FOR THE YEAR ENDED 31 DECEMBER 2025
A1 SECURITY PRINT LIMITED
COMPANY INFORMATION
A1 SECURITY PRINT LIMITED
CONTENTS
A1 SECURITY PRINT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present the Strategic Report of A1 Security Print Ltd (the "Company") for the year ended 31 December 2025.
The business had sales of £11,260,000 (2024: £10,657,000) and a profit after tax of £511,000 (2024: £961,000).
The Company has had an excellent year and has a history of consistently performing extremely well with good levels of sales, profitability and cash generation. The Company has diversified its product offering and expanded into new markets to counteract the ongoing decline in traditional products within the UK market. Part of this strategy was the expansion of the export customer base by focusing on providing high level security print into the Government, education and banking sectors. In addition, the company focused on the evolving UK market by complementing traditional security print with digital technology to grow market share. To underpin this strategy the company invested in development software, digital printing hardware and increased the software development team. The Company will continue to follow this strategy in the future.
The Company has had an excellent year and has a history of consistently performing extremely well with good levels of sales, profitability and cash generation. The Company has diversified its product offering and expanded into new markets to counteract the ongoing decline in traditional products within the UK market. Part of this strategy was the expansion of the export customer base by focusing on providing high level security print into the Government, education and banking sectors. In addition, the company focused on the evolving UK market by complementing traditional security print with digital technology to grow market share. To underpin this strategy the company invested in development software, digital printing hardware and increased the software development team. The Company will continue to follow this strategy in the future.
The Company is performing well so far in 2026 and is robust, profitable and cash generative.
Sales in 2025 increased on 2024. The company is an essential supplier of products used in the NHS, Government, local authorities, utilities, financial services, education 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 improved 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 the financial statements.
Other key commercial risks for the company are competition, technological advancements and changes in the price of raw materials.
The directors use turnover and profit as key performance indicators of the business, which is referred to in the Statement of Comprehensive Income on page 9.
This report was approved by the board and signed on its behalf.
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A1 SECURITY 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.
The profit for the year, after taxation, amounted to £511,000 (2024: £961,000).
A dividend of £575,000 (2024: £570,000) was declared during the year.
The directors who served during the year were:
The Company has diversified its product offering and expanded into new markets to counteract the ongoing decline in traditional products within the UK market. Part of this strategy was the expansion of the export customer base by focusing on providing high level security print into the Government, education and banking sectors. In addition, the Company focused on the evolving UK market by complementing traditional security print with digital technology to grow market share. To underpin this strategy the company invested in development software, digital printing hardware and increased the software development team. The Company will continue to follow this strategy in the future.
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.
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.
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A1 SECURITY PRINT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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A1 SECURITY 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.
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A1 SECURITY PRINT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 SECURITY PRINT LIMITED
We have audited the financial statements of A1 Security 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 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.
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.
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A1 SECURITY PRINT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 SECURITY PRINT LIMITED (CONTINUED)
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.
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.
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A1 SECURITY PRINT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 SECURITY PRINT LIMITED (CONTINUED)
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 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 included 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.
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A1 SECURITY PRINT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 SECURITY PRINT LIMITED (CONTINUED)
∙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.
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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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A1 SECURITY PRINT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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A1 SECURITY PRINT LIMITED
REGISTERED NUMBER:00275328
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 27 form part of these financial statements.
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A1 SECURITY PRINT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
A1 Security 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.
A1 Security Print Limited is a private Company limited by shares incorporated in the United Kingdom. The registered office is A1 Security Print Limited, Camp Lane, Handsworth, Birmingham, B21 8JB.
A1 Security Print Limited is a private Company limited by shares incorporated in the United Kingdom. The registered office is A1 Security Print Limited, Camp Lane, Handsworth, Birmingham, B21 8JB.
2.ACCOUNTING POLICIES
The following principal accounting policies have been applied:
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.
The directors have prepared detailed forecasts and based on these forecasts have reasonable expectations that the Group within which the Company forms a part, 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 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 12th January 2024 and can be terminated from 31 March 2027 at which point a six months’ notice period would apply.
The Company is mainly funded via 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 12th January 2024 and can be terminated from 31 March 2027 at which point a six months’ notice period would apply.
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Functional and presentation currency
Transactions and balances
Turnover comprises invoiced amounts in respect of document printing, packaging 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.
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
GOODWILL
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.
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:
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.
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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 the Statement of comprehensive income.
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 the Statement of comprehensive income.
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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:
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
9.TAXATION (CONTINUED)
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The valuations were conducted in December 2024 by P Cluxton, on an open market value for existing use basis. The market value was deemed £1,225,000.
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Share premium account
costs associated with the issuing of shares are deducted from share premium.
Revaluation reserve
Profit and loss account
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). The facility is subject to a cross guarantee and debenture between the Company, Integrity Print Limited, and Integrity Communications Group Limited, the ultimate parent Company.
The Company operates a defined contribution 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 £109,000 (2024: £90,000). Contributions totalling £6,000 (2024: £7,000) were payable to the fund at the reporting date.
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A1 SECURITY PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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 isM Cornford by virtue of his majority shareholding in Integrity Communications Group Limited.
The ultimate controlling party is
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