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| Registered number: 06596905
INTEGRITY COMMUNICATIONS GROUP LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
INTEGRITY COMMUNICATIONS GROUP LIMITED COMPANY INFORMATION
DIRECTORS | M E Cornford
| R J Burgess
COMPANY SECRETARY | R J Burgess
REGISTERED NUMBER | 06596905
REGISTERED OFFICE | Integrity Communications Group 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
SOLICITORS | Freeths LLP
| Oxford
| Oxfordshire
| OX4 2BH
INTEGRITY COMMUNICATIONS GROUP LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 7
Directors' responsibilities statement | 8
Independent auditors' report | 9 - 12
Consolidated statement of comprehensive income | 13
Consolidated statement of financial position | 14
Company statement of financial position | 15
Consolidated statement of changes in equity | 16
Company statement of changes in equity | 17
Consolidated statement of cash flows | 18
Notes to the financial statements | 19 - 38
INTEGRITY COMMUNICATIONS GROUP LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
INTRODUCTION
The directors present the strategic report of Integrity Communications Group Limited (the "Company") and its subsidiaries, together ('the Group') for the year ended 31 December 2025.
BUSINESS REVIEW
Integrity Communications Group Limited has three trading subsidiaries, Integrity Print Ltd, A1 Security Print Ltd, and Denote Print Ltd. Group sales were £71,141,000 (2024: £69,020,000) and a profit after tax of £1,465,000 (2024: £1,905,000). Overall performance in 2025 has been very encouraging and the key figures are showing an excellent performance. In prior years Integrity Print Ltd 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 Integrity Print Ltd so that the acquired business then traded as a division of Integrity Print Ltd. This model has been followed for a number of acquisitions since late 2016. A1 Security Print Ltd 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. Both companies are performing well so far in 2026 and are robust, profitable and cash generative.
PRINCIPAL RISKS AND UNCERTAINTIES
The directors are pleased to see an increase in sales in 2025. The Group is an essential supplier of products used in the NHS, Government, local authorities, utilities, financial services, charities, 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 group 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 group 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 Group 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 Group 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 businesses are based on paper, inks and cardboard. The Group mitigates the risk of price increases by having a number of potential suppliers to choose from for each key Page 1
INTEGRITY COMMUNICATIONS GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 category of raw material, and also by entering into fixed pricing arrangements with suppliers with notice periods before price increases can be applied. The Group 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 Group 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 the key performance indicators of the business, which are referred to in the Consolidated Statement of Comprehensive Income on page 12.
DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE GROUP
The directors act in good faith to promote the long term success of the Group 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 Group 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 Group: The Group 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 Group holds regular review meetings with key customers to discuss service levels and to ensure the Group understands the ongoing requirements of those customers. Similarly, the Group holds regular review meetings with key suppliers to discuss service levels and to ensure the suppliers understand the ongoing requirements of the Group. This report was approved by the board and signed on its behalf.
R J Burgess Director
Date: 21 July 2026
Page 2
1 INTEGRITY COMMUNICATIONS GROUP 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 profit for the year, after taxation, amounted to £1,531,000 (2024:£1,905,000). Dividends of £575,000 (2024: £570,000) were declared and paid during the year.
