ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 05901539

DANTEX GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


DANTEX GROUP LIMITED

COMPANY INFORMATION

Directors	B Danon
	R Bunney


Registered number	05901539


Registered office	Danon House
	5 Kings Road
	Bradford
	West Yorkshire
	BD2 1EY


Independent auditor	Grant Thornton UK LLP
	Chartered Accountants
	7th Floor
	City Square House
	11 Wellington Street
	Leeds
	LS1 4DL


DANTEX GROUP LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 4
Directors' Report	5 - 6
Independent Auditor's Report	7 - 11
Consolidated Statement of Comprehensive Income	12
Consolidated Statement of Financial Position	13
Company Statement of Financial Position	14
Consolidated Statement of Changes in Equity	15
Company Statement of Changes in Equity	16
Consolidated Statement of Cash Flows	17 - 18
Notes to the Financial Statements	19 - 44


DANTEX GROUP LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The directors present their Group Strategic Report on the group for the year ended 31 December 2025.

Business model and principal activities

The group is a long-established supplier of printing plates, plate processing equipment, digital UV inkjet label presses (Pico range) and related consumables and services to the global label and packaging industries.

Operations are managed as an integrated group headquartered in the UK, with manufacturing, sales and service activities carried out through subsidiaries and distribution partners in Europe, North America and other international markets. Products are sold primarily to label and packaging converters, including those serving food, beverage, industrial and consumer markets.

During 2025, the group continued to invest in product development, digital printing technologies and customer support capabilities, strengthening its position within the global label and packaging sector.

Market and trading conditions

The group operates in the global label and packaging printing sector. This market continues to benefit from long-term growth in packaged goods consumption as well as increasing regulatory and brand requirements for product information and traceability.

Furthermore, European customers have faced rising costs and uneven demand, increasing their focus on flexibility, quick turnaround and sustainability – areas that are fully aligned with the group’s product offering.

The commercial environment remained competitive throughout 2025, with customers continuing to face inflationary pressures, changing demand patterns and wider economic uncertainty. Despite these challenges, the group delivered improved financial performance through continued focus on operational efficiency, product innovation and customer support. The directors remain confident that the group is well positioned to respond to future market opportunities through its established brands, international presence and ongoing investment in digital technology.

Review of business and future developments

The Consolidated Statement of Comprehensive Income for the year ended 31 December 2025 is set out on page 12.

The group delivered a significantly improved trading performance during 2025. Revenue increased to £35.1m (2024: £31.05m), while profit before taxation improved to £0.629m compared with a loss of £1.49m in the prior year. Gross profit margin increased to 38.5% (2024: 34.5%) and EBITDA improved to £1.81m (2024: loss of £0.21m), reflecting stronger operational performance and improved profitability across the group.

Net assets increased to £17.44m (2024: £16.30m), further strengthening the group's financial position. Management continued to focus on cash generation and working capital management throughout the year, including inventory optimisation and effective management of receivables.

The directors are satisfied with the group's performance during 2025. The improvement in profitability reflects the benefits of investment in technology, operational efficiencies and the continued development of the group's product portfolio.

The group maintains an active research and development programme and continues to invest in both analogue and digital printing technologies. The directors remain confident that ongoing investment in innovation, together with the group's international distribution network and strategic partnerships, will support further growth and strengthen the group's position within its target markets.

Page 1


DANTEX GROUP LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Key performance indicators (KPIs)

The group analyses the performance of the business on a regular basis using a number of KPIs such as the following:

	2025	2024
Turnover	£35,146k	£31,053k
Gross profit margin	38.5%	34.5%
Profit/(loss) before tax	£629k	£(1,489)k
EBITDA*	£1,813k	£(211)k
Net assets	£17,438k	£16,304k

* Earnings before interest, tax, depreciation and amortisation.

Going concern

The current economic conditions remain highly challenging. The group's forecasts and projections, taking account of reasonable changes in trading performance, show that the group will be able to operate within the level and terms of its current bank facilities.

Cash generation and working capital remain a key focus area, with management continuing to monitor inventory levels, debtor days and utilisation of banking facilities.

The group’s strategy is to:

∙maintain its position as a leading supplier of flexo and letterpress plate technologies to the label and can décor markets;

∙expand its installed base of digital UV inkjet label presses, with an emphasis on compact, cost-effective platforms such as the PicoColour and related product families;

∙invest in R&D to enhance plate chemistry, processing efficiency and digital press performance; and

∙broaden its international presence through both owned subsidiaries and carefully selected distributors.

The directors continue to monitor inflationary pressures, geopolitical developments, foreign exchange volatility and changes in international trade policy. Whilst these factors may affect customer demand, supply chains and operating costs, the directors do not currently consider them to represent a material threat to the group's ability to continue as a going concern.

Through its wide network of subsidiaries and independent dealers Dantex is in a favourable position to identify market trends and react to challenges quickly. The group's substantial investment in digital print technologies will ensure its leading position in the future.

The group has prepared cash-flow forecasts for a period of at least twelve months from the date of approval of these financial statements, including downside scenarios reflecting reductions in sales volumes and margin pressure. The forecasts take into account existing bank facilities and covenant requirements.

