ACCOUNTS - Final Accounts

OPERATING PROFIT

The operating profit is stated after charging:

Registered number: 08674779

ZEBRA MTD LIMITED 2026

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

ZEBRA MTD LIMITED 2026

COMPANY INFORMATION

DIRECTORS	D P Pike
	A R L Jervoise (resigned 21 April 2026)
	K J Guy (resigned 28 April 2026)
	S R Plackett (resigned 29 April 2025)
	L M Prince
	S J Colclough
	A P Levinson
	G L Richmond (appointed 29 April 2025)


REGISTERED NUMBER	08674779


REGISTERED OFFICE	Exe Box
	Matford Park Road
	Matford
	Exeter
	EX2 8FD


INDEPENDENT AUDITORS	Bishop Fleming Audit Limited
	Chartered Accountants & Statutory Auditors
	Brook House
	Winslade Park
	Manor Drive
	Clyst St Mary
	Exeter
	EX5 1GD

ZEBRA MTD LIMITED 2026

CONTENTS

	Page
Group Strategic Report	1
Directors' Report	2 - 3
Directors' Responsibilities Statement	4
Independent Auditors' Report	5 - 9
Consolidated Statement of Comprehensive Income	10
Consolidated Statement of Financial Position	11
Company Statement of Financial Position	12
Consolidated Statement of Changes in Equity	13
Company Statement of Changes in Equity	14
Consolidated Statement of Cash Flows	15
Notes to the Financial Statements	16 - 35

ZEBRA MTD LIMITED 2026

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2026

BUSINESS REVIEW

The directors present their strategic report for the year ended 31 January 2026.

Principal Activity

The principal activity of the Group is the publishing, distribution and retailing of calendars, cards and gifts.

Fair review of the business and key financial performance indicators

The Group continues to publish, distribute and retail calendars, cards, and gifts to a wide customer base, mainly in the UK, Republic of Ireland and the USA. We consider that key financial performance indicators are those that communicate the financial performance and strength of the group as a whole. The Group's key financial and other performance indicators during the year were as follows:

In Calendar Club, the Company traded from 199 (2025: 203) stores. The directors are satisfied that the underlying business is robust and healthy and is well positioned in the current economic climate.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the Group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the Group are considered to relate to the competitive market in which it operates. However, the directors expect to continue to develop the product range in order to retain a competitive edge.

This report was approved by the board on 7 October 2026 and signed on its behalf.

D P Pike

Director

Page 1

ZEBRA MTD LIMITED 2026

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 JANUARY 2026

The directors present their report and the financial statements for the year ended 31 January 2026.

RESULTS AND DIVIDENDS

The profit for the year, after taxation and minority interests, amounted to £275,013 (2025: £625,265).

Dividends of £350,000 (2025: £Nil) have been paid during the year. Following the end of the financial year, the Company declared dividends of £Nil (2025: £350,000).

DIRECTORS

The directors who served during the year were:

D P Pike

A R L Jervoise (resigned 21 April 2026)

K J Guy (resigned 28 April 2026)

S R Plackett (resigned 29 April 2025)

L M Prince

S J Colclough

A P Levinson

G L Richmond (appointed 29 April 2025)

EXPOSURE OF THE GROUP TO PRICE RISK, LIQUIDITY RISK AND CASHFLOW RISK

The price risk to the Group comes from other suppliers of calendars, cards and gifts. The Group directors are satisfied that the group's prices are competitive. The directors also actively hedge to mitigate price risk derived from foreign exchange fluctuations. The Group's sales are made to both private individuals and to re-sellers. Private individuals pay in advance of purchase, therefore, the credit risk in this area is considered to be minimal. The directors monitor the level of credit given to each corporate customer and mitigate credit risk through active credit control procedures. The Group is not unduly reliant on any one customer.

