REGISTERED NUMBER: 00667727 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31st January 2026

for

DELGA PRESS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Profit and Loss Account

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

Mr I M Conetta

Mr S H Grist

Mr S McLellan

REGISTERED OFFICE:

Seaplane House

Sir Thomas Longley Road

Medway City Estate

Rochester

Kent

ME2 4DP

REGISTERED NUMBER:

00667727 (England and Wales)

SENIOR STATUTORY AUDITOR:

Russell Tillbrook FCCA

AUDITORS:

Barrons Limited

Chartered Accountants

& Statutory Auditors

Monometer House

Rectory Grove

Leigh on Sea

Essex

SS9 2HN

The directors have pleasure in presenting their strategic report for the year ended 31 January 2026. The directors aim to present a balanced and comprehensive review of the development and performance of the company's business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties that the company faces.

REVIEW OF BUSINESS

The directors are pleased to report a year of recovery and consolidation following the disruption experienced in the prior financial year, during which the company absorbed the transfer of all business operations of its sister company, Collector Set Printers Limited, into the group's headquarters at Seaplane House, Rochester.

With the factory reorganisation now complete and the group fully established on a single site, the benefits anticipated in last year's report have begun to materialise. Turnover for the year increased to £5,958,421 (2025: £5,772,977), an improvement of 3.2%, reflecting a full year of unrestricted production capacity and the continued development of the company's customer base across the packaging and label sectors.

More significantly, gross profit margin recovered strongly to 38.0% (2025: 27.2%), as the company benefited from a full year of operating at consolidated capacity, the economies of scale generated by the single-site model, and the reduced utility costs secured from November 2024 referred to in the prior year's report. Gross profit for the year rose to £2,265,735 (2025: £1,571,181).

Distribution costs reduced to £421,663 (2025: £513,456) and administrative expenses fell to £2,092,132 (2025: £2,531,391), together evidencing the benefit of the management and staffing reductions implemented from February 2025 following the strategic, operational and economic review undertaken after the amalgamation of the group onto one premises.

As a result, the operating loss narrowed substantially to £248,060 (2025: £1,033,368), a reduction of over 76%. Unlike the prior year, the current year's results are not affected by exceptional items: there has been no repeat of the factory relocation contribution, dilapidations provision release or group loan write-off that featured in the 2025 results, and the current year figures therefore represent a cleaner reflection of the underlying trading performance of the business.

After interest receivable of £765 (2025: £1,609) and interest payable of £90,287 (2025: £81,667, reflecting the continued cost of the company's financing arrangements), the loss before taxation was £337,582 (2025: £1,073,358) - a reduction in the pre-tax loss of £735,776, or 68.5%. Expressed as a percentage of turnover, the pre-tax loss has fallen sharply to 5.7% (2025: 18.6%).

After a tax credit of £24,554 (2025: £121,061), the loss for the financial year was £313,028 (2025: £952,297).

The directors regard this year's results as clear evidence that the strategic rationale for the group's consolidation onto a single site is being realised.

While the company remained loss-making in this financial year, the scale of improvement in both gross margin and operating performance, achieved without the benefit of one-off items, provides the Board with confidence that the business is on a sustainable path back toward profitability.

Half year management results reflect that the company is trading profitably, with growth in gross margins reported as a result of the continuing (1) synergies derived from a single site location and (2) disciplined cost control.

The Board will continue to focus on further margin improvement, disciplined cost control, and continued development of the company's presence in the packaging and label markets as it seeks to reduce its historic reliance on the media sector.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors recognise that risk is inherent in any business and seek to manage risk in a controlled manner. The key business risks are set out as follows:

Economic - the company is subject to many of the same general economic risks faced by other businesses especially during periods of economic downturn. The company seeks to mitigate this risk by having a diverse geographical and sector mix of customers.

Commercial - the company operates in a competitive marketplace and faces competition from other manufacturers. The company seeks to mitigate this risk by continually developing and expanding their product range, and offering an extensive range of high quality products.

Financing - the company's funding requirements are met through a combination of medium term loans and short term invoice discounting facilities.

Financial - the company has a specific exposure to credit risk, liquidity risk, and interest rate fluctuations. The company has established a number of policies and management tools to mitigate the risks presented.