Certain elements of the group’s borrowing facilities are non-committed and subject to renewal during the next financial year, which the directors recognise introduces a degree of uncertainty. However, as has occurred in previous years, the directors expect these facilities to be renewed in line with the group’s ongoing requirements.

The group’s financial forecasts, together with downside sensitivities, indicate that the group is expected to retain sufficient headroom within its available banking facilities and to comply with all covenant obligations throughout the forecast period. The directors therefore consider that the group has adequate resources to continue in operational existence for the foreseeable future.

Page 2


DANTEX GROUP LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Going concern (continued)

Having considered the forecasts, available financing, and the group’s current trading and position, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

Principal risks and uncertainties

The group operates in international markets and is therefore exposed to a range of economic, geopolitical and market risks. These include inflationary pressures, foreign exchange fluctuations, changes in trade policy, supply chain disruption and broader geopolitical tensions. Developments in regions including Eastern Europe and the Middle East have the potential to affect global supply chains, transportation costs, energy markets and customer confidence. Management continues to monitor these developments closely and, where appropriate, takes mitigating actions to minimise their impact on the business.

Market and competitive risk

The group is currently exposed to competitive pressure arising from alternative technologies and new entrants within the printing and packaging sectors. The risk is mitigated through continued investment in product development, technical support, and maintaining strong long-term customer relationships.

Inflation risk

The group is currently exposed to a higher than usual increase in product and operating expenses. The risk is mitigated by adjusting sales prices of the group's product portfolio to reflect market trends.

Supply chain risk

The group is exposed to rising input costs and potential disruption in the supply chain for key materials and components. The risk is mitigated through diversified sourcing, forward purchasing where appropriate, close supplier management, and selective price adjustments.

Financial risk management

The group's operations expose it to a variety of financial risks that include the effects of changes in price risk, credit risk, liquidity risk, foreign exchange risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs.

Price risk

The group is exposed to commodity price risk as a result of its operations. However, given the size of the group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature.

Credit risk

The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed annually.

Liquidity and cash flow risk

The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the group has sufficient available funds for operations and planned expansions.

Foreign exchange risk

The group has a significant transactional foreign currency cash flow exposure on the Japanese Yen and Euro, as a result of its sales and purchasing operations. This risk is generally managed through the use of forward contracts.

Page 3


DANTEX GROUP LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial risk management (continued)

Interest rate risk

The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances, all of which earn interest at a floating rate. The group borrows in the desired currencies principally at floating rates of interest.

Tariff and trade policy risk

The group operates internationally and is exposed to changes in global trade policy, including tariffs, import restrictions and other measures that may affect customer purchasing behaviour, supply chains and operating costs. Management monitors developments closely and seeks to mitigate potential impacts through pricing reviews, sourcing flexibility and diversification of markets and suppliers.

The directors consider that, overall, the group has an appropriate risk management framework for a business of its size and complexity.

This report was approved by the board and signed on its behalf.

B Danon

Director

Date: 1 September 2026

Page 4


DANTEX 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.

Principal activity

The group's principal activity is the sale of printers' supplies and specialised equipment. The company's principal activity is that of a holding company.

Results and dividends

The profit for the year, after taxation, amounted to £377k (2024: loss £1,638k).

The directors do not recommend the payment of a dividend in respect of the year ended 31 December 2025 (2024: £Nil).

Directors

The directors who served during the year, and up to the date of signing this report, were:

B Danon

R Bunney (appointed 1 April 2025)

Directors' Responsibilities Statement

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 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 and 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; and

∙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 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.

Qualifying third party indemnity provisions

During the period and at the time the Directors' Report is approved the company has not put in place qualifying third party provisions for the directors.

Page 5

DANTEX GROUP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Charitable contributions

The group made contributions totalling £1k (2024: £3k) during the financial year for charitable purposes, mainly relating to medical research. The donations were made to national charities and those local to the group's head office.

Matters covered in the Group Strategic Report

As permitted under s414C(11) of the Companies Act 2006, the Directors have included information in the Strategic Report that otherwise would be required under s416(4) to be disclosed in the Director's Report, including information in respect of business activities, principal risks and uncertainties and future developments.

Research and development activities

The group continues to maintain its involvement in research and development activities, thus ensuring that its products take advantage of the latest technological advances in the field. In 2025 £2k (2024: £44k) of research and development were charged to the Statement of Comprehensive Income.

Subsequent events

Subsequent to the year end, the company completed the sale of its principal operating premises. Following completion of the sale, the company will continue to occupy the premises under a rental arrangement with the new owner. The company intends to relocate its operations to other locations by the end of the first quarter of 2027. Following the sale of these premises the company has repaid its medium term debt and is therefore no longer subject to the covenants referred to elsewhere in this document.

The sale represents a non-adjusting event after the reporting period and, accordingly, no adjustment has been made to the amounts recognised in these financial statements.

Disclosure of information to auditor

The directors confirm that:

∙so far as each director is aware, there is no relevant audit information of which the company and the group's auditor is unaware; and

∙the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and the group's auditor is aware of that information.

Auditor

A resolution concerning the appointment of the group's auditor for the next financial year will be proposed at the forthcoming Annual Shareholders meeting.

This report was approved by the board and signed on its behalf.

