ACCOUNTS - Final Accounts preparation

Operating profit/(loss)

The operating profit/(loss) is stated after (crediting)/charging:

Registered number: 00899688

DANTEX GRAPHICS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


DANTEX GRAPHICS LIMITED

COMPANY INFORMATION

Directors	D Danon
	B Danon
	R Hall
	R Bunney
	J Nowell


Registered number	00899688


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


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


DANTEX GRAPHICS LIMITED

CONTENTS

	Page
Strategic Report	1 - 4
Directors' Report	5 - 7
Independent Auditor's Report	8 - 12
Statement of Comprehensive Income	13
Statement of Financial Position	14
Statement of Changes in Equity	15
Notes to the Financial Statements	16 - 39


DANTEX GRAPHICS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

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

Business model and principal activities

Dantex Graphics Ltd ("the company") is a UK-based operating company within the Dantex Group, specialising in the design, manufacture and supply of ancillary and finishing solutions to the labels and flexible packaging market. The company operates through a number of established brands and provides equipment, consumables and technical support services to customers across domestic and international markets. During the year, the company continued to focus on supporting its customer base through product innovation, technical expertise and the development of long-term commercial relationships.

Market and trading conditions

The company operates within the broader label and packaging printing sector, which continued to experience mixed trading conditions during the year. Customer investment decisions remained influenced by economic uncertainty, inflationary pressures and wider geopolitical developments. Despite these challenges, the company maintained its focus on operational efficiency, customer service and the delivery of innovative products and solutions to the market.

Brand owners and converters continue to place increasing importance on quality, sustainability and operational efficiency. The company's portfolio of equipment, consumables and services is designed to support these requirements. Management continues to monitor changing market trends and customer requirements to ensure that the business remains well positioned to support future growth opportunities.

Review of business and future developments

The Statement of Comprehensive Income for the year ended 31 December 2025 is set out on page 13.

For the year ended 31 December 2025, the company generated turnover of £12.9m (2024: £10.2m) and profit before tax of £1,105k (2024: loss £37k). Revenue increased by 26% compared with the prior year, reflecting continued demand across the company's product portfolio and the contribution of strategic business initiatives.

The company’s gross margin was 38.8% (2024: 31.3%), reflecting a shift in product mix, absorbing cost increases and revised pricing. The net assets of the company at year end were higher than last year at £13.9m (2024: £12.9m), demonstrating a solid Statement of Financial Position base and ability to support ongoing investment.

The company maintained a strong cash position throughout the year and continued to generate positive operating cash flows. Management remains focused on working capital discipline and cash generation to support ongoing investment in the business and future growth opportunities.

The operating environment remained challenging, with continued geopolitical uncertainty, inflationary pressures and fluctuations in foreign exchange markets affecting many businesses across the sector. The company continued to monitor these factors closely and took appropriate actions to mitigate risk while maintaining service levels and supporting customer demand.

The directors remain confident in the long-term prospects of the business. The company will continue to focus on operational excellence, product innovation, customer support and strategic growth opportunities. Investment in technology, people and product development will remain key priorities as management seeks to strengthen the company's market position and deliver sustainable growth.

Page 1


DANTEX GRAPHICS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Key performance indicators (KPIs)

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

	2025	2024
Turnover	£12,865k	£10,181k
Gross profit margin	38.8%	31.3%
Profit/(loss) before tax	£1,105k	£(38)k
EBITDA*	£1,321k	£243k
Net assets	£13,902k	£12,890k

* Earnings before interest, tax, depreciation and amortisation

Going concern

Despite challenging trading conditions, demand for the company's products and services remains high. The directors continue to monitor geopolitical developments, inflationary pressures, foreign exchange volatility and broader economic uncertainty. Whilst these factors may influence customer demand and supply chain dynamics, the group's diversified customer base, established market position and international distribution network provide resilience and enable management to respond effectively to changing market conditions.

The company’s strategy is aligned with the group’s broader strategic objectives and focuses on:

∙Maintaining a leading position in water-wash flexo and letterpress plate technologies for the UK and export markets.

∙Supporting the growth of digital label press installations via the group’s Pico and related platforms, leveraging UK-based demonstration and service capabilities.

∙Investing in product development, technical support and training to enhance customer value and retention.

