FOR THE YEAR ENDED 31 DECEMBER 2025
INTEGRITY COMMUNICATIONS GROUP LIMITED
COMPANY INFORMATION
INTEGRITY COMMUNICATIONS GROUP LIMITED
CONTENTS
INTEGRITY COMMUNICATIONS GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The directors who served during the year were:
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 are discussed in the Strategic Report.
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
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.
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 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).
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:
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
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.
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.
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
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 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.
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)
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.
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.
Page 10
INTEGRITY COMMUNICATIONS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRITY COMMUNICATIONS GROUP 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 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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
Page 12
INTEGRITY COMMUNICATIONS GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 13
INTEGRITY COMMUNICATIONS GROUP LIMITED
REGISTERED NUMBER:06596905
CONSOLIDATED 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 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
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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
Page 16
INTEGRITY COMMUNICATIONS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 17
INTEGRITY COMMUNICATIONS GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 18
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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
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:
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.
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.
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.
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)
GOODWILL
OTHER INTANGIBLE ASSETS
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:
Page 20
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (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:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 21
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
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)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Page 23
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
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:
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:
Page 24
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The whole of the turnover is attributable to the principal activity of the Group.
Analysis of turnover by country of destination:
Page 25
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 26
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 27
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
Dividends of £575,000 (2024: £570,000) were declared and paid during the year.
Page 28
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
Page 29
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
||
|
|
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
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
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 31
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 32
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 33
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 34
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
|
|
||
|
|
Page 35
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share capital account
Share premium account
Capital redemption reserve
Profit and loss account
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
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.
Page 37
INTEGRITY COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The ultimate controlling party is M Cornford by virtue of his majority shareholding.
Page 38