FINANCIAL KEY PERFORMANCE INDICATORS

The key performance indicators are as follows:

Indicators

2026 £'000

2025 £'000

Turnover

5,958

5,773

Gross profit

2,266

1,571

Operating (loss)

(248)

(1,033)

Pre-tax (loss)

(338)

(1,073)

The directors monitor a range of KPIs on a regular basis including operating efficiency, asset utilisation, liquidity and asset ratios, as well as extensive short and medium term cash flow forecasting systems.

ON BEHALF OF THE BOARD:

Mr I M Conetta - Director

8th October 2026

The directors present their report with the financial statements of the company for the year ended 31st January 2026.

PRINCIPAL ACTIVITY

The principal activities of the company continued to be that of printers, printed packaging and fulfilment specialists.

DIVIDENDS

No dividends will be distributed for the year ended 31st January 2026.

DIRECTORS

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

Mr I M Conetta

Mr S H Grist

Mr S McLellan

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Annual 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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently

- make judgments and accounting estimates that are reasonable and prudent

- state whether applicable UK Accounting Standards have been followed, subject to any material departures, disclosed and explained in the financial statements

- prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr I M Conetta - Director

8th October 2026

Opinion

We have audited the financial statements of Delga Press Limited (the 'company') for the year ended 31st January 2026 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, 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 31st January 2026 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

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

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

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Russell Tillbrook FCCA Senior Statutory Auditor

for and on behalf of Barrons Limited

Chartered Accountants

& Statutory Auditors

Monometer House

Rectory Grove

Leigh on Sea

Essex

SS9 2HN

8th October 2026

TURNOVER

3

5,958,421

5,772,977

Cost of sales

3,692,686

4,201,796

GROSS PROFIT

2,265,735

1,571,181

Distribution costs

421,663

513,456

Administrative expenses

2,092,132

2,531,391

2,513,795

3,044,847

(248,060

)

(1,473,666

)

Other operating income

-

440,298

OPERATING LOSS

5

(248,060

)

(1,033,368

)

Factory relocation

6

-

400,000

Dilapidation costs

6

-

195,000

Group loan write off

6

-

(554,932

)

(248,060

)

(993,300

)

Interest receivable and similar income

765

1,609

(247,295

)

(991,691

)

Interest payable and similar expenses

7

90,287

81,667

LOSS BEFORE TAXATION

(337,582

)

(1,073,358

)

Tax on loss

8

(24,554

)

(121,061

)

LOSS FOR THE FINANCIAL YEAR

(313,028

)

(952,297

)

LOSS FOR THE YEAR

(313,028

)

(952,297

)

OTHER COMPREHENSIVE INCOME

Revaluation of fixed assets

-

192,075

Income tax - Transfer between reserves

3,123

-

Income tax relating to components of other comprehensive income

-

(48,019

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

3,123

144,056

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(309,905

)

(808,241

)

FIXED ASSETS

Tangible assets

9

1,396,994

1,617,842

CURRENT ASSETS

Stocks

10

267,880

267,123

Debtors

11

5,746,193

4,330,286

Cash at bank and in hand

10,974

19,785

6,025,047

4,617,194

CREDITORS

Amounts falling due within one year

12

5,956,343

4,252,091

NET CURRENT ASSETS

68,704

365,103

TOTAL ASSETS LESS CURRENT LIABILITIES

1,465,698

1,982,945

CREDITORS

Amounts falling due after more than one year

13

(337,597

)

(517,262

)

PROVISIONS FOR LIABILITIES

17

(519,128

)

(546,805

)

NET ASSETS

608,973

918,878

CAPITAL AND RESERVES

Called up share capital

18

10,000

10,000

Revaluation reserve

19

134,688

144,056

Retained earnings

19

464,285

764,822

SHAREHOLDERS' FUNDS

608,973

918,878

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

Mr I M Conetta - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st February 2024

10,000

1,717,119

-

1,727,119

Changes in equity

Total comprehensive income

-

(952,297

)

144,056

(808,241

)

Balance at 31st January 2025

10,000

764,822

144,056

918,878

Changes in equity

Total comprehensive income

-

(313,028

)

3,123

(309,905

)

Transfer between reserves

-

12,491

(12,491

)

-

Balance at 31st January 2026

10,000

464,285

134,688

608,973

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-

the Company has transferred the significant risks and rewards of ownership to the buyer;

-

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the transaction; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets other than plant and machinery are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Plant and machinery are stated at fair value less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Improvements to property - Straight line over 13 years

Plant and machinery etc. - Straight line over the useful life of the asset

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contacts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit and loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits

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

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Invoice discounting

The company has an agreement with HSBC Bank Plc whereby the majority of its trade debtors are invoice discounted with recourse after 60 days. On the basis that the benefits and risks attaching to the debts remain with the company, a separate presentation has been adopted, in accordance with FRS102 section 2. On this basis the gross debts are included as an asset within trade debtors and the proceeds received are included within bank loans as a liability.