B Danon

Director

Date: 1 September 2026

Page 6

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANTEX GROUP LIMITED

Opinion

We have audited the financial statements of Dantex Group Limited (the 'parent 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 Changes in Equity, the company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and 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's affairs as at 31 December 2025 and of the group's profit for the year then ended;

∙the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙the financial statements 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 'Auditor's responsibilities for the audit of the financial statements' section of our report. We are independent of the group and the parent 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

We are responsible for concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's and the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

In our evaluation of the directors' conclusions, we considered the inherent risks associated with the group's and the parent company's business model including effects arising from macro-economic uncertainties such as interest rates, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the group's and the parent company's financial resources or ability to continue operations over the going concern period.

Page 7

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANTEX GROUP LIMITED (CONTINUED)

Conclusions relating to going concern (continued)

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 other information comprises the information included in the Annual Report and financial statements, other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report and financial statements. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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 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.

Page 8

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANTEX GROUP LIMITED (CONTINUED)

Matter on which we are required to report under the Companies Act 2006

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

Matters on which we are required to report by exception

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

∙adequate accounting records have not been kept by the 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 Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the 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.

Page 9

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANTEX GROUP LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the parent company and determined that the most significant are those that relate to the reporting frameworks (Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006) and the relevant tax compliance regulations in the jurisdictions in which the group and the parent company operate;

∙We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with those charged with governance, and from inspection of legal and regulatory correspondence. We discussed the policies and procedures regarding compliance with laws and regulations with those charged with governance;

∙We assessed the susceptibility of the group and the parent company’s financial statements to material misstatement, including how fraud might occur, by evaluating management’s incentives and opportunities of manipulation of the financial statements. We determined the principal risks were in relation to:

−Journal entries posted by senior finance personnel;

−Potential management bias in determining accounting estimates especially in relation to the valuation of stock; and

−Transactions with related parties.

∙Audit procedures performed by the engagement team included:

−Evaluation of the controls established to address the risks related to irregularities and fraud;

−Testing manual journal entries, in particular journal entries relating to management estimates and entries determined to be large or relating to unusual transactions; and

−Identifying and testing related party transactions.

∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;

Page 10

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANTEX GROUP LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements (continued)

∙The engagement partner’s assessment of the appropriateness of the collective competence and capabilities of the engagement team including the consideration of the engagement team's understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation and knowledge of the industry in which the group and the parent company operate;

∙We communicated relevant laws and regulations and potential fraud risks to all engagement team members, including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit;

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 Auditor's Report.

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 an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Victoria McLoughlin BA FCA

Senior Statutory Auditor

for and on behalf of Grant Thornton UK LLP

Statutory Auditor, Chartered Accountants

Leeds

1 September 2026

Page 11


DANTEX GROUP LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£000	£000


Turnover	4	35,146	31,053
Cost of sales		(21,619)	(20,325)
Gross profit		13,527	10,728
Distribution costs		(6,046)	(5,704)
Administrative expenses		(6,620)	(6,245)
Operating profit/(loss)	5	861	(1,221)
Interest receivable	9	263	146
Interest payable	10	(495)	(414)
Profit/(loss) before taxation		629	(1,489)
Tax on profit/(loss)	11	(252)	(149)
Profit/(loss) for the financial year		377	(1,638)


Foreign exchange differences - retranslation of foreign operations	685	155
Foreign exchange differences - through revaluation reserve	72	(53)
Surplus on revaluation on other fixed assets	-	323
Other comprehensive income for the year	757	425
Total comprehensive income/(loss) for the year	1,134	(1,213)

Profit/(loss) for the year attributable to:
Owners of the parent company		377	(1,638)

There were no recognised gains and losses for 2025 or 2024 other than those included in the Consolidated Statement of Comprehensive Income.

The notes on pages 19 to 44 form part of these financial statements.

Page 12


DANTEX GROUP LIMITED REGISTERED NUMBER:05901539

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£000		£000

Fixed assets
Intangible assets	12		203		504
Tangible assets	13		5,998		6,006
			6,201		6,510
Current assets
Stocks	15	8,710		9,310
Debtors: amounts falling due within one year	16	12,804		12,340
Cash at bank and in hand	17	3,581		1,242
		25,095		22,892
Creditors: amounts falling due within one year	18	(13,105)		(12,523)
Net current assets			11,990		10,369
Total assets less current liabilities			18,191		16,879
Creditors: amounts falling due after more than one year	19		(577)		(398)
Deferred taxation	22		(176)		(177)
Net assets			17,438		16,304

Capital and reserves
Called up share capital	25	175	175
Share premium account	26	5,325	5,325
Revaluation reserve	26	1,812	1,796
Profit and loss account	26	10,126	9,008
Equity attributable to owners of the parent company		17,438	16,304

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

B Danon

Director

Date: 1 September 2026

The notes on pages 19 to 44 form part of these financial statements.

