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REGISTERED NUMBER: 00970056 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

WALTER EDMUNDSON (HAULAGE) LIMITED

WALTER EDMUNDSON (HAULAGE) LIMITED (REGISTERED NUMBER: 00970056)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WALTER EDMUNDSON (HAULAGE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Mr J Quaye
Mr M Coleman
Mr J T Campbell



SECRETARY: Mrs G A Charnley



REGISTERED OFFICE: 8 Prospect Place
Off Prescot Road
East Pimbo
Skelmersdale
Lancashire
WN8 9QD



REGISTERED NUMBER: 00970056 (England and Wales)



AUDITORS: Wallwork Nelson & Johnson
Chartered Accountants & Statutory Auditors
Chandler House
7 Ferry Road Office Park
Riversway
Preston
Lancashire
PR2 2YH



BANKERS: HSBC plc
40 Fishergate
Preston
Lancashire
PR1 2AD

WALTER EDMUNDSON (HAULAGE) LIMITED (REGISTERED NUMBER: 00970056)

BALANCE SHEET
30 JUNE 2023

30/6/23 30/6/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 154,898 183,198
154,898 183,198

CURRENT ASSETS
Stocks 2,243 7,088
Debtors 7 572,994 503,919
Cash in hand 127,174 64,839
702,411 575,846
CREDITORS
Amounts falling due within one year 8 374,226 363,255
NET CURRENT ASSETS 328,185 212,591
TOTAL ASSETS LESS CURRENT
LIABILITIES

483,083

395,789

PENSION LIABILITY 13 (28,000 ) (195,000 )
NET ASSETS 455,083 200,789

CAPITAL AND RESERVES
Called up share capital 10 1,800 1,800
Retained earnings 11 453,283 198,989
SHAREHOLDERS' FUNDS 455,083 200,789

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2023 and were signed on its behalf by:





Mr J Quaye - Director


WALTER EDMUNDSON (HAULAGE) LIMITED (REGISTERED NUMBER: 00970056)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


The company's main trading address is the same as the registered office which can be found on the company information page of these financial statements.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of asset and liabilities that are not readily apparent from other sources. The estimate and associated 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for haulage services provided in the normal course of business, and is shown net of VAT and trade discounts.

Intangible assets other than goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Amortisation is provided in order to write off each licence over its estimated useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value.

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


WALTER EDMUNDSON (HAULAGE) LIMITED (REGISTERED NUMBER: 00970056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits
For the company's defined benefit scheme the amounts charged to operating profit are the gains and losses on settlement and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the profit and loss account. If the benefits have not vested immediately the costs are recognised over the period until vesting occurs. The interest cost and the expected returns on assets are shown as a net amount of other finance income adjacent to interest in the profit and loss account.

Actuarial gains and losses are recognised immediately in the statement of other comprehensive income.

The assets of the pension scheme are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate on a high quality corporate bond equivalent currency and term to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting defined benefit asset or liability, net of the related deferred tax, is presented separately after other net assets on the face of the balance sheet.

Employer contributions made to the company's stakeholder and other defined contributions schemes are charged to the profit and loss in the period to which they relate.

Going concern
The company has continued a trend of reporting an operating loss in the year to 30 June 2023 being £215,706 (2022: £481,031). The balance sheet at 30 June 2023 shows a surplus in shareholder funds of £455,083 (2022: £200,789) following the agreed write off of an intercompany loan from the parent of £356,000 (2022: £436,000). The losses continued into the next financial year. However, the parent company, Manx Independent Carriers Limited, have agreed to continue to provide financial support to the company to facilitate the continuing trade of the company in the future.

Employee benefits
The costs of short term benefits are recognised as a lability and an expense, unless those costs are required to be recognised as stock.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received. This is only recognised if considered to be material.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination befits.

WALTER EDMUNDSON (HAULAGE) LIMITED (REGISTERED NUMBER: 00970056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2022 - 38 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 103,518 12,007 115,525
AMORTISATION
At 1 July 2022
and 30 June 2023 103,518 12,007 115,525
NET BOOK VALUE
At 30 June 2023 - - -
At 30 June 2022 - - -

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2022 407,769 6,750 77,108 45,119 536,746
Additions 6,886 - 6,800 18,000 31,686
Disposals (216 ) - - (18,000 ) (18,216 )
At 30 June 2023 414,439 6,750 83,908 45,119 550,216
DEPRECIATION
At 1 July 2022 282,163 5,794 53,809 11,782 353,548
Charge for year 26,567 956 6,029 8,348 41,900
Eliminated on disposal (130 ) - - - (130 )
At 30 June 2023 308,600 6,750 59,838 20,130 395,318
NET BOOK VALUE
At 30 June 2023 105,839 - 24,070 24,989 154,898
At 30 June 2022 125,606 956 23,299 33,337 183,198

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Trade debtors 91,215 131,765
Amounts owed by group undertakings 348,763 227,688
Prepayments and accrued income 133,016 144,466
572,994 503,919

WALTER EDMUNDSON (HAULAGE) LIMITED (REGISTERED NUMBER: 00970056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Trade creditors 213,479 240,606
Social security and other taxes 118,654 103,134
Accrued expenses 42,093 19,515
374,226 363,255

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30/6/23 30/6/22
£    £   
Within one year 180,199 196,554
Between one and five years 235,937 145,573
416,136 342,127

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/23 30/6/22
value: £    £   
1,800 Ordinary shares £1 1,800 1,800

11. RESERVES
Retained
earnings
£   

At 1 July 2022 198,989
Profit for the year 134,294
Actuarial gains / (losses) 120,000
At 30 June 2023 453,283

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael J Barker FCCA (Senior Statutory Auditor)
for and on behalf of Wallwork Nelson & Johnson

We draw your attention to note 3 in the financial statements, which indicates that the company incurred an operating loss of £215,706 in the year to 30 June 2023 and the balance sheet indicated a surplus in shareholders funds of £455,083 following the agreed write off of an intercompany loan from the parent. As stated in note 3, these conditions along with other matters set forth in note 3, indicate that a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern. Our opinion is not modified for this matter.

