ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 01809712

OFFSET PRINT & PACKAGING LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

OFFSET PRINT & PACKAGING LIMITED

COMPANY INFORMATION

Directors	H. J. Jarvis (resigned 29 October 2024)
	E. A. Bone
	V. I. Brearey
	M. G. J. Cass
	S. R. Roots
	A. Alzamora Planaguma (appointed 29 October 2024)
	F. Berga Alzamora (appointed 29 October 2024)
	J. Berga Ferres (appointed 29 October 2024)
	J. Noguer Torres (appointed 29 October 2024)


Registered number	01809712


Registered office	188 Forstal Road
	Aylesford
	Kent
	ME20 7DB


Independent auditor	MHA
	Lyndean House
	30-32 Albion Place
	Maidstone
	Kent
	ME14 5DZ

OFFSET PRINT & PACKAGING LIMITED

CONTENTS

	Page
Strategic report	1 - 3
Directors' report	4 - 5
Independent auditor's report	6 - 9
Statement of comprehensive income	10
Balance sheet	11 - 12
Statement of changes in equity	13
Notes to the financial statements	14 - 33

OFFSET PRINT & PACKAGING LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their strategic report for the year ended 30 April 2025.

Business review

We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size of the business and is written in the context of the risks and uncertainties we face.
The Company provided bespoke print and packaging solutions for other manufacturers, wholesalers and retailers (both multiple and independent). In late October 2024, the Offset Print group was purchased by Alzamora Group, and we are looking forward to further development of the business within this larger group environment, and the myriad opportunities this will present.
Performance & key performance indicators
Company revenues rose by 1.5% over FY24/25, to £19.6 million, with operating profit of £2,120,216 (2024: £3,111,857) and net profit of £1,491,181 (2024: £3,394,152). The Company’s balance sheet continues to show a strong position with net assets at £8,132,411 (2024: £8,341,230).
We consider that our key performance indicators for the Company are operating profit, net profit and net asset value.
KPIs have now been set for each department, with the aim of lowering our environmental impact whilst also improving the gross profit margin.
Key non-financial performance indicators
Management diversity

	Female	Female	Male	Male
	2025	2024	2025	2024
Directors & senior management	2	1	7	5
Middle management	2	2	8	7

Corporate Social Responsibility
Community

∙One of the largest employers in the Aylesford/Maidstone area

∙Stakeholder in local businesses community

∙Member of Kent Invicta Chamber of Commerce

∙Involved with local school leaver recruitment campaigns and apprenticeships initiatives, providing broad range of work experience placement opportunities

∙Donate packaging to local charities for projects to help homeless and disadvantaged communities in Kent

∙Installation of a public defibrillator, providing members of the local community with a better chance of surviving cardiac arrest

∙Sponsor of Aylesford village Christmas fair

∙Sponsor of St Peter’s Primary School craft & technical creative program

∙Supporter of Aylesford Food Bank’s Christmas appeal

Page 1

OFFSET PRINT & PACKAGING LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

Compliance, quality & service

∙BRCGS Packaging Materials A grade at 2024 audit

∙For Life CSR standard certified since 2020

∙Platinum members of the BPIF

∙SEDEX members for ethical sourcing

∙ISO9001 certified

∙Packaging design award for accessible packaging

Environment

∙4 electric car charging points installed in 2022

∙Salary sacrifice electric car scheme available for all employees after 1 year of employment

∙All company cars are hybrid electric/petrol vehicles

∙FSC and PEFC certified

∙ISO14001 certified

∙Zero Waste to Landfill certified

∙LED lighting installed in factory in 2018

∙Energy efficient ‘green’ evaporative cooler systems installed in March 2023

∙Continual development of staff, both in-house and through recognised professional bodies

∙Promote from within with full training and support

∙Employ 5 apprentices through the Government apprenticeship scheme

∙Employee benefits package including free legal and counselling services, discounts on shopping, health & fitness, etc