Page 13


DANTEX GROUP LIMITED REGISTERED NUMBER:05901539

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£000		£000

Fixed assets
Investments	14		11,143		11,143
Current assets
Debtors: amounts falling due within one year	16	404		404
Cash at bank and in hand	17	26		-
Creditors: amounts falling due within one year	18	(7,245)		(7,540)
Net current liabilities			(6,815)		(7,136)
Total assets less current liabilities			4,328		4,007
Creditors: amounts falling due after more than one year	19		(417)		-
Net assets			3,911		4,007

Capital and reserves
Called up share capital	25	175	175
Share premium account	26	5,325	5,325
Profit and loss account	26	(1,589)	(1,493)
Total equity		3,911	4,007

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 loss after tax of the parent company for the year was £96k (2024: loss £89k).

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

B Danon

Director and Chairman of the Board of Directors

Date: 1 September 2026

The notes on pages 19 to 44 form part of these financial statements.

Page 14


DANTEX GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Revaluation reserve	Profit and loss account	Total equity
	£000	£000	£000	£000	£000
At 1 January 2024	175	5,325	1,582	10,435	17,517
Comprehensive income/(loss) for the year
Loss for the year	-	-	-	(1,638)	(1,638)
Retranslation of foreign operations	-	-	-	155	155
Transfer from revaluation reserve to profit and loss account	-	-	(56)	56	-
Exchange differences on foreign currency	-	-	(53)	-	(53)
Surplus on revaluation on other fixed assets	-	-	323	-	323
Other comprehensive income for the year	-	-	214	211	425
Total comprehensive income/(loss) for the year	-	-	214	(1,427)	(1,213)

At 1 January 2025	175	5,325	1,796	9,008	16,304
Comprehensive income for the year
Profit for the year	-	-	-	377	377
Retranslation of foreign operations	-	-	-	685	685
Transfer from revaluation reserve to profit and loss account	-	-	(56)	56	-
Exchange differences on foreign currency	-	-	72	-	72
Other comprehensive income for the year	-	-	16	741	757
Total comprehensive income for the year	-	-	16	1,118	1,134
At 31 December 2025	175	5,325	1,812	10,126	17,438

The notes on pages 19 to 44 form part of these financial statements.

Page 15


DANTEX GROUP LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£000	£000	£000	£000
At 1 January 2024	175	5,325	(1,404)	4,096
Comprehensive loss for the year
Loss for the year	-	-	(89)	(89)
Total comprehensive loss for the year	-	-	(89)	(89)

At 1 January 2025	175	5,325	(1,493)	4,007
Comprehensive loss for the year
Loss for the year	-	-	(96)	(96)
Total comprehensive loss for the year	-	-	(96)	(96)
At 31 December 2025	175	5,325	(1,589)	3,911

The notes on pages 19 to 44 form part of these financial statements.

Page 16


DANTEX GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£000	£000

Cash flows from operating activities
Profit/(loss) for the financial year	377	(1,638)
Adjustments for:
Amortisation of intangible assets	301	298
Depreciation of tangible assets	651	712
Profit on disposal of tangible assets	(54)	(80)
Interest paid	495	414
Interest received	(263)	(146)
Taxation charge	252	149
Decrease in stocks	600	553
(Increase)/decrease in debtors	(2,830)	1,547
Increase in creditors	1,253	174
Corporation tax (paid)	(623)	(405)
Exchange differences	462	170
Net cash generated from operating activities	621	1,748

Cash flows from investing activities
Purchase of tangible fixed assets	(408)	(513)
Sale of assets	108	124
Interest received	-	8
HP interest paid	(19)	(12)
Net cash from investing activities	(319)	(393)
Cash flows from financing activities
Proceeds from issuing of bank borrowings	446	329
Repayment of loans	(448)	(525)
Repayment of finance leases	(137)	(140)
Interest paid	(358)	(402)
Net cash used in financing activities	(497)	(738)

Page 17


DANTEX GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
		£000	£000


Net (decrease)/increase in cash and cash equivalents	(195)	617
Cash and cash equivalents at beginning of year	(434)	(1,142)
Exchange gains on cash and cash equivalents	98	92
Cash and cash equivalents at the end of year	(531)	(433)

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	3,581	1,242
Bank overdrafts	(4,112)	(1,675)
	(531)	(433)

The notes on pages 19 to 44 form part of these financial statements.

Page 18


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Dantex Group Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 05901539, and its registered head office is located at Danon House, 5 Kings Road, Bradford, West Yorkshire, BD2 1EY.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions – company only

The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); and

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

2.3

Consolidated financial statements

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 Statement of Comprehensive Income and Statement of Financial Position include the financial statements of the company and its subsidiary undertakings made up to 31 December 2025. Subsidiary undertakings are entities controlled by the group. Control exists when the group has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Intra-group sales and profits are eliminated fully on consolidation. Uniform group accounting policies have been used for determining the amounts to be included in the consolidated financial statements.

Page 19


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Going concern

∙maintain its position as a leading supplier of flexo and letterpress plate technologies to the label and can décor markets;

∙expand its installed base of digital UV inkjet label presses, with an emphasis on compact, cost-effective platforms such as the PicoColour and related product families;

∙invest in R&D to enhance plate chemistry, processing efficiency and digital press performance; and

∙broaden its international presence through both owned subsidiaries and carefully selected distributors.

The directors continue to monitor inflationary pressures, geopolitical developments, foreign exchange volatility and changes in international trade policy. Whilst these factors may affect customer demand, supply chains and operating costs, the directors do not currently consider them to represent a material threat to the group's ability to continue as a going concern.