DIRECTORS
The directors who served during the year were:
M E Cornford
R J Burgess
FINANCIAL RISK MANAGEMENT
The Company and Group is exposed to a number of financial risks: Credit Risk The Company and the Group's financial assets comprise trade and other debtors. The Company and the Group 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 and the Group’s daily cash requirements are funded by a multi asset-based facility that is designed to ensure the Company and the Group 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 and the Group has interest-bearing loans. The directors monitor potential movements in interest rates on an ongoing basis. The Company and the Group 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 and the Group continues and that appropriate training is arranged. It is the policy of the Company and the Group 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. Page 3
INTEGRITY COMMUNICATIONS GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION
Introduction In compliance with The Streamlined Energy and Carbon Reporting (SECR) legislation, this report outlines the greenhouse gas emissions arising from the activities of businesses within the Integrity Communications Group. Scope of Report The report covers the Scope 1 and Scope 2 activities of the manufacturing and storage sites at Integrity Print Ltd and A1 Security Print Ltd, the two trading subsidiaries of Integrity Communications Group Limited. Four office-based divisions within Integrity Print Ltd are not included within the full scope of the report because their energy use is immaterial compared to the rest of the group and supplied via charged account. However, business travel for these divisions has been included. • Scope 1 – Direct Emissions: From heating fuels for buildings, diesel-powered fork-lift trucks, propane gas (LPG) and business travel. • Scope 2 – Indirect Emissions: From grid electricity used in buildings. Electricity and gas data is obtained from automated half hourly meter readings, manual monthly meter readings plus electricity bills and gas bills. Diesel use and propane gas use data is obtained from supplier invoices. Business transport data is obtained from business mileage expenses claims and pool car records. The three largest manufacturing sites source electricity from 100% renewable energy. The data within this report is presented as both market-based and location-based figures. Methodology Data was collected from the sources outlined above in kilowatt hours, litres of fuel and vehicle mileage. This has been converted using the UK Government Greenhouse Gas (GHG) Conversion Factors for Company Reporting 2022 and is shown in tonnes of CO2 equivalents (tCO2e). Page 4
INTEGRITY COMMUNICATIONS GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Intensity Measure The overall business turnover for the Integrity Communications Group Limited group has been used to calculate the total tCO2e per £1m of turnover. Scope 1 - Source of Direct Emissions 2025 Summary of Emissions for the financial year ending 31 December 2025 and 31 December 2024. Page 5
INTEGRITY COMMUNICATIONS GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Intensity Measure 2025 Energy Improvement Programmes Energy use is monitored by senior management throughout Integrity Communications Group Limited and by the management of each division where appropriate. The main Integrity Print site based at Midsomer Norton in Somerset is certificated to ISO14001:2015 Environmental Management Standard. The following improvement programmes have recently been implemented or are in the process of being delivered: ∙Further upgrade of heating system boilers. ∙Investment in new production equipment that is energy efficient. Completion of project to upgrade press drying systems from UV to LED. ∙Consolidation of print and finishing processes. ∙Net Zero Carbon programme. ∙Installation of new electricity sub-station on the Westfield site. ∙Solar panel projects on the Warehouse and Main Building on the Westfield site being considered by the landlords. Page 6
INTEGRITY COMMUNICATIONS GROUP 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 and the Group'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 and the Group'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 Group 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 Group is mainly funded by term loans and an invoice finance facility provided by Investec Bank plc. 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 7
INTEGRITY COMMUNICATIONS GROUP LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 8
INTEGRITY COMMUNICATIONS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRITY COMMUNICATIONS GROUP LIMITED
OPINION
We have audited the financial statements of Integrity Communications Group Limited (the ' Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the Company's affairs as at 31 December 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; 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 and the Group 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 Group's or 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 9
INTEGRITY COMMUNICATIONS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRITY COMMUNICATIONS GROUP 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 Group 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 Group 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Company 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 8, 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 Group's and 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 Group or the Company or to cease operations, or have no realistic alternative but to do so. Page 10
INTEGRITY COMMUNICATIONS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRITY COMMUNICATIONS GROUP 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 Group 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 and the Group; ∙any matters we identified having obtained and reviewed the Company's and the Group'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 and the Group 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 include health and safety regulations, employment legislation and data protection laws. Page 11
INTEGRITY COMMUNICATIONS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRITY COMMUNICATIONS GROUP LIMITED (CONTINUED) 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. 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 shareholders, 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 shareholders 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 shareholders, 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 12
INTEGRITY COMMUNICATIONS GROUP LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 71,141 | 69,020
Cost of sales |  | (40,009) | (38,293)
Gross profit |  | 31,132 | 30,727
Administrative expenses |  | (28,019) | (26,931)
Exceptional administrative expenses | 12 | (217) | (200)
Operating profit | 5 | 2,896 | 3,596
Interest payable and similar expenses | 9 | (711) | (938)
Profit before taxation |  | 2,185 | 2,658
Tax on profit | 10 | (720) | (753)
Profit for the financial year |  | 1,465 | 1,905
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2025 (2024: £NIL).
The notes on pages 19 to 38 form part of these financial statements.
