REGISTERED NUMBER: 05186236 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

Park Group Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

D Geers

P Geers

REGISTERED OFFICE:

Alpine Way

London

E6 6LA

REGISTERED NUMBER:

05186236 (England and Wales)

AUDITORS:

Try Lunn & Co

Chartered Accountants

and Statutory Auditors

Roland House

Princes Dock Street

HULL HU1 2LD

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

The principal activity of the Group during the year continued to be the provision of high-quality printing and print finishing services, together with mailing and fulfilment.

The majority of projects are produced from artwork supplied by customers. The Group maintains in-house pre-press and typesetting capability to support specific sectors, including auction catalogues and specialist publications, but its core focus remains production-led print manufacturing.

The Group operates across several key market segments, including Annual Reports, independent magazine publishing and general commercial print.

The Group differentiates itself through the quality of its production, strong environmental credentials, and a high level of service delivered throughout the manufacturing and fulfilment process.

As part of the Graphius Group, the Group benefits from strategic oversight and leadership support, and access to a wider range of specialist production capabilities across the Group's European sites. This enables the sales team to offer customers additional products and services beyond Park's standalone manufacturing scope.

REVIEW OF BUSINESS

Strategy and Strategic Priorities

Sales growth remains a core strategic priority.

The acquisition of Geoff Neal has contributed to increased sales activity and strengthened operational capability through the integration of experienced personnel.

Investment priorities include further automation through robotic solutions for manual packing and palletising tasks, investment in thread sewing capability, and continued development of the Company's MIS and Prinect systems towards a fully integrated JDF workflow.

Market Environment and Competitive Position

Trading conditions during 2025 remained challenging.

The Group continues to compete strongly on turnaround times, production quality and sustainability credentials, positioning itself as one of the leading operators within its chosen markets.

Outlook

Management's expectations for 2026 are based on the assumption that trading conditions within core markets remain broadly consistent, that key customer relationships are retained, and that integration benefits continue to be realised.

The Directors remains confident in the Group's positioning, the Directors expect further operational improvements through automation, workflow enhancement and strengthened purchasing strategy to support margin recovery and long-term resilience.

PRINCIPAL RISKS AND UNCERTAINTIES

There are certain risks which could directly and materially impact the Group's results compared with expectations. A summary of key risks is set out below. This is not an exhaustive list of the factors that could adversely impact Group's profitability.

The Group faces several principal risks that could materially impact performance:

Market and Economic Risk - Customer confidence and reduced marketing budgets remain key sensitivities.

Competitive Pricing Pressure - Price competition has intensified in a contracting marketplace, particularly during seasonal low-demand periods.

Input Cost Inflation - Material price increases and labour cost pressures remain significant risks.

Labour and Skills Risk - Labour shortages and wage inflation require ongoing workforce planning and cost management.

Acquisition Integration Risk - Integration risk is monitored through regular Directors review of operational and financial performance.

Management actively reviews mitigating controls including customer complaints, internal non-conformance reporting, health and safety performance and detailed financial reporting.

FINANCIAL KEY PERFORMANCE INDICATORS

The Directors monitors performance through monthly financial reviews. Key financial indicators include the measurement of turnover, operating profit and pre-tax profit

The Group delivered:

- Turnover from continuing operations of £22,021,029 (2024: £16,877,544)

- An operating (loss)/profit of (£227,086) (2024: £260,174)

- A pre-tax (loss)/profit of (£668,723) (2024: £146,157)

At the year-end, there was a cash balance of £207,772 (2024 : £353,766), loan finance of £2,552,427 (2024 : £3,785,448) and shareholders funds of £1,377,332 (2024 : £1,356,132)

SUSTAINABILITY AND RESPONSIBLE BUSINESS

Sustainability remains a core differentiator for the Group.

Park Communications is ISO 14001 certified and operates in alignment with EMAS standards. The Company is a certified climate neutral business through ClimatePartner and offsets production-related carbon emissions through verified projects. The facility is powered by 100% renewable energy, significantly reducing the Company's carbon footprint at source.