Through its wide network of subsidiaries and independent dealers Dantex is in a favourable position to identify market trends and react to challenges quickly. The group's substantial investment in digital print technologies will ensure its leading position in the future.

The group has prepared cash-flow forecasts for a period of at least twelve months from the date of approval of these financial statements, including downside scenarios reflecting reductions in sales volumes and margin pressure. The forecasts take into account existing bank facilities and covenant requirements.

Certain elements of the group’s borrowing facilities are non-committed and subject to renewal during the next financial year, which the director recognises introduces a degree of uncertainty. However, as has occurred in previous years, the directors expect these facilities to be renewed in line with the group’s ongoing requirements.

The group’s financial forecasts, together with downside sensitivities, indicate that the group is expected to retain sufficient headroom within its available banking facilities and to comply with all covenant obligations throughout the forecast period. The directors therefore consider that the group has adequate resources to continue in operational existence for the foreseeable future.

Having considered the forecasts, available financing, and the group’s current trading and position, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

Page 20


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Foreign currency translation

Functional and presentation currency

The company's functional and presentation currency is GBP and all values are rounded to the nearest thousand pounds (£000) except where otherwise stated.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit or loss within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.6

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the group and value added taxes.

The group recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the group retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to the each of company's sales channels have been met, as described below.

Page 21


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

Revenue recognition (continued)

The group manufactures and sells as well as distributing a range of products in the business to business sector. Sales of goods are recognised on delivery to the customer, when the customer has full discretion over the channel and price to sell or use the product and there is no unfulfilled obligation that could affect the customer's acceptance of the product.

Delivery occurs when the goods have been shipped to the location specified by the customer, the risks of obsolescence or loss have been transferred to the customer, the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the group has objective evidence that all criteria for acceptance have been satisfied.

Sales are normally made with a credit term of 30 to 60 days. The element of financing is deemed immaterial and is disregarded in the measurement of revenue.

Revenue from services is recognised in the accounting period in which the services are provided to the customer. Revenue is recognised when the service has been performed and the amount can be measured reliably.

Dividend income is recognised when the right to receive payment is established.

2.7

Leased assets

At inception the group assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset.

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the period of the lease.

2.8

Research and development

Research and development expenditure is written off in the Statement of Comprehensive Income in the period in which it is incurred.

Page 22


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.9

Employee benefits

The group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.

Short term benefits, including holiday pay, annual bonus arrangements and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

The group operates several defined contribution plans for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the group in independently administered funds.

2.10

Interest income

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

2.11

Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.12

Borrowing costs

All borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period in which they are incurred.

2.13

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. Current or deferred taxation assets and liabilities are not discounted.

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.

Page 23


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

Taxation (continued)

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

2.14

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life, being 15 - 20 years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on the following bases:

Software

20-33% straight line

If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.15

Tangible fixed assets

Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use.

Land and buildings are revalued on a regular basis to reflect their current market values. A full valuation is performed by a qualified external valuer at least every five years. Interim valuations are carried out in the intervening years only where it is likely that there has been a material change in value.

Plant and machinery and fixtures, fittings, tools and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

Page 24


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.15

Tangible fixed assets (continued)

Depreciation is calculated so as to write off the cost, or valuation, of tangible assets other than freehold land over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are:

Freehold property	-	4%	straight line
Plant and machinery	-	15%	reducing balance or 33% straight line
Fixtures and fittings	-	15%	reducing balance or 33% straight line

Freehold land is not depreciated.

Repairs, maintenance and minor inspection costs are expensed as incurred.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss and included in 'Administrative expenses'.

2.16

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.17

Impairment of non-financial assets

At each Statement of Financial Position date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset's cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset's cash generating unit) is compared to the carrying amount of the asset (or asset's cash generating unit).

The recoverable amount of the asset (or asset's cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future pre-tax and interest cash flows obtainable as a result of the asset's (or asset's cash generating unit) continued use. The pre-tax and interest cash flows are discounted using a pre-tax discount rate that represents the current market risk free rate and the risks inherent in the asset.

If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the Statement of Comprehensive Income, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in the Consolidated Statement of Comprehensive Income.

Page 25


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)


	2.17	Impairment of non-financial assets (continued)

If an impairment loss subsequently reverses, the carrying amount of the asset (or asset's cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the Statement of Comprehensive Income.

2.18

Investments

Investments in subsidiary companies are held at historical cost less accumulated impairment losses.

2.19

Inventories

Inventories are stated at the lower of historical cost and estimated selling price less costs to complete and sell. Inventories are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition. The cost of manufactured finished goods and work in progress includes raw materials, direct labour and other direct costs.

At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the Statement of Comprehensive Income. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the Statement of Comprehensive Income.

2.20

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks. Bank overdrafts are shown within current liabilities but as they are repayable on demand and form an integral part of the group's cash management they are shown as a component of cash and cash equivalent in the Consolidated Statement of Cash Flows.

2.21

Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's Statement of Financial Position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 26


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.21

Financial instruments (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 within 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.

Page 27


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.21

Financial instruments (continued)

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

2.22

Key management personnel

The directors consider themselves to be key management personnel and their remuneration is disclosed in note 8.