Page 13
INTEGRITY COMMUNICATIONS GROUP LIMITED REGISTERED NUMBER:06596905 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 2,527 |  | 3,189
Tangible assets | 14 |  | 7,855 |  | 7,737
|  |  | 10,382 |  | 10,926
Current assets |  |  |  |  |
Stocks | 16 | 4,600 |  | 5,719 |
Debtors: amounts falling due within one year | 17 | 11,706 |  | 10,398 |
Cash at bank and in hand | 18 | 541 |  | 468 |
|  | 16,847 |  | 16,585 |
Creditors: amounts falling due within one year | 19 | (12,589) |  | (12,609) |
Net current assets |  |  | 4,258 |  | 3,976
Total assets less current liabilities |  |  | 14,640 |  | 14,902
Creditors: amounts falling due after more than one year | 20 |  | (5,734) |  | (7,009)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 |  | (1,338) |  | (1,215)
Net assets |  |  | 7,568 |  | 6,678
Capital and reserves |  |  |  |  |
Share premium account | 25 |  | 160 |  | 160
Profit and loss account | 25 |  | 7,408 |  | 6,518
Equity attributable to owners of the Company |  |  | 7,568 |  | 6,678
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 19 to 38 form part of these financial statements. Page 14
INTEGRITY COMMUNICATIONS GROUP LIMITED REGISTERED NUMBER:06596905 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Investments | 15 |  | 2,265 |  | 2,265
|  |  | 2,265 |  | 2,265
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 1,475 |  | 1,475 |
|  | 1,475 |  | 1,475 |
Creditors: amounts falling due within one year | 19 | (3,404) |  | (3,404) |
Net current liabilities |  |  | (1,929) |  | (1,929)
Total assets less current liabilities |  |  | 336 |  | 336
Net assets |  |  | 336 |  | 336
Capital and reserves |  |  |  |  |
Share premium | 25 |  | 160 |  | 160
Profit and loss account | 25 |  | 176 |  | 176
|  |  | 336 |  | 336
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 19 to 38 form part of these financial statements. Page 15
INTEGRITY COMMUNICATIONS GROUP LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £000 | £000 | £000 | £000
At 1 January 2024 | - | 160 | 5,685 | 5,845
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,905 | 1,905
Dividends: Equity capital | - | - | (570) | (570)
Purchase of own shares | - | - | (502) | (502)
At 1 January 2025 | - | 160 | 6,518 | 6,678
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,465 | 1,465
Dividends: Equity capital | - | - | (575) | (575)
At 31 December 2025 | - | 160 | 7,408 | 7,568
| The notes on pages 19 to 38 form part of these financial statements.
Page 16
INTEGRITY COMMUNICATIONS GROUP LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £000 | £000 | £000 | £000
At 1 January 2024 | - | 160 | 678 | 838
COMPREHENSIVE INCOME FOR THE YEAR |  |  |  |
Profit for the year | - | - | 570 | 570
Dividends: Equity capital | - | - | (570) | (570)
Purchase of own shares | - | - | (502) | (502)
At 1 January 2025 | - | 160 | 176 | 336
COMPREHENSIVE INCOME FOR THE YEAR |  |  |  |
Profit for the year | - | - | 575 | 575
Dividends: Equity capital | - | - | (575) | (575)
At 31 December 2025 | - | 160 | 176 | 336
| The notes on pages 19 to 38 form part of these financial statements.
Page 17
INTEGRITY COMMUNICATIONS GROUP LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £000 | £000
Cash flows from operating activities |  |
Profit for the financial year | 1,465 | 1,905
Adjustments for: |  |
Amortisation of intangible assets | 662 | 713
Depreciation of tangible assets | 1,385 | 1,407
Interest charge | 711 | 938
Taxation charge | 720 | 754
Decrease/(increase) in stocks | 1,119 | (714)
(Increase)/decrease in debtors | (1,389) | 1,158
Increase in creditors | 198 | 619
Corporation tax (paid) | (728) | (3)
Net cash generated from operating activities | 4,143 | 6,777
Cash flows from investing activities |  |
Purchase of intangible fixed assets | - | (557)
Purchase of tangible fixed assets | (1,503) | (1,679)
HP interest paid | - | (165)
Net cash used in investing activities | (1,503) | (2,401)
Cash flows from financing activities |  |
Purchase of ordinary shares | - | (502)
Repayment of loans | (859) | (1,724)
Repayment of/new finance leases | (422) | (624)
Dividends paid | (575) | (570)
Interest paid | (711) | (773)
Net cash used in financing activities | (2,567) | (4,193)
Net increase in cash and cash equivalents | 73 | 183
Cash and cash equivalents at beginning of year | 468 | 285
Cash and cash equivalents at the end of year | 541 | 468
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 541 | 468
| 541 | 468
Page 18
INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | GENERAL INFORMATION
Integrity Communications Group Limited (the "Company") is a holding 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. The Company is a limited liability Company 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | BASIS OF CONSOLIDATION
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 January 2015.