∙Expanding geographic reach via UK export channels and strengthening after-sales service infrastructure.

∙Responding to sustainability drivers, waste reduction and regulatory compliance in the print supply chain by delivering more efficient plate and press technologies.

In the medium term, the company expects continuing structural growth in the label and packaging sectors, an increasing share of digital capacity, and heightened customer demand for flexible, low-waste solutions.

Management is monitoring evolving US tariff policy and potential Section 232 measures on industrial machinery. Any direct impact would depend on the final scope, timing and product coverage of those tariffs. Whilst the potential impact of future trade measures remains uncertain, management has considered a range of scenarios and does not currently anticipate any material effect on the company's ability to continue as a going concern.

Page 2


DANTEX GRAPHICS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Going concern (continued)

The directors have prepared detailed forecasts and cash flow projections covering a period of at least twelve months from the date of approval of these financial statements. These forecasts include consideration of reasonably possible downside scenarios, including reductions in sales volumes, margin pressures and foreign exchange movements. Having reviewed these forecasts, available banking facilities and the overall financial position of the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing these financial statements.

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

Supply chain risk

The company 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 company'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 company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.

Price risk

The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk are considered to exceed the potential benefits of cost savings which could be made. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

Credit risk

The company 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.

Page 3


DANTEX GRAPHICS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial risk management (continued)

Liquidity and cash flow risk

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

Foreign exchange risk

The company has a significant transactional foreign currency cash flow exposure on the Euro, as a result of selling operations. If considered necessary, the risk would be hedged with forward contracts, though no such contracts were entered into during 2025.

Interest rate risk

The company has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances, all of which earn interest at a floating rate.

Tariff and Trade Policy risk

The company is exposed to potential changes in international trade policy, including new or increased tariffs that could affect imported equipment or customer purchasing behaviour. The risk is mitigated by monitoring developments closely, assessing potential sourcing or pricing adjustments, and maintaining flexible supply arrangements.

The directors consider that, overall, the company 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 GRAPHICS 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 principal activity of the company during the year continued to be the design, manufacture, distribution and servicing of equipment, consumables and related solutions for the label and packaging printing industries. There were no significant changes in the nature of the company's activities during the year.

Results and dividends

The profit for the year, after taxation, amounted to £1,012k (2024: loss £37k).

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

Directors and their interests

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

D Danon

B Danon

R Hall

R Bunney

J Nowell

T Steffen (resigned 29 May 2025)

Directors' Responsibilities Statement

The directors are responsible for preparing the 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 company for that period. In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the company's financial statements 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

DANTEX GRAPHICS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

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 one or more of the directors.

Charitable contributions

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

Future developments

The directors believe that the company is well positioned to respond to future market opportunities. While economic and geopolitical uncertainties remain, the company continues to benefit from a diversified customer base, established brands and a strong market presence. The directors remain focused on delivering sustainable growth and long-term value for stakeholders.

Research and development activities

The company 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 costs 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'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's auditor is aware of that information.

Page 6

DANTEX GRAPHICS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

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 7

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

Opinion

We have audited the financial statements of Dantex Graphics Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 company's affairs as at 31 December 2025 and of its 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 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 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 company to cease to continue as a going concern.

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

Page 8

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANTEX GRAPHICS 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 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 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Page 9

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANTEX GRAPHICS 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Page 10

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANTEX GRAPHICS 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 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 company operates;

∙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 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;

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

−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 11

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANTEX GRAPHICS 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 company operates;

∙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 12


DANTEX GRAPHICS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£000	£000


Turnover	4	12,865	10,181
Cost of sales		(7,874)	(6,994)
Gross profit		4,991	3,187
Distribution costs		(1,251)	(1,262)
Administrative expenses		(2,681)	(1,933)
Other operating income	5	40	-
Operating profit/(loss)	6	1,099	(8)
Interest receivable	10	253	141
Interest payable	11	(247)	(170)
Profit/(loss) before tax		1,105	(37)
Tax on profit/(loss)	12	(93)	-
Profit/(loss) for the financial year		1,012	(37)

Other comprehensive income for the year
Unrealised surplus on revaluation of tangible fixed assets	-	223
Other comprehensive income for the year	-	223
Total comprehensive income for the year	1,012	186

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

The notes on pages 16 to 39 form part of these financial statements.