2.23

Share capital

Ordinary shares are classified as equity.

2.24

Related party transactions

The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with members of the same group that are wholly owned.

Page 28


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the financial statements, when, and if, better information is obtained.

Critical judgements and sources of estimation uncertainty that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:

Estimates

Useful economic lives of tangible assets (note 13)
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property plant and equipment, and note 2.15 for the useful economic lives for each class of assets.

Inventory provisions (note 15)
The group designs, manufactures and sells digital printing presses and sells printing plates and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. See note 15 for the net carrying amount of the inventory and associated provision.

Impairment of debtors (note 16)

The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 16 for the net carrying amount of the debtors and associated impairment provision.

Judgements

In the process of preparing the financial statements, no significant judgements were applied.

Page 29


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Sale of goods	33,974	28,609
Services	1,172	2,444
	35,146	31,053

Analysis of turnover by country of destination:

					2025	2024
					£000	£000

United Kingdom	4,068	3,008
European Union	15,540	15,272
Rest of the world	15,538	12,773
	35,146	31,053

Profit on sale of tangible fixed assets	(54)	(80)
Impairment of trade debtors	198	14
Operating lease charge	656	609
Foreign exchange losses	631	1,433
Amortisation of intangible assets	301	298
Depreciation charge for the year - owned assets	513	594
Depreciation charge for the year - on assets held under hire purchase contracts	138	118

Page 30


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

6.	Auditor's remuneration
		2025	2024
		£000	£000

Fees payable to the company's auditor for the audit of the group's annual financial statements	46	42
Fees payable to the company's auditor and its associates for the audit of the company's subsidiaries	44	48
Fees payable to the group's auditor and its associates in respect of:
Tax compliance services	10	7
Other tax advisory	8	15
Accounts production	8	7

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£000	£000


Wages and salaries	6,243	5,692
Social security costs	1,096	1,176
Cost of defined contribution scheme	188	248
	7,527	7,116

Social security costs include £16k (2024: £17k) of group life insurance.

The average monthly number of employees, including the directors, during the year was as follows:

	Group 2025	Group 2024
	No.	No.

Production	73	46
Sales	21	24
Administration	38	66

	132	136

The parent company, Dantex Group Limited, incurred £Nil staff costs during 2025 (2024: £Nil) and had no employees in either 2025 or 2024 except for the directors.

Page 31


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	Directors' remuneration
		2025	2024
		£000	£000

Directors' emoluments	799	907
Group contributions to defined contribution pension schemes	6	3
	805	910

	Highest paid director received remuneration of £687k (2024: £678k).
	The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3k (2024: £3k). Retirement benefits in respect of defined contribution pension schemes are accruing for two (2024: one) directors.

9.	Interest receivable
		2025	2024
		£000	£000

Interest on director and shareholder loans

263

146

10.	Interest payable
		2025	2024
		£000	£000

Bank interest payable	349	363
Interest on director and shareholder loans	118	-
Finance leases and hire purchase contracts	19	12
Other interest payable	9	39
	495	414

Page 32


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Adjustments in respect of previous periods	(73)	-
Foreign tax
Foreign tax on income for the year	159	131
Total current tax	86	131

Deferred tax
Origination and reversal of timing differences	166	18
Total deferred tax	166	18


	Tax on profit/(loss)	252	149

Profit/(loss) on ordinary activities before tax

629

(1,489)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)	157	(372)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	79	266
Higher rate taxes on overseas earnings	137	233
Fixed asset timing differences	12	11
Deferred tax asset not recognised	(60)	-
Adjustment in respect of prior year	(73)	-
Other short term timing differences	-	11
Total tax charge for the year	252	149

Page 33


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.Taxation (continued)

Factors that may affect future tax charges

Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the balance sheet date.

12.	Intangible assets
	Group

	Software	Goodwill	Total
	£000	£000	£000
Cost
At 1 January 2025	137	5,827	5,964
At 31 December 2025	137	5,827	5,964
Amortisation
At 1 January 2025	137	5,323	5,460
Charge for the year	-	301	301
At 31 December 2025	137	5,624	5,761
Net book value
At 31 December 2025	-	203	203
At 31 December 2024	-	504	504

Amortisation on intangible assets is charged to administrative expenses in profit or loss.

Page 34


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Tangible fixed assets
	Group

	Land and buildings	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£000	£000	£000	£000	£000
Cost or valuation
At 1 January 2025	4,798	1,857	652	1,740	9,047
Additions	-	188	171	141	500
Disposals	-	(5)	(197)	-	(202)
Exchange adjustments	196	76	6	(14)	264
At 31 December 2025	4,994	2,116	632	1,867	9,609
Depreciation
At 1 January 2025	24	1,449	387	1,181	3,041
Charge for the year	141	179	160	171	651
Disposals	-	(5)	(143)	-	(148)
Exchange adjustments	1	56	1	9	67
At 31 December 2025	166	1,679	405	1,361	3,611
Net book value
At 31 December 2025	4,828	437	227	506	5,998
At 31 December 2024	4,774	408	265	559	6,006

Page 35


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.Tangible fixed assets (continued)

The company held no tangible fixed assets at 31 December 2025 (2024: £Nil).