Page 2

OFFSET PRINT & PACKAGING LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

Principal risks and uncertainties

The directors have considered the principal risks and uncertainties faced by the Company. These are as follows:
Business risk
We have addressed areas of risk where possible, and to remain competitive, Offset Print and Packaging holds ISO9001 and ISO14001, which are a prerequisite for many existing and potential customers. We also hold BRC, FSC, PEFC, Zero Waste to Landfill & For Life accreditations.
Financial risk
The Group continues to develop regular financial and budgeting procedures which are reviewed by the directors to assess and manage the performance of the Company and Group at a critical level, together with liquidity and other financial risks. The Group’s credit risk is managed within its debt management policy which his aimed at minimizing losses by offering appropriate credit terms to each individual customer based on their credit worthiness.
Legislative and regulatory risk
The Group operates within multiple legal jurisdictions, primarily the UK and the Netherlands, and is subject to both UK and EU legislation. The differing and evolving regulatory frameworks, particularly in relation to post-Brexit trade rules, may result in increased compliance costs, operational adjustments, and potential barriers to trade. Changes in EU or UK legislation could affect market access, product certification requirements, and cross-border supply chains. The Group actively monitors regulatory developments, engages with local advisers in both jurisdictions, and implements compliance measures to mitigate the potential impact of legislative changes on business continuity and competitiveness.

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

A. Alzamora Planaguma

Director

Date: 28 October 2025

Page 3

OFFSET PRINT & PACKAGING LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their report and the financial statements for the year ended 30 April 2025.

Directors' responsibilities statement

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 for the Company's financial statements and then apply them consistently;

∙make judgements 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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,491,181 (2024 - £3,394,152).

Dividends of £1,700,000 (2024: £5,809,475) were declared and paid in the year.

Directors

The directors who served during the year were:

H. J. Jarvis (resigned 29 October 2024)

E. A. Bone

V. I. Brearey

M. G. J. Cass

S. R. Roots

A. Alzamora Planaguma (appointed 29 October 2024)

F. Berga Alzamora (appointed 29 October 2024)

J. Berga Ferres (appointed 29 October 2024)

J. Noguer Torres (appointed 29 October 2024)

Matters covered in the Strategic report

Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Company's principal risks and uncertainties.

Page 4

OFFSET PRINT & PACKAGING LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

Disclosure of information to auditor

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's auditor is 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's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
The auditor, MHA, 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.

A. Alzamora Planaguma

Director

Date: 28 October 2025

Page 5

OFFSET PRINT & PACKAGING LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT & PACKAGING LIMITED

Opinion

We have audited the financial statements of Offset Print & Packaging Limited (the 'Company') for the year ended 30 April 2025, which comprise the Statement of comprehensive income, the Balance sheet, the 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 Company's affairs as at 30 April 2025 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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.

Page 6

OFFSET PRINT & PACKAGING LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT & PACKAGING LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.

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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

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 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 7

OFFSET PRINT & PACKAGING LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT & PACKAGING LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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:

∙Enquiry of management around actual and potential litigation and claims;

∙Enquiry of management to identify any instances of non-compliance with laws and regulations;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and

∙Reviewing minutes of meetings of those charged with governance

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Page 8

OFFSET PRINT & PACKAGING LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT & PACKAGING LIMITED (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 Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)

for and on behalf of

MHA

Statutory Auditor

Maidstone, United Kingdom

5 November 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)

Page 9

OFFSET PRINT & PACKAGING LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025

	2025	2024
Note	£	£


Turnover	4	19,611,375	19,357,058
Cost of sales		(14,529,776)	(14,483,548)
Gross profit		5,081,599	4,873,510
Administrative expenses		(2,022,654)	(1,800,291)
Other operating income	5	78,669	38,638
Operating profit before non-recurring costs	6	3,137,614	3,111,857
Non-recurring costs	15	(1,017,398)	-
Total operating profit		2,120,216	3,111,857
Income from fixed assets investments		872	1,282,414
Interest receivable and similar income	11	95,803	5,308
Interest payable and similar expenses	12	(192,583)	(243,237)
Other finance income		(9,703)	2,128
Profit before tax		2,014,605	4,158,470
Tax on profit	13	(523,424)	(764,318)
Profit for the financial year		1,491,181	3,394,152

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 14 to 33 form part of these financial statements.