Page 13


DANTEX GRAPHICS LIMITED REGISTERED NUMBER:00899688

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£000		£000

Fixed assets
Tangible assets	14		1,630		1,730
Fixed asset investments	15		397		397
			2,027		2,127
Current assets
Stocks	16	3,076		3,767
Debtors: amounts falling due within one year	17	20,213		18,954
Cash at bank and in hand	18	180		4
		23,469		22,725
Creditors: amounts falling due within one year	19	(11,530)		(11,868)
Net current assets			11,939		10,857
Total assets less current liabilities			13,966		12,984
Creditors: amounts falling due after more than one year	20		(64)		(94)

Net assets			13,902		12,890

Capital and reserves
Called up share capital	24	350	350
Revaluation reserve	25	1,146	1,192
Profit and loss account	25	12,406	11,348
Total equity		13,902	12,890

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 16 to 39 form part of these financial statements.

Page 14


DANTEX GRAPHICS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£000	£000	£000	£000
At 1 January 2024	350	1,015	11,339	12,704
Comprehensive income for the year
Loss for the year	-	-	(37)	(37)
Transfer from revaluation reserve to profit and loss account	-	(46)	46	-
Unrealised surplus on revaluation of land and buildings	-	223	-	223
Other comprehensive income for the year	-	177	46	223
Total comprehensive income for the year	-	177	9	186

At 1 January 2025	350	1,192	11,348	12,890
Comprehensive income for the year
Profit for the year	-	-	1,012	1,012
Transfer from revaluation reserve to profit and loss account	-	(46)	46	-
Total comprehensive income for year	-	(46)	1,058	1,012
At 31 December 2025	350	1,146	12,406	13,902

The notes on pages 16 to 39 form part of these financial statements.

Page 15


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Dantex Graphics Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 00899688, 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 management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The 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);

∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; and

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

This information is included in the consolidated financial statements of Dantex Group Limited as at 31 December 2025 and these financial statements may be obtained from Companies House or the registered office Danon House, 5 Kings Road, Bradford, BD2 1EY.

2.3

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 16


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Going concern

The company meets its operational liquidity requirements through careful management of its working capital and the use of its bank facilities. The current economic conditions continue to create uncertainty over the level of demand for the company’s products. The company's forecasts and projections, after taking into account reasonably possible changes in trading performance, show that the company is able to operate within the level and terms of its current facilities.

Despite challenging trading conditions, demand for the company's products and services remains high. The directors continue to monitor geopolitical developments, inflationary pressures, foreign exchange volatility and broader economic uncertainty. Whilst these factors may influence customer demand and supply chain dynamics, the group's diversified customer base, established market position and international distribution network provide resilience and enable management to respond effectively to changing market conditions.

The company’s strategy is aligned with the group’s broader strategic objectives and focuses on:

∙Maintaining a leading position in water-wash flexo and letterpress plate technologies for the UK and export markets.

∙Supporting the growth of digital label press installations via the group’s Pico and related platforms, leveraging UK-based demonstration and service capabilities.

∙Investing in product development, technical support and training to enhance customer value and retention.

∙Expanding geographic reach via UK export channels and strengthening after-sales service infrastructure.

∙Responding to sustainability drivers, waste reduction and regulatory compliance in the print supply chain by delivering more efficient plate and press technologies.

Page 17


DANTEX GRAPHICS 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 presentational currency is GBP and all values are rounded to the nearest pound (£) 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'.

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 company and value added taxes.

The company bases its estimate of returns on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company 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.

The company manufactures and sells as well as distributes 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 wholesaler'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 company has objective evidence that all criteria for acceptance have been satisfied.

Page 18


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

Revenue recognition (continued)

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

The company sells management services to subsidiary companies. Revenue is recognised in the accounting period in which the services are rendered.

Interest income is recognised using the effective interest rate method.

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

2.7

Research and development

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

2.8

Employee benefits

The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined benefit 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.

2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.11

Finance costs

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

2.12

Borrowing costs

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

Page 19


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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.

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

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

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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 fixed 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 20


DANTEX GRAPHICS 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
Motor vehicles	-	25% reducing balance or 33% straight line
Plant, machinery, 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 the Statement of Comprehensive Income and included in `Administrative expenses'.