The Group operates with a cash balance and uses borrowing facilities as required. The level of borrowings is low and, therefore, the directors consider the liquidity and cash flow risks to be very low.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 2

ZEBRA MTD LIMITED 2026

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2026

AUDITORS

The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

D P Pike

Director

Date: 7 October 2026

Exe Box

Matford Park Road

Matford

Exeter

EX2 8FD

Page 3

ZEBRA MTD LIMITED 2026

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 JANUARY 2026

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

ZEBRA MTD LIMITED 2026

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZEBRA MTD LIMITED 2026

OPINION

We have audited the financial statements of Zebra MTD Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2026, which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Statements of financial position, the Consolidated Statement of cash flows, the Consolidated and Company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 January 2026 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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 course of 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.

Page 5

ZEBRA MTD LIMITED 2026

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZEBRA MTD LIMITED 2026 (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

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

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

∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

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

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

ZEBRA MTD LIMITED 2026

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZEBRA MTD LIMITED 2026 (CONTINUED)

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 an Auditors' 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 Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

• the nature of the sector, control environment and the Parent Company's and Group’s performance;
• results of our enquiries of management and the Directors, about their own identification and assessment of the risks of irregularities;
• any matters we identified having obtained and reviewed the Parent Company's and Group’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the Parent Company and Group for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, incomplete provision for returns, and identified the greatest potential for fraud as incorrect recognition of revenue and management override using manual journal entries.

We also obtained an understanding of the legal and regulatory frameworks that the Parent Company and Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s and Parent Company's ability to operate or to avoid a material penalty. These included, data protection regulations, occupational health and safety regulations, building legislation and employment legislation.

Page 7

ZEBRA MTD LIMITED 2026

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZEBRA MTD LIMITED 2026 (CONTINUED)

Our procedures to respond to risks identified included the following for the Parent Company and its subsidiaries, as was considered appropriate :

∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;

∙enquiring of Directors and management concerning actual and potential litigation and claims;

∙performing procedures to confirm material compliance with the requirements of the above regulations;

∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

∙reading minutes of director meetings; and

∙in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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 Auditors' Report.

Page 8

ZEBRA MTD LIMITED 2026

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZEBRA MTD LIMITED 2026 (CONTINUED)

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 Auditors' 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.

Mark Munro BA FCA (Senior Statutory Auditor)

for and on behalf of

Bishop Fleming Audit Limited

Chartered Accountants

Statutory Auditors

Brook House

Winslade Park

Manor Drive

Clyst St Mary

Exeter

EX5 1GD

13 October 2026

Page 9

ZEBRA MTD LIMITED 2026

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JANUARY 2026

	2026	2025
Note	£	£


Turnover	4	37,955,542	37,515,806
Cost of sales		(24,615,587)	(24,026,090)
GROSS PROFIT		13,339,955	13,489,716
Administrative expenses		(12,249,854)	(11,449,281)
OPERATING PROFIT	5	1,090,101	2,040,435
Interest receivable and similar income	9	33,889	123,448
Interest payable and similar expenses	10	(202,039)	(214,852)
PROFIT BEFORE TAXATION		921,951	1,949,031
Tax on profit	11	(277,527)	(530,351)
PROFIT FOR THE FINANCIAL YEAR		644,424	1,418,680

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
Non-controlling interests	369,411	793,415
Owners of the parent Company	275,013	625,265
	644,424	1,418,680

There were no recognised gains and losses for 2026 or 2025 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2026 (2025:£NIL).

The notes on pages 16 to 35 form part of these financial statements.

Page 10

ZEBRA MTD LIMITED 2026

REGISTERED NUMBER:08674779

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 JANUARY 2026

		2026		2025
Note		£		£

FIXED ASSETS
Intangible assets	13		1,231,763		569,396
Tangible assets	14		1,228,205		1,202,662
			2,459,968		1,772,058
CURRENT ASSETS
Stocks	16	3,046,230		2,206,798
Debtors: amounts falling due within one year	17	3,450,116		3,352,588
Cash at bank and in hand	18	7,253,291		9,326,920
		13,749,637		14,886,306
Creditors: amounts falling due within one year	19	(9,646,749)		(9,940,204)
NET CURRENT ASSETS			4,102,888		4,946,102
TOTAL ASSETS LESS CURRENT LIABILITIES			6,562,856		6,718,160
Creditors: amounts falling due after more than one year	20		(479,189)		(271,281)
PROVISIONS FOR LIABILITIES
Deferred taxation	22	(164,878)		(123,914)
NET ASSETS			5,918,789		6,322,965