Page 10

OFFSET PRINT & PACKAGING LIMITED

REGISTERED NUMBER: 01809712

BALANCE SHEET

AS AT 30 APRIL 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	16		6,411,449		7,018,797
Investments	17		89		90
			6,411,538		7,018,887
Current assets
Stocks	18	1,453,314		2,272,235
Debtors: amounts falling due within one year	19	3,957,115		5,240,682
Current asset investments	20	60,046		71,481
Cash at bank and in hand	21	3,155,681		1,208,432
		8,626,156		8,792,830
Creditors: amounts falling due within one year	22	(3,050,988)		(2,828,726)
Net current assets			5,575,168		5,964,104
Total assets less current liabilities			11,986,706		12,982,991
Creditors: amounts falling due after more than one year	23		(2,327,184)		(2,948,015)
Provisions for liabilities
Deferred tax	26	(1,527,111)		(1,693,746)
			(1,527,111)		(1,693,746)
Net assets			8,132,411		8,341,230

Capital and reserves
Called up share capital	27	147,943	147,943
Share premium account	28	1,080,733	1,080,733
Revaluation reserve	28	-	51,949
Capital redemption reserve	28	86,100	86,100
Profit and loss account	28	6,817,635	6,974,505
		8,132,411	8,341,230

Page 11

OFFSET PRINT & PACKAGING LIMITED

REGISTERED NUMBER: 01809712

BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2025

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

A. Alzamora Planaguma

Director

Date: 28 October 2025

The notes on pages 14 to 33 form part of these financial statements.

Page 12

OFFSET PRINT & PACKAGING LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

	Called up share capital	Share premium account	Revaluation reserve	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 May 2023	147,943	1,080,733	51,949	86,100	9,389,828	10,756,553

Profit for the year	-	-	-	-	3,394,152	3,394,152
Dividends: Equity capital	-	-	-	-	(5,809,475)	(5,809,475)

At 1 May 2024	147,943	1,080,733	51,949	86,100	6,974,505	8,341,230

Profit for the year	-	-	-	-	1,491,181	1,491,181
Dividends: Equity capital	-	-	-	-	(1,700,000)	(1,700,000)
Transfer to/from profit and loss account	-	-	(51,949)	-	51,949	-
At 30 April 2025	147,943	1,080,733	-	86,100	6,817,635	8,132,411

The notes on pages 14 to 33 form part of these financial statements.

Page 13

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1.	General information

Offset Print & Packaging Limited is a private company, limited by shares, incorporated in England and Wales in the United Kingdom. The address of the registered office is 188 Forstal Road, Aylesford, Kent, ME20 7DB.

2.Accounting policies

2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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

∙the requirements of Section 7 Statement of Cash Flows;

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

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

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

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

This information is included in the consolidated financial statements of Offset Print Limited as at 30 April 2025 and these financial statements may be obtained from 188 Forstal Road, Aylesford, Kent, ME20 7DB.

2.3

Exemption from preparing consolidated financial statements

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

2.4

Going concern

The financial statements have been prepared on a going concern basis. No material uncertainties which may cast significant doubt about the Company and Group's ability to continue as a going concern have been identified by the directors.

Page 14

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

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.

2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 packaging

Revenue from the sale of packaging 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.

Page 15

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.7

Operating leases: the Company as lessee

Rentals payable under operating leases are charged to Statement of Comprehensive Income on a straight-line basis over the lease term.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to the Statement of Comprehensive Income over the relevant period. The capital element of the future payments is treated as a liability.
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company.
Rights to use assets and corresponding obligations to lessors under finance leases are recognised in the balance sheet as assets and liabilities at the lower of fair value of the assets and the present value of the minimum lease payments, determined at the inception of the lease.
Lease payments are apportioned between finance charges and reduction of outstanding lease liabilities using the effective interest method, so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the Statement of Comprehensive Income.

2.8

Interest income

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

2.9

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.

2.10

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

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OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.11

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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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; and

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

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 balance sheet date.

Page 17

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.12

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below.

Depreciation is provided on the following basis:

Plant and machinery	-	20% on cost, 10% on cost and 8.33% on cost
Motor vehicles	-	33% on cost
Fixtures and fittings	-	33% on cost, 25% on cost, 20% on cost and 10% on cost
Computer equipment	-	33% on cost, 25% on cost and 20% on cost

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 in profit or loss.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.14

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 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 or loss.

2.15

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.

Page 18

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.16

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.

2.17

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.

2.18

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.

2.19

Financial instruments

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

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Page 19

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.19

Financial instruments (continued)

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

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

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

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

2.20

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.

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

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to the accounting estimates are recognised in the period in which the estimate is revised if the revisions affect only that period, or in the period of revision and future periods if the revision affects both current and future periods.
Key assumptions have been made regarding the life of assets and depreciation rates on plant and machinery at each reporting date, based on the expected utility of the assets and previous experience on the useful lives of depreciable assets. Assumptions have also been made by management regarding stock provisions and the net realisable value of stocks, taking into account the most reliable evidence available at each reporting date, which includes sales invoices issued after the year end.