2.16

Revaluation reserve

Surpluses arising on the revaluation of tangible fixed assets are credited to a non-distributable reserve. In each accounting period an amount equal to the increase in depreciation charge following the revaluation is transferred from this reserve to the profit and loss account reserve.

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 Statement of Comprehensive Income.

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.

Page 21


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.18

Investments

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

2.19

Stocks

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 design costs, raw materials, direct labour and other direct costs and related production overheads (based on normal operating capacity).

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 borrowings in current liabilities.

2.21

Provisions and contingencies

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

Contingent liabilities, arising as a result of past events, are not recognised when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

Page 22


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.22

Financial instruments

The company 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 company's Statement of Financial Position when the company 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.

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 company'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 company after the deduction of all its liabilities.

Page 23


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.22

Financial instruments (continued)

Basic financial liabilities (continued)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company 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 company 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 company's contractual obligations expire or are discharged or cancelled.

2.23

Leased assets

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

Page 24


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.23

Leased assets (continued)

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.

2.24

Share capital

Ordinary shares are classified as equity.

2.25

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.

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 14)

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 14 for the carrying amount of the property plant and equipment and note 2 for the useful economic lives for each class of assets.

Stocks provisions (note 16)

The company 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 stocks 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 16 for the net carrying amount of the inventory and associated provision.

Page 25


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.Judgements in applying accounting policies (continued)

Impairment of debtors (note 17)

The company 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 17 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.

Turnover

Analysis of turnover by country of destination:

					2025	2024
					£000	£000

United Kingdom	3,997	3,008
European Union	1,123	1,538
Rest of the world	7,745	5,635
	12,865	10,181

Analysis of turnover by type:
	2025	2024
	£000	£000


Sales of goods	8,829	5,815
Services	4,036	4,366
	12,865	10,181

5.	Other operating income
		2025	2024
		£000	£000

	Other operating income	40	-

Other operating income in the year related to an insurance claim.

Page 26


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Profit on disposal of tangible assets	(24)	(40)
Impairment of trade receivables	119	14
Operating lease charge	96	94
Foreign exchange losses	26	65
Depreciation charge for the year - owned assets	84	142
Depreciation charge for the year - assets on hire purchase contracts	139	109

Fees payable to the company's auditor for the audit of the company's financial statements	44	48
Fees payable to the company's auditor in respect of:
Tax compliance	8	7
Other tax advisory	8	15
Accounts production	7	7

Wages and salaries	2,371	2,394
Social security costs	250	270
Other pension costs	156	103
	2,777	2,767

Page 27


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.Employees (continued)

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

The prior year wages figure has been restated to correct a typographical error. This restatement has had no impact on profit or loss or on the net asset position.

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

	2025	2024
	No.	No.

Production	30	26
Sales	4	6
Administration	16	20

	50	52

9.	Directors' remuneration
		2025	2024
		£000	£000

Directors' emoluments	636	770
Company contributions to defined contribution pension schemes	15	28
	651	798

	During the year retirement benefits were accruing to four directors (2024: five) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £238k (2024: £229k).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £Nil (2024: £Nil).

10.	Interest receivable
		2025	2024
		£000	£000

Interest on director and shareholder loans

253

141

Page 28


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.	Interest payable and similar expenses
		2025	2024
		£000	£000

Interest on director and shareholder loans	147	-
Bank interest payable	83	119
Finance leases and hire purchase contracts	16	12
Other interest payable	1	39
	247	170

Corporation tax
Adjustments in respect of prior years	(73)	-
Total current tax	(73)	-

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


	Taxation on profit/(loss) on ordinary activities	93	-

Page 29


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Taxation (continued)

Factors affecting tax charge for the year The tax assessed for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of25% (2024:25%). The differences are explained below:
	2025	2024
	£000	£000

Profit/(loss) on ordinary activities before tax

1,105

(37)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)	276	(9)
Effects of:
Expenses not deductible for tax purposes	16	9
Fixed asset differences	12	-
Movement in deferred tax not recognised	(83)	-
Adjustments in respect of prior years	(73)	-
Group relief	(55)	-
Total tax charge for the year	93	-

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 Statement of Financial Position date.

