West Yorkshire Police, in a joint operation with the Bank of England and the Serious and Organised Crime Agency, raided Lee Mitchell's house and found a Heidelberg press, a flatbed scanner, seven computers, a range of electronic printers and guillotines in June last year, according to the Yorkshire Evening Post.

It is estimated that more than £300,000 of banknotes were printed by Mitchell and his friend Christopher Brooke, both of Leeds.

The pair admitted having in their possession, or under their control, equipment including digital images of £20 banknotes, dyes, a hot-foiling press, foils, ultraviolet ink, a Heidelberg litho press and other kit for making counterfeit currency.

Mitchell also admitted producing counterfeit notes. The men were bailed to appear at Leeds Magistrates' Court on 26 April for sentencing.

West Yorkshire Police's detective inspector Warren Stevenson said: "Although counterfeit notes only form a small percentage of all money in circulation, it causes financial problems, particularly for local businesses.

"It is important that everyone checks the notes they receive and also payments they take to ensure that they are legitimate currency."