CAPITAL AND RESERVES
Called up share capital	23	10,873	10,873
Share premium account	24	1,076,472	1,076,472
Profit and loss account	24	2,727,643	2,802,630
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY		3,814,988	3,889,975
Non-controlling interests		2,103,801	2,432,990
		5,918,789	6,322,965

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

D P Pike

Director

Date: 7 October 2026

The notes on pages 16 to 35 form part of these financial statements.

Page 11

ZEBRA MTD LIMITED 2026

REGISTERED NUMBER:08674779

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 JANUARY 2026

		2026		2025
Note		£		£

FIXED ASSETS
Investments	15		4,880,674		4,880,674
			4,880,674		4,880,674
CURRENT ASSETS
Debtors: amounts falling due within one year	17	202,091		232,504
Cash at bank and in hand	18	2,562		3,674
		204,653		236,178
Creditors: amounts falling due within one year	19	(3,101)		(307,404)
NET CURRENT ASSETS/(LIABILITIES)			201,552		(71,226)
TOTAL ASSETS LESS CURRENT LIABILITIES			5,082,226		4,809,448


NET ASSETS			5,082,226		4,809,448

CAPITAL AND RESERVES
Called up share capital	23		10,873		10,873
Share premium account	24		1,076,472		1,076,472
Profit and loss account brought forward		3,722,103		3,360,387
Profit for the year		622,778		361,716
Dividends declared and paid		(350,000)		-
Profit and loss account carried forward			3,994,881		3,722,103
			5,082,226		4,809,448

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

D P Pike

Director

Date: 7 October 2026

The notes on pages 16 to 35 form part of these financial statements.

Page 12

		ZEBRA MTD LIMITED 2026

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2026

	Called up share capital	Share premium account	Profit and loss account	Equity attributable to owners of Parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 1 February 2024	10,873	1,076,472	2,177,365	3,264,710	2,138,575	5,403,285
COMPREHENSIVE INCOME FOR THE YEAR
Profit for the year	-	-	625,265	625,265	793,415	1,418,680
CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS
Dividends paid by subsidiary companies	-	-	-	-	(499,000)	(499,000)

At 1 February 2025	10,873	1,076,472	2,802,630	3,889,975	2,432,990	6,322,965
COMPREHENSIVE INCOME FOR THE YEAR
Profit for the year	-	-	275,013	275,013	369,411	644,424
Dividends: Equity capital	-	-	(350,000)	(350,000)	-	(350,000)
Dividends paid by subsidiary companies	-	-	-	-	(698,600)	(698,600)
At 31 January 2026	10,873	1,076,472	2,727,643	3,814,988	2,103,801	5,918,789

The notes on pages 16 to 35 form part of these financial statements.

Page 13

ZEBRA MTD LIMITED 2026

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2026

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 February 2024	10,873	1,076,472	3,360,387	4,447,732
COMPREHENSIVE INCOME FOR THE YEAR
Profit for the year	-	-	361,716	361,716

At 1 February 2025	10,873	1,076,472	3,722,103	4,809,448
COMPREHENSIVE INCOME FOR THE YEAR
Profit for the year	-	-	622,778	622,778
Dividends: Equity capital	-	-	(350,000)	(350,000)
At 31 January 2026	10,873	1,076,472	3,994,881	5,082,226

The notes on pages 16 to 35 form part of these financial statements.