Page 30


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Intangible assets

		Software
		£000
	Cost
	At 1 January 2025	137
	At 31 December 2025	137
	Amortisation
	At 1 January 2025	137
	At 31 December 2025	137
	Net book value
	At 31 December 2025	-
	At 31 December 2024	-

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

Page 31


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Tangible fixed assets

	Land and buildings	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£000	£000	£000	£000	£000
Cost or valuation
At 1 January 2025	1,350	1,039	741	691	3,821
Additions	-	-	117	5	122
Disposals	-	-	(128)	-	(128)
At 31 December 2025	1,350	1,039	730	696	3,815
Depreciation
At 1 January 2025	16	974	541	559	2,090
Charge for the year	47	10	139	27	223
Disposals	-	-	(128)	-	(128)
At 31 December 2025	63	984	552	586	2,185
Net book value
At 31 December 2025	1,287	55	178	110	1,630
At 31 December 2024	1,334	65	200	131	1,730

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

The freehold land and buildings were re-valued independently in September 2024 by Sanderson Weatherall, Chartered surveyors, at open market value for existing use. The valuation was made in accordance with the RICS Appraisal and Valuation Manual.

The net book value of these freehold land and buildings at 31 December 2025 was £1,287k (2024: £1,334k). If these freehold land and buildings had not been revalued and carried at historical cost less accumulated depreciation, the net book value of these assets would have been £32k (2024: £33k).

Page 32


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Fixed asset investments

		Investments in subsidiary companies
		£000
	Cost
	At 1 January 2025	397
	At 31 December 2025	397

	Net book value
	At 31 December 2025	397
	At 31 December 2024	397

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

Dantex Deutschland GmbH	Stubenwald-Allee 10, 64625 Bensheim, Deutschland	Ordinary shares	100%
Dantex France SAS	3 Rue Des Meuniers, ZAC Du Moulin Lamblin, 59320 Hallennes Les Haubourdin, France	Ordinary shares	100%
Dantex Corporation	11350 Old Roswell Road, Suite 500, Alpharetta, GA30009, United States of America	Ordinary shares	100%
Dantex Polska Sp zo.o.	ul. Grabowa 6, 64-320 Niepruszewo, Polska	Ordinary shares	100%
Dantex Switzerland SA	2 Boulevard Emile Jaques-Dalcroze, 1204, Geneva, Suisse	Ordinary shares	100%

The principal activity of all companies is the sale of photopolymer plates or the development, manufacture and sale of digital printing presses.

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

Page 33


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Stocks
		2025	2024
		£000	£000

Raw materials and consumables	1,342	2,113
Work in progress	870	1,034
Finished goods and goods for resale	864	620
	3,076	3,767

Inventories are stated after provisions for impairment of £259k (2024: £913k). The reduction in the provision reflects a reassessment of inventory recoverability based on a detailed review of inventory ageing, sales history and future demand. Management considers the resulting provision to be appropriate at the reporting date.

17.	Debtors: amounts falling due within one year

					2025	2024
					£000	£000


Trade debtors	1,052	775
Amounts due from related parties	6,182	5,560
Amounts due from group undertakings	10,836	10,117
Other debtors	155	24
Tax recoverable	1,919	1,873
Prepayments and accrued income	22	392
Deferred taxation (note 23)	47	213
	20,213	18,954

Amounts due from group undertakings are non-interest bearing, unsecured and repayable on demand.

Trade debtors are stated after provisions for impairment of £124k (2024: £31k).

Included within Other debtors is amounts owed by directors, further details can be seen in note 29.

18.	Cash and cash equivalents
		2025	2024
		£000	£000

Cash at bank and in hand	180	4
Less: bank overdrafts	(1,179)	(1,015)
	(999)	(1,011)

Page 34


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

19.	Creditors: amounts falling due within one year
		2025	2024
		£000	£000

Bank overdrafts	1,179	1,015
Invoice financing arrangement	105	249
Trade finance facility	703	329
Trade creditors	1,353	2,041
Amounts due to related parties	123	42
Amounts due to group undertakings	7,368	7,391
Corporation tax	-	233
Other taxation and social security	179	165
Obligations under finance lease and hire purchase contracts	92	119
Other creditors	34	30
Accruals and deferred income	394	254
	11,530	11,868

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

Trade finance facilities and overdrafts are secured with a charge over all assets of the company.