| 2.3 | GOING CONCERN
The directors have prepared detailed forecasts and based on these forecasts have a reasonable expectation that the Group 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 Group 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 31st March 2027 at which point a six months’ notice period would apply. Page 19
INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | 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.
| 2.5 | 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 the Group's share 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 Consolidated 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. 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. The estimated useful lives range as follows:
|  |  |  | Order books | - | 10 | years
|  |  |  | Goodwill | - | 10 | years
|  |  |  | Customer lists | - | 10 | years
| 2.6 | 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. Page 20
INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.6 | TANGIBLE FIXED ASSETS (CONTINUED)
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 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.
| 2.7 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.8 | 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.
| 2.9 | 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.
| 2.10 | 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. Page 21
INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.11 | 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 Group'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 Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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. 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. Page 22
INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.12 | 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.
| 2.13 | 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.
| 2.14 | DIVIDENDS
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.15 | OPERATING LEASES: THE GROUP AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.16 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.
| 2.17 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.18 | 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. Increases in provisions are generally charged as an expense to profit or loss. Page 23
INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.19 | 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 and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
| 2.20 | EXCEPTIONAL ITEMS
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
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 judgements, 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 judgements 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 judgements 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 the Group are: ∙Valuation of stock, which is in part done on an average basis for certain materials where the purchase price varies. ∙Stock provision which is based on the relative ageing of the products which have been part consumed. ∙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 group 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 24
INTEGRITY COMMUNICATIONS GROUP 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 Group. Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| United Kingdom | 66,049 | 65,524
| Rest of Europe | 1,833 | 1,285
| Rest of the World | 3,259 | 2,211
|  | 71,141 | 69,020
5. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Exchange differences | 10 | 16
| Other operating lease rentals | 981 | 2,903
| Depreciation of tangible fixed assets | 1,385 | 1,326
| Amortisation of intangible assets, including goodwill | 661 | 657
| Defined contribution pension cost | 1,221 | 1,005
6. | AUDITORS' REMUNERATION
| During the year, the Group obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Group's auditors and their associates for the audit of the consolidated and parent Company's financial statements | 52 | 49
| Taxation compliance services | 6 | 6
Page 25
INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | EMPLOYEES
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Wages and salaries | 14,673 | 14,356
| Social security costs | 1,816 | 1,466
| Cost of defined contribution scheme | 1,221 | 1,145
|  | 17,710 | 16,967
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Office and Management | 73 | 88
|  | Plant Operatives | 296 | 282
|  |  | 369 | 370
| The Company has no employees other than the directors, who did not receive any remuneration (2024:£NIL)
8. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Directors' emoluments | 134 | 152
| Contributions to defined contribution pension schemes | 37 | 59
|  | 171 | 211
| During the year retirement benefits were accruing to one director (2024: one) in respect of defined contribution pension schemes. The highest paid director received remuneration of £83,000 (2024: £96,000). The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £37,000 (2024: £59,000).
Page 26
INTEGRITY COMMUNICATIONS GROUP 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 | 463 | 682
| Other loan interest payable | 86 | 91
| Finance leases and hire purchase contracts | 162 | 165
|  | 711 | 938
10. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| CORPORATION TAX |  |
| Current tax on profits for the year | 712 | 353
| Adjustments in respect of previous periods | (115) | -
| TOTAL CURRENT TAX | 597 | 353
| DEFERRED TAX |  |
| Origination and reversal of timing differences | 17 | 399
| Adjustments in respect of prior periods | 106 | 1
| TOTAL DEFERRED TAX | 123 | 400
| TAX ON PROFIT | 720 | 753
Page 27
INTEGRITY COMMUNICATIONS GROUP 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 | 2,185 | 2,658
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024:25%) | 546 | 665
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 3 | 11
| Capital allowances for year in excess of depreciation | 184 | 222
| Adjustments to tax charge in respect of prior periods | (13) | -
| Adjustment in research and development tax credit leading to an increase/(decrease) in the tax charge | - | (145)
| TOTAL TAX CHARGE FOR THE YEAR | 720 | 753
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges.
11. | DIVIDENDS
Dividends of £575,000 (2024: £570,000) were declared and paid during the year.