Page 20

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Turnover

The whole of the turnover is attributable to the Company's principal activity.
The percentage of the Company's turnover relating to sales to or within Europe is 42.9% (2024: 47%), the rest is sales within the UK (2024: UK).

5.	Other operating income
		2025	2024
		£	£

Waste recycling rebate	76,968	38,010
Sundry income	1,701	628
	78,669	38,638

Exchange differences	(18,423)	42,386
Other operating lease rentals	387,500	225,000
Hire of plant and machinery	2,216	6,762

Fees payable to the Company's auditor for the audit of the Company's financial statements

48,200

24,550

Page 21

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Wages and salaries	4,611,681	3,786,764
Social security costs	507,356	376,313
Cost of defined contribution scheme	198,680	88,691
	5,317,717	4,251,768

Included within staff costs are non-recurring bonus payments totalling £961,783 as a result of the sale of the Company in the year. These exceptional items are separately disclosed to provide clarity on the underlying recurring staff expenses. See note 15.

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

	2025	2024
	No.	No.

Cost of sales	72	75
Admin	27	25

	99	100

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	1,209,441	544,683
Company contributions to defined contribution pension schemes	96,687	11,364
	1,306,128	556,047

	During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £510,296 (2024 - £173,252).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £22,574 (2024 - £6,242).

Page 22

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

10.	Income from investments
		2025	2024
		£	£

Income from fixed asset investments	-	1,281,285
	-	1,281,285

Income from current asset investments	872	1,129
	872	1,129

11.	Interest receivable
		2025	2024
		£	£

	Bank and other interest receivable	95,803	5,308
		95,803	5,308

12.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	(97)	5,353
Finance leases and hire purchase contracts	192,680	237,884
	192,583	243,237

Page 23

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Corporation tax
Current tax on profits for the year	690,059	302,351
	690,059	302,351

Total current tax	690,059	302,351

Deferred tax
Origination and reversal of timing differences	(166,635)	461,967
Total deferred tax	(166,635)	461,967


		523,424	764,318

Profit on ordinary activities before tax

2,014,605

4,158,470

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	503,651	1,039,618
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	22,417	52,546
Non-taxable income	(218)	(320,604)
Chargeable losses	(2,426)	-
Movement in deferred tax not recognised	-	(7,242)
Total tax charge for the year	523,424	764,318

Page 24

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

14.	Dividends
		2025	2024
		£	£

	Ordinary shares of £1 each interim	1,700,000	5,809,475
		1,700,000	5,809,475

15.	Non-recurring items
		2025	2024
		£	£

Bonuses	961,783	-
Legal and professional	52,755	-
Personal expenses of ex-shareholders	2,860	-
	1,017,398	-

The non-recurring items are a result of the sale of Offset Print Group to Alzamora Group on 29 October 2024.

Page 25

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

16.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 May 2024	9,475,280	75,424	750,046	306,235	10,606,985
Additions	65,950	38,900	88,111	27,308	220,269
Disposals	(42,440)	-	(625)	(1,050)	(44,115)
At 30 April 2025	9,498,790	114,324	837,532	332,493	10,783,139
Depreciation
At 1 May 2024	3,036,669	27,546	249,656	274,317	3,588,188
Charge for the year	698,251	17,298	91,102	19,956	826,607
Disposals	(42,440)	-	(169)	(496)	(43,105)
At 30 April 2025	3,692,480	44,844	340,589	293,777	4,371,690
Net book value
At 30 April 2025	5,806,310	69,480	496,943	38,716	6,411,449
At 30 April 2024	6,438,611	47,878	500,390	31,918	7,018,797

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


Plant and machinery	4,701,618	5,177,842
Motor vehicles	-	21,315
	4,701,618	5,199,157

Page 26

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

17.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 May 2024	90
	Disposals	(1)
	At 30 April 2025	89

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Offset Netherlands B.V

Castorstraat 8, Tilburg, 5047RC

Ordinary

100%

	The aggregate of the share capital and reserves as at 30 April 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

Offset Netherlands B.V

2,396,357

1,641,207

18.	Stocks
		2025	2024
		£	£

Finished goods	278,278	505,615
Raw materials	886,022	1,342,491
Work in progress	289,014	424,129
	1,453,314	2,272,235

Stocks are shown net of a provision for obsolescence of £120,872 (2024: £98,775). No physical impairments have taken place.

