REGISTERED NUMBER: 04665601 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

INKTEC EUROPE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Statement of Profit or Loss

8

Statement of Profit or Loss and Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

DIRECTOR:

D Kim

REGISTERED OFFICE:

Bulford House

Supergas Industrial Estate, Downs Road

Witney

Oxfordshire

OX29 0SZ

REGISTERED NUMBER:

04665601 (England and Wales)

AUDITORS:

Jamesons Limited

Chartered Accountants and Statutory Auditors

Jamesons House

Compton Way

Witney

OX28 3AB

The director presents his strategic report for the year ended 31 December 2025.

The company has taken advantage of the exemption from preparing a strategic report.

ON BEHALF OF THE BOARD:

D Kim - Director

15 February 2026

The director presents his report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of distribution & importers of plotter inks and printers.

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.

DIRECTOR

D Kim held office during the whole of the period from 1 January 2025 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with UK-adopted international accounting standards. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state that the financial statements comply with IFRS;

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

The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

AUDITORS

The auditors, Jamesons Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Kim - Director

15 February 2026

Opinion

We have audited the financial statements of InkTec Europe Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Profit or Loss, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with IFRSs as adopted by the UK; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non - compliance with laws and regulations was as follows:

-

The engagement partner ensured that the engagement team collectively had appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations:

-

We identified the laws and regulations applicable to the company through discussion with directors and informed management and from our commercial knowledge and experience of the industry;

-

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including Companies Act 2006, taxation legislation, employment legislation and health and safety legislation;

-

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing documentation during the audit; and

-

Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance during the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

-

Making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

Reviewed the financial statements and records to identify any unusual or unexpected relationships;

-

Tested journal entries to identify unusual transactions;

-

Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

Investigated the rationale behind any significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

Agreeing financial statement disclosures to underlying supporting documentation;

-

Enquiring of management as to actual and potential litigation and claims; and

-

Reviewing correspondence with HMRC and other applicable sources.

There are inherent limitations in our audit procedures described above. The 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquire of the directors and informed management and the inspection of regulatory and legal correspondence if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation and there is therefore 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.

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.

Anita Lyon FCA FCCA (Senior Statutory Auditor)

for and on behalf of Jamesons Limited

Chartered Accountants and Statutory Auditors

Jamesons House

Compton Way

Witney

OX28 3AB

15 February 2026

CONTINUING OPERATIONS

Revenue

5,216,742

5,360,431

Cost of sales

(3,557,082

)

(3,733,102

)

GROSS PROFIT

1,659,660

1,627,329

Other operating income

9,900

11,368

Administrative expenses

(1,524,220

)

(1,482,069

)

OPERATING PROFIT

145,340

156,628

Finance costs

4

(102,118

)

(51,615

)

Finance income

4

25

1,851

PROFIT BEFORE INCOME TAX

5

43,247

106,864

Income tax

6

(13,544

)

(33,198

)

PROFIT FOR THE YEAR

29,703

73,666

PROFIT FOR THE YEAR

29,703

73,666

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

29,703

73,666

ASSETS

NON-CURRENT ASSETS

Owned

Property, plant and equipment

7

36,214

43,094

Right-of-use

Property, plant and equipment

7, 15

597,656

54,499

633,870

97,593

CURRENT ASSETS

Inventories

8

2,453,584

1,814,132

Trade and other receivables

9

1,276,862

845,787

Cash and cash equivalents

10

255,355

322,185

3,985,801

2,982,104

TOTAL ASSETS

4,619,671

3,079,697

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

11

72,700

72,700

Share premium

12

96,675

96,675

Capital redemption reserve

12

14,181

14,181

Retained earnings

12

597,556

567,853

TOTAL EQUITY

781,112

751,409

LIABILITIES

NON-CURRENT LIABILITIES

Financial liabilities - borrowings

Lease liabilities

14, 15

1,067,420

520,317

Deferred tax

16

8,819

10,488

1,076,239

530,805

CURRENT LIABILITIES

Trade and other payables

13

2,423,958

1,227,980

Financial liabilities - borrowings

Lease liabilities

14, 15

323,149

538,431

Tax payable

15,213

31,072

2,762,320

1,797,483

TOTAL LIABILITIES

3,838,559

2,328,288

TOTAL EQUITY AND LIABILITIES

4,619,671

3,079,697

The financial statements were approved by the director and authorised for issue on 15 February 2026 and were signed by:

D Kim - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

72,700

494,187

96,675

14,181

677,743

Changes in equity

Total comprehensive income

-

73,666

-

-

73,666

Balance at 31 December 2024

72,700

567,853

96,675

14,181

751,409

Changes in equity

Total comprehensive income

-

29,703

-

-

29,703

Balance at 31 December 2025

72,700

597,556

96,675

14,181

781,112

Cash flows from operating activities

Cash generated from operations

1

381,105

(67,194

)

Interest paid

(52,867

)

(43,583

)

Lease interest paid

(49,251

)

(8,032

)

Tax paid

(31,072

)

(10,331

)