12. | EXCEPTIONAL ITEMS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Redundancy costs | 217 | 200
|  | 217 | 200
Page 28
INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | INTANGIBLE ASSETS
| Group
|  | Customer lists | Goodwill | Total
|  | £000 | £000 | £000
| COST |  |  |
| At 1 January 2025 | 20 | 9,040 | 9,060
| At 31 December 2025 | 20 | 9,040 | 9,060
| AMORTISATION |  |  |
| At 1 January 2025 | 16 | 5,856 | 5,872
| Charge for the year on owned assets | 4 | 657 | 661
| At 31 December 2025 | 20 | 6,513 | 6,533
| NET BOOK VALUE |  |  |
| At 31 December 2025 | - | 2,527 | 2,527
| At 31 December 2024 | 4 | 3,184 | 3,188
| The Company holds no intangible assets.
Page 29
INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| 14. | TANGIBLE FIXED ASSETS
|  | Group
|  | 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 | 1,055 | 386 | 20,252 | 116 | 655 | 1,870 | 24,334
| Additions | - | 14 | 1,004 | - | 224 | 261 | 1,503
| At 31 December 2025 | 1,055 | 400 | 21,256 | 116 | 879 | 2,131 | 25,837
| DEPRECIATION |  |  |  |  |  |  |
| At 1 January 2025 | 144 | 38 | 14,656 | 68 | 382 | 1,309 | 16,597
| Charge for the year on owned assets | 15 | 34 | 1,030 | 11 | 66 | 229 | 1,385
| At 31 December 2025 | 159 | 72 | 15,686 | 79 | 448 | 1,538 | 17,982
| NET BOOK VALUE |  |  |  |  |  |  |
| At 31 December 2025 | 896 | 328 | 5,570 | 37 | 431 | 593 | 7,855
| At 31 December 2024 | 911 | 348 | 5,596 | 48 | 273 | 561 | 7,737
| 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
The Company holds no tangible fixed assets. Page 30
INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | FIXED ASSET INVESTMENTS
| Company
|  | Investments in subsidiary companies
|  | £000
| COST OR VALUATION |
| At 1 January 2025 | 2,265
| At 31 December 2025 | 2,265
| SUBSIDIARY UNDERTAKINGS
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Integrity Print Limited | First Avenue, Westfield Trading Estate, Midsomer Norton, Bath, BA3 4BS | Leading provider of operation print, encompassing the production of direct mail, integrated cards and labels, security print, digital colour, transactional mailing and e-commerce solutions | Ordinary | 100%
| A1 Security Print Limited | Camp Lane Handsworth, Birmingham, B21 8JB | Manufacture of secure printed documents | Ordinary | 100%
| Denote Print Limited | Camps Lane, Handsworth, Birmingham, B21 8JB | Manufacture of printed documents | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £000 | £000
| Integrity Print Limited | 4,746 | 690
| A1 Security Print Limited | 5,096 | 511
| Denote Print Limited | 497 | 243
Page 31
INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | STOCKS
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Raw materials and consumables | 2,664 | 2,727
| Work in progress (goods to be sold) | 553 | 1,530
| Finished goods and goods for resale | 1,383 | 1,462
|  | 4,600 | 5,719
| Stock recognised in cost of sales during the year as an expense was £45,699,000 (2024: £37,578,000). There are no material differences between the replacement cost of stock and the statement of financial position amounts. 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. The Company holds no stock.
17. | DEBTORS
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Trade debtors | 9,693 | 8,435 | - | -
| Amounts owed by group undertakings | - | 82 | 1,475 | 1,475
| Other debtors | 231 | 641 | - | -
| Prepayments and accrued income | 1,782 | 1,240 | - | -
|  | 11,706 | 10,398 | 1,475 | 1,475
| Amounts owed by Group undertakings are unsecured, interest free and repayable on demand. Prior year balances have been restated to accurately classify the accrued income balance.