Page 14

ZEBRA MTD LIMITED 2026

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JANUARY 2026

			2026	2025
			£	£

CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the financial year	644,424	1,418,680
ADJUSTMENTS FOR:
Amortisation of intangible assets	175,177	114,359
Depreciation of tangible assets	431,552	402,053
Loss on disposal of tangible assets	-	49,614
Interest paid	202,039	214,852
Interest received	(33,889)	(123,448)
Taxation charge	277,527	530,351
(Increase) in stocks	(839,432)	(204,375)
(Increase) in debtors	(46,355)	(436,667)
(Decrease)/increase in creditors	(240,418)	977,131
Corporation tax (paid)	(533,657)	(642,038)
NET CASH GENERATED FROM OPERATING ACTIVITIES	36,968	2,300,512

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of intangible fixed assets	(837,544)	(171,323)
Purchase of tangible fixed assets	(406,510)	(528,999)
Interest received	33,889	123,448
NET CASH FROM INVESTING ACTIVITIES	(1,210,165)	(576,874)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of loans	(131,222)	(241,397)
Repayment of debenture loans	(297,311)	(300,000)
Other new loans	778,740	-
Dividends paid	(350,000)	-
Interest paid	(202,039)	(214,852)
Dividends paid to non-controlling interests	(698,600)	(499,000)
NET CASH USED IN FINANCING ACTIVITIES	(900,432)	(1,255,249)
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(2,073,629)	468,389
Cash and cash equivalents at beginning of year	9,326,920	8,858,531
CASH AND CASH EQUIVALENTS AT THE END OF YEAR	7,253,291	9,326,920

CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:
Cash at bank and in hand	7,253,291	9,326,920
	7,253,291	9,326,920

Page 15

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

1.	COMPANY INFORMATION

Zebra MTD Limited is a private company limited by shares, incorporated in the United Kingdom with the registered number: 08674779. The registered office is Exe Box, Exeter, Devon, EX2 8FD.

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 Republic of Ireland and the Companies Act 2006.

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

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

The following principal accounting policies have been applied:

2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of Group and its own subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

GOING CONCERN

The directors have considered the market in which the Group operates and are confident that sufficient funding is available to ensure that the Group has sufficient cash for at least twelve months from the date hereof. In light of this, the directors consider it appropriate for the consolidated financial statements to be prepared on the going concern basis.

Page 16

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.ACCOUNTING POLICIES (CONTINUED)

2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

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

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

∙the Group 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 Group 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.

2.5

INTANGIBLE ASSETS

GOODWILL

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

OTHER INTANGIBLE ASSETS

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

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.

The estimated useful lives range as follows:

Intellectual property	-	5	years
Website	-	5	years
Goodwill	-	10	years

2.6

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model 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.

Page 17

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.ACCOUNTING POLICIES (CONTINUED)

2.6

TANGIBLE FIXED ASSETS (CONTINUED)

The estimated useful lives range as follows:

Short-term leasehold property	-	Over the length of the lease
Plant and machinery	-	5 years
Computer equipment	-	3 years

The assets' 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 within 'administrative expenses' in the Consolidated statement of comprehensive income.

2.7

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.8

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

2.9

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the 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 reporting 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 or loss.

2.10

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 18

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.ACCOUNTING POLICIES (CONTINUED)

2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.13

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.14

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.

2.15

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.16

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

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

The contributions are recognised as an expense in profit or loss 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 Group in independently administered funds.

Page 19

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.ACCOUNTING POLICIES (CONTINUED)

2.17

INTEREST INCOME

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

2.18

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.19

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.20

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 20

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

3.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key Accounting Estimates and Assumptions

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Management consider the following to be key estimates or assumptions that, should they change, would cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Impairment of fixed asset investments

The Company makes an estimate of the recoverable value of fixed asset investments. When assessing impairment of fixed asset investments, management considers factors including the net assets of the subsidiary in which the investment is held. If the net assets held are lower than the investment balance then a value in use calculation is performed. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order calculate present value. If the value in use calculation is lower than the value of the investment held an impairment is recognised. No impairment provision has been recognised in these financial statements.