Page 27

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

19.

Debtors

					2025	2024
					£	£


Trade debtors	2,595,649	2,455,116
Amounts owed by group undertakings	1,077,723	1,430,219
Other debtors	4,411	1,297,867
Prepayments and accrued income	279,332	57,480
	3,957,115	5,240,682

Other debtors included amounts owed on invoice financing of £Nil (2024: £1,278,417).

20.	Current asset investments
		2025	2024
		£	£

Listed investments	60,046	71,481
	60,046	71,481

21.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	3,155,681	1,208,432
	3,155,681	1,208,432

Page 28

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

22.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	1,492,949	1,162,499
Amounts owed to group undertakings	-	1
Corporation tax	222,863	146,242
Other taxation and social security	226,752	412,430
Obligations under finance lease and hire purchase contracts	620,830	789,755
Other creditors	16,255	14,420
Accruals and deferred income	471,339	303,379
	3,050,988	2,828,726

23.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Net obligations under finance leases and hire purchase contracts	2,327,184	2,948,015
	2,327,184	2,948,015

Page 29

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

24.	Leasing agreements
	Minimum lease payments fall due as follows:
		Hire purchase contracts 2025	Hire purchase contracts 2024
		£	£

Gross obligations repayable:
Within one year	781,135	987,387
Between one and five years	2,621,023	2,769,651
In more than five years	-	632,507
	3,402,158	4,389,545
Finance charges repayable:
Within one year	160,305	197,633
Between one and five years	293,839	433,924
In more than five years	-	20,220
	454,144	651,777
Net obligations repayable:
Within one year	620,830	789,754
Between one and five years	2,327,184	2,335,728
In more than five years	-	612,287
	2,948,014	3,737,769

Page 30

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025


Hire purchase contracts and finance leases	2,948,014	3,737,769
Invoice financing	-	(1,278,417)
Trade loans	-	-
	2,948,014	2,459,352

Invoice financing balances and trade loans of the Company were secured by a debenture including first fixed charge over book and other debts, and first floating charge over all assets.
Net obligations under hire purchase and finance lease contracts are secured by fixed charges on the assets concerned.
HSBC holds a debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future. The Company is party to an Unlimited Multilateral Guarantee also given by Offset Print Limited and Offset Netherlands B.V.

26.	Deferred taxation

	2025	2024
	£	£

At beginning of year	(1,693,746)	(1,231,779)
Charged to profit or loss	166,635	(461,967)
At end of year	(1,527,111)	(1,693,746)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(1,535,864)	(1,698,789)
Other short-term timing differences	2,811	1,527
Fair value on listed investments	5,942	3,516
	(1,527,111)	(1,693,746)

Page 31

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

27.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

147,943 (2024 - 147,943) Ordinary shares of £1.00 each	147,943	147,943

Each share is entitled to one vote in any circumstance and each share is also entitled to dividend payments or any other distribution, including a distribution arising from a winding up of the Company.

28.

Reserves

Share premium account

Consideration received in excess of the nominal value for shares is moved to the share premium account.

Capital redemption reserve

The capital redemption reserve represents the cumulative nominal value of cancelled share capital.

Profit and loss account

The profit and loss account represents accumulated profits and loss, net of dividends and other adjustments.

29.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £198,680 (2024: £88,691). Contributions totalling £61,255 (2024: £14,420) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	375,000	387,500
Later than 1 year and not later than 5 years	750,000	1,125,000
	1,125,000	1,512,500

Page 32

OFFSET PRINT & PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

31.

Related party transactions

The Company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group owned by Beralza S. L.
There are no balances due to or from the directors or former directors of the Company at the year end (2024: £nil).
During the year, the Company leased a property from Hecton Properties Ltd which is controlled by H Jarvis, a director of Offset Print Limited until 29 October 2024. The rental charge for the year was £387,500 (2024: £231,010).

32.	Ultimate parent and controlling party

The immediate parent company, and the parent of the smallest group for which consolidated financial statements are available, is Offset Print Limited. The financial statements for Offset Print Limited are available from its registered office at 188 Forstal Road, Aylesford, Kent, England, ME20 7DB.
The ultimate controlling party, and the parent of the largest group for which consolidated financial statements are available is Beralza, S.L. The financial statements for Beralza, S.L are available from its registered office at Carretera Nacional, km 260,81 – Polígono Industrial Sant, 17857 Sant Joan les Fonts (Girona), Spain.

Page 33