adopted by management applicable to this Company are: ∙Valuation of stock, which is in part calculated on an average cost basis for certain materials where the purchase price varies ∙Stock provisions which are based on the relative ageing of the products that have been part-consumed. Management apply judgment as to the most applicable treatment based on likely future use. ∙The classification of leases as operating or finance leases requires management to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Statement of Financial Position. ∙At each reporting date the Company assesses whether there is any indication of impairment of the investment value, or the value of goodwill. If such indicators exist, the recoverable amount of the asset, i.e. the higher of its fair value less costs to sell and its value in use, is determined. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 19
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | TURNOVER
The whole of the turnover is attributable to the principal activity of the Company. Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| United Kingdom | 59,051 | 57,493
| Rest of Europe | 914 | 1,159
| Rest of the World | 40 | 33
|  | 60,005 | 58,685
5. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Depreciation of tangible fixed assets | 1,175 | 1,171
| Amortisation of intangible assets including goodwill | 632 | 633
| Other operating lease rentals | 2,059 | 1,993
| Cost of defined contribution scheme | 1,112 | 1,055
6. | AUDITORS' REMUNERATION
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 27 | 26
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 20
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | EMPLOYEES
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Wages and salaries | 11,870 | 11,704
| Social security costs | 1,463 | 1,201
| Cost of defined contribution scheme | 1,112 | 1,055
|  | 14,445 | 13,960
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Office and Management | 55 | 61
|  | Plant Operatives | 246 | 245
|  |  | 301 | 306
8. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Directors' emoluments | 134 | 152
| Company contributions to defined contribution pension schemes | 37 | 59
|  | 171 | 211
| During the year retirement benefits were accruing to 1 director (2024: 1) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £83,000 (2024: £96,000). The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £37,000 (2024: £59,000).
Page 21
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank interest payable | 397 | 606
| Other loan interest payable | 86 | 91
| Finance leases and hire purchase contracts | 162 | 165
|  | 645 | 862
10. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| CORPORATION TAX |  |
| Current tax on profits for the year | 445 | 138
| Adjustments in respect of previous periods | (8) | -
|  | 437 | 138
| TOTAL CURRENT TAX | 437 | 138
| DEFERRED TAX |  |
| Origination and reversal of timing differences | 22 | 270
| TOTAL DEFERRED TAX | 22 | 270
|  | 459 | 408
Page 22
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is higher than (2024:higher than) the standard rate of corporation tax in the UK of 25% (2024:25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 1,149 | 1,262
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024:25%) | 287 | 316
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 3 | 12
| Capital allowances for year in excess of depreciation | 176 | 177
| Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge | - | (97)
| Adjustments to tax charge in respect of previous periods | (7) | -
| TOTAL TAX CHARGE FOR THE YEAR | 459 | 408
Page 23
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10.TAXATION (CONTINUED)
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges.
11. | EXCEPTIONAL ITEMS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Redundancy costs | 77 | 180
|  | 77 | 180
12. | INTANGIBLE ASSETS
|  | Customer Lists | Goodwill | Total
|  | £000 | £000 | £000
| COST |  |  |
| At 1 January 2025 | 20 | 8,268 | 8,288
| At 31 December 2025 | 20 | 8,268 | 8,288
| AMORTISATION |  |  |
| At 1 January 2025 | 16 | 5,557 | 5,573
| Charge for the year on owned assets | 4 | 628 | 632
| At 31 December 2025 | 20 | 6,185 | 6,205
| NET BOOK VALUE |  |  |
| At 31 December 2025 | - | 2,083 | 2,083
| At 31 December 2024 | 4 | 2,711 | 2,715
Page 24
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | TANGIBLE FIXED ASSETS
|  | Freehold property | Short-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £000 | £000 | £000 | £000 | £000 | £000 | £000
| COST |  |  |  |  |  |  |
| At 1 January 2025 | 624 | 386 | 14,551 | 88 | 482 | 1,523 | 17,654
| Additions | - | 14 | 893 | - | 15 | 245 | 1,167
| At 31 December 2025 | 624 | 400 | 15,444 | 88 | 497 | 1,768 | 18,821
| DEPRECIATION |  |  |  |  |  |  |
| At 1 January 2025 | 78 | 38 | 10,475 | 57 | 336 | 980 | 11,964
| Charge for the year on owned assets | 12 | 34 | 878 | 6 | 28 | 217 | 1,175
| At 31 December 2025 | 90 | 72 | 11,353 | 63 | 364 | 1,197 | 13,139
| NET BOOK VALUE |  |  |  |  |  |  |
| At 31 December 2025 | 534 | 328 | 4,091 | 25 | 133 | 571 | 5,682
| At 31 December 2024 | 546 | 348 | 4,076 | 31 | 146 | 543 | 5,690
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Plant and machinery | 1,567 | 2,728
| Computer equipment | - | 43
|  | 1,567 | 2,771
Page 25
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | STOCKS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Raw materials and consumables | 1,921 | 1,995
| Work in progress (goods to be sold) | 313 | 362
| Finished goods and goods for resale | 1,383 | 1,462
|  | 3,617 | 3,819
| There are no material differences between the replacement cost of stock and the statement of financial position amounts. Stock recognised in cost of sales during the year as an expense was £40,358,000 (2024: £38,921,000). An impairment loss of £57,000 (2024: £52,000) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.
15. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 8,643 | 7,303
| Amounts owed by group undertakings | 3,893 | 4,515
| Other debtors | 219 | 635
| Prepayments and accrued income | 1,517 | 1,095
|  | 14,272 | 13,548
| Amounts owed by group undertakings are unsecured, interest free, and repayable on demand. Prior year amounts have been restated to accurately classify the accrued income balance.
16. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 437 | 247
|  | 437 | 247
Page 26
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank loans | 1,455 | 1,486
| Trade creditors | 5,888 | 5,128
| Amounts owed to group undertakings | 4,017 | 3,967
| Corporation tax | 116 | 138
| Other taxation and social security | 722 | 743
| Obligations under finance lease and hire purchase contracts | 604 | 580
| Other creditors | 220 | 209
| Accruals and deferred income | 1,874 | 2,063
|  | 14,896 | 14,314
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand. The hire purchase liability of £604,000 (2024: £580,000) is secured on the related assets. Secured loans are detailed in Note 19.
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank loans | 4,845 | 5,629
| Net obligations under finance leases and hire purchase contracts | 672 | 1,111
|  | 5,517 | 6,740
| The hire purchase liability of £672,000 (2024: £1,111,000) is secured on the related assets. Secured loans are detailed in Note 19.
Page 27
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | LOANS
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| AMOUNTS FALLING DUE WITHIN ONE YEAR |  |
| Bank loans | 1,455 | 1,486
|  | 1,455 | 1,486
| AMOUNTS FALLING DUE 2-5 YEARS |  |
| Bank loans | 4,845 | 5,629
|  | 4,845 | 5,629
|  | 6,300 | 7,115
| Bank borrowings comprise amounts drawn under a multi asset-based finance facility with Investec Bank plc. The facility includes a fixed term loan and other revolving facilities which enable the Company to draw down funds against eligible trade debtors and eligible inventory. The facilities are continuing and can be terminated from 31 March 2027 at which point a 6 month notice period would apply. The facilities bear interest at various rates above base rate. The maximum available facility (assuming sufficient collateral) is £12,971,083 (2024: £14,168,083). The facility is subject to a cross guarantee and debenture between the Company, Denote Print Limited, A1 Security Print Limited and Integrity Communications Group Limited, the ultimate parent company.
20. | DEFERRED TAXATION
|  | 2025 | 2024
|  | £000 | £000
| At beginning of year | (910) | (640)
| Charged to profit or loss | (22) | (270)
| AT END OF YEAR | (932) | (910)
Page 28
INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 20.DEFERRED TAXATION (CONTINUED)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fixed asset timing differences | (997) | (952)
| Short term timing differences | 65 | 42
|  | (932) | (910)
21. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 190,000 (2024:190,000) Ordinary shares of £1.00 each | 190 | 190
22. | RESERVES
Profit and loss account The profit and loss account represents the accumulated profits, losses and distributions of the Company.
23. | CONTINGENT LIABILITIES
The Company is part of a Group bank facility arrangement provided by Investec Bank plc. The maximum facility (assuming sufficient collateral) held by the Group at the balance sheet dates amounts to £12,971,083 (2024: £14,168,083).
24. | CAPITAL COMMITMENTS
| At 31 December 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Contracted for but not provided in these financial statements | 1,098 | 351
|  | 1,098 | 351
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INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
25. | PENSION COMMITMENTS
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,112,000 (2024: £1,055,000). Contributions totalling £94,000 (2024: £131,000) were payable to the fund at the reporting date.
26. | COMMITMENTS UNDER OPERATING LEASES
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| LAND AND BUILDINGS |  |
| Not later than 1 year | 1,268 | 1,268
| Later than 1 year and not later than 5 years | 4,731 | 4,834
| Later than 5 years | 8,292 | 9,457
|  | 14,291 | 15,559
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| OTHER |  |
| Not later than 1 year | 569 | 791
| Later than 1 year and not later than 5 years | 794 | 760
| Later than 5 years | 50 | 13
|  | 1,413 | 1,564
| Prior year amounts have been restated to accurately reflect the outstanding lease liability.
27. | RELATED PARTY TRANSACTIONS
| The Company has taken exemption under Section 33 of FRS 102 from disclosing transactions and balances with 100% owned subsidiaries within the same Group. Key Management Personnel Key management personnel consists of directors of the Company. The directors received remuneration as shown in Note 8.
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INTEGRITY PRINT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
28. | CONTROLLING PARTY
The immediate and ultimate parent Company is Integrity Communications Group Limited, a Company incorporated in England and Wales. Integrity Communications Group Limited is the parent undertaking of the smallest and largest Group to consolidate these financial statements. Copies of the consolidated financial statements can be obtained from the Company Secretary at: First Avenue, Westfield Trading Estate, Midsomer Norton, Bath, BA3 4BS. The ultimate controlling party is M Cornford by virtue of his majority shareholding in Integrity Communications Group Limited.
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