The Company holds FSC certification (License Code: FSC-C001785) and ensures that the majority of paper is FSC or PEFC certified. An approved supplier list is reviewed bi-annually to maintain responsible sourcing standards.

Through participation in the BPIF Climate Change Agreement, the Company implements targeted energy reduction measures in line with UK government schemes. Approximately 99% of printing waste is recycled, and sustainable inks are prioritised.

Sustainability credentials increasingly influence customer tenders and supplier selection decisions, particularly among clients seeking to strengthen their own ESG reporting.

Management continues to monitor emerging ESG developments including UK Sustainability Reporting Standards, Climate Change Agreement requirements, EU Deforestation Regulation developments and broader carbon transparency expectations to ensure continued compliance and competitive positioning.

ON BEHALF OF THE BOARD:

P Geers - Director

8 July 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company is a holding company. The principal activity of the subsidiary is the origination, printing, finishing, artworking and distribution of reports, magazines, catalogues, books and brochures.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

D Geers

P Geers

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Try Lunn & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Geers - Director

8 July 2026

Opinion

We have audited the financial statements of Park Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 parent company affairs as at 31 December 2025 and of the group's loss 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the 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 and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 Statement of Directors' Responsibilities set out on page five, 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 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statements disclosures to underlying supporting documentation, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Ewart FCA FCCA (Senior Statutory Auditor)

for and on behalf of Try Lunn & Co

Chartered Accountants

and Statutory Auditors

Roland House

Princes Dock Street

HULL HU1 2LD

8 July 2026

TURNOVER

3

22,021,229

16,877,544

Cost of sales

17,660,470

13,467,972

GROSS PROFIT

4,360,759

3,409,572

Administrative expenses

5,171,462

3,153,264

(810,703

)

256,308

Other operating income

583,617

3,866

OPERATING (LOSS)/PROFIT

6

(227,086

)

260,174

Interest receivable and similar income

1,076

436

(226,010

)

260,610

Interest payable and similar expenses

8

442,713

114,453

(LOSS)/PROFIT BEFORE TAXATION

(668,723

)

146,157

Tax on (loss)/profit

9

(280,216

)

90,647

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(388,507

)

55,510

(Loss)/profit attributable to:

Owners of the parent

(388,507

)

55,510

(LOSS)/PROFIT FOR THE YEAR

(388,507

)

55,510

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(388,507

)

55,510

Total comprehensive income attributable to:

Owners of the parent

(388,507

)

55,510

FIXED ASSETS

Intangible assets

12

781,413

475,692

Tangible assets

13

4,915,230

6,343,453

Investments

14

-

-

5,696,643

6,819,145

CURRENT ASSETS

Stocks

15

486,765

774,879

Debtors

16

4,947,367

4,412,706

Cash at bank and in hand

207,772

353,766

5,641,904

5,541,351

CREDITORS

Amounts falling due within one year

17

6,703,956

6,406,759

NET CURRENT LIABILITIES

(1,062,052

)

(865,408

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,634,591

5,953,737

CREDITORS

Amounts falling due after more than one year

18

(2,520,249

)

(3,172,176

)

PROVISIONS FOR LIABILITIES

21

(379,048

)

(657,760

)

NET ASSETS

1,735,294

2,123,801

CAPITAL AND RESERVES

Called up share capital

22

519,198

519,198

Share premium

23

899,198

899,198

Capital redemption reserve

23

29,173

29,173

Retained earnings

23

287,725

676,232

SHAREHOLDERS' FUNDS

1,735,294

2,123,801

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2026 and were signed on its behalf by:

P Geers - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

3,781,109

4,243,088

Investments

14

5,445,488

5,445,488

9,226,597

9,688,576

CURRENT ASSETS

Cash at bank

455

741

CREDITORS

Amounts falling due within one year

17

5,172,446

5,167,692

NET CURRENT LIABILITIES

(5,171,991

)

(5,166,951

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,054,606

4,521,625

CREDITORS

Amounts falling due after more than one year

18

(2,482,124

)

(2,977,409

)

PROVISIONS FOR LIABILITIES

21

(195,150

)