Dilapidation

A provision is recognised for the present value of the estimated cost to return leased premises to their original condition at the end of the lease term, as required by the lease agreement.The provision is measured at the best estimate of the present value of the expenditure expected to be required to settle the obligation.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2026

2025

£

£

United Kingdom

5,859,655

5,663,831

Europe

98,766

109,146

5,958,421

5,772,977

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

1,874,689

2,150,194

Social security costs

220,635

205,651

Other pension costs

34,941

37,933

2,130,265

2,393,778

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

2026

2025

Directors

3

3

Administration

13

19

Distribution

1

1

Marketing

2

4

Production

28

26

Repro

4

6

Sales

2

4

53

63

2026

2025

£

£

Directors' remuneration

200,563

225,246

Information regarding the highest paid director is as follows:

2026

2025

£

£

Emoluments etc

82,400

80,000

During the year, directors' benefits totalled £20,165 (2025: £16,558).

5.	OPERATING LOSS

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

2026

2025

£

£

Hire of plant and machinery

339,356

181,434

Other operating leases

146,633

240,853

Depreciation - owned assets

232,451

261,003

Profit on disposal of fixed assets

-

(2,368

)

Auditors' remuneration

11,849

13,538

Foreign exchange differences

(298

)

(2,212

)

Auditors non audit service fees

103,427

84,836

6.	EXCEPTIONAL ITEMS

2026

2025

£

£

Factory relocation

-

400,000

Dilapidation costs

-

195,000

Group loan write off

-

(554,932

)

-

40,068

During the previous year fellow group company Collector Set Printers Limited (CSP) ceased operating from its own factory and relocated into the factory used by Delga Press Limited (DP). In order to facilitate the move there were unavoidable disruptions in production for DP as the layout of the factory needed to be changed. This had an impact on gross profit margins in the year for DP so a provision had been made for an after date sales invoice from DP to CSP representing the estimated cost of the disruptions to bring the gross profit margin back in line with expectations. £400,000 had been provided and shown as income within exceptional items.

During the year ended 31st January 2023 there was a provision made totalling £530,000 for future dilapidation costs to return the factory to its original condition on the cessation of the lease. The assessment was undertaken by a third party expert of the condition of leasehold properties and their estimate of the cost of the necessary work required to comply with the lease terms. During the previous year a further professional assessment of dilapidations was carried out by an external third party to reassess the total dilapidation cost required. The report assesses total costs of £335,000 and therefore there had been a material overprovision. £195,000 had been released from provisions and shown as income within exceptional items.

During the previous year fellow group company Delga Labels Limited merged its trade into Delga Press Limited and effectively the company ceased to trade as at 31st January 2025. After the company ceased to trade all group loans were assessed for impairment. As there is no future trade the loans have become irrecoverable so the loan given to Delga Labels had been impaired. The loan impairment totalled £554,932 and had been shown as a cost within exceptional items.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Factoring interest

36,492

30,094

Interest on overdue taxation

6,848

-

Hire purchase

46,947

51,573

90,287

81,667

8.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2026

2025

£

£

Deferred tax

(24,554

)

(121,061

)

Tax on loss

(24,554

)

(121,061

)

Reconciliation of total tax credit included in profit and loss

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

2026

2025

£

£

Loss before tax

(337,582

)

(1,073,358

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

(84,396

)

(268,340

)

Effects of:

Expenses not deductible for tax purposes

4,663

11,719

Capital allowances in excess of depreciation

-

(8,823

)

Depreciation in excess of capital allowances

52,191

-

Deferred tax

(24,554

)

(121,061

)

Provisions

-

(147

)

C/f losses in year

-

126,857

Group loan write off

-

138,734

Group relief in year

27,542

-

Total tax credit

(24,554

)

(121,061

)

Tax effects relating to effects of other comprehensive income

2026

Gross

Tax

Net

£

£

£

Revaluation of fixed assets

Income tax - Transfer between reserves

3,123

-

3,123

3,123

-

3,123

2025

Gross

Tax

Net

£

£

£

Revaluation of fixed assets

192,075

(48,019

)

144,056