The land and buildings owned by Dantex Graphics Limited were revalued independently in September 2024 by Sanderson Weatherall, Chartered Surveyors, at open market value for existing use. The land and buildings owned by Dantex Polska Sp z o.o. were revalued in November 2024 by Evertis Sp z o.o.. All valuations were made in accordance with the RICS appraisal and valuation manual.

At 31 December 2025, land and buildings includes revalued properties carried at valuation less accumulated depreciation with a total net book value of £4,827k. If land and building had not been revalued and carried at historical cost less accumulated depreciation, the net book value of these assets would have been £2,333k (2024: £2,279k).

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£000	£000


	Motor vehicles	177	200

14.	Fixed asset investments


	Company

		Investments in subsidiary companies
		£000
	Cost and net book value
	At 1 January 2025	11,143
	At 31 December 2025	11,143

Direct subsidiary undertaking
The following was a direct subsidiary undertaking of the company:
Name	Registered office	Class of shares	Holding

Dantex Graphics Limited

Danon House, 5 Kings Road, Bradford, BD2 1EY.

Ordinary

100%

Page 36


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Indirect subsidiary undertakings
The following were indirect subsidiary undertakings of the company:
Name	Registered office	Class of shares	Holding

Dantex Deutschland GmbH	Stubenwald-Allee 10, 64625 Bensheim.	Ordinary shares	100%
Dantex France SAS	3 rue des Meuniers, ZAC du moulin Lamblin, 59320 Hallennes-les-Hambourdin.	Ordinary shares	100%
Dantex Corporation	11350 Old Roswell Road, Alpharetta, GA 30009 USA	Ordinary shares	100%
Dantex Polska Sp z o.o.	ul. Grabowa 6, 64-320 Niepruszewo.	Ordinary shares	100%
Dantex Switzerland SA	2 Boulevard Emile Jacques-Dalcroze, 1204 Geneva.	Ordinary shares	100%

The principal activity of all companies is the sale of printing plates and related products, or the manufacture of printing presses and plate processing equipment.

The directors believe that the carrying value of the investments is supported by their underlying assets.

All subsidiary undertakings have been included in the consolidation.

15.	Stocks
		Group	Group	Company	Company
		2025	2024	2025	2024
		£000	£000	£000	£000

Raw materials and consumables	1,584	2,341	-	-
Work in progress (goods to be sold)	1,176	1,123	-	-
Finished goods and goods for resale	5,950	5,846	-	-
	8,710	9,310	-	-

Stocks are stated after provisions for impairment of £488k (2024: £1,258k).

Page 37


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Debtors: amounts falling due within one year

Group	Group	Company	Company
2025	2024	2025	2024
£000	£000	£000	£000


Trade debtors	5,028	4,474	-	-
Amounts owed by group undertakings	-	-	404	404
Other debtors	5,452	5,310	-	-
Prepayments and accrued income	85	464	-	-
Tax recoverable	2,193	1,878	-	-
Deferred taxation (note 22)	47	214	-	-
	12,805	12,340	404	404

Trade debtors are stated after provisions for impairment of £218k (2024: £31k).

Other debtors includes amounts owed by shareholders and directors of £5,318k (2024: £5,072k) as shown in note 29.

Amounts owed by group undertakings are non-interest bearing, unsecured and repayable on demand.

17.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£000	£000	£000	£000

Cash at bank and in hand	3,581	1,242	26	-
Less: bank overdrafts	(4,112)	(1,675)	-	-
	(531)	(433)	26	-

Page 38


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Creditors: amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£000	£000	£000	£000

Bank overdrafts	4,112	1,675	-	-
Bank loans	1,654	1,710	512	1,184
Trade creditors	5,152	6,396	-	-
Invoice financing arrangement	106	249	-	-
Amounts owed to group undertakings	-	-	6,724	6,346
Corporation tax	97	319	-	-
Other taxation and social security	825	709	-	-
Obligations under finance lease and hire purchase contracts	92	119	-	-
Other creditors	530	914	-	-
Accruals and deferred income	537	432	9	10
	13,105	12,523	7,245	7,540

Amounts owed to group undertakings are non-interest bearing, unsecured and repayable on demand.

Obligations under finance leases are secured against the related assets.

19.	Creditors: amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£000	£000	£000	£000

Bank loans	501	304	417	-
Net obligations under finance leases and hire purchase contracts	76	94	-	-
	577	398	417	-

The bank hold the deeds to the properties over which it has first legal mortgage, and a fixed and floating charge over all current and future assets of the company as security for the loans. The bank loans are repaid in monthly, quarterly or bi-annual instalments with a final repayment in June 2028.

A composite guarantee in favour of Dantex Graphics Limited and Dantex Group Limited is also held by the bank.

Obligations under finance leases are secured against the related assets.

Bank loans and overdrafts are secured with a charge over all assets of the company.

