REGISTERED NUMBER: 01237987 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31st January 2026

for

COLLECTOR SET PRINTERS LTD

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 P Ridgewell

REGISTERED OFFICE:

Seaplane House

Sir Thomas Longley Road

Medway City Estate

Rochester

Kent

ME2 4DP

REGISTERED NUMBER:

01237987 (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 present their strategic report for the year ended 31st January 2026.

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

In line with Board expectations, the directors report a more pronounced decline in turnover this financial year, down 14.5% to £7,101,084 (2025: £8,307,773), reflecting the continuing drive toward digitisation within the Public Sector, a core market for the company, together with the ongoing effects of increased competition and changes in buying behaviour referred to in previous reports.

The company has identified that certain product ranges where outsourced historic profit generating relationships are no longer a productive investment for the company to pursue in the light of low margin returns; as a result the company has actively commenced managing itself out of such relationships which contributed heavily toward the reduced turnover levels reported this year, freeing the management team to focus upon future suitable strategic and innovative development of core products produced in house.

The company has increased management investment in both processes and innovation to diversify its market penetration away from the NHS core market historically served. Embracing change through adoption of new management and CRM systems, and with integration and embracement of AI technology into the business, senior management has been busy identifying new sector opportunities that support the company's positioning as a commercial print and communication partner that provides sustainable print and document management services.

Gross profit margin eased slightly to 37.1% (2025: 39.3%), with gross profit of £2,637,850 (2025: £3,263,419). The current year's margin reduction largely reflects an increase in the mix of outsourced works undertaken in the year, which has resulted (as detailed above) in management noting low and reduced margins being retained for what is managerially and administratively challenging work to oversee and deliver in accord with the company service and quality demands.

The directors are pleased to report a further significant reduction in the overhead base this year, with the full-year benefit of the Rochester relocation now evident. Distribution costs fell to £490,786 (2025: £553,067), saving 1% of cost:turnover, and administrative expenses fell to £1,812,237 (2025: £2,191,715), a reduction of 17.3%, together confirming the annual overhead savings anticipated in the prior year's report.

Operating profit for the year was £334,827 (2025: £518,637), a decrease of 35.4%, representing an operating margin of 4.7% (2025: 6.2%), as the impact of reduced turnover outweighed the benefit of the lower cost base. Unlike the prior year, the current year's results include no exceptional items: there has been no repeat of the one-off relocation costs or group loan restructuring credit that affected the 2025 results, and the current year figures therefore represent a clean run-rate reflection of underlying trading performance

After interest payable of £35,180 (2025: £33,652), the profit before taxation was £299,647 (2025: £303,718) - a reduction of only £4,071, or 1.3%, despite the more significant fall in turnover and operating profit, reflecting the absence of exceptional costs this year that had weighed on the prior year's result. The pre-tax margin was 4.2% (2025: 3.7%).

Following a tax credit of £15,520 (2025: tax charge of £24,274), the profit for the financial year increased to £315,167 (2025: £279,444), an improvement of 12.8%, giving a net margin of 4.4% (2025: 3.4%).

The directors remain of the opinion that, with the relocation now fully bedded in and the associated overhead savings flowing through in full, the company is well placed to stabilise turnover through its diversification strategy and continue to deliver consistent levels of profitability in the coming year.

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:

Indicator

2026 £'000

2025 £'000

Turnover

7,101

8,308

Gross profit

2,638

3,263

Operating profit

335

519

Pre-tax profit

300

304

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

12th 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 P Ridgewell

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

12th October 2026

Opinion

We have audited the financial statements of Collector Set Printers Ltd (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 profit 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

12th October 2026

TURNOVER

3

7,101,084

8,307,773

Cost of sales

4,463,234

5,044,354

GROSS PROFIT

2,637,850

3,263,419

Distribution costs

490,786

553,067

Administrative expenses

1,812,237

2,191,715

2,303,023

2,744,782

OPERATING PROFIT

5

334,827

518,637

Factory relocation

6

-

(400,000

)

Group loan write off

6

-

218,733

334,827

337,370

Interest payable and similar expenses

7

35,180

33,652

PROFIT BEFORE TAXATION

299,647

303,718

Tax on profit

8

(15,520

)

24,274

PROFIT FOR THE FINANCIAL YEAR

315,167

279,444

PROFIT FOR THE YEAR

315,167

279,444

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

315,167

279,444

FIXED ASSETS

Intangible assets

10

2,750

3,750

Tangible assets

11

322,347

403,430

325,097

407,180

CURRENT ASSETS

Stocks

12

174,976

256,751

Debtors

13

7,926,499

6,416,073

Cash at bank and in hand

13,873

12,313

8,115,348

6,685,137

CREDITORS

Amounts falling due within one year

14

4,771,633

3,723,153

NET CURRENT ASSETS

3,343,715

2,961,984

TOTAL ASSETS LESS CURRENT LIABILITIES

3,668,812

3,369,164

PROVISIONS FOR LIABILITIES

17

63,621

79,140

NET ASSETS

3,605,191

3,290,024

CAPITAL AND RESERVES

Called up share capital

18

6,000

6,000

Retained earnings

19

3,599,191

3,284,024

SHAREHOLDERS' FUNDS

3,605,191

3,290,024

The financial statements were approved by the Board of Directors and authorised for issue on 12th October 2026 and were signed on its behalf by:

Mr I M Conetta - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st February 2024

6,000

3,204,580

3,210,580

Changes in equity

Dividends

-

(200,000

)

(200,000

)

Total comprehensive income

-

279,444

279,444

Balance at 31st January 2025

6,000

3,284,024

3,290,024

Changes in equity

Total comprehensive income

-

315,167

315,167

Balance at 31st January 2026

6,000

3,599,191

3,605,191

1.	STATUTORY INFORMATION

Collector Set Printers Ltd 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.

Goodwill

Goodwill represents the amount paid in connection with the acquisition of the company's trading activities at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and Loss Account over its useful economic life.

The estimated useful life is as follows:

Goodwill - Straight line over 10 years

Tangible fixed assets

Tangible fixed assets 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.

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:

Plant and machinery - straight line or diminishing value over estimated useful life

Fixtures and fittings - straight line over estimated useful life

Motor vehicles - straight line over estimated useful life

Computer equipment - straight line over estimated useful life

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 are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If Stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

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.

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 profit 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

7,101,084

8,307,773

7,101,084

8,307,773

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

1,891,971

1,853,959

Social security costs

213,872

183,652

Other pension costs

42,301

44,041

2,148,144

2,081,652

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

2026

2025

Directors

2

2

Administration

13

12

Distribution

6

6

Production

26

27

Repro

4

5

Sales

2

2

53

54

2026

2025

£

£

Directors' remuneration

137,733

158,245

During the year, directors' benefits totalled £13,571 (2025: £10,678).

5.	OPERATING PROFIT

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

2026

2025

£

£

Hire of plant and machinery

135,157

128,969

Depreciation - owned assets

95,078

86,581

Profit on disposal of fixed assets

-

(15,730

)

Goodwill amortisation

1,000

1,000

Auditors' remuneration

9,375

10,483

Auditors' non audit service fees

77,566

84,599

6.	EXCEPTIONAL ITEMS

2026

2025

£

£

Factory relocation

-

(400,000

)

Group loan write off

-

218,733

-

(181,267

)

During the prior year Collector Set Printers Limited (CSP) ceased operating from its own factory and relocated into the factory used by fellow group company 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 for the year for DP so a provision had been made for an after date sales invoice from DP to CSP totalling £400,000 representing the estimated cost of the disruptions to bring the gross profit margin back in line with expectations. The total cost of £400,000 had been shown within exceptional items.

During the prior 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 from Delga Labels to Collector Set Printers had been impaired. The loan impairment totalled £218,733 and had been shown as income within exceptional items.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Factor interest

31,002

30,269

Interest on overdue taxation

1,086

-

Hire purchase

3,092

3,383

35,180

33,652

8.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2026

2025

£

£

Deferred tax

(15,520

)

24,274

Tax on profit

(15,520

)

24,274

Reconciliation of total tax (credit)/charge included in profit and loss

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

2026

2025

£

£

Profit before tax

299,647

303,718

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

74,912

75,930

Effects of:

Expenses not deductible for tax purposes

3,208

2,650

Capital allowances in excess of depreciation

-

(25,667

)

Depreciation in excess of capital allowances

17,412

-

Group relief

(24,370

)

-

Deferred tax

(15,520

)

24,274

B/f losses utilised

(71,162

)

-

C/f losses in year

-

1,771

Group loan write off

-

(54,684

)

Total tax (credit)/charge

(15,520

)

24,274

9.

DIVIDENDS

2026

2025

£

£

Interim

-

200,000

10.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st February 2025

and 31st January 2026

10,000

AMORTISATION

At 1st February 2025

6,250

Amortisation for year

1,000

At 31st January 2026

7,250

NET BOOK VALUE

At 31st January 2026

2,750

At 31st January 2025

3,750

11.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st February 2025

847,538

33,559

39,250

102,620

1,022,967

Additions

-

-

13,995

-

13,995

At 31st January 2026

847,538

33,559

53,245

102,620

1,036,962

DEPRECIATION

At 1st February 2025

503,223

15,247

39,250

61,817

619,537

Charge for year

66,612

7,439

389

20,638

95,078

At 31st January 2026

569,835

22,686

39,639

82,455

714,615

NET BOOK VALUE

At 31st January 2026

277,703

10,873

13,606

20,165

322,347

At 31st January 2025

344,315

18,312

-

40,803

403,430

12.

STOCKS

2026

2025

£

£

Raw materials

74,604

84,971

Work-in-progress

100,372

171,780

174,976

256,751