TURNOVER

Analysis of turnover by country of destination:

					2026	2025
					£	£

United Kingdom	33,857,880	33,969,275
Rest of Europe	1,425,508	1,486,487
Rest of the world	2,672,154	2,060,044
	37,955,542	37,515,806

Depreciation of tangible fixed assets	431,552	402,053
Exchange differences	45,618	62,407
Other operating lease rentals	609,993	612,184
Amortisation of intangible assets, including goodwill	175,177	114,359

Page 21

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements

57,225

50,300

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

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£


Wages and salaries	6,649,842	6,574,936	292,213	323,028
Social security costs	768,272	597,916	39,731	39,555
Cost of defined contribution scheme	214,210	169,273	24,695	23,245
	7,632,324	7,342,125	356,639	385,828

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

	Group	Group	Company	Company
	2026	2025	2026	2025
	No.	No.	No.	No.

Zebra MTD Limited	4	4	4	4
Otter House Limited	59	60	-	-
The Calendar Club Limited	72	75	-	-
Vista Stationery & Print Limited	35	37	-	-

	170	176	4	4

Where a Director is remunerated through a subsidiary, they are included within the average employee numbers of the subsidiary company.

Page 22

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

8.	DIRECTORS' REMUNERATION
		2026	2025
		£	£

Directors' emoluments	292,213	323,028
Group contributions to defined contribution pension schemes	24,695	23,245
	316,908	346,273

	The highest paid director received remuneration of £135,655 (2025: £133,385).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,017 (2025: £10,000).
	Group directors are remunerated through different companies in the group, total remuneration for group directors is £514,171 (2025: £556,464).

9.	INTEREST RECEIVABLE
		2026	2025
		£	£

Other interest receivable

33,889

123,448

10.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2026	2025
		£	£

Bank interest payable	93,825	76,981
Other loan interest payable	108,214	137,871
	202,039	214,852

Page 23

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

CORPORATION TAX
Current tax on profits for the year	223,091	446,042
	223,091	446,042
FOREIGN TAX
Foreign tax on income for the year	24,976	31,578
	24,976	31,578
TOTAL CURRENT TAX	248,067	477,620

DEFERRED TAX
Origination and reversal of timing differences	29,460	52,731
TOTAL DEFERRED TAX	29,460	52,731


		277,527	530,351

Profit on ordinary activities before tax

921,951

1,949,031

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025: 25%)	230,488	487,258
EFFECTS OF:
Expenses not deductible for tax purposes	13,807	8,485
Movement in deferred tax not recognised	31,180	34,821
Fixed asset differences	2,052	(213)
TOTAL TAX CHARGE FOR THE YEAR	277,527	530,351

Page 24

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

12.	DIVIDENDS
		2026	2025
		£	£

Dividends

350,000

13.	INTANGIBLE ASSETS
	Group

	Patents	Website costs	Goodwill	Total
	£	£	£	£
COST
At 1 February 2025	550,865	542,580	2,273,250	3,366,695
Additions	6,036	26,252	-	32,288
On acquisition of subsidiaries	-	-	805,256	805,256
At 31 January 2026	556,901	568,832	3,078,506	4,204,239
AMORTISATION
At 1 February 2025	82,630	441,419	2,273,250	2,797,299
Charge for the year on owned assets	111,179	54,512	9,486	175,177
At 31 January 2026	193,809	495,931	2,282,736	2,972,476
NET BOOK VALUE
At 31 January 2026	363,092	72,901	795,770	1,231,763
At 31 January 2025	468,235	101,161	-	569,396

Page 25

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

14.	TANGIBLE FIXED ASSETS
	Group

	Short-term leasehold property	Plant and machinery	Computer equipment	Total
	£	£	£	£
COST OR VALUATION
At 1 February 2025	977,794	7,227,643	209,469	8,414,906
Additions	12,484	461,645	858	474,987
Acquisition of subsidiary	-	8,755	-	8,755
Disposals	(7,821)	(1,216,434)	-	(1,224,255)
At 31 January 2026	982,457	6,481,609	210,327	7,674,393
DEPRECIATION
At 1 February 2025	781,392	6,235,894	194,958	7,212,244
Charge for the year on owned assets	71,404	352,550	7,598	431,552
Disposals	(7,821)	(1,189,787)	-	(1,197,608)
At 31 January 2026	844,975	5,398,657	202,556	6,446,188
NET BOOK VALUE
At 31 January 2026	137,482	1,082,952	7,771	1,228,205
At 31 January 2025	196,402	991,749	14,511	1,202,662