WALTER EDMUNDSON (HAULAGE) LIMITED (REGISTERED NUMBER: 00970056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

13. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company. Contributions to the scheme are charged to the profit and loss account so as to spread the cost of pensions over employees' working lives with the company. The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit method. The most recent valuation was as at 6 April 2022. The assumptions that have the most significant effect on the results of the valuation are those relating to the rate of return on investments and the rate of increase in salaries and pensions.

The total contributions paid in respect of this scheme were £85,000 (2022: £89,000).

The company has agreed a schedule of contributions on 5 July 2023 following the 6 April 2022 triennial valuation.


Contributions in respect of the one remaining member :

From 1 October 2020, employer contributions of 13.8% per annum of pensionable earnings in respect of active members have been made. The schedule of contributions agreed on 5 July 2023, shows that this percentage will remain at 23.7% per annum.

The company has agreed to pay deficit repair contributions.

The employer will pay £52,600 per annum up to 30 June 2023 and then £70,000per annum from 1 July 2023 until 6 February 2033. The payments will be made as equal monthly installments.

Employees contributions are to remain at 6% of pensionable payroll.

The company also contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the administered fund described above. The pension cost charge represents contributions payable by the company to the fund and amounted to £27,939 (2022: £30,042).

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
30/6/23 30/6/22
£    £   
Current service cost 32,000 31,000
Net interest from net defined benefit
asset/liability

6,000

(22,000

)
Past service cost - -
38,000 9,000

Actual return on plan assets 28,000 (127,000 )

WALTER EDMUNDSON (HAULAGE) LIMITED (REGISTERED NUMBER: 00970056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

13. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
30/6/23 30/6/22
£    £   
Opening defined benefit obligation 195,000 621,000
Current service cost 32,000 31,000
Contributions by employer (85,000 ) (89,000 )
Net interest cost 6,000 12,000
Actuarial losses/(gains) (120,000 ) (380,000 )
28,000 195,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
30/6/23 30/6/22
£    £   
Opening fair value of scheme assets 1,069,000 1,184,000
Contributions by employer 85,000 89,000
Contributions by scheme participants 2,000 2,000
Expenses paid by scheme (27,000 ) (25,000 )
Expected return 42,000 22,000
Benefits paid (56,000 ) (54,000 )
Gain/ loss on asset return (12,000 ) (149,000 )
1,103,000 1,069,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
30/6/23 30/6/22
£    £   
Actuarial gains/(losses) 120,000 380,000
120,000 380,000

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
30/6/23 30/6/22
£    £   
Pooled investment vehicles 855,000 833,000
Cash 78,000 51,000
Annuities 170,000 185,000
1,103,000 1,069,000

WALTER EDMUNDSON (HAULAGE) LIMITED (REGISTERED NUMBER: 00970056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

13. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme liabilities are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Value of liabilities at 30 June 2022/2021 1,264,000 1,805,000
Current service cost 5,000 6,000
Interest on liabilities 48,000 34,000
Member contributions 2,000 2,000
Experience loss (gain) on liabilities 97,000 46,000
Loss (gain) on changes in assumptions (204,000 ) (572,000 )
Loss (gain) on changes in demographic assumptions (25,000 ) (3,000 )
Benefits paid (56,000 ) (54,000 )
Value of liabilities at 30 June 2023/2022 1,131,000 1,264,000



Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

30/6/23 30/6/22
Discount rate 5.15% 3.90%
Future salary increases 2.00% 2.00%
Future pension increases RPI max 5% 3.10% 3.00%

The 6 April 2022 triennial report of the Scheme assumed post-retirement mortality experience to be in line with S3NxA tables based on occupational pension scheme data.. An allowance was made for future mortality improvements in line with CMI 2021 projections with a 1.50% p.a. long term trend for males and a 1.00% p.a. long term trend for females.

Under this mortality assumption as at 30 June 2022, the expected future lifetime for a member retiring at 65 at the accounting date would be 21.6 years for males and 23.7 years for females. As a result of expected improvements to mortality in the future, the future expectation of life at retirement for a member retiring at 65 in 20 years' time would be 23.1 years for males and 24.8 years for females.

WALTER EDMUNDSON (HAULAGE) LIMITED (REGISTERED NUMBER: 00970056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

14. RELATED PARTY DISCLOSURES

During the year the company had transactions with various related party companies, being the ultimate parent company Manx Independent Carriers Limited and a subsidiaries of Manx Independent Carriers Limited, Davenory Limited.

During the year sales of £2,561,332 (2022: £2,481,212) were made to Manx Independent Carriers Limited.


The following purchases were made during the year:

2023 2022
£ £

Manx Independent Carriers Limited 63,775 67,224

Davenory Limited 52,000 52,000

Included in the Profit and Loss account is an exceptional gain relating to the write off by Manx Independent Carriers Limited of an amount of £356,000 (2022: £436,000) owed by the company.

The following balances were outstanding at the balance sheet date.

2023 2022
£ £
Due to Walter Edmundson (Haulage) Limited

Manx Independent Carriers Limited 348,763 227,688


15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be Manx Independent Carriers Limited, a company based in the Isle of Man.

The consolidated financial statements are drawn up by Manx Independent Carriers Limited, whose address is:

Distribution Centre,
Snugborough Trading Estate
Braddan,
IM4 4LG