Page 39


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


In one year or less	92	119
Between one and two years	105	94
	197	213

20.	Loans and other borrowings
		Group	Group	Company	Company
		2025	2024	2025	2024
		£000	£000	£000	£000


Invoice financing arrangement	85	249	-	-
Other bank loans and overdrafts	6,255	3,689	929	1,184
Finance leases	197	213	-	-
	6,537	4,151	929	1,184

Group	Group	Company	Company
2025	2024	2025	2024
£000	£000	£000	£000

Maturity of financial liabilities
In one year or less	5,625	3,753	256	1,184
Between one and two years	455	265	256	-
Between two and five years	457	133	417	-
	6,537	4,151	929	1,184

Borrowing facilities are provided by international banks based in UK, Switzerland, and Poland. Loans with a maturity in excess of 12 months are secured on real estate owned by the group. All borrowings are floating rate linked to a spread over the prevailing market rate of between two and six per cent.

Page 40


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

21.	Financial instruments
		Group	Group
		2025	2024
		£000	£000

	Financial liabilities
	Financial liabilities measured at fair value through profit or loss	126	398

For further details please see note 28.

22.	Deferred taxation
	Group

	2025	2024
	£000	£000

At 1 January	37	55
Charged to profit or loss	(166)	(18)
At 31 December	(129)	37

The directors considers that it is more likely than not that there will be sufficient taxable profits in the future such as to realise the deferred tax asset, and therefore the asset has been recognised in these financial statements.

There are no unprovided deferred tax balances as at 31 December 2025 (2024: £Nil).

The deferred taxation balance is made up as follows:
	Group	Group
	2025	2024
	£000	£000

Accelerated capital allowances	37	19
Short term timing differences	-	5
Tax losses	10	188
Related to revaluation of property	(176)	(175)
	(129)	37

Page 41


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.	Deferred taxation (continued)
		2025	2024
		£000	£000

Comprising:
Asset	47	214
Liability	(176)	(177)
	(129)	37

23.	Post-employment benefits

The group operates several defined contribution pension schemes. The assets of the schemes are held separately from those of the group, and are invested in an insurance company's managed fund. The pension charge for the year was £188k (2024: £248k), employer's contributions being at the rate of 6% of annual earnings. Contributions totalling £40k (2024: £23k) were payable to the fund at the reporting date and are included in creditors.

24.	Analysis of net debt

		At 1 January 2025	Cash flows	Inception of new finance leases	Non-cash movements	At 31 December 2025
		£000	£000	£000	£000	£000

Cash at bank and in hand	1,242	2,241	-	98	3,581
Bank overdrafts	(1,675)	(2,437)	-	-	(4,112)
Debt due after 1 year	(304)	(197)	-	(417)	(918)
Debt due within 1 year	(1,959)	199	-	417	(1,343)
Finance leases	(213)	137	(92)	-	(168)
	(2,909)	(57)	(92)	98	(2,960)

25.	Share capital
		2025	2024
		£000	£000

Allotted, called up and fully paid

175,000 (2024: 175,000) Ordinary shares of £1 each	175	175

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.

Page 42


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

26.

Reserves

The company's capital and reserves are as follows:

Share premium account

Includes any premium received on issue of share capital. Any transaction costs associated with the issuing of shares is deducted from share premium.

Revaluation reserve

The reserve represents surplus or deficit arising on the valuation of land and buildings.

Profit and loss account

Includes all current and prior period retained profits and losses less any dividends paid.

27.	Commitments
	At the reporting date the group had future minimum lease payments under non-cancellable operating leases as follows:

		Group	Group
		2025	2024
		£000	£000

Not later than 1 year	386	386
Later than 1 year and not later than 5 years	276	583
Later than 5 years	-	104
	662	1,073

The company's subsidiary, Dantex Switzerland SA, has given a negative pledge in favour of the company's bankers HSBC, in support of the company's liabilities.

28.	Derivatives

In order to manage exchange rate risk, the group operates a policy of entering into forward exchange contracts in respect of Japanese Yen transactions. At 31 December 2025, the group had 1 (2024: 15) outstanding forward exchange contract totalling JPY66,300k (2024: JPY331,500k). The fair value of £126k (liability) (2024: £398k (liability)) is in creditors and all contracts mature during 2026.

Page 43


DANTEX GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

29.

Related party transactions

The parent company has taken advantage of the exemption allowed under section 33.1A of FRS 102 'Related party disclosure' not to disclose transactions with other members that are wholly owned within the group.

The group has entered into various loan arrangements with directors and shareholders of group companies. As at 31 December 2025, included within other debtors are amounts due from directors of £8,521k (2024: £5,072k). The maximum amount outstanding during the year was £8,500k (2024: £6,266k). During 2025 a further £617k (2024: £767k) was advanced to these directors and shareholders by the group, £1k (2024: £1,385k) was repaid by the directors and shareholders and interest has been charged of £255k (2024: £141k) on these balances.

As at 31 December 2025, included within other debtors is an amount owed by the group to directors and shareholders of £2,776k (2024: £42k), the maximum amount outstanding during the year. During 2025 the directors and shareholders advanced a further £134k to the group, repayments of £94k (2024: £Nil) were made and interest was charged of £117k (2024: £Nil) on this balance.

The group has the right to apply a right of set off between these balances where they relate to the same individual and so these balances are disclosed on a net basis in note 16.

30.	Subsequent events

31.	Controlling party

The directors regard the Danon family as the ultimate controlling party of the company by virtue of their 100% interest in the share capital of the company.

Page 44