Page 26

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

15.	FIXED ASSET INVESTMENTS

	Company

		Investments in subsidiary companies
		£
	COST OR VALUATION
	At 1 February 2025	4,880,674
	At 31 January 2026	4,880,674

SUBSIDIARY UNDERTAKINGS
The following were subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

Otter House Limited*	Publication and distribution of greeting cards, calendars and gift products.	Ordinary	100%
The Calendar Club Limited*	Retailing of calendars, diaries and related merchandise.	Ordinary	50.1%
Vista Stationery & Print Limited*	Publication and distribution of calendars and stationery products.	Ordinary	50.1%
Carousel WorldWide Inc *	Publication and distribution of calendars and stationery products in the US.	Ordinary	50.1%
Avonside Publishing Limited * ***	Publication and distribution of greeting cards, calendars and gift products.	Ordinary	50.1%

*The registered office is Exe Box Matford Park Road Matford Business Park, Marsh Barton Trading Estate, Exeter, EX2 8FD.

**National Registered Agents, Inc, 1209 Orange Street, City of Wilmington, County of New Castle, State of Delaware 19801.

*** Indirectly held via Vista Stationery & Print Limited

Page 27

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

16.	STOCKS
		Group	Group
		2026	2025
		£	£

Consumables and work in progress	1,881,431	884,568
Finished goods and goods for resale	1,164,799	1,322,230
	3,046,230	2,206,798

17.

DEBTORS

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£


Trade debtors	2,525,144	2,349,793	-	-
Amounts owed by group undertakings	-	-	202,091	232,504
Other debtors	83,324	132,879	-	-
Prepayments and accrued income	806,625	869,916	-	-
Tax recoverable	35,023	-	-	-
	3,450,116	3,352,588	202,091	232,504

18.	CASH AND CASH EQUIVALENTS
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Cash at bank and in hand	7,253,291	9,326,920	2,562	3,674
	7,253,291	9,326,920	2,562	3,674

Page 28

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

19.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Shareholder loans	-	297,311	-	297,311
Bank loans	876,475	80,654	-	-
Trade creditors	2,914,722	3,667,513	-	-
Returns provision	299,232	623,701	-	-
Deferred consideration	169,566	-	-	-
Corporation tax	14,086	226,503	-	-
Other taxation and social security	2,615,928	2,189,856	-	-
Other creditors	220,468	233,989	-	-
Accruals and deferred income	2,536,272	2,620,677	3,101	10,093
	9,646,749	9,940,204	3,101	307,404

20.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		Group	Group
		2026	2025
		£	£

Deferred consideration	339,130	-
Other creditors	140,059	271,281
	479,189	271,281

Page 29

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

21.	LOANS
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans	876,475	80,654	-	-
Debenture loans	-	297,311	-	297,311
AMOUNTS FALLING DUE 1-2 YEARS

	876,475	377,965	-	297,311

Included within bank loans are the following loan balances:

Bank loan of £495,327 (2025: £nil) bearing interest at 2.5% above the Bank of England Base Rate. The loan is repayable by monthly instalments and matures in December 2028.

Import loan of £381,148 (2025: £80,654) bearing interest at 2.5% above the Bank of England Base Rate. Individual loans are repayable at the end of the relevant loan period, with a maximum term of 240 days.

Page 30

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

22.	DEFERRED TAXATION
	Group

		2026
		£

	At beginning of year	(123,914)
	Charged to profit or loss	(40,964)
	AT END OF YEAR	(164,878)

Company

		2026

		Group	Group
		2026	2025
		£	£

	Accelerated capital allowances	(164,878)	(123,914)
		(164,878)	(123,914)

23.	SHARE CAPITAL
		2026	2025
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

1,087,345 (2025: 1,087,345) Ordinary shares of £0.01 each	10,873	10,873

24.