(188,084

)

NET ASSETS

1,377,332

1,356,132

CAPITAL AND RESERVES

Called up share capital

22

519,198

519,198

Share premium

23

899,198

899,198

Capital redemption reserve

23

29,173

29,173

Retained earnings

23

(70,237

)

(91,437

)

SHAREHOLDERS' FUNDS

1,377,332

1,356,132

Company's profit/(loss) for the financial year

21,200

(98,416

)

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2026 and were signed on its behalf by:

P Geers - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

519,198

620,722

899,198

29,173

2,068,291

Changes in equity

Total comprehensive income

-

55,510

-

-

55,510

Balance at 31 December 2024

519,198

676,232

899,198

29,173

2,123,801

Changes in equity

Total comprehensive income

-

(388,507

)

-

-

(388,507

)

Balance at 31 December 2025

519,198

287,725

899,198

29,173

1,735,294

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

519,198

6,979

899,198

29,173

1,454,548

Changes in equity

Total comprehensive income

-

(98,416

)

-

-

(98,416

)

Balance at 31 December 2024

519,198

(91,437

)

899,198

29,173

1,356,132

Changes in equity

Total comprehensive income

-

21,200

-

-

21,200

Balance at 31 December 2025

519,198

(70,237

)

899,198

29,173

1,377,332

Cash flows from operating activities

Cash generated from operations

1

1,810,259

941,199

Interest paid

(80,802

)

(15,355

)

Interest element of hire purchase payments paid

(361,911

)

(99,098

)

Tax paid

(2,420

)

82,065

Net cash from operating activities

1,365,126

908,811

Cash flows from investing activities

Purchase of intangible fixed assets

(392,545

)

(483,755

)

Purchase of tangible fixed assets

(253,522

)

(106,075

)

Sale of tangible fixed assets

827,075

1,265,127

Purchase of subsidiary

-

(503,245

)

Cash acquired with subsidiary

-

420,784

Interest received

1,076

436

Net cash from investing activities

182,084

593,272

Cash flows from financing activities

Capital repayments in year

(1,233,021

)

(1,080,122

)

Intercompany loan

(460,183

)

(485,212

)

Net cash from financing activities

(1,693,204

)

(1,565,334

)

Decrease in cash and cash equivalents

(145,994

)

(63,251

)

Cash and cash equivalents at beginning of year

2

353,766

417,017

Cash and cash equivalents at end of year

2

207,772

353,766

1.	RECONCILIATION OF (LOSS)/PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

(Loss)/profit for the financial year

(388,507

)

55,510

Depreciation charges

916,510

648,601

Loss/(profit) on disposal of fixed assets

24,986

(159,970

)

Finance costs

442,713

114,453

Finance income

(1,076

)

(436

)

Taxation

(280,216

)

90,647

714,410

748,805

Decrease in stocks

288,114

325,263

(Increase)/decrease in trade and other debtors

(12,965

)

492,983

Increase/(decrease) in trade and other creditors

820,700

(625,852

)

Cash generated from operations

1,810,259

941,199

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

207,772

353,766

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

353,766

417,017

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

353,766

(145,994

)

207,772

353,766

(145,994

)

207,772

Debt

Finance leases

(3,785,448

)

1,233,021

(2,552,427

)

(3,785,448

)

1,233,021

(2,552,427

)

Total

(3,431,682

)

1,087,027

(2,344,655

)

1.	STATUTORY INFORMATION

Park Group Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 judgment in applying the Group's accounting policies.

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 financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

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 Balance Sheet, 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

Depreciation policies are determined based on the useful economic life of the assets to which they relate which are based on historical experience.

Work in progress consists of labour, material, outwork and handling costs. The year end work in progress figure represents the time and materials consumed prior to the year end that are expected to be fully recovered on completion of the work. Where possible actual costs have been used at arriving at the work in progress balance.

Trade debtors are provided against on a specific basis to the extent that they are considered

irrecoverable. No general provisions are made against the trade debtor balance.

No other significant judgements have been made in preparing these financial statements.