The overdraft and trade finance facilities are uncommitted and can be cancelled by the bank at any time. They are due for review on or before 31st July 2026. Interest at Base rate plus 3% is applied on utilisation. The bank has agreed to extend the uncommitted facilities for a further year until July 2027. The total amount of the facilities was reduced by £250k given the additional liquidity provided to the company from the sale of Danon House in August 2026.

The liability due under the invoice finance facility is secured against the trade debtors of the company.

Finance lease obligations are secured on the assets which they relate to. All finance leases are subject to fixed terms and payments, there are no purchase options and none of the assets is subleased to a third party.

20.	Creditors: amounts falling due after more than one year
		2025	2024
		£000	£000

	Net obligations under finance leases and hire purchase contracts	64	94

Page 35


DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Amounts falling due within one year
Invoice finance (Base rate plus 1.95%)	105	249
Trade finance facility (Base rate plus 3%)	703	329
	808	578

The liability due under the invoice finance facility is secured against the trade debtors of the company. The trade finance facility is secured by a charge over all the assets of the company.

Within 1 year	92	119
Between 1-2 years	92	94
	184	213

All finance leases are subject to fixed terms and payments, there are no purchase options and none of the assets is subleased to a third party. Obligations under finance leases are secured against the related assets.

23.	Deferred taxation asset

	2025	2024
	£000	£000

At 1 January	213	213
Charged in the year	(166)	-
At 31 December	47	213

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DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

23.Deferred taxation asset (continued)

The deferred tax asset is made up as follows:
	2025	2024
	£000	£000

Accelerated capital allowances	37	19
Tax losses carried forward	10	189
Other short term timing differences	-	5
	47	213

24.	Share capital
		2025	2024
		£000	£000

Allotted, called up and fully paid

350,000 (2024: 350,000) Ordinary shares of £1 each	350	350

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

25.

Reserves

The company's capital and reserves are as follows:

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.

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DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Not later than one year	71	94
Later than one year and no later than five years	-	71
	71	165

The company had no other off-balance sheet arrangements.

27.	Post-employment benefits

The company operates several defined contribution pension schemes. The assets of the schemes are held separately from those of the company, and are invested in an insurance company's managed fund. The pension charge for the financial year was £156k (2024: £103k). Contributions totalling £36k (2024: £21k) were payable to the fund at the reporting date and are included in creditors.

28.	Contingent liabilities

The company's bankers, HSBC, have a fixed charge over the freehold property at Kings Road, Bradford. There is also an unlimited inter-company guarantee between the company and its parent company Dantex Group Limited.

29.

Related party transactions

The company has taken advantage of the exemptions within FRS 102 on the grounds that it is a wholly owned subsidiary of a group headed by Dantex Group Limited, whose financial statements are publicly available, not to disclose transactions with related parties who are fellow group undertakings.

The company has entered into various loan arrangements with directors and shareholders of the company as at 31 December 2025, included within amounts due from related parties are amounts due from directors and shareholders of £7,974k (2024: £7,308k). The maximum amount outstanding during the year was £7,974k (2024: £6,748k). During 2025 a further £413k (2024: £615k) was advanced to these directors and shareholders by the company, repayments of £Nil (2024: £1,373k) were made by the directors and shareholders, and interest has been charged of £253k (2024: £141k) on these balances.

As at 31 December 2025, included within amounts due to related parties is an amount owed by the company to directors and shareholders of £1,909k (2024: £1,790k), the maximum amount outstanding during the year was £1,892k (2024: £42k). During 2025 a further £4k (2024: £4k) was advanced to the company, repayments of £2k (2024: £Nil) were made and interest of £147k (2024: £Nil) has been charged on this balance.

The company 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 17.

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DANTEX GRAPHICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

30.	Subsequent events

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.

31.	Ultimate parent undertaking and controlling party

Dantex Group Limited, a company incorporated in England and Wales, is the company's immediate and ultimate parent undertaking. Copies of the financial statements of that company which include the results of Dantex Graphics Limited are available from Dantex Group Limited, Danon House, 5 Kings Road, Bradford, BD2 1EY.

The smallest and largest consolidation which includes the results of the company is that of Dantex Group Limited.

The directors regard the Danon family to be the ultimate controlling party by virtue of their 100% interest in the share capital of Dantex Group Limited.

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