18. | CASH AND CASH EQUIVALENTS
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Cash at bank and in hand | 541 | 468
|  | 541 | 468
Page 32
INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Bank loans | 1,455 | 1,486 | - | -
| Trade creditors | 6,947 | 6,354 | - | -
| Amounts owed to group undertakings | - | 81 | 3,404 | 3,404
| Corporation tax | 220 | 351 | - | -
| Other taxation and social security | 827 | 1,054 | - | -
| Obligations under finance lease and hire purchase contracts | 612 | 587 | - | -
| Other creditors | 448 | 570 | - | -
| Accruals and deferred income | 2,080 | 2,126 | - | -
|  | 12,589 | 12,609 | 3,404 | 3,404
| The hire purchase liabilities of £612,000 (2024: £587,000) are secured on the related assets. Amounts owed to Group undertakings are unsecured, interest free and repayable on demand. Secured loans are detailed in Note 21.
20. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Bank loans | 5,051 | 5,879
| Net obligations under finance leases and hire purchase contracts | 683 | 1,130
|  | 5,734 | 7,009
| The hire purchase liabilities of £683,000 (2024: £1,130,000) are secured on the related assets. Secured loans are detailed in Note 21.
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INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | LOANS
|  | Group | Group
|  | 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
| AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS |  |
| Bank loans | 206 | 250
|  | 206 | 250
|  | 6,506 | 7,365
| 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 drawdown 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 Print Limited and its subsidiaries.
22. | HIRE PURCHASE AND FINANCE LEASES
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Within one year | 612 | 587
| Between 1-5 years | 683 | 1,130
|  | 1,295 | 1,717
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INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | FINANCIAL INSTRUMENTS
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| FINANCIAL ASSETS |  |
| Financial assets measured at fair value through profit or loss | 11,444 | 10,105
| FINANCIAL LIABILITIES |  |
| Financial liabilities measured at amortised cost | 15,196 | 16,359
| Financial assets that are debt instruments measured at fair value through profit or loss comprise cash at bank and in hand, trade debtors, other debtors and amounts owed by group undertakings.
| Financial liabilities measured at amortised cost comprise trade creditors, other creditors, bank loans, obligations under finance lease and hire purchase agreements and accruals.
24. | DEFERRED TAXATION
| Group
|  | 2025
|  | £000
| At beginning of year | (1,215)
| Charged to profit or loss | (123)
| AT END OF YEAR | (1,338)
| Company
| The Company has no deferred tax in the year.
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Fixed asset timing differences | (1,404) | (1,274)
| Short term timing differences | 66 | 59
|  | (1,338) | (1,215)
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INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
25. | RESERVES
Share capital account Called up share capital represents the nominal value of the shares issued. Share premium account The share premium account represents the consideration received on the issue of shares in the Company in excess of the nominal value of those shares, net of the share issues costs, bonus issues of shares and any subsequent capital reductions. Capital redemption reserve The capital redemption reserve contains the nominal value of own shares that have been acquired by the Company and cancelled. Profit and loss account The profit and loss account represents the accumulated profits, losses and distributions of the Company.
26. | ANALYSIS OF NET DEBT
|  | At 1 January 2025 | Cash flows | At 31 December 2025
|  | £000 | £000 | £000
| Cash at bank and in hand | 468 | 73 | 541
| Debt due after 1 year | (5,879) | 828 | (5,051)
| Debt due within 1 year | (1,486) | 31 | (1,455)
| Finance leases | (1,717) | 422 | (1,295)
|  | (8,614) | 1,354 | (7,260)
27. | CONTINGENT LIABILITIES
The Group 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). Page 36
INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
28. | CAPITAL COMMITMENTS
| At 31 December 2025 the Group and Company had capital commitments as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Contracted for but not provided in these financial statements | 1,098 | 351
|  | 1,098 | 351
29. | PENSION COMMITMENTS
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £1,221,000 (2024: £1,145,000). Contributions totalling £101,000 (2024: £138,000) were payable to the fund at the reporting date. Payables are detailed in Note 19.
30. | COMMITMENTS UNDER OPERATING LEASES
| At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 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
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Other |  |
| Not later than 1 year | 569 | 981
| Later than 1 year and not later than 5 years | 794 | 1,296
| Later than 5 years | 50 | 197
|  | 1,413 | 2,474
| Prior year amounts have been restated to accurately reflect the outstanding lease liability.
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INTEGRITY COMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
31. | RELATED PARTY TRANSACTIONS
| The Company has taken exemption under section 33 of FRS102 from disclosing transactions and balances with 100% owned subsidiaries within the same Group. All directors in the Group who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management personnel. Total remuneration in respect of these individuals is £134,000 (2024: £152,000).
32. | CONTROLLING PARTY
The ultimate controlling party is M Cornford by virtue of his majority shareholding.
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