Net cash from operating activities

247,915

(129,140

)

Cash flows from investing activities

Purchase of tangible fixed assets

(14,353

)

(9,960

)

Interest received

25

1,851

Net cash from investing activities

(14,328

)

(8,109

)

Cash flows from financing activities

New loans in year

80,000

400,000

Loan repayments in year

(330,000

)

-

Payment of lease liabilities

(50,417

)

(100,885

)

Net cash from financing activities

(300,417

)

299,115

(Decrease)/increase in cash and cash equivalents

(66,830

)

161,866

Cash and cash equivalents at beginning of year

2

322,185

160,319

Cash and cash equivalents at end of year

2

255,355

322,185

1.	RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before income tax

43,247

106,864

Depreciation charges

110,314

110,667

Finance costs

102,118

51,615

Finance income

(25

)

(1,851

)

255,654

267,295

(Increase)/decrease in inventories

(639,452

)

781,783

(Increase)/decrease in trade and other receivables

(431,075

)

141,415

Increase/(decrease) in trade and other payables

1,195,978

(1,257,687

)

Cash generated from operations

381,105

(67,194

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

255,355

322,185

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

322,185

160,319

1.	STATUTORY INFORMATION

InkTec Europe 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

Revenue recognition

Revenue represents net invoiced sales of goods, excluding value added tax.

Cash and cash equivalents

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each assets over its estimated useful life.

Freehold property

-

Straight line over 20 years

Motor vehicles

-

25% on cost

Office equipment

-

25% on cost

Fixtures and fittings

-

25% on cost

Plant & machinery

-

Straight line over 8 years

Computer equipment

-

25% on cost

Financial instruments

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

779,360

738,263

Social security costs

92,012

79,142

Other pension costs

15,097

13,331

886,469

830,736

The average number of employees during the year was as follows:

2025

2024

Managers

3

3

Administrative

5

5

Technicians

5

4

Warehouse

1

2

Managing Director

1

1

Sales

2

2

Application

2

2

19

19

2025

2024

£

£

Director's remuneration

110,493

110,841

Director's pension contributions to money purchase schemes

1,321

1,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

4.	NET FINANCE COSTS

2025

2024

£

£

Finance income:

Deposit account interest

-

1,851

Corporation tax interest

25

-

25

1,851

Finance costs:

Bank interest

-

14

Bank loan interest

52,867

43,569

Leasing

49,251

8,032

102,118

51,615

Net finance costs

102,093

49,764

5.	PROFIT BEFORE INCOME TAX

The profit before income tax is stated after charging/(crediting):

2025

2024

£

£

Cost of inventories recognised as expense

3,557,082

3,733,102

Depreciation - owned assets

21,233

19,018

Depreciation - assets on hire purchase contracts or finance leases

89,081

91,648

Auditors' remuneration

17,850

17,600

Profit and loss on foreign currency translation

-

(51,781

)

6.	INCOME TAX

Analysis of tax expense

2025

2024

£

£

Current tax:

Tax

15,213

31,072

Under/over provision of

corporation tax

-

1,282

Total current tax

15,213

32,354

Deferred tax

(1,669

)

844

Total tax expense in statement of profit or loss

13,544

33,198

Factors affecting the tax expense

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before income tax

43,247

106,864

Profit multiplied by the standard rate of corporation tax in the UK of 23.592% (2024 - 24.992%)

10,203

26,707

Effects of:

Expenses not deductible for tax purposes

3,440

2,163

Depreciation in excess of capital allowances

1,570

2,202

Deferred tax

(1,669

)

844

Under provision last year

-

1,282

Tax expense

13,544

33,198

7.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Short

Motor

and

leasehold

vehicles

fittings

£

£

£

COST

At 1 January 2025

321,055

108,128

136,441

Additions

592,756

39,482

6,945

Disposals

(321,055

)

(40,140

)

(15,135

)

At 31 December 2025

592,756

107,470

128,251

DEPRECIATION

At 1 January 2025

312,378

62,306

129,234

Charge for year

53,134

35,947

3,435

Eliminated on disposal

(321,055

)

(40,140

)

(15,135

)

At 31 December 2025

44,457

58,113

117,534

NET BOOK VALUE

At 31 December 2025

548,299

49,357

10,717

At 31 December 2024

8,677

45,822

7,207

Plant &

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 January 2025

81,361

93,551

740,536

Additions

-

7,408

646,591

Disposals

-

(11,127

)

(387,457

)

At 31 December 2025

81,361

89,832

999,670

DEPRECIATION

At 1 January 2025

59,336

79,689

642,943

Charge for year

5,691

12,107

110,314

Eliminated on disposal

-

(11,127

)

(387,457

)

At 31 December 2025

65,027

80,669

365,800

NET BOOK VALUE

At 31 December 2025

16,334

9,163

633,870

At 31 December 2024

22,025

13,862

97,593

8.	INVENTORIES

2025

2024

£

£

Finished goods

2,453,584

1,814,132

Stock recognised in cost of sales during the year as an expense was £3,557,082 (2024: £3,733,102).