RESERVES

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Profit and loss account

This balance represents the distributable reserves of the companies within the group.

Page 31

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

25.	BUSINESS COMBINATIONS

On 19th December 2025, the Group acquired 100% of the issued share capital of Avonside Publishing Limited through its subsidiary undertaking, Vista Stationery & Print Limited. The acquisition has been accounted for using the acquisition method of accounting.

FIXED ASSETS
Tangible	8,755	8,755
	8,755	8,755
CURRENT ASSETS
Debtors	655,228	655,228
Cash at bank and in hand	516,849	516,849
TOTAL ASSETS	1,180,832	1,180,832
CREDITORS
Due within one year	(606,862)	(606,862)
TOTAL IDENTIFIABLE NET ASSETS	573,970	573,970


	Goodwill	805,256
	TOTAL PURCHASE CONSIDERATION	1,379,226

	CONSIDERATION
					£


	Cash	831,500
	Deferred consideration	508,696
	Directly attributable costs	39,030
	TOTAL PURCHASE CONSIDERATION	1,379,226

Page 32

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

25.BUSINESS COMBINATIONS (CONTINUED)

	The results of AVONSIDE PUBLISHING LIMITED since acquisition are as follows:
				Current period since acquisition
				£

	Turnover	247,008
	Profit for the period since acquisition	91,468

26.	PENSION COMMITMENTS

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £180,582 (2025: £136,186). The group also paid contributions of £32,578 (2025: £33,754) into other pension schemes.

27.	COMMITMENTS UNDER OPERATING LEASES
	At 31 January 2026 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2026	2025
		£	£

Not later than 1 year	320,139	651,834
Later than 1 year and not later than 5 years	2,289,060	1,765,759
Later than 5 years	4,676,686	5,408,972
	7,285,885	7,826,565

28.OTHER FINANCIAL COMMITMENTS

At the end of the financial year, one of the subsidiaries in the group had entered into forward contracts to purchase $80,000 at a cost of £59,480.

Page 33

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

29.

RELATED PARTY TRANSACTIONS

GROUP

Key Management Personnel

All directors who have authority and responsibility for planning, directing and controlling the activities of the Group are considered to be key management personnel. Total compensation (including remuneration, pension contributions and employers NI) in respect of these individuals is £629,228 (2025: £649,064).

During the year, the Group maintained a debenture loan from a director. At the year end the group owed £Nil (2025: £25,546).

Entities with Significant Influence

During the year, the Group entered into transactions with entities who have significant influence. These transactions consisted of sales of £1,177,053 (2025: £1,437,194), purchases of £703,902 (2025: £2,597,061), and dividends paid of £Nil (2025: £Nil). At the year end the Group owed £Nil (2025: £Nil) in relation to trade transactions.

Subsidiary companies paid dividends of £698,600 (2025: £499,000) to entities with significant influence.

COMPANY

Subsidiary Companies

During the year the company entered into transactions with partly owned subsidiary companies. These transactions consisted of receipt of management charges of £347,314 (2025: £348,098).The company also received dividends from partly owned subsidiary companies of £701,400 (2025: £501,000).

Page 34

ZEBRA MTD LIMITED 2026

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

30.	POST BALANCE SHEET EVENTS

Subsequent to the year end, Otter House Limited, a subsidiary undertaking of the Company, was acquired by Vista Stationery & Print Limited, another subsidiary undertaking of the Company in which the Company holds a 50.1% interest.

The transaction formed part of a reorganisation of the group's structure. As the transaction occurred after the reporting date, it has not been reflected in these financial statements. The directors consider the transaction to be a non-adjusting event for the purposes of FRS 102.

31.	ANALYSIS OF NET DEBT

		At 1 February 2025	Cash flows	At 31 January 2026
		£	£	£

Cash at bank and in hand	9,326,920	(2,073,629)	7,253,291
Debt due within 1 year	(1,001,666)	(174,041)	(1,175,707)
	8,325,254	(2,247,670)	6,077,584

Page 35